The Senate will vote on the GENIUS Act this Tuesday.
Analysts think the GENIUS Act will boost regulatory clarity in the crypto industry.
The Fed’s interest rate decision comes out this Wednesday.
The US Senate will vote on the final passage of the GENIUS Act this Tuesday, and a crypto analyst thinks it could trigger a massive breakout in the cryptocurrency market.
According to the analyst, the timing of the Senate process is critical, considering the prevailing crypto market condition that sees the total digital assets market cap almost set for a significant surge.
Final Senate Vote on “GENIUS Act” Stablecoin Bill This Week
For context, the GENIUS Act aims to regulate payment stablecoins in the US by establishing a federal framework and enhancing consumer protection. Most crypto users believe passing the GENIUS Act bill will provide more regulatory clarity for the crypto industry and provide a compass for crypto practitioners, enabling them to navigate the industry terrain without the fear of an SEC clampdown or resistance from the regulatory authorities.
In his latest video, the analyst noted that final regulatory clarity would be crucial for institutional investors. According to him, it would boost liquidity in the crypto space and push it higher. Hence, a favorable outcome would affect the crypto market’s bullish tendencies and enhance the market momentum.
All Eyes Turn to the Federal Reserve’s Interest Rate Decision
Apart from the upcoming GENIUS Act vote, the analyst cited other macro factors that could be crucial to the crypto market’s development this week. The Federal Reserve will release information on interest rates this coming Wednesday, and the analyst does not expect any rate cuts. However, he believes Fed Chair Jerome Powell’s statement on the interest rate decision would play a significant role in the market direction.
Crypto investors will pay attention to Powell’s words and try to know if he is being dovish or hawkish about the US economy. Analysts do this to understand the underlying sentiment behind the interest rate decision and the agency’s expectations.
Apart from the GENIUS Act and the Fed’s report, the crypto analyst highlighted other events that could affect this week’s crypto market trend, including the XRP rally setup, ETH whales’ behavior, and the moving average positions on the crypto market cap chart.
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