Why Bitcoin, Ethereum, and Other Cryptocurrencies Dropped Today
At first thought, the ongoing discussions among politicians regarding a large infrastructure bill shouldn't have anything to do with Bitcoin (CRYPTO: BTC) or any other cryptocurrency. But after the U.S. Senate voted yesterday to advance formal negotiations on an approximately $1 trillion infrastructure package, cryptocurrencies became part of the discussion. That vote is one of the reasons Bitcoin, Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and Ripple (CRYPTO: XRP) are lower today. The cryptocurrencies opened down between 2% and 5%. As of 9:45 a.m. EDT, Bitcoin, Ethereum, and Dogecoin were less than 1% lower, while Ripple was still down 3.5%
Last night, the Senate voted 67–32 to advance the bipartisan infrastructure bill. The vote included 17 Republicans agreeing to move the legislation forward. In addition to the news related to a new tax, retail investors are eyeing today's initial public offering (IPO) of retail brokerage Robinhood (NASDAQ: HOOD), which allows trading of Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies.
Image source: Getty Images.
Source Fool.com
