Bitcoin News Today: U.S. House Passes GENIUS Act Bitcoin Surges 12.3% to 123,000 USDT

On July 18, the U.S. House of Representatives made significant strides in crypto legislation by advancing three key bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. This legislative progress marks a pivotal moment in the regulatory framework for digital assets in the United States. The GENIUS Act, in particular, is expected to receive presidential approval soon, solidifying the nation's approach to cryptocurrency regulation. Meanwhile, the CLARITY and Anti-CBDC bills are awaiting Senate review, indicating ongoing efforts to refine crypto policy.

Market analysts at Bitunix noted that these developments have boosted investor confidence, potentially driving broader institutional adoption. Following the announcement, Bitcoin's price surged, reaching approximately 120,326 USDT, surpassing previous resistance levels. Technical data suggests a significant liquidation zone near $121,800, indicating a short-term upside target, while robust support is identified around $116,300, serving as a critical defense level to maintain bullish momentum.

Bitcoin experienced a notable surge, briefly exceeding $120,000, as the U.S. House of Representatives passed the landmark GENIUS Act. This legislation is set to become the first major U.S. law specifically addressing the crypto market, aiming to provide clarity and stability for digital currencies. The passage of the GENIUS Act has bolstered market confidence, with Bitcoin's price rallying in response to the anticipated regulatory framework.

The GENIUS Act, which focuses on stablecoins, is part of a broader legislative effort to oversee the crypto markets. This act, along with the Clarity Act, represents a significant step towards integrating digital currencies into the mainstream financial system. The Clarity Act, which also passed the House, is designed to provide regulatory clarity for crypto markets, potentially leading to new ways to use these currencies and fostering corporate adoption.

The legislative developments have had a profound impact on the crypto market, with Bitcoin's price surge being a clear indicator of investor optimism. The passage of these bills is expected to pave the way for greater institutional involvement in the crypto space, as well as increased consumer trust in digital assets. The GENIUS Act, in particular, addresses the regulatory concerns surrounding stablecoins, which are often used as a bridge between traditional finance and the crypto market.

The market's response to the legislative developments has been overwhelmingly positive. Bitcoin's price briefly reached $123,000, reflecting the market's enthusiasm for the regulatory clarity provided by the GENIUS Act. This surge in price is a testament to the growing acceptance of digital currencies as a legitimate asset class. The passage of the GENIUS Act is expected to have a lasting impact on the crypto market, as it provides a framework for the regulation of stablecoins and other digital assets.

The legislative developments in the U.S. are likely to have a ripple effect on the global crypto market. As the largest economy in the world, the U.S. plays a crucial role in shaping global financial regulations. The passage of the GENIUS Act and the Clarity Act is expected to set a precedent for other countries, encouraging them to adopt similar regulatory frameworks for digital currencies. This could lead to a more stable and predictable environment for crypto investors, fostering greater adoption and innovation in the space.

In summary, the passage of the GENIUS Act by the U.S. House of Representatives has had a significant impact on the crypto market, with Bitcoin's price surging past $120,000. This legislative development is expected to provide regulatory clarity and stability for digital currencies, fostering greater institutional involvement and consumer trust in the crypto space. The GENIUS Act, along with the Clarity Act, represents a significant step towards integrating digital currencies into the mainstream financial system, with potential implications for the global crypto market.