Bitcoin Holds Steady Near $119K Ahead of US Crypto Bill Vote
On Wednesday at 06:18 GMT, Bitcoin rose by 0.4% to $ 117,838.40. It rose to around $123,000. It went higher to new highs above $123,000 on Monday, buoyed by rising institutional use and excitement about imminent US legislation that might provide long-awaited regulatory certainty for digital assets.
However, the token fell below $116,000 in the previous session on profit-taking and fears over US trade tariffs.
GENIUS Act Poised for Vote
Trump said the GENIUS Act is poised for a vote in the House. The rise was fueled in part by Congress’s “Crypto Week” agenda, which includes three significant pieces of legislation addressing stablecoins, digital asset regulation, and the prohibition of a Federal Reserve-issued digital currency.
Late on Tuesday, President Donald Trump said that he had met with 11 of the 12 Republican congressmen necessary to adopt the GENIUS Act, which regulates stablecoins at the federal level.
“I am in the Oval Office with 11 of the 12 congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow (Wednesday) morning in favor of the rule,” according to a Truth Social post.
Market Reaction to US Economic Data
On Tuesday, data indicated that the U.S. Consumer Price Index jumped 0.3% in June after rising 0.1% in May, highlighting the early effects of Trump’s trade tariffs.
Fed Chair Jerome Powell has stated that he expects tariffs to raise inflation this summer, presumably keeping the central bank on hold until later in the year.
Concerns in the market were heightened when Trump threatened further tariffs before his August 1 deadline.
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