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A House-originated stablecoin regulatory framework bill has also stalled after passing the Financial Services Committee in July 2023.
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The House passed the crypto regulatory-defining Financial Innovation and Technology for the 21st Century Act (FIT21) in May, but it stalled in the Senate banking committee, which Scott will now chair.
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In October, Hill said he was optimistic that a crypto regulation bill and a stablecoin bill could move forward in Congress before the end of this year. If that doesn’t happen, he and Scott now hold more sway to push them through in 2025.
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Hill formerly chaired the committee’s digital assets subcommittee and now takes over from the staunchly pro-crypto McHenry, who announced in December 2023 that he wouldn’t seek reelection after 20 years in office.
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A House-originated stablecoin regulatory framework bill has also stalled after passing the Financial Services Committee in July 2023.
0 reply
1 recast
2 reactions
amelia1son81 pfp
amelia1son81
@amelia1son81
The House passed the crypto regulatory-defining Financial Innovation and Technology for the 21st Century Act (FIT21) in May, but it stalled in the Senate banking committee, which Scott will now chair.
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2 reactions
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amelia1son81
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In October, Hill said he was optimistic that a crypto regulation bill and a stablecoin bill could move forward in Congress before the end of this year. If that doesn’t happen, he and Scott now hold more sway to push them through in 2025.
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2 reactions
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Hill formerly chaired the committee’s digital assets subcommittee and now takes over from the staunchly pro-crypto McHenry, who announced in December 2023 that he wouldn’t seek reelection after 20 years in office.
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This positive view will be invalidated in the near term if the price turns down and breaks below the channel. That could accelerate selling and pull the price to $0.33.
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The upsloping 20-day EMA ($0.41) and the RSI in the positive zone indicate that the path of least resistance is to the upside. If buyers propel the price above $0.48, the likelihood of a rally above the channel’s resistance line increases. The DOGE/USDT pair could jump to $0.60.
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On the contrary, if the price turns up from the current level or the 20-day EMA, it will signal demand at lower levels. The bulls will then again attempt to thrust the price above $794. If this level is taken out, the pair may skyrocket to $861.
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If the price maintains below $722, the BNB/USDT pair could decline to the 20-day EMA ($685). Buyers are expected to defend this level with all their might because a break below it could weaken the bullish momentum. The pair may descend to the 50-day SMA ($629).
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Buyers will have to propel the price above the $248 to $264 resistance zone to seize control. On the downside, a break and close below $210 could suggest that the bears are back in the game.
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The flattening 20-day EMA and the relative strength index (RSI) near the midpoint suggest a possible range formation in the near term. The SOL/USDT pair could drop to $210, where buyers are expected to step in. If the price rebounds off $210, the pair may rise to $248 and remain between these two levels for some time.
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Contrarily, a break and close below the 20-day EMA will signal that the bulls are rushing to the exit. That suggests the pair may have topped out in the near term. The pair could descend to $1.90 and later to $1.68.
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The bears will try to strengthen their position by pulling the price to the 20-day EMA ($1.99). If the price rebounds off the 20-day EMA with strength, the bulls may again attempt to push the XRP/USDT pair toward $2.91.
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If bears want to prevent the upmove, they will have to tug the price below the 20-day EMA. That may tempt short-term buyers to book profits, resulting in a fall to the downtrend line.
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Sellers will try to pull the price to the 20-day EMA ($3,633), which is a crucial near-term support to watch out for. If the price rebounds off the 20-day EMA with force, it will signal a positive sentiment. That will improve the prospects of a break above $4,094. If that happens, the ETH/USDT pair may rally to $4,500.
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“Now Alts is getting slammed while $BTC chops,” the trader said, adding that the funding rate is getting healthier across the board.
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Similarly, Reetika, an anonymous trader, indicated that the current altcoin dump is a delayed reaction to BTC’s leverage flush last week when the altcoin managed to avoid a correction.
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