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Bitcoin price today: stability around $118K ahead of U.S. crypto bill vote
Bitcoin remained stable on Wednesday after pulling back from record highs as investors watched the progress of key U.S. cryptocurrency bills following an initial setback in the House of Representatives.
The world’s largest cryptocurrency was up 0.4% at $117,838.4 as of 09:18 Moscow time.
On Monday, it surged to record peaks above $123,000, driven by growing institutional adoption and optimism around expected U.S. legislation that could bring long-awaited regulatory clarity for digital assets.
However, the token fell below $116,000 in the previous session amid profit-taking and concerns over U.S. trade tariffs.
Trump says GENIUS bill ready for House vote
The rally was partly driven by the so-called “Crypto Week” agenda in Congress, which includes three key bills on stablecoins, digital asset regulation, and a ban on Federal Reserve-issued digital currency.
On Tuesday, House lawmakers voted 196-222 against a procedural rule required to advance debate on the legislation. The setback briefly dampened market sentiment, causing Bitcoin to drop nearly 3% and crypto-related stocks to decline.
Late Tuesday, President Donald Trump said he met with 11 of the 12 Republican lawmakers needed to support the GENIUS Act.
“I am in the Oval Office with 11 of the 12 congressmen/women needed to pass the GENIUS Act, and after a short discussion, they all agreed to vote tomorrow (Wednesday) morning in favor of the rule,” Trump wrote on Truth Social.
Fed outlook in focus after slightly higher U.S. CPI
Tuesday’s data showed the U.S. consumer price index (CPI) rose 0.3% in June after a 0.1% increase in May, reflecting early effects of Trump’s trade tariffs.
Fed Chair Jerome Powell said he expects tariffs to contribute to higher inflation this summer, likely keeping the central bank on pause through the end of the year.
Meanwhile, Trump continued to float new tariff threats ahead of his August 1 deadline, further fueling caution among investors.
Cryptocurrency prices today: altcoins rise, Ethereum leads gains
Most altcoins rose on Wednesday amid broader optimism around “Crypto Week.”
Ethereum jumped 5.2% to $3,139.89, hitting its highest level in over five months.
XRP added 2.3% to $2.92.
Solana gained 1.5%, Cardano rose 2.6%, and Polygon added 3.5%.
Among meme tokens, Dogecoin climbed 3%, and $TRUMP added 3.1%.
