Summary
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Bitcoin rebounds to $82K despite SEC ETF decision delays. Price recovers after Sunday dip, altcoins also see minor gains.
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SEC postpones ETF rulings on XRP, DOGE, LTC, causing market anxiety. Analyst approval predictions now less certain after SEC action.
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Senator Lummis reintroduces BITCOIN Act proposing US strategic BTC reserve. Legislative proposal and ETF uncertainty are both impacting market sentiment.
Bitcoin (BTC) price jumped back to $82,000. It had briefly fallen under $78,000 on Sunday. This price increase boosted some altcoins too. Ether (ETH), Binance Coin (BNB), XRP, and Cardano’s ADA all rose up to 3%, recovering some losses from last week.
SEC Delays ETF Decisions, Market Uncertain
The U.S. Securities and Exchange Commission (SEC) delayed decisions on ETF proposals for XRP, Dogecoin (DOGE), and Litecoin (LTC). This action creates market uncertainty.
Bloomberg analysts had predicted high ETF approval chances by year-end: 90% for Litecoin, 75% for Dogecoin, and 65% for XRP. The SEC delay makes these predictions less certain. Investors are now uneasy.
Traders Watching $74K Bitcoin Price Level
Some traders think Bitcoin could drop to $74,000 before it rebounds strongly. Analysts say past price dips like this drew in buyers and led to recoveries.
The chance of Bitcoin falling to 70,000−74,000 has grown. This is partly because traditional financial firms have more influence in crypto now.
Crypto prices are now more connected to stock market trends due to this. Analysts also point out Bitcoin’s early March recovery reduced oversold conditions. This makes another price correction more likely soon.
Senator Lummis Again Proposes BITCOIN Act
Bitcoin’s price increase happened after Senator Cynthia Lummis reintroduced the BITCOIN Act. This act suggests the U.S. government should buy 1 million BTC over five years as a strategic reserve.
Lummis first proposed this last year. She argues Bitcoin is vital for U.S. financial leadership, not just a tech innovation.
The bill proposes using the first $6 billion in reserve bank remittances between 2025 and 2029 to buy Bitcoin.
This Bitcoin reserve would be backed by Federal Reserve gold certificates. Some suggest this reserve could later include other major cryptocurrencies too.
After Lummis proposed a Bitcoin reserve, altcoins gained more than expected. XRP, Solana (SOL), and ADA showed strong increases, indicating renewed investor optimism.
Bitcoin Price Future Uncertain
Bitcoin’s recent price movement shows both positive and negative influences. Excitement about a possible U.S. Crypto Strategic Reserve increased confidence.
However, wider economic conditions continue to affect market feelings. Bitcoin currently trades at $82,299, up over 1% in the last day. But Bitcoin’s price is still 24% below its all-time high point.
Also Read: South Korea Considers Bitcoin for National Reserve and Stablecoin Development
South Korean academics recommend using Bitcoin for national reserves and creating a Won stablecoin to counter US crypto regulations and global digital financial trends. A government bond-backed Won stablecoin for stability and worldwide accessibility will safeguard South Korea’s monetary sovereignty in the face of growing dollar-pegged stablecoins and promote financial innovation. The opposition argues that current restrictions drive crypto trading abroad and that South Korea needs changes to catch up to other Asian countries in digital assets. Financial regulators and opposition party leaders in South Korea are considering adding Bitcoin to the nation’s reserves and creating a stablecoin tethered to the won. A recent seminar suggested this strategy to accommodate changing patterns, especially as the US adopts a Bitcoin-centric approach to national reserves. Blockchain inventor xCrypton CEO Kim Jong-seung stressed the need for South Korea to take strong governmental action, particularly in light of expected executive steps by… [Read More]
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