It has been a tumultuous week for bitcoin investors as they swiftly turned from sellers to buyers after a months-long cryptocurrency winter.

Early last week, traders were cautiously optimistic the US Senate would pass a significant crypto regulatory bill known as the Clarity Act. So when the Senate voted 50-49 to block the legislation, bitcoin tumbled 5 per cent in a sell-off exacerbated by the US Federal Reserve lifting interest rates for the first time since 2023.

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