Bitcoin surged to its highest level in two months on Tuesday, climbing roughly 2% to trade near $96,750 as digital assets across the market posted broad gains. The rally unfolded amid a wave of policy developments, headlined by Coinbase's surprise decision to withdraw its support for a major piece of Senate crypto legislation just before lawmakers were expected to vote.
Markets Broadly in the Green
The wider crypto market tracked Bitcoin higher, with most major tokens finishing the session with gains. Ethereum climbed 2% to trade around $3,360, while Solana held roughly flat near $145. XRP was among the few underperformers, slipping about 1% to $2.11.
Some of the most dramatic moves came from smaller-cap assets. Decred led the pack with a jump of around 30%, and Dash and Internet Computer each advanced close to 10%. Zcash added 7%, while Monero set a fresh record high at $800 before pulling back to about $725.
- Bitcoin: up roughly 2% to about $96,750, a two-month high
- Ethereum: up roughly 2% to $3,360
- Decred: up around 30%
- Monero: new all-time high of $800
The rebound saw money flow well beyond the majors, with privacy coins and mid-cap tokens leading the day's biggest percentage gains.
Coinbase Withdraws Support Ahead of Senate Vote
In one of the day's most significant developments, Coinbase abruptly rescinded its endorsement of the Senate's crypto market structure bill, pointing to serious concerns about the newest version of the draft. The exchange's reversal contributed to the Senate postponing its scheduled vote on the legislation.
Coinbase's last-minute about-face on the market structure bill highlights ongoing industry anxiety over how U.S. regulators plan to oversee digital assets.
There was better news elsewhere on the regulatory front. The Zcash Foundation confirmed that the SEC had closed its investigation into the privacy-focused token without bringing enforcement action — an unusually favorable resolution for an asset in that category.
Global Expansion and Institutional Moves
Ripple pressed ahead with its European growth strategy, obtaining a license in Luxembourg that broadens its regulatory footprint across the region. The move reflects a continued push by crypto firms to establish firmer legal standing in overseas mark