BTC, ETH Slide as U.S. Senate Postpones Crypto Bill Discussion
Bitcoin (BTCUSD) , Ethereum (ETHUSD) and the majority of altcoins are trading negatively as U.S Senate postpones the crypto market bills discussion, triggering a raft of sell pressure across top digital assets.
BTC shed about 1%, while Ethereum (ETH), Ripple (XRP), Solana (SOL), and other major altcoins declined further, leading to a spike in long liquidations.
Trading data showed Bitcoin hovering below $97k, and Ethereum has also pulled back below $3400 due to mild sell pressure as investors adjusted to the new market bill development.
The US Senate Banking Committee cancelled the markup of the digital asset market structure on Thursday, postponing it as bipartisan negotiations continue.
SBC Chairman Tim Scott announced in an official statement that bipartisan leaders, alongside the crypto and financial sectors, are continuing to work on the draft.
Scott further added that, “This bill reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement.”
This announcement followed Coinbase’s CEO, Brian Armstrong, suddenly opposing the bill, saying, “We’d rather have no bill than a bad bill.”
According to Armstrong, the bill kills stablecoin rewards, erodes the Commodity Futures Trading Commission’s (CFTC) authority, imposes DeFi prohibitions that violate privacy rights, and imposes a de facto ban on tokenised equities.
Despite the nudge, the market shows signs of quick recovery as BlackRock acquired $646.6 million worth of Bitcoin and $81.6 million of Ethereum, the largest single-day institutional purchase in 2026.
This follows record spot Bitcoin ETF inflows of $844 million, per Bitwise. Such buys signal deep-pocketed conviction, often preceding retail fear of missing out, according to crypto analysts. The ETFs alone absorbed 6x Bitcoin’s daily mined supply.
Ethereum retreated after it broke above $3,400, a key resistance level held since November, amid analyst calls for a run to $4,000.
The breakout, validated by a 6% price surge, suggests accumulation and could ignite an altcoin rally. Combined institutional inflows and Ethereum’s technical breakout propelled the market, though overbought RSI signals near-term caution.
The market now watches if BlackRock’s accumulation and ETF demand will offset potential profit-taking. Technical traders are now focusing on BTC’s $97k resistance and ETH’s $3,400 support for the next move. XRP Hits $2.16 on ETF Inflows, Middle East Regulatory Win
