Could the endorsement of cryptocurrency adoption by US Congress boost Bitcoin to a new all-time high (ATH) in value?

Congress’s strong support for the adoption of cryptocurrencies by banks is expected to drive Bitcoin to a new all-time high, following the recent approval of the CRA by the US Senate. The CRA overturned SAB 121, which required banks to hold their customers’ crypto assets. John Deaton, a prominent lawyer in the crypto community, hailed the approval as a rebuke to the overreach of the SEC. He emphasized his early criticism of the SEC and his lawsuit on behalf of individual users and investors. Meanwhile, Bitcoin’s price continues to demonstrate a bullish outlook, reaching around $66,261 and indicating the potential for a new ATH. However, whale activity has declined to its lowest level this year, with 15,907 wallets holding at least 100 coins. Despite recently surpassing resistance levels, Bitcoin’s price remains 10.07% lower than its historical peak of $73,737.94. It is important to note that the opinions expressed in this article are for informational purposes only and do not constitute financial advice.