New York’s digital asset market turned lower amid policy uncertainty after the U.S. Senate Banking Committee abruptly canceled its markup of the digital asset market structure bill. Bitcoin traded around $95,170, down 2.27% from the prior session. The total market capitalization of digital assets declined 1.53% to about $3.25 trillion, with Bitcoin’s market cap at roughly $1.9 trillion and 24-hour trading volume at $56.56 billion. Ethereum fell 2.54% to $3,293, while Binance Coin declined 1.87% to $927.
The market also saw Dogecoin drop 5.46% and XRP fall 4.41%. Outside Bitcoin and Ethereum, the altcoin market cap held above long-term support, suggesting some technicals could support a near-term rebound for select names. The downturn was triggered by the sudden cancellation of the markup on the digital asset market structure bill, a move tied to Coinbase’s decision to withdraw support for the bill, along with other crypto-related stocks such as Coinbase, Circle, and Strategy, all down roughly 3–5%. Analysts noted that if Bitcoin holds the $95,000 level, an altcoin rally could emerge, supported by ongoing ETF inflows that had previously helped sustain price gains.
Institutional momentum remains cautious until broader regulatory clarity emerges. James Alphaz Asset Management’s head of research warned that the mid-term upside will depend on technical support levels until regulated-economy momentum resumes. The Alternative.me Fear & Greed Index stood at 54, signaling neutral sentiment as investors await further guidance. The market continues to monitor key variables as it navigates a corrective phase.
Leave a Reply