Crypto Market Surges as BTC Breaks Above $80,000 Amid Regulatory Clarity

The crypto market is seeing a surge today, with Bitcoin leading the charge and breaking above $80,000. This comes on the heels of two recent events that could have potentially shaken the market: the Federal Reserve's rate hike for the first time since 2023 and the Senate's failure to advance the CLARITY Act.

However, according to Pantera Capital founder Dan Morehead, the SEC and CFTC are already implementing regulations that align with what the failed bill promised. 'The industry doesn't need Congress,' he said in a statement.

The 10-year Treasury yield also saw some relief after the Fed's decision, which may have contributed to the crypto market's upswing. Derivatives traders seem to be betting on a bullish future, with short-dated implied volatility for Bitcoin and Ether falling sharply once the week's event risks passed.

BTC is now testing its upper edge of a resistance band that reaches around $84,400. A daily close above $82,614 would open up a target zone of $98,068 to $99,486, about 21% to 23% above the current price. On the other hand, a rejection at this level could put $66,780 back in play.