Bitcoin · Federal Reserve (FED) · US Senate · CoinDesk
Crypto traders braced for a total wipeout this week but Bitcoin had other gears up
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A week ago, it felt as if the world was about to fall apart for bitcoin and the wider crypto market.
Key facts
- Kalchev said $77,950 is the first level bitcoin needs to clear, followed by $79,300 and $80,000
- The September jobs report on Oct. 2 and the Consumer Price Index release on Oct. 14 are the next tests, Kalchev said
- In the first 24 hours after the vote, crypto traders holding long, or bullish, futures positions saw $571 million liquidated
- The spot price remained resilient even though the 49-50 Senate cloture vote failure triggered an immediate wave of violent liquidations
Summary
Bitcoin held near $75,000 despite a Federal Reserve rate increase and the Senate’s rejection of the Clarity Act, suggesting traders had largely anticipated both developments. Analysts expect near-term range-bound trading, with a move above $80,000 signaling a possible breakout and a drop below $75,000 threatening the recovery. The Clarity Act’s failure prolongs statutory uncertainty, but investors expect the S.E.C. and C.F.T.C. to advance crypto rules through existing authority as economic data and fund flows shape bitcoin’s next move. But it didn’t—even though the Fed hiked rates and the Clarity Act failed in the Senate.