Bitcoin Bull Run: BTC Races To $9,500 As Us Congress Considers Crypto Proposals
The cyrpto market is exploding, and the massive Bitcoin bull run continues for about 24 hours.
The massive crypto market crash from back in March is nothing but a mere memory, as BTC managed to surpass the high level from back then as well.
At the moment of writing this article, BTC is trading in the green, it’s up by about 20% in the past 24 hours and the king coin is trading at $9,420.23.
US Congress considers crypto and blockchain proposals
The other day it’s been revealed that members of the 116th US Congress have proposed a total of 32 bills that are related to crypto and blockchain technology in 2020.
It seems that these cover a massive range of concerns, various use cases, and new approaches to regulating integrating and curtailing the use of the emerging technology depending on the players, their activities, and their goals as well.
We recommend that you check out the complete details in the online publication the Daily Hodl.
BTC outperforms the S&P 500
BTC outperforms the S&P 500 for the first time since the market crash back in March.
BTC managed to reverse its March 12th drop and now the king coin trades above the plunging level. This bullish price action is suggesting that BTC is building momentum as the upcoming halving is around the corner.
The event is scheduled for May 12th, and it will trigger a reduced production rate of new Bitcoin.
Analysts react to this massive bull run and analyst Josh Rager says that BTC will continue to go up some more.
“Bitcoin continues to follow along the stock market S&P 500 mini-futures. BTC will continue to go strong as long as stocks continue to push to 3,000 and above. The $8,600 level broke with ease but do want to see how the daily closes, if this area holds with $9,000 in sight,” Rager was saying the other day and now BTC is about to hit $9,500.
The FOMO has definitely kicked in as well.
Stay tuned for more juicy news.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.