The crypto market continued to rise on Monday, with the total market value reaching $2.77 trillion, representing a 2.3% increase over 24 hours. Major cryptocurrencies generally saw gains, with Bitcoin maintaining its leading position, and XRP performing the strongest among the main tokens.
Mainstream cryptocurrencies generally rose in value.
As of press time, Bitcoin is trading at $79,187.27, up 2.1% in 24 hours. Ethereum is at $2,541.20, with a gain of 1.1%. XRP has risen to $1.46, representing a 6.4% increase, which is among the highest gains among the mainstream cryptocurrencies.
This round of gains is related to the increasing expectations for US crypto regulatory legislation. US Treasury Secretary Scott Bessent stated that the "CLARITY Act" is "crucial" for the US to win the global crypto competition. This statement has brought new optimism to the market, and investors are also awaiting the procedural vote on this act to be held by the Senate on Tuesday.
The bill is expected to boost morale.
The current focus of the market is whether the United States will advance a clearer legislative framework for crypto regulation. Bessent's public statement is seen as further support for the relevant bills and also strengthens the expectations of some funds for an improvement in the policy environment.
However, the macro-level disruptions have not disappeared. Iranian state media refuted Trump's claim that Iran hopes to "quickly and decisively" end the war. The report mentioned that this response came about 40 minutes after Trump's speech, indicating that the situation in the Middle East remains volatile.
High oil prices remain a source of pressure
Meanwhile, the price of crude oil in the United States remains close to $103 per barrel. The high level of oil prices indicates that the risk of inflation has not significantly eased and may continue to affect the overall pricing of risky assets.
Against this backdrop, crypto assets have strengthened in the short term, reflecting that policy expectations continue to support market sentiment. However, geopolitical conflicts and changes in energy prices remain external factors that will need to be continuously monitored in the coming period.
