Bitcoin Surges 0.8% to $106,180.90 as Senate Advances GENIUS Act

Bitcoin experienced a notable surge on Tuesday, reaching $106,180.90 as of 02:04 ET (06:04 GMT), marking a 0.8% increase. This rise came as the U.S. Senate advanced the GENIUS Act, a significant piece of legislation aimed at establishing a federal framework for stablecoin regulation. The Senate voted 66-32 to move forward with the bill, which had previously faced opposition but gained traction after addressing key concerns. The progress of this bill is seen as a positive step for the cryptocurrency industry, which has been advocating for clearer regulatory guidelines. The bill is expected to face a Senate floor vote later this week, after which it will be sent to the President's office for approval.

Bitcoin's recent performance has been bolstered by expectations of favorable regulatory developments and increased adoption. The cryptocurrency had previously surged over $107,000 on Sunday, with gains of around $2,500 in under an hour during late Sunday trading. This surge was likely driven by thin weekend liquidity and algorithmic buying at key technical levels. Analysts predict that if current trends continue, Bitcoin could reach new highs by the end of the year. The token had already surged more than 11% this month, fueled by optimism over easing trade tensions between the world’s two largest economies.

In addition to the regulatory developments, investors are closely monitoring the U.S. House of Representatives, where a vote is expected on President Trump’s tax cut proposal. Critics have expressed concerns that the bill may exacerbate the U.S. fiscal deficit and reduce federal revenue, especially given the already high levels of debt. This comes after a global ratings agency downgraded its investment grade rating on the U.S. due to the country’s growing debt.

Meanwhile, most altcoins also advanced on Tuesday, tracking Bitcoin’s rise. Ethereum, the world's second-largest cryptocurrency, jumped nearly 8% to $2,562.73. XRP, the third-largest cryptocurrency, rose 2.1% to $2.3795. Solana climbed 4%, while Cardano added 4.5%, and Polygon advanced 3%. Among meme tokens, Dogecoin jumped 5%, while $TRUMP gained 3.4%.