The cryptocurrency market is navigating a wave of regulatory uncertainty after the U.S. Senate Banking Committee postponed a key markup session for a comprehensive crypto market structure bill. This delay, which occurred without a new date being set, has injected fresh caution into trading, directly impacting the price action of major assets like Bitcoin (BTC) and Ripple's XRP.
The proposed legislation aims to establish a clearer regulatory framework for digital assets in the United States, but specific provisions, particularly those perceived to tighten rules around stablecoin yields, have sparked significant industry backlash. Coinbase CEO Brian Armstrong publicly withdrew his support for the current Senate version, stating it would be "worse than the current setup" and that a bad law could be harmful. Following this and other criticisms, the Senate Agriculture Committee also moved its related session to late January as lawmakers seek broader consensus.
This regulatory hesitation coincides with broader macroeconomic and legal uncertainty, including the U.S. Supreme Court's delay in ruling on a case concerning former President Trump's global tariffs. The combination has cooled market sentiment, as reflected by the Crypto Fear & Greed Index, which dropped 12 points from 61 (Greed) to 49 (Neutral) in a single session.
Bitcoin price action reflects this cautious mood. As of January 15, BTC was trading around $96,500, having failed to sustain a move toward $97,800. Analysts note that a confirmed break above $97,800 could open a path toward $98,800, with the psychological $100,000 level in sight. Key support zones are identified between $95,700–$95,000 and a stronger safety net at $93,000–$91,000.
XRP is similarly testing key levels, trading near $2.09 after reaching $2.17. The $2.15 level is seen as important resistance, with a break above potentially leading to a test of $2.25–$2.30. Support lies between $2.10 and $2.05. On-chain data from analytics firm Santiment reveals a split in market behavior: while larger holders ("smart money") have been accumulating positions, retail traders have been selling, and social media chatter has turned more worried.
Despite the negative sentiment shift, some industry leaders view the legislative delay as an opportunity. Ripple CEO Brad Garlinghouse described it as an opening to improve the bill's text, while White House crypto advisor David Sacks suggested the pause could help bridge gaps between stakeholders. For now, the market appears poised for short-term, range-bound trading until either regulatory clarity emerges or key technical levels are decisively broken.
