Bitcoin And XRP In Focus Ahead Of Big US Crypto-Political Events, Here’s Why

The crypto market is keeping a close track of Bitcoin and XRP ahead of the big crypto-political events in the United States. Meanwhile, these events could shape the future of crypto regulations and impact market dynamics. Having said that, the overall crypto market will keep a close track of the events.

However, it appears that Bitcoin and XRP gaining notable traction today. Besides, the spotlight is on key discussions and votes taking place in the nation’s capital.

Market Braces For Big Crypto-Political Events

Fox Journalist Eleanor Terrett highlighted a crucial day for crypto in Washington, D.C. According to her recent X post, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry will hold an oversight hearing on digital commodities with CFTC Chair Rostin Behnam at 10 am ET today.

Concurrently, U.S. Representative Ro Khanna will host a crypto roundtable with Mark Cuban, Democrats, White House officials, and industry leaders. These discussions are expected to address pressing issues in the crypto sector and influence future regulatory frameworks. Amid these events, the overall focus leans towards the cryptocurrency market performance, especially Bitcoin and XRP.

Meanwhile, in a separate post, Terrett mentioned that the House is set to vote on SAB 121 at 4 PM. However, it appears unlikely that members will secure the two-thirds majority needed to overturn President Biden’s veto.

Earlier reports suggested a potential shift in the House’s stance, but recent developments indicate that Biden’s veto will likely stand. In other words, the Biden administration will likely maintain the SEC’s authority by preserving the SAB 121 accounting rule.

So, let’s see how these events are taking Bitcoin and XRP into the spotlight.

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Why are Bitcoin and XRP In Focus?

The crypto roundtable of Ro Khanna with Mark Cuban will include attendees like Ripple CEO Brad Garlinghouse, and SkyBridge Capital CEO Anthony Scaramucci, among others, according to a FOX report. Considering that, the roundtable discussion would be closely watched by the XRP enthusiasts as well as the broader crypto community.

In addition, a flurry of market watchers anticipates Brad Garlinghouse to talk about the Ripple Vs. SEC lawsuit, which is likely to influence the price trajectory of XRP. On the other hand, Anthony Scaramucci’s presence will shift the light towards Bitcoin.

For context, in a recent CNBC interview, Anthony Scaramucci predicted that Bitcoin is likely to hit $100,000 by 2024 end. His prediction, amid a massive selloff by the German government, has sparked discussions in the crypto market.

In addition, the Mt. Gox repayment concerns have also dampened the overall sentiment. However, despite that, Scaramucci anticipates the selling pressure to subside eventually in the coming days, which in turn could trigger a Bitcoin rally.

Meanwhile, as of writing, Bitcoin price was up nearly 2% to $58,510.62, with its one-day trading volume falling 13% to $27.45 billion. On the other hand, XRP price also noted a similar percentage gain as BTC and traded at $0.4417.

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