The U.S. Congress has approved three crucial bills related to cryptocurrencies and stablecoins. These measures could change the landscape for digital assets.
Approved Stablecoin Bills
The U.S. Congress has passed three significant bills, including the GENIUS Act, which aims to establish rules for stablecoins. The package also includes the Clarity for Payment Stablecoins Act and the Anti-CBDC Surveillance State Act. These measures are intended to legitimize the activities of stablecoin issuers and push back against government-run digital currencies.
Impact on the Market and Hedera
The passed bills create clearer rules for crypto projects, which could be beneficial for platforms like Hedera. It is anticipated that clearer regulations may encourage more institutional investors to utilize Hedera for tokenized payments and stablecoin transactions. This could contribute to increased demand for HBAR.
Current HBAR Market Situation
The recent price increase of HBAR has allowed it to rise from $0.16 to over $0.26. Currently, the price fluctuates between $0.24 and $0.26, forming what is known as a 'bull flag,' which serves as a bullish continuation signal. Support levels are at $0.22 and $0.18, while resistance levels are at $0.29 and $0.33.
The passage of the Congress bills may lay the groundwork for a new regulatory phase in the cryptocurrency sector, impacting the stablecoin market and demand for HBAR.
