Bitcoin News Today: Altcoins surge as US House passes crypto bills

Bitcoin's price today remained relatively stable, trading at approximately $118,760, marking a modest 0.3% increase. This stability comes after a volatile week where Bitcoin surged to record highs above $123,000 at the start of the week, only to see profit-taking and regulatory concerns temper its gains. Despite this muted performance, the world’s largest cryptocurrency is on track for its fourth consecutive weekly gain.

The relatively stable price of Bitcoin contrasts sharply with the significant gains seen in the altcoin market. Ethereum, the world's second-largest cryptocurrency, jumped over 7% to $3,647.82, reaching its highest level in more than six months. XRP, the world's third-largest cryptocurrency, surged around 10% to $3.50. Other notable gains include Solana, which climbed 4%, Cardano, which jumped more than 8%, and Polygon, which added 6.1%. Among meme tokens, Dogecoin surged 18%, while $TRUMP also gained 5.4%.

This surge in altcoins can be attributed to the passage of three landmark bills by the U.S. House of Representatives aimed at establishing a clear legal framework for digital assets. The centerpiece of these bills, the GENIUS Act, requires stablecoin issuers to hold high-quality, dollar-equivalent reserves and undergo regular audits, while establishing both federal and state supervision. The CLARITY Act aims to define whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission or the Commodity Futures Trading Commission. The Anti-CBDC Surveillance State Act prohibits the Federal Reserve from issuing a central bank digital currency without explicit approval from Congress.

These legislative developments signal a unified push to reshape U.S. crypto regulation, providing a more stable and transparent environment for digital assets. Market advocates and policymakers have hailed the move as a critical advancement toward stable regulatory footing. However, the package still faces hurdles, as the two non-stablecoin bills head to the Senate for approval, and the market is awaiting final passage before fully embracing a stable regulatory environment.

The passage of these bills is expected to foster a more favorable regulatory environment for cryptocurrencies, potentially attracting more institutional investors. This regulatory clarity is likely to encourage more traditional banks and investment firms to explore opportunities in the crypto space, potentially leading to increased liquidity and stability for digital assets. The muted performance of Bitcoin, despite the regulatory developments, suggests that investors may be taking a cautious approach, waiting for more concrete signs of market momentum before making significant moves.

The surge in altcoins reflects growing interest in alternative digital assets, which are often seen as higher-risk, higher-reward investments compared to Bitcoin. The regulatory clarity provided by the new bills is expected to have a positive impact on the overall cryptocurrency market, potentially driving further adoption and investment in the sector. As the regulatory landscape continues to evolve, investors will be closely monitoring developments to gauge the impact on Bitcoin and other cryptocurrencies.