Finding the Top

Chart of the Day

The price of Bitcoin has started a fresh decline, slipping 7% in the past 24 hours after failing to settle above the $65k level. The current price sits well below the floor of the ascending channel and the 100 hourly simple moving average. BTC's extended decline seems to have negatively affected the broader crypto market too, as the other top cryptocurrencies by market cap are mostly seeing red. On-chain metrics also point toward a transition in market structure from smart money accumulation to a moderate distribution. In tracking the lifespan of BTC through the coin-days destroyed (CDD) metric, it became clear that older coins are entering a distribution phase, indicating that long-term holders are exiting their positions. Usually, the market will be able to absorb this distribution, but if the numbers get too large, an inflection point will likely appear. 



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Talk of the Town



On Monday, U.S. President Joe Biden signed into law a $1 trillion infrastructure bill designed to create jobs across the country by increasing spending on state and local infrastructure. The bill's tax reporting requirement has left the crypto community on tenterhooks, as many view that as problematic for the crypto ecosystem at large. Thankfully, the open-ended language within the bill that parks crypto network participants under the broad term of "broker" is now under the Treasury's review. Meanwhile, Senators Ron Wyden and Cynthia Lummis have also introduced a new bill that aims to revise these controversial definitions.