Bitcoin And XRP In Focus Ahead Of Big US Crypto-Political Events, Here’s Why

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As a crypto investor with some experience in the market, I’m keeping a close eye on the ongoing crypto-political events in the United States and how they could shape the future of crypto regulations and impact market dynamics. The upcoming U.S. Senate Committee hearing on digital commodities and the crypto roundtable hosted by Rep. Ro Khanna are crucial for the industry, as they will likely influence future regulatory frameworks.

As a crypto investor, I’m closely monitoring the developments surrounding Bitcoin and XRP in the lead-up to significant crypto-political events in the US. These occurrences have the potential to influence future crypto regulations and, by extension, market trends. Consequently, I’ll be keeping a watchful eye on the overall crypto market for any shifts or reactions related to these events.

Bitcoins and XRPs are currently experiencing significant growth in popularity. Meanwhile, important debates and decisions are being held in the capital city.

Market Braces For Big Crypto-Political Events

Eleanor Terrett of Fox News brought attention to a significant day for the crypto community in Washington D.C. As she mentioned in her latest post, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry is scheduled to conduct an oversight hearing on digital commodities at 10 am ET today, with CFTC Chair Rostin Behnam in attendance.

At the same time, U.S. Congressman Ro Khanna will lead a crypto discourse with Mark Cuban, Democrats, White House representatives, and industry veterans. The agenda of this gathering includes tackling significant concerns within the crypto domain and shaping upcoming regulatory guidelines. During this period, the attention primarily centers around the fluctuating trends in the cryptocurrency market, specifically Bitcoin and XRP.

In a different announcement, Terrett revealed that the House would hold a vote on SAB 121 at 4 PM. Yet, it seems doubtful that the required two-thirds majority to override President Biden’s veto will be achieved.

Previous speculation pointed towards a possible change in the House’s position, but more recent information suggests that President Biden’s veto is set to be upheld. This means that the Securities and Exchange Commission (SEC) will most likely retain its power over the SAB 121 accounting rule under the Biden administration.

So, let’s see how these events are taking Bitcoin and XRP into the spotlight.

Why are Bitcoin and XRP In Focus?

According to a FOX news report, the crypto-focused conversation between Ro Khanna and Mark Cuban will feature notable figures such as Brad Garlinghouse, CEO of Ripple, and Anthony Scaramucci, CEO of SkyBridge Capital. This anticipated dialogue is sure to pique the interest not only of XRP supporters but also the wider cryptocurrency community.

As a researcher, I’d like to add that there’s growing excitement among market observers as they await Brad Garlinghouse’s updates on the ongoing Ripple vs. SEC lawsuit. This legal battle could significantly impact XRP‘s price trend. Meanwhile, Anthony Scaramucci’s participation in the event is expected to draw attention towards Bitcoin.

In a recent conversation with CNBC, Anthony Scaramucci expressed his belief that Bitcoin’s value could reach $100,000 by the close of 2024. This forecast, made amidst significant selling actions from the German government, has ignited debates within the crypto community.

The sentiments towards Bitcoin have been negatively affected by the ongoing Mt. Gox repayment issues. Yet, Scaramucci believes that the selling pressure will lessen in the near future, potentially leading to a Bitcoin price surge.

While compiling this data, I’ve observed that Bitcoin’s price has climbed approximately 2% to reach $58,510.62, simultaneously recording a decrease of 13% in its one-day trading volume, amounting to $27.45 billion. XRP mirrored these trends, experiencing a similar percentage increase as Bitcoin and trading at $0.4417.

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2024-07-10 15:14