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Leading cryptocurrencies flatlined on Wednesday as investors weighed the implications of the Clarity Act and rising geopolitical tensions in the Middle East.
Crypto Rally Cools
Bitcoin failed to break through $67,000 and slipped back to $65,000 after encountering strong selling pressure. Ethereum wobbled in the narrow range between $1,900 and $1,950, while XRP and Dogecoin also moved sideways.
Cryptocurrency-related stocks also fell, with Strategy Inc. MSTR and Bitmine Immersion Technologies Inc. BMNR closing down 1.90% and 1.73%, respectively.
Earlier, Senate Republicans released an updated draft of the Clarity Act that introduced new ethics provisions to limit cryptocurrency investments by the president and other federal officials.
Over $180 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in long positions, according to Coinglass data
Bitcoin’s open interest slid 2.18% over the last 24 hours. Binance derivatives traders bought the dip, with both retail and whale players increasing their long exposure to the leading cryptocurrency.
"Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.26 trillion, following an increase of 0.82% over the last 24 hours.
Stocks Close in the Red
Stocks ticked lower on Wednesday. The Dow Jones Industrial Average fell 6.06 points, or 0.01%, to close at 52,218.58. The S&P 500 slid 0.14% to close at 7,498.96, while the tech-heavy Nasdaq Composite lost 0.57% to settle at 25,690.90.
Geopolitical tensions remained elevated as Secretary of State Marco Rubio accused Iran of not being “serious” about negotiations. He added that Iran’s demands to control transit through the Strait of Hormuz could “never be allowed to happen.”
Will Bitcoin’s Rebound Lose Steam?
Ali Martinez, a widely followed cryptocurrency analyst and trader, identified $70,920 as the next major resistance to watch for Bitcoin.
“Securing a close above $70,920 is required to clear this overhead supply and confirm the continuation of the BTC rebound,” the analyst added.
On-chain analytics firm CryptoQuant noted that despite Bitcoin’s recent uptick, spot buying has remained “thin,” with leverage doing the heavy lifting.
“No overheating yet, but not a rally on solid footing either. Watch for spot volume to actually warm up before chasing price,” the firm added.
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This article Bitcoin, Ethereum, XRP, Dogecoin Flat Despite Crypto Bill Getting Ethics Provisions: Analyst Highlights Level to 'Watch' for BTC originally appeared on Benzinga.com.
