Bitcoin continued its upward trajectory on Wednesday, edging closer to its all-time high, after the U.S. Senate advanced the GENIUS Act, a significant stablecoin regulation bill, overcoming earlier legislative hurdles.
The world’s largest cryptocurrency rose 1.4% to $107,595.50 as of 01:42 ET (05:42 GMT).
The token appeared to be in a consolidation phase near a four-month high. It was just shy of breaching its record high of $109,288, touched in January.
Bitcoin near record high; trade worries, Fed uncertainty cap upside The rally aligns with a broader surge in digital assets this month, driven by favorable policy shifts under President Donald Trump and a temporary thaw in trade relations between Washington and Beijing.
The stablecoin bill’s progression on Tuesday was seen as a major victory for the crypto industry, signaling a more supportive regulatory environment.
The bill is likely set for a Senate floor vote later this week, clearing which it will be sent to President Donald Trump’s office for approval.
Additionally, the Trump administration’s establishment of a Strategic Bitcoin Reserve in March, aimed at positioning the U.S. as a leader in digital assets, has further fueled market enthusiasm.
However, underlying tensions persist. China has strongly criticized new U.S. restrictions on Chinese AI chips, labeling the actions as "bullying" and vowing retaliation. Such disputes threaten to disrupt the fragile trade truce between the two nations.
Moreover, Federal Reserve officials on Tuesday indicated that rising tariffs could lead to sustained inflation, potentially delaying interest rate cuts. This "higher-for-longer" rate environment may temper risk appetite across financial markets.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Despite these challenges, Bitcoin’s resilience underscores its growing appeal among institutional investors and its perceived role as a hedge against geopolitical and economic uncertainties.
Crypto price today: most altcoins gain slightly; $TRUMP surges Most altcoins also extended gains on Tuesday, in line with Bitcoin’s rise.
World no.2 crypto Ethereum rose 1% to $2,584.85.
World no. 3 crypto XRP was largely unchanged at $2.3826.
Solana gained 1%, and Cardano added 2.3%, while Polygon edged 0.3% lower.
Among meme tokens, Dogecoin jumped 2.8%, while $TRUMP surged 12.1%.
