Bitcoin Smashes $116K Record Ahead of Pivotal ‘Crypto Week’ in Congress
Bitcoin Smashes $116K Record Ahead of Pivotal ‘Crypto Week’ in Congress
Bitcoin has surged to a new all-time high, breaking past $116,000 and briefly touching $116,626, marking a significant milestone for the cryptocurrency. This rally comes just days before the highly anticipated ‘Crypto Week’ in the U.S. House of Representatives, an event that is fueling considerable regulatory optimism among investors.
Scheduled to begin on July 14, ‘Crypto Week’ will see the GOP-led House Committee on Financial Services consider crypto-friendly legislation aimed at positioning the U.S. as the global ‘crypto capital.’ Among the key bills expected to be debated is the GENIUS Act, which seeks to establish the first federal regulations for stablecoin issuers. This bill, already approved by the Senate in May, proposes requiring stablecoin companies to hold asset reserves and prioritize coin holders in the event of bankruptcy, a move designed to enhance investor trust in the $238 billion stablecoin market.
The broader cryptocurrency market has echoed Bitcoin’s impressive performance, with Ethereum, XRP, Solana, and Dogecoin also recording substantial gains. This collective surge has added approximately $160 billion to the global crypto market’s aggregate value in the past 24 hours, pushing it to $3.69 trillion. The renewed bullish sentiment is underpinned by sustained investor confidence in pro-crypto policies, aligning with calls for the U.S. to take a leading role in digital asset innovation.
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