FT News Briefing Biden strikes infrastructure deal, Bitcoin’s plunge
Jun 25, 2021
US President Joe Biden has finalized a $1 trillion infrastructure deal focusing on roads, bridges, and broadband. The Fed has eased up on dividend and buyback restrictions for major banks, revealing their capacity to handle significant losses. Meanwhile, Bitcoin's value has plunged below $30,000 amid intensifying regulatory pressures, raising concerns over the future of cryptocurrencies. A venture capital firm remains bullish on digital assets, highlighting the ongoing debate between regulation and consumer awareness.
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Biden's Infrastructure Deal
- President Biden secured a $1 trillion infrastructure deal with senators, focusing on roads, bridges, and broadband.
- This bipartisan agreement requires further congressional approval and is linked to another bill with additional economic measures.
Fed Loosens Bank Restrictions
- The Federal Reserve loosened pandemic restrictions on bank dividends and buybacks after stress tests.
- Banks are expected to return over $200 billion to shareholders, exceeding 2021 profits.
Bitcoin's Plunge
- Bitcoin's price dropped 50% from its April peak, falling below $30,000 due to regulatory crackdowns.
- Increased scrutiny from regulators globally signals a potential turning point for the cryptocurrency market.