Two critical events took place in crypto this morning; the $1 trillion infrastructure bill passed the Senate and a $600M hack occurred on DeFi platform Poly Network.
So how will this affect crypto?
In terms of the bill, I see little changes within the next 1-2 months as the House will take some time to accept the bill (if accepted). Long-term (end of year), we could see a major drop when things look good. FUD will kick in but it shouldn't destroy crypto as a whole. We will undoubtedly recover, just as China did with their recent regulations.
In terms of the hack, there are already "reports" that these funds will be returned. If not, we could see a major breakdown in price action across the board which could counter any momentum that's currently in play.
Today's $eth predication is pretty broad; if we close D1 above 2950 then we'll likely hit 3400-3500 range, if not, we could drop as low as 2500. W1 MACDs been itching for a while now and I still think we're bullish overall.
So how will this affect crypto?
In terms of the bill, I see little changes within the next 1-2 months as the House will take some time to accept the bill (if accepted). Long-term (end of year), we could see a major drop when things look good. FUD will kick in but it shouldn't destroy crypto as a whole. We will undoubtedly recover, just as China did with their recent regulations.
In terms of the hack, there are already "reports" that these funds will be returned. If not, we could see a major breakdown in price action across the board which could counter any momentum that's currently in play.
Today's $eth predication is pretty broad; if we close D1 above 2950 then we'll likely hit 3400-3500 range, if not, we could drop as low as 2500. W1 MACDs been itching for a while now and I still think we're bullish overall.