Legislators can’t afford to ignore the rally of Bitcoin and Ethereum

The cryptocurrency market is currently on a rally, with the prices of bitcoin (BTC-USD) and ethereum (ETH-USD) surging due to the potential introduction of new crypto legislation. Investor optimism for digital assets is also increasing, especially with the anticipation of spot ether ETFs getting approved.

Yahoo Finance’s Jared Blikre provides a breakdown of the details.

For more expert insights and the latest market action, you can watch the full episode of Market Domination Overtime here.

This post was authored by Angel Smith

Video Transcript

Bitcoin and Ethereum are showing upward trends this week, with Jared Blick providing insights on the latest crypto movements.

Jared notes that it has been relatively quiet in the crypto market in the last 24 hours, with Bitcoin up 42 basis points and Ethereum up 33 basis points.

There has been a significant surge in Ether in the past three days, following news that the spot Ether ETF might finally hit the market after the passing of a bill through the House of Representatives.

The controversy surrounding this issue has highlighted the significance of crypto in the eyes of both Republicans and Democrats, signaling that crypto is an important agenda item for both parties.

Moving on to Bitcoin prices, it is evident that Bitcoin is approaching the upper end of its recent trading range. While it hasn’t reached any new highs since March, this consolidation phase appears to be healthy. However, further catalysts are needed to see if Bitcoin gains momentum.

There has been a notable performance in various Spot Bitcoin ETFs and futures-based ETFs, including Ethereum, showcasing a strong interest from institutions like Blackrock and Fidelity.

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