Bitcoin Rejected at $80K Again Ahead of Crucial CLARITY Act Senate Vote: Market Watch

RAIN has plummeted the most from the larger-cap alts, while UNI and XLM are among the few exceptions in the green today.
ByJordan Lyanchev

Somewhat surprisingly, bitcoin’s price jumped quite hard on Monday, reaching a multi-day peak of almost $80,000 before it was halted once again and pushed below $77,000 ahead of today’s crucial CLARITY Act vote in the US Senate.

Most altcoins tried to follow suit but were rejected at their local peaks. Still, some, such as XRP, XLM, and UNI, are still in the green on a daily scale.

BTC Braces for CLARITY Vote

The primary cryptocurrency experienced some intense volatility at the end of the previous business week as all eyes had turned to the US Consumer Price Index numbers. Once they came out, which were actually in line with expectations, BTC first dumped from $77,000 to $76,000 before it suddenly skyrocketed to $79,800, where its progress came to a screeching halt and dropped back to its starting point.

The weekend, as most previous ones, was quite sluggish, with BTC trading sideways at around $77,000. It dipped again on Monday twice to $76,500, where the bulls finally stepped up and didn’t allow another leg down.

Just the opposite; the cryptocurrency started to gain traction, especially during the early US trading hours, and jumped to over $79,500. However, the Friday scenario repeated, and the bears pushed it south hard, with BTC currently struggling at $77,000 once again. More volatility is expected today, with the CLARITY Act vote in the US Senate, and tomorrow when the US Fed will announce its interest rate decision.

For now, bitcoin’s market cap remains at $1.540 trillion on CMC, while its dominance over the alts has retreated slightly to 58.85%

ETH Below $2.5K Again

The leading altcoin exploded on Friday to an eight-month peak of $2,670, where it was rejected and slipped back to $2,500 almost immediately. It has dipped below that level now, after another 1.5% daily decline. XRP pumped to $1.46 yesterday, but it was stopped there, and now it fights for the $1.40 level. BNB, SOL, TRX, HYPE, and DOGE are slightly in the red, while RAIN has plummeted by over 11%.

In contrast, ZEC, XMR, and LINK have marked minor gains, while XLM and UNI are up by around 4%-5% to $0.19 and $6.55, respectively.

The total crypto market cap has remained essentially the same as yesterday, at $2.650 trillion on CMC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct <a href="https://xpertsstudio.com/is-your-node-losing-support/” title=”Is Your Node Losing Support?”>your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato’s Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

Source: cryptopotato.com