Leading cryptocurrencies inched higher on Wednesday amid a renewed Senate push to pass the CLARITY Act before the recess.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:24 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.66% | $64,483.17 |
| Ethereum (CRYPTO: ETH) | +2.12% | $1,905.74 |
| XRP (CRYPTO: XRP) | -0.82% | $1.06 |
| Solana (CRYPTO: SOL) | +0.43% | $73.87 |
| Dogecoin (CRYPTO: DOGE) | -0.31% | $0.06988 |
‘Extreme Fear’ Returns
Bitcoin staged a late-afternoon rally but fell short of the $65,000 mark as trading activity stayed subdued. Ethereum posted a stronger advance, climbing to an intraday high of $1,922, while XRP and Dogecoin traded lower.
Drama over the CLARITY Act persists, with Senate Majority Leader John Thune (R-S.D.) floating a last-minute vote to pass the cryptocurrency legislation in the Senate.
Cryptocurrency-related stocks ticked higher, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 0.74% and 1.82%, respectively.
Over $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $169 million in bearish short positions erased, according to Coinglass data.
Bitcoin’s open interest rose 1.17% over the last 24 hours. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned “extremely bearish.” Binance top traders, i.e., top 20% users with the highest margin balance, remained net long on Bitcoin, but the long exposure has fallen significantly this week.
“Extreme Fear” sentiment returned to the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:24 p.m. EDT) |
| Cysic (CYS) | +40.84% | $0.7752 |
| Bitway (BTW) | +23.75% | $0.1638 |
| Unibase (UB) | +17.60% | $0.1466 |
The global cryptocurrency market capitalization stood at $2.2 trillion, following a dip of 0.79% over the last 24 hours.
Read Also: Arthur Hayes Predicts Bitcoin ‘Crack-Up Boom’ When AI Credit Bubble Unwinds
Dow Extends Winning Rally
The Dow Jones Industrial Average soared 263.24 points, or 0.49%, to hit a record close of 54,349.12. The S&P 500 retreated 0.17% to close at 7,723.55, while the tech-heavy Nasdaq Composite pulled back 0.83% to end at 26,363.44.
The United States Oil Fund (NYSE:USO), which tracks West Texas Intermediate crude oil, closed 0.78% lower, and nearly 5% in a week, on hopes the U.S. and Iran reach an agreement to reopen the Strait of Hormuz and get crude shipments moving again.
Historical Bottom Signal Emerges
Ali Martinez, a widely followed cryptocurrency analyst and trader, identified a bullish divergence between Bitcoin’s price and net capital flows.
“The last bullish divergence between the BTC price and Net Capital Flows marked the cycle bottom,” Martinez stated. “The same signal is back.”
The analyst noted that the last such signal preceded the rally from $15,000 to $126,000, representing a 740% upside.
Michaël van de Poppe, another popular cryptocurrency commentator on X, said that if the CLARITY Act passes this week, it would end the market’s wait-and-see stance and trigger a bull rally for Bitcoin and altcoins.
Read Also: Have All the Bitcoin Sellers Left? If a $100M Hack Makes Nobody Panic That Means Yes, Experts Argue
Photo: KateStock / Shutterstock
