The U.S. House of Representatives may override President Joe Biden’s veto of a cryptocurrency custody bill next week, sparking a strong recovery in the recently battered cryptocurrency market.

In May, the U.S. House of Representatives voted to overturn SEC Rule SAB 121, which required regulated companies that custody cryptocurrencies to record their holdings on their balance sheets.

However, President Biden later vetoed the bill, saying it could affect the SEC's ability to put in much-needed guardrails for the industry. The president also noted that it would affect the well-being of investors and customers. The bill has now returned to the House of Representatives and has been listed as "legislation to consider." The U.S. House of Representatives can override or sustain the president's veto. The vote will take place next week, and to override Biden's veto, a two-thirds majority in both the Senate and the House of Representatives is required.

Alexander Grieve of Paradigm said overturning the bill could be "very difficult." However, given the bipartisan support for the bill, overturning it is still possible.

The bill could be overturned as the Democratic and Republican parties attempt to win over crypto voters in the upcoming U.S. presidential election. As ZyCrypto reported earlier, some of the Democratic Party’s biggest supporters are advocating for a softer stance on cryptocurrencies as the former U.S. president continues to displease crypto voters.

A bold market recovery may be on the horizon

If the House of Representatives secures the two-thirds majority needed to overturn the bill, it could be a much-needed victory for the cryptocurrency market, which has been hit by selling pressure and falling prices.

The market has seen a significant recovery over the past 24 hours, with global market capitalization up 4.3%. Today, all of the top ten cryptocurrencies by market cap are also in the green.

In the past 24 hours, Bitcoin and Ethereum have risen by 4.5% and 5.3%, respectively. XRP and Cardano are among the top gainers, up 8% and 7%, respectively.

Bitcoin’s two-day chart shows the Wyckoff market cycle entering a re-accumulation phase. Once the accumulation phase is complete, the market is likely to enter a bullish phase.

The market also showed signs of cooling off, with total net inflows into spot Bitcoin exchange-traded funds (ETFs) reaching $143 million on July 4 despite the price drop.

There is no shortage of opportunities to make big money in the cryptocurrency market. The cryptocurrency market is changing rapidly, and each trend may become the next outbreak point. The key is whether you can seize it; which high-quality coins are worth investing in next? If you are not good at screening strong coins, you can refer to my selection.

Those who are interested and want to witness the strength;

Click on the avatar to follow the blogger.

Spot planning, contract password, free sharing.

#美国6月非农数据高于预期 #BNB金鏟子 #BTC走势分析 #ETH🔥🔥🔥🔥 #sol板块