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Why Lawmakers “Can’t Ignore Crypto”
The cryptocurrency market is recovering, with bitcoin prices (BTC-USD) and Ethereum (ETH-USD) booming amid the potential introduction of new crypto legislation. Anticipation also builds around the approval of spot ether ETFs, fueling investor optimism for digital assets.
Yahoo Finance Jared Blikre breaks down the details.
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This message was written by Angel Smith
Video transcription
Bitcoin and Ethereum are trending higher this week, Jared Blick stands ready to take a closer look at the latest developments in crypto.
Jared.
That’s right.
It’s been pretty quiet over the last 24 hours on our crypto heatmap behind me.
We will get it back.
You can see Bitcoin rising by 42 basis points.
Ethereum top right up 33 basis points.
Let me just show you the last five days.
We have witnessed an incredible explosion of Ether.
Um, this is in the last three days.
It was Monday afternoon, word that these Ethereum spot, Ether Bitcoin, spot Ether ETF are finally potentially hitting the market.
And that would mark an about-face for the second.
And all this happened after this crisis.
Bill 21 has passed through the House of Representatives, looks like it could make it to President Biden’s desk, looks like he could sign it.
Now he opposes it.
But all this controversy has only sort of cemented the fact that parties, including both Republicans and Democrats, cannot ignore crypto.
So crypto is on the agenda and we’ll have to see how that plays out throughout the election.
But you have to think that there will be favorable discussions, but these are only speculations.
Let’s take a look at Bitcoin prices.
If we show the year to date, we can see that Bitcoin is now at the upper end of its most recent trading range and has not made new highs since March, but this appears to be a healthy consolidation .
We’ll have to see that we can gather steam on the next potential catalyst.
Um, I want to check what happened and also show what happened with ETF S.
We have a plethora of S Spot Bitcoin ETFs as well as some futures based ETS including Ethereum and here is a performance today.
Um, I’m just noting that we’ve seen an incredible explosion of some of these individual names.
I bet it’s Blackrock’s offer and loyalty too.