Bitcoin rallied Thursday to a new all-time high above $116,000, the latest milestone for the cryptocurrency in recent months as House Republicans appeared to stoke regulatory optimism among crypto investors.
Key Takeaways
- The price of bitcoin increased by more than 4% on the day to just under $116,000 as of around 7:35 p.m. EDT, after briefly setting a new record high of $116,626 earlier in the evening.
- Thursday’s record-setting performance for bitcoin marks the first record for the cryptocurrency since May 22, when the price of bitcoin increased to a then-record high just below $113,000 before fluctuating lower over the following month.
- Other cryptocurrencies have surged over the last 24 hours, including ethereum (up 7%), XRP (5.3%), Solana (4.3%) and the meme token dogecoin (6.2%).
- The GOP-led House Committee on Financial Services announced earlier this month the week beginning July 14 would be “Crypto Week,” during which the House would consider crypto-friendly legislation like the GENIUS Act, among others, in moves the committee said would help make the U.S. the “crypto capital of the world.”
- Bitcoin’s rise also comes amid more major crypto investments, including from GameStop, which purchased a batch of bitcoin worth about $513 million in May, and Trump Media and Technology Group, which said it would raise $2.5 billion to build a corporate bitcoin reserve.
What Is The Genius Act?
The GENIUS Act, introduced in February by Sen. Bill Hagerty, R-Tenn., would set the first federal regulations for stablecoin issuers. A stablecoin is a cryptocurrency pegged to a more stable asset, like the U.S. dollar, in an aim to be less volatile than other cryptocurrencies. Because of this, some analysts have argued the GENIUS Act would make stablecoins—a $238 billion market, according to CoinDesk—more trustworthy among new investors. The bill was approved by the Senate in a 66-32 vote in May, with 16 Democrats and two Republicans voting against it. New limits would require companies issuing stablecoins to hold a reserve of assets to back the cryptocurrency, a provision some legislators disputed would protect consumers. The GENIUS Act also requires stablecoin issuers to prioritize coin holders for repayment or reimbursement if the companies go bankrupt.
Big Number
About $160 billion. That’s how much was added to the global crypto market’s aggregate market value over the last 24 hours, increasing from $3.53 trillion to $3.69 trillion, according to CoinGecko.
Key Background
Bitcoin has traded over $100,000 in recent months as investors appear to sustain optimism for pro-crypto policies under President Donald Trump. The latest rise for bitcoin comes as both the Nasdaq and S&P 500 set new closing records, and as Nvidia became the first company valued at $4 trillion. House Republicans have echoed Trump’s call during his presidential campaign for the U.S. to become the “crypto capital of the planet,” and his election victory sent bitcoin above $100,000 for the first time within a month of Election Day. Growth slowed in the months after Trump’s inauguration before he announced the U.S. would establish a digital asset stockpile.
This article was originally published on forbes.com and all figures are in USD.
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