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Bitcoin Price Today: Modest Rise to $118K, but Altcoins Surge After New Bills Approved
Bitcoin climbed above $120,000 during Asian trading on Friday but gave up most of those gains in subsequent hours.
Still, the world’s largest cryptocurrency is on track for a fourth consecutive weekly gain, while altcoins jumped sharply after the US House of Representatives passed three bills aimed at creating a better regulatory framework for crypto.
As of 4:57 p.m. Moscow time, Bitcoin was trading 0.3% higher at $118,760.
Earlier this week, Bitcoin hit record highs above $123,000, but profit-taking and concerns about the final approval of crypto legislation capped gains.
Three Crypto Bills Pass US House Vote
On Thursday, the US House passed three key bills aimed at establishing a clear legal framework for digital assets.
The centerpiece — the GENIUS Act — passed the House in a bipartisan 308-122 vote after clearing the Senate in mid-June. It now heads to President Trump’s desk for final approval.
The GENIUS Act requires stablecoin issuers to hold high-quality reserves equivalent to the dollar, undergo regular audits, and comply with both federal and state oversight.
The House also passed two additional bills. The CLARITY Act aims to determine whether digital tokens fall under the jurisdiction of the SEC or CFTC.
The second, the Anti-CBDC Surveillance Act, prohibits the Federal Reserve from issuing a central bank digital currency without explicit congressional approval.
These moves mark a united effort during “crypto week” to reform US crypto regulations. Market participants and policymakers hailed it as a crucial step toward a stable regulatory framework.
However, the package still faces hurdles. The two non-stablecoin bills head to the Senate, with final approval awaited before markets fully embrace a stable regulatory environment.
Crypto Prices Today: Altcoins Rally, XRP and Dogecoin Show Double-Digit Gains
Most altcoins jumped sharply on Friday amid broader optimism.
Ethereum surged more than 7% to $3,647.82 — its highest in over six months.
XRP rose around 10% to $3.50.
Solana climbed 4%, Cardano jumped over 8%, and Polygon gained 6.1%.
Among meme coins, Dogecoin soared 18%, while $TRUMP added 5.4%.
Ethereum-Linked Stocks Rally After Token Spike
Crypto-related stocks rallied after market open on Friday, led by Ethereum-linked companies.
Bitmine Immersion jumped more than 10% amid reports of $1 billion holdings in Ether. Bit Digital rose 8%, and BTCS surged 28%.
Ether demand is also supported by widespread stablecoin use on the Ethereum blockchain.
See also: "Trump to Allow $9 Trillion in Pension Savings to Be Invested in Cryptocurrency"
