Leading cryptocurrencies rose Monday amid the advancement of a stablecoin legislation in the Senate.

Bitcoin recaptured $106,000 after tapping liquidity and bouncing off the support around $102,000. Ethereum fought off the Sunday correction, surging over 7% to reclaim the mid-$2500s.

avanced in the Senate.

What Happened: Bitcoin (CRYPTO: BTC) recaptured the $106,000 level after tapping liquidity and bouncing off the support around $102,000.

Ethereum (CRYPTO: ETH) fought off the Sunday correction, surging over 7% to reclaim the mid-$2,500s. The second-largest cryptocurrency's market dominance once again rose above 9%.

These moves coincided with the Senate’s vote to advance the GENIUS Act, often known as the stablecoin bill, setting the stage for its final passage.

Nearly $300 million was liquidated from the cryptocurrency market in the last 24 hours, with over $150 million in bullish bets getting erased.

Bitcoin's Open Interest rose 5.92% in the last 24 hours, while funds locked in Ethereum's derivatives spiked by over 8%.

Interestingly, over 57% of top traders on Binance with an open BTC position were short on the apex cryptocurrency.

The "Greed" sentiment prevailed in the market, according to the Crypto Fear and Greed Index, indicating strong buying demand.

Top Gainers (24 Hour)

The global cryptocurrency market cap now stands at $3.35 trillion, following a marginal decrease of 0.08% over the last 24 hours.

In the U.S. stock market, equities began the new trading week on a high note. The Dow Jones Industrial Average rose 137.33 points, or 0.32%, to close at 42,792.07. The S&P 500 also recorded its sixth consecutive day of gains, closing 0.09% higher at 5,963.60. Meanwhile, the tech-focused Nasdaq Composite eked out a gain of 0.02%, finally breaking out of a three-week consolidation to close at 19,215.46.

Bond yields increased after Moody's downgraded the U.S. long-term credit rating, pushing up 30-year Treasury yields to 5%—a level not seen since October 2023—and the benchmark 10-year yield above 4.5%.

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Analyst Notes: In a note to Benzinga, Arthur Azizov, founder and investor at B2 Ventures, said that Bitcoin bulls were now in control, with strong support at $102,000 and robust resistance around $106,000.

"If buyers manage to push through this range, especially with the return of the Coinbase (NASDAQ:COIN) premium, which hints at renewed U.S. demand, then a new ATH could be set within a week or slightly more," Azizov said.

He added that BTC has the ingredients to break through $108,000 and test the $110,000 level, where a psychological resistance may arise.

Cryptocurrency analyst and trader Michaël van de Poppe shared his thoughts on the "typical" Sunday rally and subsequent Monday retrace.

"Now, that move is over and Bitcoin is back at $105,000, ready to test the all-time high in the coming 1-2 weeks. Altcoins to outperform," Van De Poppe predicted.