Cryptocurrency Market Surges After Passage of Clarity Act in Senate
Bitcoin, Ethereum, XRP, Dogecoin Jump After Crypto Act Passes Key Senate Vote: Analyst Says BTC 'Positioned' For A Rebound Toward $86,000
Benzinga
Image: Benzinga
Leading cryptocurrencies, including Bitcoin and Ethereum, saw significant gains following the Senate Banking Committee's bipartisan approval of the Clarity Act. Analysts predict Bitcoin could rebound towards $86,000 if it maintains support around $79,000.
- 01The Clarity Act's passage in the Senate Banking Committee boosted cryptocurrency prices.
- 02Bitcoin is currently testing support at $79,000, with potential to rise to $86,000.
- 03Ethereum and XRP also experienced gains, reflecting positive market sentiment.
- 04The overall cryptocurrency market capitalization is approximately $2.65 trillion.
- 05Prominent analysts foresee a bullish trend for Bitcoin, with expectations of testing new highs.
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On Thursday, major cryptocurrencies experienced a surge after the Clarity Act passed the Senate Banking Committee with bipartisan support. Bitcoin (BTC) rose by 2.46% to $81,561.50, while Ethereum (ETH) and XRP increased by 1.18% and 4.49%, respectively. The trading volume for Bitcoin surged by 27% in the last 24 hours. Analysts suggest that Bitcoin is currently testing a critical support level at $79,000 and could rebound towards the upper channel resistance near $86,000 if this support holds. However, if the support fails, it may lead to further declines. The overall cryptocurrency market capitalization stands at $2.65 trillion, despite a slight decline of 1.35% in the last day. Additionally, the stock market also saw gains, with the Dow Jones Industrial Average rising by 370.26 points to close at 50,063.46.
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The approval of the Clarity Act could lead to increased investment and stability in the cryptocurrency market, benefiting investors and traders.
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