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Bitcoin Price Today: Surpasses $120K After Passage of Key Crypto Bills
Bitcoin climbed above $120,000 during Asian trading on Friday, heading for its fourth consecutive week of gains after the US House of Representatives passed three bills aimed at improving the regulatory framework for cryptocurrencies.
The world’s largest cryptocurrency traded 1.7% higher at $120,552.8 as of 05:55 Moscow time.
Earlier this week, the token hit record highs above $123,000. However, profit-taking at these levels and concerns about the final approval of crypto legislation capped further gains.
Three Crypto Bills Passed by the US House of Representatives
On Thursday, the US House of Representatives approved three significant bills to establish a clearer legal framework for digital assets.
The key bill, the GENIUS Act, passed the House with bipartisan support in a 308-122 vote after Senate approval in mid-June. The bill now heads to President Trump’s desk for final approval.
The GENIUS Act requires stablecoin issuers to hold high-quality dollar reserves and undergo regular audits, establishing both federal and state oversight.
The House also passed two additional bills. The CLARITY Act defines whether digital tokens fall under the jurisdiction of the SEC or the CFTC.
The second, the Anti-CBDC Surveillance State Act, prohibits the Federal Reserve from issuing a central bank digital currency without explicit congressional approval.
These developments signaled a unified effort under the “crypto week” to reform cryptocurrency regulations in the US. Market participants and politicians welcomed the move as a critical step toward a stable regulatory environment.
However, the legislative package still faces hurdles. Two bills unrelated to stablecoins are heading to the Senate for approval, and the market awaits final passage before fully embracing a stable regulatory outlook.
Crypto Prices Today: Altcoins Surge; XRP and Dogecoin Gain Over 15%
Most altcoins posted sharp gains on Friday amid overall optimism surrounding “crypto week.”
Ethereum, the world’s second-largest cryptocurrency, jumped 8.2% to $3,674.83, hitting its highest level in more than six months.
XRP, the third-largest cryptocurrency, soared 15.4% to $3.63.
Solana rose 7%, Cardano jumped 14%, and Polygon gained 10%.
Among meme coins, Dogecoin climbed 15.1%, while $TRUMP added 8%.
See also: "Meme Coin Market Capitalization Rises 29% in July"
