Cryptocurrency Price Movements Today: Bitcoin Briefly Spikes Above $59,000
Bitcoin's (BTC) price rose to more than $59,000 in the early U.S. hours Wednesday before settling back to the $57,400 level in the afternoon. The largest cryptocurrency by market cap remained range-bound amid selling pressures from Germany and bitcoin exchange traded fund inflows.
In Germany, the government's seized bitcoin holdings have dropped below a $1 billion valuation for the first time, after several days of offloading to crypto exchanges. The initial on-chain stash of close to 50,000 bitcoin originally seized by Germany from online piracy website Movie2k is now down to 13,110, according to data from Arkham Intelligence.
Despite the bitcoin dumping from Germany, U.S. spot bitcoin exchange-traded funds (ETFs) have enjoyed strong inflows the first two days of the week. According to Farside Investors, these ETFs recorded a combined $511.2 million of inflows on Monday and Tuesday.
Wednesday also could be a major day for U.S. crypto regulation as the U.S. House of Representatives votes on an attempt to overrule President Biden's veto of a bill that would overturn the Securities and Exchange Commission's (SEC) special regulations for custodians of crypto assets.The SEC policy is seen as posing significant challenges for traditional financial firms looking to offer crypto custodial services.
Overturning the SEC policy would make it easier for traditional banks to serve a custodians of digital assets for their customers. But Custodia Bank Chief Executive Officer (CEO) Caitlin Long took to the social media platform X Wednesday to say that she doesn't believe Congress has the votes to overturn the Biden veto.
Somewhat ironically, a meeting among crypto industry representatives, major Democratic leaders, and White House
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