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Leading cryptocurrencies rose on Monday ahead of the much-anticipated Senate vote on cryptocurrency legislation.
Crypto MarketRises
<a href="https://xpertsstudio.com/saylor-skips-bitcoin-again-puts-another-139-million-into-strc/” title=”Saylor Skips Bitcoin Again, Puts Another $139 Million Into STRC”>Bitcoinjumped to an intraday high of $79,568 before facing stiff resistance, even as trading volume more than doubled in the last 24 hours.
Ethereumspiked past $2,600, only to reverse course and retreat to the $2,500 region. Meanwhile, XRPand Dogecoinrecorded sharp upticks.
Sen. Cynthia Lummis (R-Wyo.) said President Donald Trump agreed to additional ethics restrictions ahead of Tuesday’s CLARITY Act vote. Polymarket currently places the CLARITY Act’s passage odds at 18%.
Cryptocurrency-related stocks also lifted, withStrategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing up 4.56% and 2.92%, respectively.
Over $340 million was liquidated from the cryptocurrency market in the last 24 hours, mainly in bearish short positions, accordingto Coinglass data.
Bitcoin’s open interest spiked 1.84% in the last 24 hours, matching the increase in spot price. An increase in open interest, along with a price increase, typically indicates long positions are being built up.
The global cryptocurrency market capitalization climbed to $2.65 trillion, up 1.02% over the last 24 hours.
Stocksin the Red
Major indexes kicked off the week with losses. The Dow Jones Industrial Averageshed 152.09 points, or 0.29%, to end at 52,421.20. The S&P 500 slid 0.48% to end at 7,619.98,while the Nasdaq Composite dropped 0.56% to settle at 26,186.41.
AI safety fears spooked the market after Anthropic CEO Dario Amodei urged AI companies to slow advancements, following warnings from researchers about potential catastrophic risks. OpenAICEO Sam Altman and Elon Musk endorsed his call.
Meanwhile, the CME Group’s FedWatch tool projecteda 92% chance that the Federal Reserve will hike interest rates at the policy meeting starting Tuesday.
‘Stay Patient’ With Bitcoin, Says Analyst
On-chain analytics firm Santiment noted a shift in Bitcoin’s market sentiment from “caution” to “chase” mode.
The firm highlighted that whales holding 10-10,000 BTC reduced their positions by 0.20% over the past three weeks, while retail wallets “stopped dumping and slowly added.”
“This mix has often marked overheated local tops,” Santiment added. “Stay patient while Bitcoin’s market value stays in this $75,000 to $80,000 range, and don’t overreact.”
Leading chartist and on-chain researcher Ali Martinez highlighted that Ethereum, worth $350 million, was withdrawn from exchanges in the last 4 days, suggesting investors’ preference to hold rather than trade.
“With less ETH available on exchanges, potential sell-side pressure is declining, strengthening the case for a bullish breakout,” the analyst added.
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