Galaxy CEO: The crypto market structure bill may fail, and BTC needs to break through $100,000 to $103,000 to reaffirm its upward trend

Galaxy CEO Mike Novogratz posted on the X platform that the crypto market structure bill may be doomed due to the lack of consensus on stablecoin yields, which reflects how U.S. politics override sound policy. Banks do not want crypto platforms to offer rewards to users. If the bill is defeated, the current situation seems to be what banks fear. If this interferes with the market structure bill, the blame will fall on the banks and the Republican and Democratic senators supporting them, while the biggest losers will be American consumers. Hopefully, calm heads will prevail.

Mike Novogratz added that gold prices indicate the dollar is accelerating its loss of reserve currency status, and the sell-off of long-term bonds is also not a good sign. Bitcoin has been disappointing due to ongoing sell-offs, and its price needs to break through $100,000 to $103,000 to confirm a return to an upward trend.