Bitcoin, Ethereum, XRP, Dogecoin Gain After BTC Reserve Bill Advances: Analyst Says He's Not 'Panicking' Despite Rate Hikes — 'Ready for Anything'

Leading cryptocurrencies lifted late on Wednesday after a House Committee moved forward with a bill to establish a Strategic Bitcoin Reserve.

Crypto Market’s Late Rally

Bitcoin surged late in the evening as the Strategic Bitcoin Reserve bill passed the House Financial Services Committee for congressional consideration. Ethereum and other altcoins also recorded a spike.

Cryptocurrency-related stocks also fell, with Strategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 2.64% and 3.35%, respectively.

Over $330 million was liquidated from the cryptocurrency market in the last 24 hours, with $185 million in bearish short bets evaporated, according to Coinglass data.

Bitcoin’s open interest rose 0.68% over the last 24 hours, in line with the spot price increase. Smart money sentiment, which refers to the collective outlook and capital allocation of institutional investors, turned "extremely bullish."

Top Gainers (24 Hours)

Cryptocurrency market capitalization sits at $2.58 trillion after a 0.79% drop in the last 24 hours.

Stocks Slide After Rate Hike

The stock market sank deeper on Wednesday. The Dow Jones Industrial Average shed 631.21 points, or 1.21%, to close at 51,461.90.The S&P 500 fell 0.45% to end at 7,551.81,while the Nasdaq Composite closed 0.01% lower at 25,978.42.