Clarity Act
Bitcoin surges to two-month high on rate cut hopes
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Bitcoin reached a two-month high above $97,000 on Wednesday, leading a broader cryptocurrency rally fueled by positive economic data and advancing pro-crypto legislation. The surge liquidated nearly $700 million in short positions, rejuvenating market risk appetite. Analysts suggest the rally has potential to continue higher.
Crypto asset manager Bitwise has urged the industry to achieve mass adoption within three years if federal legislation like the Clarity Act fails to pass. The firm highlighted falling support for the bill amid industry pushback and a postponed Senate hearing. Without becoming indispensable, crypto risks regulatory setbacks from future political shifts.
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Bitcoin traded around $88,000 on Monday, recovering slightly from weekend lows but remaining close to its yearly bottom amid broader market uncertainties. Meanwhile, gold and silver pushed to record highs before pulling back, highlighting exhaustion in their surges. Analysts point to risks like a potential U.S. government shutdown as weighing on cryptocurrency sentiment.