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.
House Republicans called the upcoming “Crypto Week” a step to make the U.S. the “crypto capital of … More the world.”
Getty Images
Key Facts
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.
Further Reading
ForbesTrump Media’s $2.5 Billion Bitcoin Bet Mirrors White House Crypto StrategyBy Zach EversonForbesBitcoin Hits All-Time High Of Over $109K Amid Crypto RallyBy Ty RoushForbesAI Titan Nvidia Becomes First $4 Trillion Company EverBy Derek Saul
