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The price of Bitcoin has breached the $60k key support level in what appears to be the largest single-day loss in four weeks. This was likely caused by bullish sentiments getting ahead of themselves, resulting in a brutal washout of leveraged positions. U.S. President Biden's signing of the Infrastructure Bill into law has also piled onto all the uncertainty currently surrounding the larger crypto market, negating any positive effects to BTC's price that were supposed to emerge from the recent Bitcoin Taproot upgrade. Through this crypto market-wide bloodbath, the Avalanche network has emerged as a winner, with AVAX seeing an 8% rise in price on the back of a steadily increasing total value locked (TVL) in Avalanche's decentralized finance (DeFi) protocols. Armed with a unique consensus mechanism and technology stack, the Avalanche network is gaining traction among some of the most influential players within the industry.