- Bitcoin and Ether are trading in profits alongside most altcoin on Wednesday
- U.S. Producer Price Index (PPI) data expected to influence market status
- US’ ongoing “Crypto Week” is also likely to shift the overall market sentiments
The global crypto industry is keenly observing the U.S. this week as multiple crypto-related bills are being pushed on the regulatory table for voting. During this ongoing “Crypto Week” there, both the Democrats as well as the Trump-led Republicans will actively engage in crypto policy discussions. Notably, despite the legislative flurry, the market sentiment seems to be remarkably steady as of Wednesday, July 16.
Bitcoin, in the last 24 hours, registered a minuscule gain of 0.82 percent to trade close to the mark of $118,000. At the time of writing, the oldest and most expensive crypto asset was trading at $117,980, as per CoinMarketCap. Bitcoin slipped to this price point on May 15 after hitting an all-time high of $123,140 earlier this week.
“Bitcoin is consolidating near $117,000 following a procedural setback for crypto-related legislations in the U.S. Despite this, the broader market remains bullish,” Edul Patel, Co-founder and CEO of the Mudrex crypto exchange told CoinHeadlines. “Market focus now shifts to the U.S. Producer Price Index (PPI) data due today. A softer-than-expected print could push BTC above $120,000, while a higher reading may lead to a retest of the $115,000 support zone.”
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Spicing up the ongoing “Crypto Week” in the US, a group of Democrats raised objections to certain provisions of the stablecoin-focused GENIUS Act on May 15. This delayed a final vote on the bill. The situation is likely to resolve on Wednesday.
U.S. President Donald Trump, meanwhile, has urged the lawmakers to pass the GENIUS Act to help the U.S. stay ahead of the other countries in the crypto arena.
The overall market sentiment seems to be positive and somewhat cautious. Ether clocked profits of over 5.70 percent in the last 24 hours to trade at $3,148.
“ETH posted a new swing high and is holding firmly above the $3,000 mark. However, resistance near $3,200 could pose a challenge, as whale order data suggests selling activity near the level. Institutional interest in Ethereum remains strong, with $193 million flowing into Ethereum ETFs,” Piyush Walke, the derivatives research analyst at Delta exchange told CoinHeadlines.
Data by CoinGecko shows a majority of altcoins trading in profits on Wednesday, These include Ripple, Tether, BNB Coin, Solana, USDC, Dogecoin, Tron, Cardano, Chainlink, and Stellar. Meanwhile, Bitcoin Cash, Avalanche, and Monero emerged among loss-making crypto assets.
The overall crypto market cap rose by 1.49 percent over the last day to claim the valuation of $3.73 trillion, showed CoinMarketCap. Market analysts have advised investors to do their due diligence before taking financial decisions.
