Senate Bill Stalls, Dogecoin's Bitcoin Status Hindered
Written by Emily J. Thompson, Senior Investment Analyst
Source: Benzinga
- Market Impact from Bill Stall: The stalling of a key cryptocurrency bill in the Senate led to dips in major cryptocurrencies like Bitcoin, Ethereum, XRP, and Dogecoin, with Bitcoin retreating from a two-month high of $97,000 and a 13% drop in trading volume over the last 24 hours.
- Dogecoin Gains Bitcoin Status: Following the Senate Banking Committee's draft bill release, Dogecoin and Shiba Inu rallied 5% on Tuesday, as the bill grants DOGE 'non-ancillary asset' status due to its ETF trading on a major exchange before January 1.
- Cathie Wood's Bitcoin Outlook: Despite a 6% decline in Bitcoin in 2025, ARK Invest CEO Cathie Wood predicts Bitcoin will prevail in 2026, citing gold's valuation only seen once in 125 years, indicating Bitcoin's enduring potential.
- Dogecoin's Upside Potential: Despite a pullback on Wednesday, analysts highlighted a bullish technical pattern for Dogecoin, suggesting a potential 30% upside, even as its trading volume dropped 9.60% in the last 24 hours.
Analyst Views on BTC
Wall Street analysts forecast BTC stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BTC is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
