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Mike Novogratz Names Two Reasons Why Crypto Is Not Crashing on Infrastructure Bill News

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The cryptocurrency market seems to be taking the disastrous infrastructure bill news on the chin, with Bitcoin flatlining near the $43,800 level at press time.

Ethereum appears to be under a bit more pressure, dropping by more than nine percent over the past two days.

Yet the relative calmness of the market might have caught some bears off guard.

In a tweet, Galaxy Digital CEO Mike Novogratz claims that crypto is not crashing hard since it has proven to be a big lobbying force, while simultaneously demonstrating the need for decentralization.

As reported by U.Today, Sen. Ted Cruz (R-TX) tweeted that the industry “got screwed” by lawmakers after Senate Majority Leader Chuck Schumer refused to hold a vote on the crucial amendment to the provision that aims to expand crypto taxation.RelatedWill Jack Dorsey Be America’s First Bitcoin President?

Despite being a staunch Democrat, Novogratz begrudgingly admitted that the former Republican presidential nominee was “spot on”:

While the Senate can still pass the rewrite, it might be already too late given that a final vote on the infrastructure bill will take place as early as Tuesday.