Bitcoin (BTC) has climbed back to nearly $82,000 after dipping below $78,000 on Sunday, leading to a minor rally in major cryptocurrencies.
Ether (ETH), Binance’s BNB, XRP, and Cardano (ADA) also experienced gains of up to 3%, recovering some losses from the previous week. Meanwhile, the CoinDesk 20 index rose nearly 4%.
The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on ETF applications for XRP, Dogecoin, and Litecoin, causing market uncertainty. Analysts had previously estimated an 90% chance for Litecoin, 75% for Dogecoin, and 65% for XRP to receive approvals by year-end, but the SEC’s delay has left investors on edge.
Traders are monitoring for a potential decrease to the $74,000 level before a possible rebound.
“In the past, similar declines would set off a corrective pullback, inviting new buyers,” stated Alex Kuptsikevich, Chief Market Analyst at FxPro.
“However, such favorable outcomes seem less likely now due to the increased influence of traditional finance, which has tied the crypto market to stock market trends.”
The upward trend in Bitcoin is also attributed to Senator Cynthia Lummis reintroducing the BITCOIN Act, advocating for the U.S. to amass 1 million BTC as a strategic reserve. This legislation suggests using $6 billion in remittances from reserve banks each year from 2025 to 2029 to acquire the coins and may allow for including major cryptocurrencies in the reserve.
“Major coins like XRP, SOL, and ADA surged more than expected after Senator Lummis’s reintroduction of her strategic Bitcoin reserve bill, suggesting that previously mentioned altcoins might be included in future acquisitions,” said Nick Ruck, Director at LVRG Research.
