Bitcoin, Ethereum, XRP, Dogecoin Rise as Scott Bessent Compares GENIUS Act to Lincoln's Currency Milestone: Analyst Notes BTC's Sentiment- Defying Move
Leading cryptocurrencies traded in the green on Wednesday as investors assessed progress in key legislation governing stabelcoins.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:26 p.m. EDT)Bitcoin +1.80%$84,285.66Ethereum +1.20%$2,476.67XRP +2.10%$1.37Solana +0.80%$107.29Dogecoin +0.20%$0.08207Crypto Market Gains MomentumBitcoin topped $84,000 but encountered strong resistance at $84,800. Ethereum also hit a wall in the early $2,500s, retreating to the $2,400 region.Cryptocurrency-related stocks also fell, with Strategy Inc. and Bitmine Immersion Technologies Inc. closing up 7.54% and 5.04%, respectively.The Office of the Comptroller of the Currency announced a final rule to implement the GENIUS Act, establishing requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers.Treasury Secretary Scott Bessent said the GENIUS Act “marks a watershed moment in American finance” and compared it to President Abraham Lincoln’s National Currency Act of 1863 that created a framework for a uniform national currency.https://x.com/SecScottBessent/status/2112913417023434867?s=20Nearly $270 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in short bets, according to Coinglass data.Bitcoin’s open interest jumped 4,54% over the last 24 hours. Rising open interest typically signals greater participation and willingness to take risk, especially when it grows alongside price."Greed sentiment prevailed in the market, according to the Crypto Fear & Greed Index.Top Gainers (24 Hours)CryptocurrencyGains +/-Price (Recorded at 9:26 p.m. EDT)Lighter (LIT) +15.40% $3.90Pearl (PEARL) +11.60% $2.41Ethena (ENA) +8.60% $0.2148Stocks Rally Amid Big Tech EarningsStocks rallied on Wednesday. The Dow Jones Industrial Average lifted 360.21 points, or 0.69%, to close at 52,856.09. The S&P 500,gained 0.58% to end at 7,757.17, while the tech-heavy Nasdaq Composite rose 1.05% to end at 26,702.86.A wave of major earnings reports has put tech stocks in the spotlight this week, with Space Exploration Technologies Corp. , Meta Platforms Inc. and Tesla Inc. releasing their third-quarter financials.Bitcoin Being Manipulated?Ali Martinez, a widely followed cryptocurrency analyst and trader, drew attention to a spike in Bitcoin exchange inflows from about 7,700 to 25,100 BTC that coincided with a sharp move in price from $81,200 to $83,407.“It raises a question: are large players driving these sudden rebounds?,” the analyst speculated.2/5 Yesterday, Bitcoin jumped from around $81,200 to a high of $83,407. At the same time, exchange inflows surged from roughly 7,682 to 25,124 .That spike in on-chain activity coincided with a sharp move in price.It raises a question: are large players driving these… On-chain analytics firm Santiment noted that sharp bullish and bearish sentiment spike on social platforms marked reversals in Bitcoin’s price.“Retail traders make up the vast majority of public commentary, and prices frequently move opposite their emotional extremes,” Santiment noted. “This is typical crypto behavior, where extreme crowd confidence and fear often arrive late.”🚨 Extreme Bullishness And Bearishness Marking Reversals📣 In the past month, the biggest bullish sentiment spike across X, Reddit, Telegram and other social platforms appeared near a great time to take profit. When retail traders became overwhelmingly optimistic on September… Preview Image via Shutterstock/ Maxim Elramsisy