Smart Money Remains Indifferent to Price Swings; New Legislation Proposed
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On Tuesday, the broader crypto market took a plunge alongside major U.S. stock indices after the U.S. Federal Reserve hinted at the possibility of reducing its balance sheet at an accelerated pace. BTC dropped by 3% after the news first broke, but has since moved to consolidate its losses near the $45k handle. A key bearish trendline with an upper bound near the $46.6k level is taking shape on BTC's hourly chart. The largest crypto by market cap must stay above the $45k support to prevent any further downside corrections. On a separate but related note, analyst Alex Thorn observes that, for the first time in history, a BTC bull run has not been accompanied by a corresponding spike in transaction fees. He attributes the current low-fee environment to the high adoption rates of Segwit, as well as the development of the Lightning Network.