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Why Lawmakers “Can’t Ignore Cryptocurrencies”
The cryptocurrency market is recovering, with bitcoin prices (BTC-USD) and ethereum (ETH-USD) rising sharply in the context of the potential introduction of new cryptocurrency legislation. The anticipation also grows the approval of spot ether ETFs, fueling investor optimism for digital assets.
Yahoo Finance Jared Blikre breaks down the details.
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This post was written by Angelo Smith
Video transcription
Bitcoin and Ethereum are trending higher this week, as Jared Blick stays behind with a deeper look at the latest moves in the cryptocurrency sector.
Jared.
Right.
It’s been a little quiet the last 24 hours on our crypto heatmap behind me.
We’ll get him up.
You can see Bitcoin up 42 basis points.
Ethereum top right up 33 basis points.
Let me just show you the last five days.
We saw an incredible explosion in Ether.
Uh This has happened in the last three days.
It was Monday afternoon, word that those spot Ethereum, Ether Bitcoin, the spot Ether ETF finally potentially hit the market.
And this would mark a turning point for the century.
And all this happened after this attack.
The bill on the 21st flew through the House of Representatives, it looks like it might get to President Biden’s desk, it looks like he might sign it.
Now he has spoken out against it.
But this whole controversy has in a way solidified the fact that the parties, two of which are Republicans and Democrats, cannot ignore cryptocurrencies.
So cryptocurrencies are the order of the day and we will have to see how they will work during the elections.
But you have to think there will be some favorable speeches, but that’s just speculation.
Let’s take a look at Bitcoin prices.
If we show the year to date, we can see that Bitcoin is now right against the upper limit of its most recent trading range, it hasn’t made new highs since March, but it looks like a healthy consolidation.
We’ll have to see if we can gather some steam on the next potential catalyst.
Um, I want to check out what was and show what’s happening with ETF S as well.
We have a wide range of Bitcoin Spot ETFs and also some futures based ETS including Ethereum and here is a performance today.
I just note that we’ve seen an incredible explosion of some of these individual names.
I bet this is Blackrock’s offer and loyalty too.