Galaxy CEO: Crypto Market Structure Bill May Fail, BTC Needs to Break Through $100,000-$103,000 to Confirm Uptrend Again

According to Odaily, Galaxy CEO Mike Novogratz posted on X stating that the crypto market structure bill may be doomed because all parties have failed to reach an agreement on stablecoin yields. This, he said, is an example of American politics overriding good policy. Banks do not want crypto platforms to offer rewards to users. If the bill is rejected, the status quo seems to be exactly what banks fear. If this issue disrupts the market structure bill, the blame will fall on the banks and the Republican and Democratic senators who support them, with the biggest losers being American consumers. He hopes that cooler heads will prevail. Mike Novogratz added that the price of gold indicates the US dollar is rapidly losing its reserve currency status, and the sell-off in long-term bonds is also not a good sign. Bitcoin’s performance has been disappointing due to continued sell-offs, and its price needs to break through $100,000 to $103,000 to reconfirm a return to an upward trend.