Top cryptocurrencies rise on the back of US regulatory decisions

Bitcoin BTC $106,242.09 Bitcoin 0.70% Market capitalization $2.11 trillion VOL. 24 hours $2.32 billion , Ethereum ETH $2,498.89 Bridged Ether (StarkGate) -0.57% Market capitalization $0.22 billion VOL. 24 hours $1.7 billion , and Dogecoin DOGE $0.03 Department Of Government Efficiency -0.81% Market capitalization $28.47 million VOL. 24 hours $0.23 billion showed growth amid news that the US Senate is moving forward with a key bill on stablecoins, the so-called GENIUS Act. The market reacted positively to the fact that the bill passed one of the key votes, which paves the way for its final adoption.

As of Monday evening, May 19, bitcoin rose by 1.41% to reach $ 106,510, after rebounding from the support level of $ 102,000. Ethereum overcame Sunday’s correction and rose by more than 6.8% to reach $ 2,579, while its market share again exceeded 9%. Dogecoin added 2.14% to trade at $ 0.2291.

Despite the growth of the main assets, about $ 300 million was liquidated from the crypto market over the past day, of which more than $ 150 million was in the form of growth bets. At the same time, open interest in bitcoin has increased by almost 6%, and the volume of funds in Ethereum derivatives has grown by more than 8%.

According to Artur Azizov, founder of B2 Ventures, the market is currently in favor of buyers. He noted that if demand from US investors continues, a new historical high of the BTC price could be reached within the next week. In his opinion, bitcoin has every chance of overcoming the levels of $ 108,000 and $ 110,000, although the latter may become a psychological barrier.

Analyst and trader Michael van de Poppe also noted the end of the typical «Sunday rally,» after which bitcoin stabilized around $ 105,000. He predicts that in the coming weeks, BTC may test historical highs again, and altcoins may show outperformance.