Key Takeaways
The price of bitcoin rose to more than $59,000 in the early U.S. hours Wednesday before settling back down a bit to about $57,600.Germany is still divesting bitcoin seized from an online piracy website, selling to cryptocurrency exchanges, and its on-chain holdings are now valued at less than $1 billion for the first time.U.S. spot bitcoin exchange-traded fund (ETF) inflows are more than $500 million so far this week.The U.S. House of Representatives is voting on a bill that could overturn current Securities and Exchange Commission (SEC) policy on crypto custody for traditional banks, but the vote is likely to fail.The Commodity Futures Trading Commission’s (CFTC) chairman expressed concern about the lack of legislative action on crypto in congressional testimony Wednesday.
Bitcoin’s (BTC) price rose to more than $59,000 in the early U.S. hours Wednesday before settling back to the $57,400 level in the afternoon. The largest cryptocurrency by market cap remained range-bound amid selling pressures from Germany and bitcoin exchange traded fund inflows.
German Selling, Spot Bitcoin ETF Inflows Steady Bitcoin
In Germany, the government’s seized bitcoin holdings have dropped below a $1 billion valuation for the first time, after several days of offloading to crypto exchanges. The initial on-chain stash of close to 50,000 bitcoin originally seized by Germany from online piracy website Movie2k is now down to 13,110, according to data from Arkham Intelligence.
Despite the bitcoin dumping from Germany, U.S. spot bitcoin exchange-traded funds (ETFs) have enjoyed strong inflows the first two days of the week. According to Farside Investors, these ETFs recorded a combined $511.2 million of inflows on Monday and Tuesday.
Congress, Democratics Focus on Crypto
Wednesday also could be a major day for U.S. crypto regulation as the U.S. House of Representatives votes on an attempt to overrule President Biden’s veto of a bill that would overturn the Securities and Exchange Commission’s (SEC) special regulations for custodians of crypto assets. The SEC policy is seen as posing significant…
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