The Crypto Fear & Greed Index dropped by 12 points to a neutral score of 49 after hitting a multi-month high. Bitcoin surged by 5% to $97,870, fueled by smart money accumulation and retail traders dumping. A Senate bill on crypto market structure caused division, with some executives expressing concerns.

The bill’s provisions, including restrictions on stablecoin yields, led to backlash from crypto lobbyists. Coinbase CEO Brian Armstrong withdrew support, calling the bill worse than the current status quo. The Senate Banking Committee postponed the markup, citing the need for more support. Industry participants have mixed reactions, with some seeing the delay as a bullish signal.

Bitcoin is currently trading at $95,480, down 0.83% in the past 24 hours. Industry experts believe the postponement of the bill could be positive for the market. Crypto sentiment remains uncertain amid policy concerns, but some see this as an opportunity for the industry to strengthen.

Read more at Cointelegraph: Crypto Sentiment Drops Amid Uncertainty Over US Crypto Bill