Bitcoin Reserve Bill Advances, Sending Crypto Prices Soaring
A bill to establish a Strategic Bitcoin Reserve advanced in Congress on Wednesday, sending cryptocurrency prices surging late in the evening. Bitcoin, Ethereum, and other altcoins like XRP and Dogecoin saw significant gains following the development.
The House Financial Services Committee voted to move the bill forward for congressional consideration, sparking a rally in the crypto market. In contrast, crypto-related stocks took a hit, with Strategy Inc. (MSTR) and Bitmine Immersion Technologies Inc. (BMNR) closing down 2.64% and 3.35%, respectively.
Crypto market capitalization dropped by 0.79% to $2.58 trillion over the last 24 hours, while top gainers included Bitcoin, Ethereum, XRP, and Dogecoin. Over $330 million in liquidations were recorded from the cryptocurrency market, with $185 million of those coming from bearish short bets.