Crypto Market Update: US Senators and Industry Leaders Face Off Over Stalled Bill

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$110,837, a 1.7 percent increase in 24 hours. Its lowest valuation of the day was US$109,951, and its highest was US$111,555.

The Bitcoin price is stabilizing and climbed nearly 2 percent to reclaim a key support level above US$109,00 following last week’s dip, sparking a rally in the altcoin space.

This rebound followed a dovish shift from the US Federal Reserve, with Chair Jerome Powell hinting that quantitative tightening (QT) may end with rate cuts under consideration.

Analysts believe this could ease liquidity constraints on risk assets, potentially boosting crypto inflows.

Improving sentiment coincides with tentative progress in US-China trade relations, as Secretary of the Treasury Scott Bessent and Chinese Vice Premier He Lifeng are set to meet this week to de-escalate tensions.

Trader Ted Pillows noted a shift in dynamics, suggesting a rotation from gold to Bitcoin may occur pending a US-China trade deal and soft inflation data this week.

Bitcoin’s price trajectory remains bullish in the medium term, supported by on-chain signals suggesting price targets between US$186,000 and US$192,000 in the coming weeks.

Short-term volatility and resistance at the US$124,000 tp US$126,000 zone are noteworthy hurdles. Support around US$110,000 is critical, as a breach of this could lead to short-term corrections below US$100,000.

Bitcoin dominance in the crypto market now stands at 59 percent. The Fear and Greed Index reads 30, a slight improvement from last week.

Ether (ETH) was priced at US$3,983.33, a slight 0.1 percent decrease in 24 hours. Its lowest valuation of the day was US$3,926.31, and its highest was US$4,046.85.

Altcoin price update

• Solana (SOL) was priced at US$188.94, trading flat over the last 24 hours. Its lowest valuation of the day was US$186.13 , and its highest was US$192.70.

• XRP was trading for US$2.53, an increase of 5.5 percent over the last 24 hours and its highest valuation of the day. Its lowest was US$2.43.

ETF data and derivatives trends

Bitcoin derivatives metrics indicate ongoing caution and positioning for downside risk.

Liquidations for contracts tracking Bitcoin have totaled approximately US$17.08 million in the last four hours, the majority of which have been long positions, signaling continued risk aversion.

Ether liquidations showed a similar pattern, with long positions making up the majority of US$16.62 million in liquidations, although long and short liquidations were more evenly split.

Futures open interest for Bitcoin was down by 0.63 percent to US$72.17 billion, and Ether futures open interest moved by +0.68 percent to US$44.09 billion, suggesting a slight rotation or renewed momentum in altcoin markets.

The perpetual funding rate for Bitcoin was 0.004 and 0.008 for Ether, indicating mildly positive sentiment and a slight long bias, but not at an extreme. Bitcoin’s relative strength index stood at 59.31, indicating neutral-to-moderately bullish momentum and suggesting some room for price growth before hitting overextended conditions..

Today's crypto news to know

Top crypto leaders to meet with Senate Democrats

A high-profile group of crypto executives is set to meet with Senate Democrats as discussions over US crypto market structure legislation remain gridlocked.

The meeting, led by Senator Kirsten Gillibrand, will feature Coinbase CEO Brian Armstrong, Galaxy Digital’s Mike Novogratz, Ripple’s Stuart Alderoty and other industry leaders.

Gillibrand, who co-authored the Responsible Financial Innovation Act with Senator Cynthia Lummis, has emerged as a key Democratic voice pushing for regulatory clarity.

Despite bipartisan talks earlier this year, analysts at TD Cowen note that partisan disagreements have stalled progress and could delay meaningful legislation until after next year’s midterm elections.

Democrats are reportedly drafting a new framework emphasizing DeFi oversight, while Republicans favor clearer jurisdictional lines between the SEC and CFTC.

CleanSpark AI expansion plans boost shares

Shares of Bitcoin-mining company CleanSpark (NASDAQ:CLSK) rose as much as 6.65 percent on Monday after the company announced plans to diversify its revenue streams and strengthen its long-term cashflow potential by expanding into artificial intelligence (AI) data center infrastructure.

The company also announced the appointment of Jeffrey Thomas, the former president of AI data centers at Saudi AI company Humain, as senior vice president of CleanSpark’s new initiative.

The initiative focuses on converting and repurposing existing Bitcoin mining sites. CleanSpark will pivot its existing infrastructure-first model, which includes a significant portfolio of land and power assets initially developed for Bitcoin mining, to support this transition, allowing for quicker deployment and lower capital costs.

CleanSpark is targeting Atlanta's metro area, securing power and real estate in College Park, Georgia, to deploy AI-ready data centers. The company is also evaluating its national real estate for large-scale giga-campus developments to meet off-taker demand for AI compute services.

Evernorth's SPAC XRP treasury deal

Evernorth Holdings is set to go public via a merger with the Nasdaq-listed special purpose acquisition company (SPAC), Armada Acquisition II. Following the merger's completion, the combined entity is anticipated to trade on the Nasdaq under the ticker symbol XRPN. Evernorth plans to utilize the funds raised to establish one of the world's largest XRP treasuries by purchasing the digital asset on the open market, according to an announcement.

The new Evernorth investment vehicle will offer investors a public-market path to gain exposure to XRP and associated digital-asset strategies. “Evernorth is built to provide investors more than just exposure to XRP's price,” said Asheesh Birla, CEO of Evernorth. “As we capitalize on existing TradFi yield generation strategies and deploy into DeFi yield opportunities, we also contribute to the growth and maturity of that ecosystem. This approach is designed to generate returns for shareholders while supporting XRP's utility and adoption.”

The transaction is expected to generate more than US$1 billion in gross proceeds, with backing from Japan’s SBI Holdings, a company with historical ties to SoftBank, as well as from Ripple, Pantera Capital, Kraken and GSR.

Japan’s banks mull holding Bitcoin

Japan’s top financial regulator is weighing reforms that could allow domestic banks to directly hold Bitcoin and other unbacked crypto assets on their balance sheets.

The Financial Services Agency has begun consultations on revising restrictions introduced in 2020 that barred banks from acquiring crypto investments due to volatility concerns.

The discussions coincide with Japan’s three largest banks — MUFG, SMFG and Mizuho — preparing to jointly issue yen-pegged stablecoins for corporate use under the updated Payment Services Act of 2023.

Crypto adoption in Japan has surged, with over 12 million accounts registered nationwide as of February, more than triple the number from five years ago.

Asset managers open UK retail access to Bitcoin and Ether ETPs

UK retail investors can now trade Bitcoin and Ether exchange-traded products for the first time following the Financial Conduct Authority’s decision to lift a four year ban on crypto exchange-traded notes.

Asset managers 21Shares, Bitwise and WisdomTree launched physically backed Bitcoin and Ether ETPs on the London Stock Exchange this week, joining BlackRock’s iShares Bitcoin ETP.

The listings mark a significant expansion of crypto access, allowing retail investors to buy exposure through regulated brokerage accounts and tax-efficient wrappers like ISAs and SIPPs.

Despite the progress, retail trading of crypto derivatives remains prohibited as the FCA finalizes broader crypto market regulations set to take effect by 2026.