Bitcoin News Today: Bitcoin surges 100% to $119,000 on GENIUS Act vote

Bitcoin's price surged to nearly $119,000 following President Trump's announcement that the U.S. House of Representatives is set to vote on the GENIUS Act. This legislative proposal, part of the "Crypto Week" debates in Washington, D.C., aims to establish a regulatory framework for stablecoins, which has boosted market confidence in the crypto sector.

President Trump revealed plans for the House to vote on the GENIUS Act, with key officials like Speaker Mike Johnson involved. The vote is expected to have strong political backing, with 11 out of 12 required Congress members agreeing to vote in favor. This accountability in legislative steps has drawn significant attention to the potential passage of the act.

Bitcoin's price surge is attributed to increased institutional confidence, with over $400 million in ETF inflows following the announcement. Ether funds also saw significant inflows, indicating a broader market optimism. If passed, the GENIUS Act will create a regulatory framework for stablecoins, enhancing institutional trust in the crypto sector. This legislative momentum could significantly elevate crypto valuations, with historical patterns linked to ETF approvals indicating significant gains.

The GENIUS Act, along with other crypto bills like the CLARITY Act and the Anti-CBDC Surveillance State Act, represents a significant step towards legitimizing digital assets in the United States. The potential passage of these bills could pave the way for greater adoption and integration of digital assets into the mainstream financial system. As the House of Representatives continues to debate these legislative proposals, market participants will closely monitor developments and assess their impact on the digital asset landscape.