Crazy Flux
  • Business
  • World
  • Stocks
  • Investing
  • Business
  • World
  • Stocks
  • Investing

Crazy Flux

Investing

Crypto Market Recap: BITCOIN Act Reintroduced, SEC Holds Off on ETF Decisions

by admin March 13, 2025
March 13, 2025
Crypto Market Recap: BITCOIN Act Reintroduced, SEC Holds Off on ETF Decisions

Here’s a quick recap of the crypto landscape for Wednesday (March 12) as of 9:00 p.m. UTC.

Bitcoin and Ethereum price update

Bitcoin (BTC) is currently trading at US$83,016.38, reflecting a 0.2 percent decrease over the past 24 hours. The day’s trading range has seen a high of US$83,625.34 and a low of US$80,833.49.

Bitcoin has rebounded from its four-month low of US$76,600.

Despite a brief rise following a consumer price index report that pointed to cooling inflation, data analytics firm CryptoQuant warned of valuation metrics hinting at a further correction below US$70,000.

Ethereum (ETH) is priced at US$1,881.77, down 3.6 percent over the same period.

The cryptocurrency reached an intraday high of US$1912.08 and a low of US$1,841.97.

Glassnode indicated that Ethereum’s recent price drop near $1,900 led to the accumulation of a significant amount of ETH, which their cost-basis analysis suggests could act as a support level.

Altcoin price update

  • Solana (SOL) is currently valued at US$125.10, down 2.4 percent over the past 24 hours. SOL rose to a high of US$128.44 and later fell to a low of US$123.40 on Wednesday.
  • XRP is trading at US$2.24, reflecting a 1.6 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.24 and a low of US$2.14.
  • Sui (SUI) is priced at US$2.22, down 2.4 percent over the past 24 hours. It achieved a daily high of US$2.31 and a low of US$2.19.
  • Cardano (ADA) is trading at US$0.7299, reflecting a modest 0.1 percent increase over the past 24 hours. Its highest price on Wednesday was US$0.7541, with a low of US$0.7161.

Crypto news to know

BITCOIN’s second act

Senator Cynthia Lummis reintroduced the BITCOIN Act in US Congress on Tuesday (March 11), an initiative first introduced in July 2024, coinciding with then-presidential candidate Donald Trump’s promise to create a strategic Bitcoin reserve if he were elected.

Although the bill did not pass in the previous Congress, the updated version has garnered additional support from new co-sponsors, including Republican Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn and Bernie Moreno.

At a Bitcoin for America event hosted by the Bitcoin Policy Institute in Washington, DC, on Tuesday night, Rep. Nick Begich (R-AK) said he plans to introduce the bill to the House of Representatives.

The legislation would allow the United States Department of Treasury to hold approximately 5 percent of the total Bitcoin supply, “mirroring the size and scope of gold reserves held by the United States.” Additional Bitcoin could be purchased by “diversifying existing funds within the Federal Reserve System and Treasury Department.’

House votes to repeal IRS DeFi broker rule

On Tuesday, the US House of Representatives voted to repeal a rule that would have mandated decentralized finance (DeFi) protocols to report gross proceeds from crypto sales to the Internal Revenue Service (IRS), including information regarding taxpayers involved in the transactions.

The motion passed with a final tally of 292-132 in favor. This follows the US Senate’s March 4 vote on the motion to repeal, which passed with a 70-27 majority.

Republican Representative Mike Carey submitted the repeal motion alongside Senator Ted Cruz, arguing that the rule was invasive for taxpayers and would overwhelm the IRS, as well as stifle innovation in “an important new industry in the United States.

The White House has voiced support for the repeal. The motion will now need to pass a second Senate vote before passing President Donald Trump’s desk.

Franklin Templeton files to list spot XRP ETF

Franklin Templeton has joined eight other fund managers — Bitwise, ProSHares, 32Shares, Canary Capital, Wisdom Tree, CoinShares, Grayscale and Volatility Shares — seeking approval to list spot XRP exchange-traded funds (ETFs) from the US Securities and Exchange Commission (SEC). The fund manager applied on March 11.

On that same day, the SEC delayed decisions on numerous crypto-related filings, followed by two more delays on March 12. These included proposals for ETFs tracking Solana, DOGE, Litecoin, and XRP.

The Cboe BZX exchange has also filed two proposals to incorporate staking into Fidelity’s spot Ethereum exchange-traded fund (ETF) and the Franklin Ethereum ETF.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

previous post
Brian Leni: Latest Mining Stock Wins and How I’m Deploying Cash Now
next post
Bearish ADX Signal on S&P Plays Out – Now What?

Related Posts

First patient dosed in Phase IIb imaging for...

April 28, 2025

Robinhood, WonderFi Deal Marks Bold C$250 Million Bet...

May 14, 2025

Radisson Mining Resources

February 21, 2025

Oil and Gas Price Update: Q1 2025 in...

April 24, 2025

Crypto Market Recap: Kraken Expands Services, EURC Momentum...

April 15, 2025

Agnico Eagle Expands Investment in Collective Mining with...

March 18, 2025

Phase 1 Drill Program – Operational and Geological...

May 28, 2025

New Purpose ETFs Give Canadian Investors Access to...

February 21, 2025

FEED Study Confirms Micronising Operation

March 20, 2025

Strategic Business Review Update

March 4, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Mud and rock buries evacuated Swiss village after glacier collapse, one person missing

      May 30, 2025
    • Dozens of European politicians vow to attend Budapest Pride despite ban on LGBTQ gatherings in Hungary

      May 30, 2025
    • Diego Maradona’s homicide trial is declared invalid by court

      May 30, 2025
    • Israel accepts new US proposal for ceasefire with Hamas, says Israeli official

      May 30, 2025
    • Many US families depend on immigrant nannies. Trump’s policies could upend that

      May 30, 2025
    • China snubs Asia’s largest defense forum as tensions with US simmer

      May 30, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: crazyflux.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2025 crazyflux.com | All Rights Reserved