# NEW

Crypto Pre-drink: May 16, 2024

Crypto Pre-drink

KEYTAKEAWAYS

  1. Representative Patrick McHenry is hopeful about the Senate's support for the FIT21 bill as he approaches retirement.
  2. Bitcoin reached over $66,000 due to recent U.S. economic reports, marking a significant price movement.
  3. Positive shifts in crypto market sentiment are influenced by Federal Reserve policy changes and economic indicators.

CONTENT

In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.

 


MCHENRY OPTIMISTIC ABOUT SENATE BACKING FOR CRYPTO BILL

 

Upcoming House Vote on Crypto Bill

 

The U.S. House of Representatives is poised to vote on the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to regulate the cryptocurrency industry comprehensively. As he nears retirement, Representative Patrick McHenry (R-N.C.) is optimistic about the bill’s influence on Senate prospects.

 

Senate Prospects Amid Bipartisan Support

 

While the outcome in the Senate remains uncertain, strategic legislative tactics may boost the bill’s chances during the lame-duck session. This period often sees legislation passed by attachment to other crucial bills, potentially aiding FIT21’s progress.

 

Democratic Support Enhances Bill’s Viability

 

The bill has garnered notable bipartisan support, particularly with 21 Democrats defying the SEC’s crypto accounting rules, despite President Joe Biden’s veto threat. This cross-party backing could play a crucial role in swaying the Senate.

 

Leadership and Legislative Alignment

 

Rep. French Hill (R-Ark.), expected to succeed McHenry, highlighted the bill’s alignment with President Biden’s earlier directives for crypto regulation. The support from Democrats, pivotal in overcoming the SEC’s opposition, underscores the changing political dynamics favoring cryptocurrency legislation.

 


BITCOIN SURGES TO $66K FOLLOWING U.S. INFLATION DATA

 

Bitcoin’s Rally Triggered by Economic Data

 

Bitcoin’s value soared past $66,000 for the first time since late April, catalyzed by softer-than-expected U.S. inflation data and a sluggish retail sales report. The significant uptick in market activity highlights the cryptocurrency reaching its highest price point since April 24.

 

Widespread Gains Across Crypto Markets

 

The crypto market experienced substantial gains, with Solana (SOL) and NEAR leading the surge. SOL saw an 8% increase, while NEAR jumped by 12%. The broader market, as represented by the CoinDesk 20 Index, also climbed by 6%, indicating strong performance across various digital assets.

 

Renewed Market Confidence

 

This positive momentum in the crypto markets represents a shift toward a bullish regime after three months of consistent CPI increases. The Federal Reserve’s recent announcements regarding the tapering of its balance sheet run-off have also played a crucial role in boosting investor confidence in risk assets.

 

Future Market Prospects

 

Analysts from Swissblock project that Bitcoin could soon reach $69,000, with the potential to climb as high as $84,000 in the longer term. They also anticipate strong performances from altcoins, which are expected to closely follow Bitcoin’s upward trajectory, suggesting a robust next phase for the crypto market.

 

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DISCLAIMER

CoinRank is not a certified investment, legal, or tax advisor, nor is it a broker or dealer. All content, including opinions and analyses, is based on independent research and experiences of our team, intended for educational purposes only. It should not be considered as solicitation or recommendation for any investment decisions. We encourage you to conduct your own research prior to investing.

 

We strive for accuracy in our content, but occasional errors may occur. Importantly, our information should not be seen as licensed financial advice or a substitute for consultation with certified professionals. CoinRank does not endorse specific financial products or strategies.


WRITER’S INTRO

CoinRank

CoinRank Exclusive brings together primary sources from various fields to provide readers with the most timely and in-depth analysis and coverage. Whether it’s blockchain, cryptocurrency, finance, or technology industries, readers can access the most exclusive and comprehensive knowledge.


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