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BITCOIN (BTC) price received a boost when news spread on Twitter that lawmakers in Paraguay plan to introduce a bill for BTC to become legal tender. Shortly after the unconfirmed news appeared on Twitter, the Bitcoin price rose to USD 35,289 before retreating slightly below key short-term resistance.

Although the cryptocurrency fear and greed index continues to indicate extreme fear sentiment, it is worth noting that the measure has risen from 14 on June 23 to 22 on June 24, as traders begin to see the drop below USD 29,000 and the rise in Bitcoin open interest as signs that the current corrective phase may be over.

Although trader confidence may have improved slightly, Cointelegraph analyst Marcel Pechman suggested that investors may be waiting for USD 6 billion in quarterly Bitcoin and Ether (ETH) futures and options to expire on June 25 before making a more decisive move.

Stocks hit new all-time highs and altcoins rise

The cryptocurrency market wasn't the only one to rise today. Traditional markets also rebounded to new highs after US President Joe Biden revealed that he had reached an agreement on a USD 953 billion bipartisan infrastructure spending plan with the Senate.

Following the announcement, the S&P 500 and Nasdaq hit new intraday highs and closed the day up 24.65 points and 97.98 points respectively, while the Dow gained more than 322 points on the day.

As expected, altcoins also rose in tandem with the Bitcoin price and traditional markets. Ether (ETH) broke back above the psychologically important USD 2,000 level, while Tron (TRX) and Celo gained 26% and 28% respectively. CELO's move appears to be driven by the listing of its stablecoin Celo Euro (cEUR) on KuCoin.