The overall crypto market, on Wednesday, witnessed a notable rally in the backdrop of U.S. President Donald Trump pushing for CLARITY Act’s passage this week. Bitcoin price climbed by 5.25 percent over the last day. At the time of writing, the most expensive crypto asset was trading at $71,330, as per CoinMarketCap. Bitcoin’s current price is nearly seven percent higher than its weekly average price point.
The CLARITY Act or the U.S. crypto market structure bill will lay down concrete user protection and operational rules for crypto firms operating in the country that hosts the world’s largest capital market. Market analysts have pointed out that the possibility of this legislation being passed in the U.S. is triggering a wave of optimism among investors despite the ongoing conflict between Iran and Israel, U.S.
“Bitcoin ETFs recorded $458 million in inflows, helping stabilise prices. Despite the cautious mood, the underlying market structure remains constructive. A growing share of circulating BTC is moving into long-term storage, reducing available supply in the market,” Akshat Siddhant, Lead quant analyst, Mudrex told Coin Headlines.
Ether joined BTC in seeing gains of over five percent over the last day. At present, the second-most expensive asset is trading at $2,056, as per CoinMarketCap.
BNB, XRP, Tron, Dogecoin, Cardano, Leo, Monero, and Hyperliquid clocked minor gains within the range of one percent and two percent. Solana price rose by 6.62 percent to trade at $89.63. Bitcoin Cash and Chainlink rose in price by five percent each to retail at $458 and $9.11 respectively.
“Among altcoins, XRP stands out, with Ripple positioning XRPL for stablecoins and tokenized assets, boosted by newly approved U.S. spot ETFs and bullish technical signals targeting $5,” said Sathvik Vishwanath, Co-Founder and CEO, Unocoin. “Solana, the leading smart-contract rival to Ethereum, shows recovery signs near its 30-day average, with improving RSI suggesting renewed momentum and potential upside ahead.”
The overall crypto market cap rose by 4.10 percent over the last day, bringing valuation to $2.4 trillion, CoinMarketCap showed.
As per CoinGlass, over 122,100 traders were liquidated over the last day with liquidations hitting 414 million.