Crypto Market Retraces Leading Up to IRA Implementation

  • Despite a bullish weekend, the crypto market is experiencing a retracement.
  • This may be due to the imminent promulgation of the Inflation Reduction Act.
  • Regardless, crypto investors are filling their bags.

The cryptocurrency market is currently suffering a retracement despite an impressive weekend, where most of the leading coins and tokens were able to recapture bullish territories.

For instance, Bitcoin (BTC) is back at $24,100 despite briefly touching the $25,000 ceiling. Ethereum (ETH) is also changing hands at $1,901.40 at the time of writing despite hitting $2,000. This is despite the fact that the number of ETH holders is increasing leading up to The Merge.

One potential reason for the retracement is the imminent signing of the Inflation Reduction Act into law. According to US President Joe Biden, this will happen this week.

Initially, these regulatory concerns were of little effect on the crypto market. However, since last year, the crypto market has been making moves akin to other mainstream assets and commodities. 

For instance, last year, most cryptocurrencies suffered dumps after US regulators compelled US-based crypto exchanges to divulge the personal information of their customers. On the bright side, the price of many cryptocurrencies shot up after the US announced an 8.5% inflation rate — lower than what many have expected.

This may well explain why the crypto market is experiencing extreme volatility in the last couple of hours.

Meanwhile, there is a renewed interest in investing in cryptocurrencies. For instance, Shiba Inu witnessed a 32% surge in the last 7 days. Also, trader and analyst Lark Davis noted that many people have been filling their ETH bags since last month.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.