Bitcoin, Ethereum, XRP Slip as Crypto Bill Stalls in Senate

BTC and major alts slide as a Senate crypto bill stalls; analysts see potential for BTC to test $100,000–$105,000 in weeks if patterns persist, with altcoins possibly rallying above key support.

Rich by Coin

2026-01-16

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Bitcoin traded around $95,485, down 1.29%, after rising to a two-month high near $97,000. Ethereum hovered near $3,306, down 0.82%. XRP slipped 2.66% to about $2.07 and Dogecoin fell 4.23% to roughly $0.1397. The declines came as the Senate Banking Committee postponed markup on the cryptocurrency market structure bill due to industry opposition.

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The total crypto market cap stood around $3.23 trillion, down about 1.26% in the last 24 hours. MicroStrategy (MSTR) and Coinbase (COIN) closed lower by roughly 4.7% and 6.5%, respectively, as more than $320 million was liquidated, with long liquidations accounting for about 81%. Bitcoin’s open interest slipped about 2.3%, while sentiment shifted to Neutral from Greed; analysts say BTC’s structure remains bullish above the $94,000–$95,000 zone with a potential move to $100,000–$105,000 in weeks. Altcoins could see a relief rally if BTC holds above $95,000, with the broader altcoin market cap holding above its rising trendline.