Prices for crypto have rebounded, despite the major setback of key legislation intended to provide clarity in the industry.
Bitcoin and other crypto markets gained a bullish trend on July 16th. (BTC) The price of Bitcoin has risen by 2.3%, to $118.900. Overall crypto market capital increased by 1.39 %, but major altcoins saw even greater gains. Top 100 crypto assets increased by 3.51%. Ethereum was the biggest gainer. (ETH) The leading force, with an increase of 9.77%.
Top altcoins like Solana (SOL) Dogecoin is a cryptocurrency. (DOGE) Both saw gains of 6.25% & 7.23%. The top performers were smaller memecoins. Pepe (Pepe) Bonk’s stock was up 11.4%. (BONK) Gained 22%. Memecoin SPX6900 was the top performer. (SPX)Over the last 24 hours, grew by 24,7%.
Crypto rebounds after a hit to ‘Crypto Week’
A combination of ETF flows and macroeconomic uncertainties fueled the rally, but it appears that the biggest catalyst was the rebound in the markets after the major procedural loss in Congress. Three crypto-related laws failed to pass a vote on July 16: The CLARITY Act (also known as the GENIUS Act), the Anti-CBDC Surveillance State Act and the GENIUS Act.
Legislation was to be debated during the informally named week of 14th July “Crypto Week”The project may be delayed. Republicans, however, are trying to solve the internal disputes that caused this failed vote.
Donald Trump of the United States has also stated that some legislation may be passed as soon as Wednesday. If the bill passes, it will send a powerful signal to crypto-industry that U.S. politicians are ready to clarify crypto assets.
The regulatory certainty is driving institutional capital to crypto as investors see Bitcoin as an inflation hedge and a way to mitigate macro-risk. ETF inflows reached nearly $20 billion Since April, the performance of this asset class has outpaced all other asset classes.
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Source: crypto.news
