Why are Bitcoin, Ethereum, and Dogecoin Price Surging Today?
The post Why are Bitcoin, Ethereum, and Dogecoin Price Surging Today? appeared on BitcoinEthereumNews.com. Bitcoin (BTC) price created a local low of $104,480 today and is up 0.50%. Following BTC’s footsteps, Ethereum (ETH) and Dogecoin (DOGE) prices are up 1.48% and 0.86%, respectively, at the time of writing. The bullish momentum can be attributed to the passing of the GENIUS stablecoin act. The bill passed a key procedural vote (cloture) with a 66-32 margin. This secures the bill enough support to limit debate and move toward a full Senate floor vote. Another reason for this recent enthusiasm can be seen by using blockchain data, which shows spot investors are buying the dips as BTC price inches closer to an all-time high retest. Here’s Why Bitcoin, Ethereum, and Dogecoin Price Surging Today As noted above, Bitcoin, Ethereum, and Dogecoin Prices are surging today due to two reasons: GENIUS Act vote passing in the procedural vote. Spot investors (both retail and major US institutions) buying BTC dips. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act achieved a significant milestone today in the U.S. Senate vote. With a 66-32 margin in the procedural vote, the GENIUS bill will be moved toward a full Senate floor vote. This is a bullish development for the crypto markets. The market capitalization of the cryptocurrency sector is 1.3% today and currently sits around $3.48 trillion, according to CoinGecko data. The second and the most important reasons is Bitcoin catching a bid from spot investors. Data from CoinGlass shows perpetual CVD (Cumulative Volume Delta) dropping while Spot CVD being on an uptrend. Additionally, the spot orderbook depth at 2% shows constant upticks on Bitcoin price dips. This indicates that the investors are buying BTC during market corrections. Although perpetual investors are also accumulating BTC on dips, their positions tend to be short-lived and hence, less impactful over the longer term.…
The post Why are Bitcoin, Ethereum, and Dogecoin Price Surging Today? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) price created a local low of $104,480 today and is up 0.50%. Following BTC’s footsteps, Ethereum (ETH) and Dogecoin (DOGE) prices are up 1.48% and 0.86%, respectively, at the time of writing. The bullish momentum can be attributed to the passing of the GENIUS stablecoin act. The bill passed a key procedural vote (cloture) with a 66-32 margin. This secures the bill enough support to limit debate and move toward a full Senate floor vote. Another reason for this recent enthusiasm can be seen by using blockchain data, which shows spot investors are buying the dips as BTC price inches closer to an all-time high retest. Here’s Why Bitcoin, Ethereum, and Dogecoin Price Surging Today As noted above, Bitcoin, Ethereum, and Dogecoin Prices are surging today due to two reasons: GENIUS Act vote passing in the procedural vote. Spot investors (both retail and major US institutions) buying BTC dips. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act achieved a significant milestone today in the U.S. Senate vote. With a 66-32 margin in the procedural vote, the GENIUS bill will be moved toward a full Senate floor vote. This is a bullish development for the crypto markets. The market capitalization of the cryptocurrency sector is 1.3% today and currently sits around $3.48 trillion, according to CoinGecko data. The second and the most important reasons is Bitcoin catching a bid from spot investors. Data from CoinGlass shows perpetual CVD (Cumulative Volume Delta) dropping while Spot CVD being on an uptrend. Additionally, the spot orderbook depth at 2% shows constant upticks on Bitcoin price dips. This indicates that the investors are buying BTC during market corrections. Although perpetual investors are also accumulating BTC on dips, their positions tend to be short-lived and hence, less impactful over the longer term.…
What's Your Reaction?
