German Selling, Spot Bitcoin ETF Inflows Keep Bitcoin Range-Bound as Congress, Democrats Focus on Crypto

Bitcoin (BTC) price rose to more than $59,000 in the early U.S. hours Wednesday before settling back to the $57,400 level in the afternoon.

Bitcoin (BTC) price rose to more than $59,000 early Wednesday morning before falling to $57,400 by the afternoon US time. The largest cryptocurrency by market cap remained in range amid Germany's selling pressure and bitcoin exchange-traded fund inflows.

Germany Sells, Spot Bitcoin ETF Inflows Fixed Bitcoin

In Germany, government-seized bitcoin holdings, several It fell below the $1 billion valuation for the first time after selling on cryptocurrency exchanges throughout the day. Germany's initial on-chain pile of 50,000 bitcoins it initially seized from online piracy site Movie2k has now fallen to 13,110, according to Arkham Intelligence data.

Despite Germany's bitcoin selloff, US spot bitcoin exchange-traded funds ( ETFs) saw strong inflows in the first two days of the week. These ETFs recorded total inflows of $511.2 million on Monday and Tuesday, according to Farside Investors.

Congress, Democrats Focus on Crypto

On Wednesday, the U.S. House of Representatives also voted on President Biden's decision to raise securities for custodians of cryptocurrency assets. It could be a big day with a vote on an attempt to override a veto of a bill that would overturn private regulations of the Securities and Exchange Commission (SEC). The SEC policy is seen as posing significant challenges for traditional financial companies looking to offer cryptocurrency custody services.

The overturning of the SEC policy will make it easier for traditional banks to serve as custodians of digital assets for their customers. However, Custodia Bank Chief Executive Officer (CEO) Caitlin Long said on social media platform A meeting between officials was planned for Wednesday. The meeting was organized by Democratic Rep. Ro Khanna, who represents a district in California that includes Silicon Valley.

However, Democrats as a whole have been slow to recognize crypto supporters as a potential voting bloc, while Republican presidential candidate Donald Trump has been publicly engaging with them for several months. was interested and offered to ease the regulatory burden placed on the crypto industry by the SEC under the Biden administration. Republicans included several crypto protections, such as the right to mine bitcoin and self-protection of crypto assets, into their official party platforms earlier this week.

CFTC Chairman Calls for Regulatory Initiative on Crypto

Also on Wednesday, a Senate committee, the Commodity Futures Trading Commission (CFTC) ) held a hearing on the oversight of digital commodities, which included testimony from President Rostin Behnam.

Behnam noted the lack of regulatory action in his opening statement, saying, “What concerns me most throughout the expansion of this digital asset class is that ordinary Americans are falling victim to one digital asset scam after another.” "I was asked over and over again by members of Congress what I was doing to protect their districts." he said.

Also, market watchers watched Federal Reserve Chairman Jerome Powell's second day of testimony to Congress on Wednesday for signs of where interest rate policy will go this year.

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