The recent strong support from the US Congress regarding the adoption of cryptocurrencies by banks is expected to drive Bitcoin to a new all-time high. On May 16, the Senate unanimously approved the CRA that overturns SAB 121, which mandates banks to hold their customers’ crypto assets.
John Deaton, a prominent lawyer in the crypto community, celebrated the approval and criticized the US Securities and Exchange Commission (SEC) for its overreach. He emphasized that the Senate’s bipartisan supermajority vote on SAB 121 is a clear rejection of the SEC’s actions.
Bitcoin’s price has continued to show a bullish trend, reaching around $66,261 at the time of publication. This suggests that the bulls are preparing for a new all-time high for the cryptocurrency.
According to cryptocurrency analytics platform Santiment, there are currently 15,907 Bitcoin wallets holding at least 100 coins. However, whale activity from these investors has dropped to its lowest level this year. Santiment considers it a bullish sign if this activity increases.
Bitcoin recently surpassed significant resistance levels when it broke the $66 price zone on May 15. This followed a surprising recovery in its market capitalization. With these recent highs, it is possible that Bitcoin could achieve a new historical price record.
The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14, two months ago. Currently, Bitcoin is quoted at $66,325.91, representing a 0.1% increase in the last 24 hours. However, it is still 10.07% lower than its historical peak.
Please note that the views expressed in this article are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice:
Robert Kiyosaki expresses concerns about a gold-backed cryptocurrency from BRICS countries while recommending Bitcoin. Meanwhile, Bitcoin is showing signs of price recovery as network activity decreases.