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Major cryptocurrencies rose on Tuesday as investors digested reports that the White House agreed to an ethics package accompanying the cryptocurrency Clarity Act.
Some Clarity Finally?
Bitcoin rallied to a 5-week high above $66,900, and is now up 13% month-to-date. Ethereum hit an intraday high of $1,950, while XRP and Dogecoin also climbed.
The spike followed reports that the White House agreed to add an ethics provision to the Clarity Act, a key sticking point that has kept the bill tied up amid President Donald Trump’s cryptocurrency business interests.
Cryptocurrency-related stocks also fell, with Strategy Inc. MSTR and Bitmine Immersion Technologies Inc. BMNR closing up 4.22% and 3.61%, respectively.
Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, with $160 million in bearish shorts erased, according to Coinglass data
Bitcoin’s open interest jumped 4.21% to over $50 billion, indicating an influx of new money into the derivatives market. Retail and whale futures traders on Binance were positioned “Neutral” on BTC.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.27 trillion, representing a 1.28% increase over the last 24 hours.
Stock Market Rebounds
Stocks rallied sharply on Tuesday. The Dow Jones Industrial Average spiked 385.38 points, or 0.74%, to end at 52,224.64. The S&P 500 climbed 0.89% to close at 7,509.20, while the tech-focused Nasdaq Composite gained 1.29% to end at 25,837.21.
U.S. forces, meanwhile, carried out their eleventh consecutive day of strikes against Iranian military assets, while reiterating that the Strait of Hormuz remains open to commercial shipping.
Bitcoin’s Biggest Test?
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin has faced repeated rejections at the Short-Term Holder Realized Price since November, framing it as the apex cryptocurrency’s biggest test.
“With BTC back near $66,000, all eyes are now on $69,340,” the analyst added. “If history repeats, that’s where the bulls will have to prove themselves.”
On-chain analytics firm CryptoQuant said that wallets holding between 1,000 and 10,000 BTC just accelerated their buying “at the fastest pace in months
“The total balance of this cohort has returned to the same level as before the February drop, 3.09 million Bitcoins, even with the price much lower now,” the research firm said. “This is the type of institutional trading pattern.”
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This article Bitcoin, Ethereum, XRP, Dogecoin Lift Amid Crypto Bill Optimism: Analyst Flags BTC's 'Biggest Test' originally appeared on Benzinga.com.
