Over the past week, Bitcoin has dropped by over 9 percent since US President Joe Biden signed an infrastructure bill that requires digital asset brokers to record and report transactions to the Internal Revenue Service starting 2023.
Over the coming 24 hours, the cryptocurrency market is likely to remain range-bound,” expects Edul Patel, CEO and co-founder of AI-driven crypto investment platform, Mudrex.
The market tracker certainly suggests that altcoins are the focus for this week.
The market appears to have reacted negatively to El Salvador’s plans to build a Bitcoin city.
The construction and infrastructure of the city will be financed partly by an issue of $1 billion in sovereign bonds backed by the cryptocurrency, Bukele said.
Elsewhere, blockchain gaming and metaverse-related tokens continue to rally after Facebook changed its name to Meta to show its resolution to build a metaverse.
The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV.
For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News.