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

Odaily News: Galaxy CEO Mike Novogratz posted on X, stating that the crypto market structure bill may fail because parties could not agree on stablecoin yields, which is a manifestation of U.S. politics overriding sound policy. Banks do not want crypto platforms to offer rewards to users. If the bill is rejected, the status quo seems to be 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. Hopefully, cooler heads will prevail. Mike Novogratz added that the price of gold indicates the U.S. dollar is accelerating its loss of reserve currency status, and the sell-off in long-term bonds is not a good sign either. Bitcoin's performance has been disappointing due to persistent selling pressure, and its price needs to break through $100,000 to $103,000 to reconfirm a return to an upward trend.