Bitcoin, Ethereum, XRP, Dogecoin Flat Despite Crypto Bill Getting Ethics Provisions: Analyst Highlights Level to 'Watch' for BTC

Leading cryptocurrencies flatlined on Wednesday as investors weighed the implications of the Clarity Act and rising geopolitical tensions in the Middle East. Crypto Rally Cools Bitcoin failed to break through $67,000 and slipped back to $65,000 after encountering strong selling pressure. Ethereum wobbled in the narrow range between $1,900 and $1,950, while XRP and Dogecoin also moved sideways. Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 1.90% and 1.73%, respectively. Earlier, Senate Republicans released an updated draft of the Clarity Act that introduced new ethics provisions to limit cryptocurrency investments by the president and other federal officials. Over $180 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in long positions, according to Coinglass data Bitcoin's open interest slid 2.18% over the last 24 hours. Binance derivatives traders bought the dip, with both retail and whale players increasing their long exposure to the leading cryptocurrency. "Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index. Top Gainers (24 Hours) Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:23 p.m. EDT) Lorenzo Protocol (BANK) +50.06% $0.2512 Zama (ZAMA) +23.02% $0.04880 Unibase (UB) +13.97% $0.1153 The global cryptocurrency market capitalization stood at $2.26 trillion, following an increase of 0.82% over the last 24 hours. Read Also:Bitcoin Fell 50% and MSTR, BMNR, BSTR Are Paying the Price: What's Happening? Stocks Close in the Red Stocks ticked lower on Wednesday. The Dow Jones Industrial Average fell 6.06 points, or 0.01%, to close at 52,218.58. The S&P 500 slid 0.14% to close at 7,498.96, while the tech-heavy Nasdaq Composite lost 0.57% to settle at 25,690.90. Geopolitical tensions remained elevated as Secretary of State Marco Rubio accused Iran of not being "serious" about negotiations. He added that Iran's demands to control transit through the Strait of Hormuz could "never be allowed to happen." Will Bitcoin's Rebound Lose Steam? Ali Martinez, a widely followed cryptocurrency analyst and trader, identified $70,920 as the next major resistance to watch for Bitcoin.