Bitcoin stabilized around USD 118,500 after recent volatility, driven by a surge and subsequent profit-taking. Investor anticipation for the Crypto Week contributed to this stabilization. Advances in the voting process for the GENIUS Act and the CLARITY Act have fostered optimism, potentially providing regulatory clarity for stablecoins and digital commodity classification. Despite these legislative efforts not yet being enacted, they have moderated market uncertainty. Continuing investments in cryptocurrency are evident through significant inflows in US BTC ETFs, indicating strong investor interest.
Bitcoin remained relatively steady near the USD 118,500 mark, with volatility settling into a near-term range-bound pattern. The market stabilized after a strong surge and some profit-taking as investors anticipated the beginning of the Crypto Week.
Recent advancements in the voting process for the GENIUS Act and the CLARITY Act have introduced some optimism and supported the market. The bills could help introduce a measure of regulatory clarity by outlining frameworks for stablecoins.
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