Bitcoin Climbs Above $66,000 As US Crypto Regulation Moves Closer To Reality

[00:00:08]Hello and welcome to NDTV Profit. You are tuned in to Crypto Minutes bought by CoinSwitch for your daily use daily dose of news and updates from the crypto world with me Sharad Dubey. Now let's take a look at the top headlines.

[00:00:23]Bitcoin above the $66,000 mark on regulatory optimism.

[00:00:29]BlackRock adds $161 million in inflows in Bitcoin.

[00:00:36]Tokenized stock market cap reaches $1.7 billion at the end of June month.

[00:00:45]And White House deal clears clarity hurdle.

[00:00:50]Firstly, the Bitcoin is above the $66,000 mark on regulatory optimism. Now this progress on the US crypto legislation particularly the Digital Asset Market Clarity Act is boosting confidence in major assets like XRP [music] and Bitcoin. Now this renewed spot buying and derivatives activity remains a key monitorable.

[00:01:15]BlackRock's iShares Bitcoin Trust has added roughly $160 million in Bitcoin in mid-July. This has lifted the holdings to about 735,000 Bitcoins.

[00:01:26]And remember, BlackRock CEO Larry Fink says that the market looks more stable as US spot ETF flows have turned positive as well.

[00:01:38]A16Z, which is a Silicon Valley venture capital firm, they have stated that the market capitalization of the tokenized stocks has reached about $1.7 billion at the end of June quarter. Now this is up more than five times from a $329 million a a earlier. Now this data showed growth mainly coming in from expansion in the issuance with more than half of the market value coming from assets that were not yet on chain a year earlier.

[00:02:09]And lastly, the negotiators say a White House ethics package has broken the Senate deadlock. Now, lawmakers are racing to assemble roughly 60 votes before the early August recess. This would give more legal clarity to the crypto ecosystem. And remember, this ethics package is tied to the Digital Asset Market Clarity Act.

[00:02:32]And before we wrap, here's a quick check on the changes to the crypto prices over the last 24 hours.

[00:02:38]Largely looking at it, there's a sea of green coming in. Bitcoin up almost 2%, but even Ethereum XRP showing a good technical move. Looking at the support and the resistance, most of the crypto is seeing a good up move towards the resistance side. That range is $66,000 to almost $70,000 when it comes to Bitcoin.

[00:03:00]Now, time to take a look at the crypto strategy for the day. Here's what's there to keep in mind today. The overall market outlook is still cautiously bullish. And remember, the US regulatory hostility is likely to end. Now, the Bitcoin resistance range on the top of it is that $68,000 to $70,000. That's where the focus should be. And market is repricing the regulatory risk. You should be watching out for two important things. First is of course, fresh capital infusion might be coming in institutionally, and volume spikes also might be there.

[00:03:36]Now, as we wrap, remember you can reach out to CoinSwitch's dedicated helpline where anyone can connect with our in-house experts to get their queries resolved, whether it's about crypto regulations, taxations, or the broader industry. The team is available to provide guidance and help users make informed decisions.

[00:03:54]Well, that's all on this edition of Crypto Minutes powered by CoinSwitch.

[00:03:58]Thank you so much for tuning in.