Cryptocurrency Market Recovers as Senate Limits Trump's War Powers
Bitcoin, ether, XRP rebound as Senate curbs Trump's Iran war powers
Image: Coindesk
Major cryptocurrencies, including Bitcoin, ether, and XRP, rebounded during Asian trading hours after the U.S. Senate voted to restrict President Donald Trump's war powers regarding Iran. Bitcoin rose to approximately $77,200, buoyed by falling Treasury yields and oil prices, as market sentiment improved amidst easing geopolitical tensions.
- 01The Senate passed the bill to curb Trump's Iran war powers with a vote of 50-47, marking a significant political shift.
- 02Bitcoin's price increased by 0.5% to reach $77,200, while XRP, ether, and solana gained between 0.4% and 0.8%.
- 03Treasury yields on 10- and two-year notes fell by over two basis points, contributing to the positive market sentiment.
- 04President Trump directed the Federal Reserve to review access to payment services for depository institutions, which could enhance banking relationships for cryptocurrencies.
- 05The April Federal Reserve meeting minutes, set to be released, are anticipated as a potential market catalyst.
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The cryptocurrency market experienced a notable rebound on Wednesday, with Bitcoin climbing to approximately $77,200 following a pivotal vote in the U.S. Senate. The Senate voted 50-47 to limit President Donald Trump's war powers concerning Iran, alleviating some market uncertainty that had been affecting investor sentiment. Alongside Bitcoin, other major cryptocurrencies such as XRP, ether, and solana also saw gains, rising between 0.4% and 0.8%. This recovery came after a five-day losing streak that had seen Bitcoin drop from $82,000 to nearly $76,000. The positive momentum was further supported by a decline in U.S. Treasury yields and oil prices, with WTI crude futures down 0.75% to $103.42. Additionally, President Trump’s directive to the Federal Reserve to assess payment service access for depository institutions is viewed as a critical step for the crypto industry, potentially improving institutional confidence and adoption. Market analysts are also closely watching the upcoming release of the April Federal Reserve meeting minutes, which may provide insights into inflation and growth risks.
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The Senate's decision may lead to greater stability in the cryptocurrency market, potentially encouraging more institutional investment.
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