Bitcoin, Ethereum, XRP, Dogecoin Spike Amid CLARITY Act Optimism: Analytics Firm Explains Why BTC Investo

Leading cryptocurrencies rose on Monday ahead of the much-anticipated Senate vote on cryptocurrency legislation.

Crypto Market Rises

Bitcoin jumped to an intraday high of $79,568 before facing stiff resistance, even as trading volume more than doubled in the last 24 hours.

Ethereum spiked past $2,600, only to reverse course and retreat to the $2,500 region. Meanwhile, XRP and Dogecoin recorded sharp upticks.

Sen. Cynthia Lummis (R-Wyo.) said President Donald Trump agreed to additional ethics restrictions ahead of Tuesday’s CLARITY Act vote. Polymarket currently places the CLARITY Act’s passage odds at 18%.

Cryptocurrency-related stocks also lifted, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 4.56% and 2.92%, respectively. 

Over $340 million was liquidated from the cryptocurrency market in the last 24 hours, mainly in bearish short positions, according to Coinglass data.

Bitcoin’s open interest spiked 1.84% in the last 24 hours, matching the increase in spot price. An increase in open interest, along with a price increase, typically indicates long positions are being built up.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization climbed to $2.65 trillion, up 1.02% over the last 24 hours.