As a researcher with a background in financial markets and digital currencies, I’m thrilled to see the progress being made in the United States regarding the regulatory environment for Bitcoin (BTC) and altcoins. The repeal of SAB-121 is a significant victory for the crypto ecosystem, paving the way for more institutional adoption.
As a researcher studying the digital currency landscape, I’m thrilled to report that the broader ecosystem is currently abuzz with excitement following the United States Congress’ repeal of a rule that has long been seen as unfavorable to Bitcoin (BTC). This bipartisan move carries significant implications, extending beyond Bitcoin and proving advantageous for altcoins as well.
The Law and Bitcoin, Altcoin Reaction
The SEC, labeled SAB-121 in the United States, has proposed a measure to prohibit banks and financial institutions from investing in Bitcoin (BTC) and cryptocurrencies. This move is seen as a limitation on the business freedoms of American corporations, but the regulatory body remains resolute in its implementation.
Pro-crypto legislators such as Senator Cynthia Lummis and Representative Tom Emmer played significant roles in shifting public perception. Their advocacy led to the US Senate’s decision to repeal the rule by a vote of 60 to 38, resulting in a substantial victory for the crypto community.
As an analyst, I’ve observed that despite Bitcoin securing a win in the market, its price has remained relatively stagnant, dropping 0.71% to $65,277.86 within the last 24 hours. This volatility in Bitcoin has led to a significant loss of over $13.5 million in liquidated funds in just a span of 4 hours. The altcoin market has experienced similar turbulence, with Ethereum dropping 1.33% to $2953.14. Despite its attempts to challenge Bitcoin’s dominance, recent projections suggest that Ethereum is struggling to maintain its position and may be losing the flipping game against Bitcoin.
According to recent reports, the values of certain high-performing cryptocurrencies such as Toncoin (TON) and Dogecoin (DOGE) decreased by 4.68% and 1.80% respectively. Despite this market instability, some altcoins like Solana (SOL) and Shiba Inu (SHIB) have experienced growth. Specifically, Solana has risen by 4.22% to reach a price of $160.12, while Shiba Inu has managed to keep a gain of 2.21% at a price of $0.0000245.
In response to the recent news, the behavior of crypto stocks varied. While Coinbase’s (COIN) stock price decreased significantly by 18.18% to reach $201.73 per share, Robinhood’s (HOOD) experienced a smaller decline of only 0.32%, bringing its price down to $18.20. Additionally, other crypto stocks like Hut 8 (HUT) and Marathon Digital (MARA) also recorded modest losses.
Why the Erratic Market Twist?
As a cryptocurrency market analyst, I’ve observed the significant milestone we’ve reached with Bitcoin and the crypto ecosystem – our first major battle has been won. Yet, there remains a formidable challenge ahead: securing the President’s signature on the bill to make this victory official.
While President Biden previously indicated his intent to veto the Bill if the Senate votes against it, financial markets recognize that such an outcome would add complexity to companies’ ongoing attempts to adjust their affected assets.
Morgan Stanley, Wells Fargo, UBS, and other firms have begun investing in Spot Bitcoin ETFs. Providing a direct way for investors to hold Bitcoin and altcoins would benefit the entire market.
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2024-05-16 22:29