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Crypto market pauses as BTC dips below $105,500 ahead of US Fed decision
Analysts, however, believe that the regulatory developments such as the GENIUS Act and Thailand's recent five-year tax exemption policy are shaping a new global crypto landscape.
As of 12:13 PM on Wednesday, June 18, Bitcoin (BTC) was trading at $105,156.58, down 1.71 per cent, with a 24-hour trading volume of $53.03 billion, according to CoinMarketCap. The cryptocurrency has fluctuated between $103,396.53 and $107,253.95 in the past 24 hours. Bitcoin's market capitalisation stood at $2.09 trillion, cementing its position as the world's largest cryptocurrency by market cap.
Investors eye US Fed rate cut decision
Bitcoin, Edul Patel, Co-founder and CEO of Mudrex, said, is trading near $105,000 as the crypto market reacts to the fresh escalations in the Middle East. "While retail investors remain cautious, institutions continue to buy, with Bitcoin ETFs recording over $412 million in net inflow, indicating long-term conviction in the asset," said Patel.
Patel expects the markets to trade sideways ahead of the Fed rate cut decision and the US jobless claims data later today. "A dovish outcome from the FOMC meeting could trigger a breakout above $107,700, while key support remains firm at $102,200."
Meanwhile, Riya Sehgal, research analyst, Delta Exchange, believes the key resistance lies at 106.5k as it is holding above $105k with higher lows which signals relative strength.
US Senate passes GENIUS Act
Overnight, the US Senate passed the GENIUS Act, a bill establishing a federal regulatory framework for stablecoins, with a 68–30 vote. The legislation mandates that stablecoins be fully backed by liquid assets like US dollars or short-term Treasury bills and requires issuers to disclose reserve compositions monthly. This bipartisan measure aims to enhance transparency, protect consumers, and bolster the role of the US dollar in digital transactions.
The GENIUS Act's Senate passage, Himanshu Maradiya, founder & chairman of CIFDAQ, said, marks a turning point in US stablecoin regulation, ushering in transparency, full reserve backing, and strict auditing. "While it tightens the noose around offshore issuers like Tether, it creates fertile ground for compliant players like USDC, PayPal USD, and bank-issued tokens. Tether's exclusion from US financial rails could lead to a reshuffle in stablecoin dominance," said Maradiya.
Maradiya expects US-based stablecoins to gain market share and attract deeper institutional use. 'Investors should watch for new GENIUS-compliant entrants, as regulatory clarity fuels capital inflows into compliant DeFi and stablecoin infrastructure—key pillars for the next phase of crypto's mainstream adoption,' he added.
Ethereum and other altcoins trade lower
Ethereum (ETH) was trading on a similar trajectory, hovering near $2,530, stuck in a consolidation zone between $2,450 and $2,575. Last check, Ethereum was seen trading at around $2,537.54, lower by 1.93 per cent, with a trading volume of $23.51 billion. Ethereum has traded in the range of $2,456.65 to $2,588.21 in the last 24 hours. The structure shows lower highs, suggesting caution.
Among other popular altcoins, Solana (SOL) was trading lower by 4 per cent, Hyperliquid (HYPE) was down 3.92 per cent, Ripple (XRP) was lower by 3.5 per cent, Cardano (ADA) was down 2.72 per cent, and Binance Coin (BNB) was lower by 0.59 per cent.
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