The crypto market’s turmoil finds no end to its ails, as the asset class continues to remain under the clutches of the bears. Despite the FOMC’s meet not unfolding major setbacks to the economic markets. Meanwhile, traders from the business remain dubious over the industry’s future prospects.
In the interim, a recent bill in Congress gives draconian powers to the treasury, that haunts the crypto business. While the terror of FED’s amendments sails to a later date. Proponents from the business intend to voice against the bill, to help the business from drowning further.
Is The Crypto Town Heading Towards Another Major FUD?
The recent FOMC meeting did not turn as bearish as it was pictured to be, as the FED does not enact major amendments. Such as hike in interest rates, balance sheet reduction, or quantitative tightening. However, interest rate hikes are under active consideration of the authorities.
Successively, the interest rates could see a spike by the March meeting or whenever the need arises. Similarly, the authorities would modulate amendments as per the situation, inflation numbers, economic imbalances.
That said, the industry continues to be stuck in a rut. As the market capitalization suffers a loss of 3.44% over the previous day, with numbers at $1.65 T.
A discussion on a public platform sheds light on the recent bill by “The America Competes” in the Congress. The 2900 pages long bill, contains provisions that gives the treasury unlimited powers and control over the crypto market. The bill surfacing again post-withdrawal from the infrastructure bill has been irking partisans.
While currently the treasury has less hold on cryptos. With the new bill, the treasury can make decisions without any formal process, and on its own understanding. The enactment enables the treasury, to block the transactions of funds, and exchanges.
Without any administrative controls or pre-determined procedures. The move has enraged proponents who are now in a pact to voice against the bill.
Summing up, considering the situation to worsen with the bill pandemic, possible lockdowns, growing inflation numbers, amongst others.
It would be advisable for traders and investors to plan accordingly, factoring in the aforementioned limitations. Concluding, the business needs to unite against the unruly amendments of the government and the FUD prevailing from it.