Crypto Pre-drink: May 16, 2024

Crypto Pre-drink


  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.


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




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’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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