Bitcoin News Today: Crypto Markets Surge 10% as GENIUS Act Passes House

Cryptocurrency markets are experiencing a surge in optimism, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has climbed to $119,500, while ETH continues its upward trajectory. This rally is fueled by recent legislative developments in the United States, which have sparked enthusiasm among investors.

Yesterday, Donald Trump engaged with various Republicans, questioning their stance against cryptocurrency legislation during procedural votes. A crucial procedural vote passed in the House of Representatives, increasing the likelihood that the legislation will reach Trump’s desk before August. This vote centered around the GENIUS Act, an anti-CBDC (Central Bank Digital Currency) and stablecoin regulation, which is expected to have significant long-term impacts on the crypto market.

The GENIUS Act is a pivotal development for the crypto industry, as it legitimizes stablecoins and facilitates capital inflow into cryptocurrencies. This legislative move also opens the door for banks to engage more comfortably with cryptocurrencies. As a result, both BTC and ETH are experiencing substantial value increases. Given that a significant portion of stablecoins are based on the Ethereum network, and DeFi (Decentralized Finance) is poised to benefit greatly from the latest legislation, it is unsurprising that investor risk appetite is on the rise.

Bitcoin's rally was further bolstered by institutional buying, legislative clarity, and inflows into exchange-traded funds (ETFs). This surge in value reflects a broader trend of increasing interest and investment in the cryptocurrency market, as stablecoins and other digital assets also benefited from the general crypto rush. The legislative developments in the U.S. have provided a sense of clarity and stability, encouraging more investors to enter the market and driving the prices of BTC and ETH to new heights. The enthusiasm surrounding these cryptocurrencies is expected to continue as more regulatory frameworks are established, further solidifying their position in the financial landscape.

As the positive developments unfold, it is certain that a new exciting phase begins for the crypto markets once again. The GENIUS Act's passage marks a significant milestone for the industry, paving the way for greater integration of cryptocurrencies into the traditional financial system. With increased regulatory clarity and institutional support, the future of BTC and ETH looks promising, and the crypto market is poised for continued growth and innovation.