The cryptocurrency market is closely following Bitcoin and XRP ahead of major crypto-related political events in the United States. At the same time, these events may shape the future of cryptocurrency regulations and influence market dynamics. However, the cryptocurrency market as a whole will be closely following the events.
However, Bitcoin and XRP seem to be gaining significant momentum today. Moreover, it highlights the major debates and votes taking place in the country’s capital.
Market braces for major cryptocurrency-related political events
Fox News’ Eleanor Terrett highlights a crucial day for cryptocurrencies in Washington, D.C. According to her recent post on X, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry will hold an oversight hearing on digital commodities with Commodity Futures Trading Commission Chairman Rustin Behnam at 10 a.m. ET today.
Meanwhile, US Representative Ro Khanna will host a roundtable on cryptocurrencies with Mark Cuban, Democrats, White House officials, and industry leaders. These discussions are expected to address pressing issues in the crypto sector and influence future regulatory frameworks. Amid these events, the general focus is on the performance of the crypto market, especially Bitcoin and XRP.
Meanwhile, Terrett noted in a separate post that the House is scheduled to vote on H.R. 121 at 4 p.m. However, it appears unlikely that members will get the two-thirds majority needed to override President Biden’s veto.
Previous reports have indicated a possible shift in the House’s position, but recent developments suggest that Biden’s veto is likely to remain in place. In other words, the Biden administration is likely to preserve the SEC’s authority by preserving SAB 121.
Well, let’s see how these events will shed light on Bitcoin and XRP.
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Why are Bitcoin and XRP in the spotlight?
According to a FOX report, the crypto roundtable, which will be hosted by Ro Khanna and Mark Cuban, will feature attendees such as Ripple CEO Brad Garlinghouse and SkyBridge Capital CEO Anthony Scaramucci, among others. Given this, the roundtable discussion will be closely watched by XRP enthusiasts as well as the broader crypto community.
Additionally, many market watchers expect Brad Garlinghouse to speak about Ripple’s lawsuit against the US Securities and Exchange Commission, which is likely to impact the XRP price trajectory. On the other hand, Anthony Scaramucci’s presence will shift the spotlight towards Bitcoin.
In a related context, Anthony Scaramucci predicted in a recent interview with CNBC that the price of Bitcoin will reach $100,000 by the end of 2024. His prediction, amid massive sell-offs by the German government, sparked discussions in the cryptocurrency market.
Additionally, concerns over the Mt. Gox repayment have also dampened sentiment. However, despite this, Scaramucci expects the selling pressure to eventually subside in the coming days, which could in turn lead to a rise in the price of Bitcoin.
Meanwhile, as of this writing, Bitcoin is up about 2% to $58,510.62, with its daily trading volume down 13% to $27.45 billion. On the other hand, XRP is also gaining similar percentage to Bitcoin and is trading at $0.4417.
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