Bitcoin Investors Optimistic Again With Cryptocurrency Legislation Expected to Pass
Two pieces of legislation could pass soon that will spur cryptocurrency growth, and the news has helped Bitcoin climb today.
Quick overview
- Bitcoin is experiencing a rise in price due to optimism surrounding two cryptocurrency bills in the U.S. House of Representatives.
- The CLARITY Act and the GENIUS Act have not yet passed but could be split and approved separately, boosting investor sentiment.
- Despite a recent price dip, Bitcoin remains above previous record lows and is projected to reach $150,000 or higher by year-end.
- Analysts believe the passage of these bills is imminent, which could further elevate Bitcoin's value.
Live BTC/USD Chart
After falling from a new high this week, Bitcoin (BTC) is once again on the rise thanks to optimism about two cryptocurrency bills that are being considered by the U.S. House of Representatives.
The crypto bills known as the CLARITY Act and the GENIUS Act have not passed the House yet, but they could be split and passed separately. Positive sentiment about these bills being passed is what is helping to spur Bitcoin’s price for Wednesday. The BTC rate is up 0.12% today to $118,490 (BTC/USD).
BTC/USDThe price of Bitcoin slipped on Tuesday when news broke that the House was not passing the two pieces of legislation. However, the price climbed early Wednesday as investor sentiment improved. The fact that the legislation did not pass this week is seen as a minor setback rather than the end of the line for these items of legislation.
Analysts and investors expect the bills to pass at some point in the near future, and they anticipate that Bitcoin’s price will shoot up as a result. One Oppenheimer analyst, Owen Lau, says that these bills passing is only a matter of time.
Bitcoin Price Prediction after Setback
The price of Bitcoin has fallen from its recent all-time high, but that is not as bad as it may at first appear. Bitcoin did not retreat to its pre-record price point of around $108K. Nor did it retreat to its first record high this month of $112K. It is currently well above these levels, which is promising for investors that are hoping for more from the coin.
It looks like Bitcoin is on track to hit $150,000 or higher before the end of the year, which would put it in line with many of the high end price predictions that we saw early on in the year.
We already know that a new vote will be made on these pieces of legislation, and Donald Trump stated that several of those who voted against it have changed their mind and will be voting the other way next time.
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