Coinbase Stalls Senate Bill, Bitcoin Surges Past $96K - P2P Traders Watch Spreads

Bitcoin just smashed through $96,750, a staggering 2-month high, igniting a green wave across crypto markets.

Coinbase's abrupt withdrawal of support for the Senate's crypto market structure bill, citing critical flaws in the draft, has thrown a wrench into regulatory progress, forcing a delay ahead of a key vote.

BTC is up 2% at $96,750, ETH is up 2% at $3,360, and SOL holds steady at $145, while XRP dips 1% to $2.11. DCR (+30%), DASH (+10%), ICP (+10%), and ZEC (+7%) are leading the pack, with XMR briefly touching an ATH before settling at $725.

This regulatory limbo and price action directly translates to wider bid-ask spreads and increased volatility on Binance P2P and Bybit P2P. Traders need to be hyper-vigilant on order flow and spread capture as uncertainty brews.

Expect continued choppiness and potential spread expansion until regulatory clarity emerges, or a decisive market trend takes hold.