It goes without saying that the crypto market continues to struggle under the current circumstances of the international market. While various financial markets started seeing major sell-offs, the crypto market was the first one to be hit by this, as no one wanted to take on riskier investments.
After losing nearly 60% of the total market cap and all major cryptocurrencies falling by a significant degree, the market as a whole is at its lowest point in years.
Despite various high-profile partnerships still happening throughout the market right now, the crypto market still needs a major bullish push to bring plenty of investors into the market.
And for Shark Tank Personality Mr. Wonderful, that major push will only come after a specific event. More specifically, Kevin O’Leary is saying that after a specific stablecoin bill manages to pass, the market could break past the 22,000 trading range.
Bitcoin is Still Stagnating
For possibly weeks now, Bitcoin has only stagnated throughout the market, unable to push past the $20,000 mark. Despite various analysts saying that Bitcoin will take its time to bounce back, they cannot be certain of a specific time.
However, with the insight that O’Leary is bringing to the table, this could be a major game changer for most investors who are still looking for that major break. Because if Bitcoin manages to make any major moves in the next few days or weeks, it leaves ripples throughout the market and will allow most investors to look forward to what the market has to offer next.
A Major Prediction from Mr. Wonderful
Throughout his years of experience in the investing market, O’Leary knows enough about various markets that he can predict when a big change is coming. He can tell when the match is going to strike, and according to his latest prediction, the market will really start to move up after a stable coin bill passes.
During his brief appearance at the Crypto Banter, a YouTube channel focusing on DeFi and crypto, he made a major prediction. According to O’Leary, congress is looking to pass the Stablecoin Transparency Act after November 8.
This also happens to be the same date as the midterm elections, so all of the stars are aligning for cryptocurrencies as a whole.
Details of the Bill
O’Leary has offered further insight into the bill and what it means for everyone who is going to be looking to invest in crypto. The gist of the bill, as Mr. Wonderful puts it, is that the US dollar becomes a worldwide default payment system, which everyone can support.
So as soon as the bill makes it past the congress floor, people will be a lot more open to the idea of investing in cryptocurrencies.