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The Bitcoin Layer
Washington Goes PRO-CRYPTO: BTC SURGES, ETH ETFs
May 21, 2024
Recent surge in ETH price due to SEC fast-tracking approval, House and Senate passing pro-crypto bills, BTC's bull flag breakout near $70,000 signaling bull market continuation.
17:41
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Quick takeaways
- Ethereum surged 20% after SEC fast-tracked ETF approval, signalling growing institutional support.
- House and Senate's pro-crypto stance led to 3 bills passing, reshaping regulatory landscape for Bitcoin and Ethereum.
Deep dives
Bitcoin Dominance and ETH BTC Relationship
Bitcoin's dominance relative to other crypto assets is discussed through the ETH BTC relationship. It is noted that Ethereum has been weakening against Bitcoin in recent cycles, indicating Bitcoin's maturity as an asset. This trend has continued, with Ethereum not strengthening against Bitcoin during this cycle. The discussion emphasizes Bitcoin's decentralization and scarcity as core strengths that differentiate it from other crypto assets.
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