Bitcoin continued its upward momentum on Wednesday, inching closer to its all-time high following the U.S. Senate’s advancement of the GENIUS Act, a pivotal stablecoin regulation bill that had previously faced legislative obstacles.
The world’s largest cryptocurrency climbed 1.4%, reaching $107,595.50 as of 01:42 ET (05:42 GMT), consolidating near a four-month peak. It remained just below its record high of $109,288, established in January.
This rally coincides with a broader surge in digital assets this month, fueled by favorable policy developments under President Donald Trump and a temporary easing of trade tensions between Washington and Beijing.
The Senate’s progress on the stablecoin bill Tuesday marked a significant victory for the crypto sector, signaling a more welcoming regulatory environment. The legislation is expected to proceed to a Senate floor vote later this week before heading to President Trump for final approval.
In addition, the Trump administration’s launch of a Strategic Bitcoin Reserve in March, aimed at solidifying the U.S. as a dominant force in digital assets, has further energized market sentiment.
Nonetheless, geopolitical and economic headwinds remain. China has condemned recent U.S. restrictions on Chinese AI chip exports as “bullying” and promised retaliation, threatening the fragile trade détente between the two nations.
On the domestic front, Federal Reserve officials cautioned that escalating tariffs could sustain inflationary pressures, potentially postponing interest rate cuts. This “higher-for-longer” rate outlook may dampen risk appetite across financial markets.
Despite these challenges, Bitcoin’s resilience highlights its rising appeal among institutional investors and its growing reputation as a hedge against geopolitical and economic uncertainties.
Altcoins broadly mirrored Bitcoin’s gains on Tuesday. Ethereum, the world’s second-largest cryptocurrency, rose 1% to $2,584.85, while XRP remained stable at $2.3826. Solana advanced 1%, Cardano increased 2.3%, and Polygon edged slightly lower by 0.3%. Among meme coins, Dogecoin surged 2.8%, and $TRUMP token surged 12.1%.
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