Tuesday, 02 January 2024 12:17 GMT

Bitcoin Stable As Investors Monitor Legislative Developments


(MENAFN- Investor Ideas) Investorideas, a go-to platform for big investing ideas, including bitcoin stocks issues market commentary from Inki Cho Financial Markets Strategist Consultant to Exness.


Bitcoin remained relatively steady near the USD 118,500 mark, with volatility settling into a near-term range-bound pattern. The market stabilized after a strong surge and some profit-taking as investors anticipated the beginning of the Crypto Week and reacted to the subsequent voting hurdles.

However, recent advancements in the voting process for the GENIUS Act and the CLARITY Act have introduced some optimism and supported the market. The bills could help introduce a measure of regulatory clarity by outlining frameworks for stablecoins and affirming the classification of digital assets as digital commodities.

Although these bills are yet to be enacted, the developments have helped moderate market uncertainty. As a result, bitcoin could remain within a defined range until regulatory uncertainties are resolved.

At the same time, investments in the cryptocurrency continue, as shown by inflows in US BTC ETFs. The latter recorded around USD 800 million in inflows yesterday, continuing a strong trend after peaking at more than USD 1 billion per day for two consecutive days last week, showing investors' interest in the asset.

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