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Key developments in cryptocurrencies over the past 24 hours.

On the new day, Bitcoin, the leading cryptocurrency, traded at $122,105, while Ethereum was trading at $4,437. The crypto market's size has risen to $4.27 trillion.

The cryptocurrency market, which reached record highs at the beginning of the week, entered a brief correction as investors took profits. However, today, the market is showing signs of recovery. The total cryptocurrency market capitalization has risen to $4.27 trillion, while Bitcoin, the leading cryptocurrency, is priced at $122,105. At the time of writing, Ethereum was trading at $4,437, XRP at $2.83, and Solana at $227.91. Bitcoin ETFs closed positive for the eighth consecutive day with new inflows of $441 million on October 8. Ethereum ETFs also recorded net inflows of $69 million, continuing their eight-day upward streak.
"The government shutdown didn't slow down the CLARITY Act plan."

Bryan Steil, one of the early supporters of the CLARITY Act, which regulates the crypto market structure in the US House of Representatives, said that despite the ongoing government shutdown, the goal of passing the legislation before 2026 has not changed.
Steil stated that the bill, which aims to provide regulatory clarity to the digital asset sector, is progressing as planned. Republican Party leaders had pledged that the Senate version would be enacted by 2026. However, the government shutdown entering its eighth day has raised concerns among industry representatives. "I think we have an opportunity to enact the CLARITY Act by the end of the year," Steil said, adding, "I hope the Senate acts quickly after the shutdown." Steil also emphasized that if the Senate builds on the House text, the bill could become law this year.
The House of Representatives passed the CLARITY Act in July as part of Republicans' "crypto week." However, the bill faced several delays after being sent to the Senate. Republican Cynthia Lummis, a member of the Senate Banking Committee, stated that a vote on a bill based on CLARITY would be held by the end of September. Congress is still in session, and lawmakers continue to receive salaries. However, House Speaker Mike Johnson stated that the House will not convene unless the Senate passes legislation to reopen the government.
Uganda has launched a central bank digital currency pilot as part of a broader tokenization drive in the country, while neighboring Kenya is preparing to enact crypto asset regulation legislation.
Meanwhile, in Kenya, the Virtual Asset Service Providers (VASP) Bill, introduced in January, passed parliament this week and was submitted to President William Ruto for approval. The bill establishes a licensing and consumer protection framework for exchanges, brokers, wallet providers, and token issuers. Under the bill, the Central Bank of Kenya will oversee payment and custody transactions, while the Capital Markets Authority will oversee investment and trading activities. The legislation also includes KYC and AML provisions aligned with FATF standards, prohibitions on misleading advertising, and fines.
Bitcoin (BTC)

Bitcoin is trading at $122,105. Following selling pressure around $126,000, there has been a short-term pullback. However, the effort to hold on to the 121,000-122,000 range indicates that buyers are still active in the market. In downtrends, the 120,800 and 120,000 levels stand out as short-term support. In upward rallies, the 123,000 and 124,500 ranges will be monitored as initial resistance zones. Bitcoin remaining above $120,000 supports maintaining the overall positive outlook. Drops below this level could increase the likelihood of a short-term correction towards the 118,500-119,000 range.
Ethereum (ETH)

Ethereum is trading at $4,437. The recent stabilization within the $4,430-$4,440 range indicates continued consolidation in the market. Technically, support levels are $4,400 and $4,360, while resistance levels are $4,480 and $4,520. A sustained hold above $4,480 could push the price into the $4,550-$4,600 range. On the other hand, a drop below $4,360 could pose the risk of a pullback to $4,250-$4,300 in the short term. The overall outlook suggests that Ethereum maintains its upside potential as long as it holds above $4,400.
Ripple (XRP)

Ripple is trading at $2.83. The price has recently been trading sideways within the $2.80-$2.90 range. Short-term support is at $2.82 and $2.78, while resistance is at $2.90 and $2.94. If XRP can sustain above $2.90, a new upward wave towards the $2.98-$3.02 range is possible. A close below $2.78 could increase the risk of a short-term correction towards the $2.72-$2.75 range. The overall outlook suggests that XRP maintains a positive outlook as long as it remains above $2.82.