Crypto Market Update: US Senators and Industry Leaders Face Off Over Stalled Bill

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$111,087, a 3.2 percent decrease in 24 hours. Its lowest valuation of the day was US$107,453, and its highest was US$111,374.

Bitcoin price performance, October 20, 2025.

Chart via TradingView

Bitcoin is showing signs of stabilization as key macroeconomic pressures begin to ease. After briefly dipping below US$105,000 last week, Bitcoin climbed nearly 2 percent over the past 24 hours to set a high of US$109,405, sparking a mild rally across the broader altcoin market.

The rebound comes as investors respond to last week’s dovish shift from the US Federal Reserve. Chair Jerome Powell hinted that the central bank’s quantitative tightening (QT) program may be nearing an end and that rate cuts are now under consideration. Analysts say such a move could ease liquidity constraints that have weighed on risk assets, potentially setting the stage for renewed crypto inflows.

The improving sentiment also coincides with tentative progress in US-China trade relations. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are expected to meet in Malaysia this week to defuse tensions that previously triggered a historic US$21 billion liquidation across the crypto market earlier this month.

Trader Ted Pillows also pointed to shifting dynamics between traditional and digital hedges. “Gold had a sharp rejection from the US$4,350 level, while Bitcoin showed a decent bounce back from the US$104,000 area,” Pillows posted on X.

“I think it would be too early to call for a rotation until two things happen: a US-China trade deal and soft inflation data this week. If that happens, we could see a rotation from gold into Bitcoin,” Pillows added.

Meanwhile, on-chain data suggest that market emotions are cooling and volatility is compressing. Bitcoin researcher Axel Adler Jr. noted that the coin’s Net Unrealized Profit (NUP) metric has been narrowing since March, signaling a state of “neutral equilibrium.”

“This means emotions have cooled down, the crowd is neither in euphoria nor in panic,” Adler explained. ‘ Each new rally brings less and less profit. The market is like a compressed spring. The longer the compression, the stronger the next surge will be.’

Bitcoin dominance in the crypto market now stands at 57.36 percent.

Ether (ETH) was priced at US$4,032.14, a 2.9 percent increase in 24 hours. Its lowest valuation of the day was US$3,917.06, and its highest was US$4,082.02.

Altcoin price update

• Solana (SOL) was priced at US$192.09, an increase of 1.7 percent over the last 24 hours. Its lowest valuation of the day was US$184.58, and its highest was US$194.13.

• XRP was trading for US$2.45, an increase of 3.5 percent over the last 24 hours. Its lowest valuation of the day was US$2.36 and its highest was US$2.48.

ETF data and derivatives trends

The Fear & Greed Index currently reads 40, dipping further and further into ‘fear’ territory spurred by global macroeconomic volatility.

Last week, the cumulative net flows for spot Bitcoin exchange-traded funds (ETFs) were predominantly NEGATIVEd. According to data from the week of October 13 to October 19, spot Bitcoin ETFs had outflows on four days, with October 10 being the outlier at US$102.5 million in inflows.

Cumulative total inflows for spot Bitcoin ETFs stood at US$61.54 billion as of October 17.

Today’s crypto news to know

Top crypto leaders to meet with Senate Democrats

A high-profile group of crypto executives is set to meet with Senate Democrats as discussions over US crypto market structure legislation remain gridlocked.

The meeting, led by Senator Kirsten Gillibrand, will feature Coinbase CEO Brian Armstrong, Galaxy Digital’s Mike Novogratz, Ripple’s Stuart Alderoty, and other industry leaders.

Gillibrand, who co-authored the Responsible Financial Innovation Act with Senator Cynthia Lummis, has emerged as a key Democratic voice pushing for regulatory clarity.

Despite bipartisan talks earlier this year, analysts at TD Cowen note that partisan disagreements have stalled progress and could delay meaningful legislation until after next year’s midterm elections.

Democrats are reportedly drafting a new framework emphasizing DeFi oversight, while Republicans favor clearer jurisdictional lines between the SEC and CFTC.

Japan’s banks mull holding Bitcoin

Japan’s top financial regulator is weighing reforms that could allow domestic banks to directly hold Bitcoin and other unbacked crypto assets on their balance sheets.

The Financial Services Agency (FSA) has begun consultations on revising restrictions introduced in 2020 that barred banks from acquiring crypto investments due to volatility concerns.

The discussions coincide with Japan’s three largest banks—MUFG, SMFG, and Mizuho—preparing to jointly issue yen-pegged stablecoins for corporate use under the updated Payment Services Act of 2023.

Crypto adoption in Japan has surged, with over 12 million accounts registered nationwide as of February, more than triple the number from five years ago.

Asset managers open UK Retail Access to Bitcoin and Ethereum ETPs

UK retail investors can now trade Bitcoin and Ethereum exchange-traded products for the first time following the Financial Conduct Authority’s decision to lift a four-year ban on crypto ETNs.

Asset managers 21Shares, Bitwise, and WisdomTree launched physically backed Bitcoin and Ethereum ETPs on the London Stock Exchange this week, joining BlackRock’s iShares Bitcoin ETP.

The listings mark a significant expansion of crypto access, allowing retail investors to buy exposure through regulated brokerage accounts and tax-efficient wrappers like ISAs and SIPPs.

Despite the progress, retail trading of crypto derivatives remains prohibited as the FCA finalizes broader crypto market regulations set to take effect by 2026.