Market Overview
Crypto markets experienced a downward trend on Wednesday, with altcoins such as XRP and ADA leading the decline, while Bitcoin managed to stay stable just above $105,000.
Key Points:
- XRP dropped by 3.4% to $2.16, while ADA fell 4%.
- Rising oil prices and geopolitical issues, notably tensions between Israel and Iran, have fostered a climate of caution among traders.
- The U.S. Senate’s approval of the GENIUS Act outlines a regulatory framework for stablecoins, which may encourage institutional engagement.
Market Details
Throughout the day, Bitcoin maintained its position despite broader volatility, showcasing a lack of clear response to escalating global tensions.
“Bitcoin hasn’t behaved as a classic risk-on or risk-off asset lately—even amidst rising global tensions,” said Alex Kuptsikevich, chief market analyst at FxPro.
On-chain analytics indicate that long-term investors are not selling, suggesting no widespread profit-taking.
Legislative Updates
The recently passed GENIUS Act aims to provide regulatory clarity surrounding stablecoin issuance, potentially enabling American firms to utilize stablecoins for transactions, similar to practices in the decentralized finance (DeFi) sector.
“The bill could potentially drive adoption by allowing American companies to implement stablecoin payment systems for immediate transactions,” remarked Nick Ruck, director at LVRG Research.
Translation: Le projet de loi pourrait potentiellement inciter à l’adoption en permettant aux entreprises américaines de mettre en œuvre des systèmes de paiement en stablecoins pour des transactions instantanées.
The GENIUS Act is touted as the most extensive legislation on stablecoins, paving the way for tokenized dollars to transition into mainstream commerce.
