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Bitcoin tops $97,000: 'This rally has further upside'
Bitcoin (BTC-USD) climbed above $97,000 on Wednesday as optimism over the potential for a legislative tailwind for the crypto market grew.
The token jumped more than 3% after US senators released a draft bill that would create a regulatory framework for the crypto industry, including clarifications surrounding regulators' jurisdiction.
Crypto advocates have long pushed for such regulation, especially following last year’s landmark legislation on stablecoins. They believe that a broader regulatory framework for digital assets could be the catalyst needed for tokens to outperform the broader market after a dismal fourth quarter performance.
"Overall great progress," said Sean Farrell, head of digital assets at Fundstrat, on Tuesday night of the draft bill. "And I think it is a solid tailwind for altcoins and for crypto financial services companies in the US. "
Ether (ETH_USD), the native token of Ethereum, a major blockchain used for tokenization, jumped 5%. Meanwhile, solana (SOL-USD) rose 2%.
Despite the rally, some industry analysts are not convinced that the bill will pass this year.
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