US CLARITY Act brings ‘major spike of euphoria’ to Bitcoin: Santiment

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Source: Cynthia Lummis Meanwhile, Bitcoin (BTC) is trading at $79,084 at the time of publication, up 3.15% since May 1, according to CoinMarketCap. Santiment reported that there are currently 1.55 bullish social media comments on Bitcoin for every bearish comment, suggesting this sentiment skew may be flashing warning signs. “We advise caution. Markets typically move opposite to the crowd’s expectations at all times,” Santiment said. However, crypto analysts are staying optimistic that the trend will continue. MN Trading Capital founder Michael van de Poppe said in an X post on Friday that the legislation is “the biggest, and historical, bill for the entire industry and can be a strong trigger for the upcoming bull market.” White House crypto advisor Patrick Witt said in an X post on Friday that while the CLARITY Act vote was “a major step forward,” it is not yet finalized. “As Senators on both sides of the dais noted, there’s more work to be done before this legislation is ready for prime time. We’ll keep working in good faith to build the support needed to pass the bill on the Senate floor,” Witt said. Santiment said any movement towards the CLARITY Act’s passage “can and should be considered bullish for crypto (in the long run) because it could finally give the industry clearer rules in the United States.” Related: Bitcoin Depot filing casts doubt on company’s future amid lawsuits “If the CLARITY Act passes, more institutional money and powerful players would be expected to enter (or re-enter) the markets,” Santiment said. However, the sentiment platform warned that the largest cryptocurrencies could be “baked in” before the CLARITY Act is officially passed. Other metrics suggest market participants are becoming more cautious about the broader crypto market. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted a “Fear” score of 31 on Saturday. Magazine: ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves More on the subject

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