Bitcoin Grows to 5th Global Asset ahead of Crypto Week
The post Bitcoin Grows to 5th Global Asset ahead of Crypto Week appeared on BitcoinEthereumNews.com. Optimistic regulatory expectations became the focal point for cryptocurrency investors this week, following an event dubbed by the US government as “Crypto Week,” during which lawmakers sought to pass three key regulatory bills for the Web3 industry. Fueled by the optimistic outlook, Bitcoin (BTC) flipped Amazon’s $2.3 trillion market capitalization and soared to become the world’s fifth-largest asset by total value. Regulators passed the three key bills amid Republican concerns with central bank digital currencies (CBDCs). In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies, 308-122 in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and 219-210 for the Anti-CBDC Surveillance State Act. Industry watchers view the GENIUS Act as the key to legitimizing stablecoins for global adoption among banks and financial institutions. Thursday vote on the CLARITY Act. Source: US House of Representatives Bitcoin flips Amazon’s $2.3T market cap to become 5th global asset Bitcoin has become the world’s fifth-largest asset, overtaking Amazon by market capitalization. Bitcoin (BTC) price rose to a new all-time high of $122,600 on Monday and has soared nearly 13% over the past week, as Cointelegraph reported. These gains allowed Bitcoin to surpass a $2.4 trillion market capitalization, overtaking Amazon’s $2.3 trillion, Silver’s $2.2 trillion and Alphabet’s (Google) $2.19 trillion, Cointelegraph data shows. This meant Bitcoin’s market cap was only $730 million shy of tech giant Apple at the time of writing. Largest global assets by market capitalization. Source: Companiesmarketcap The development signals Bitcoin’s growing presence in the global financial system, according to Enmanuel Cardozo, market analyst at real-world asset tokenization platform Brickken. He told Cointelegraph: “With institutional giants like BlackRock and MicroStrategy’s treasury continually increasing, the legitimacy of Bitcoin as an…
The post Bitcoin Grows to 5th Global Asset ahead of Crypto Week appeared on BitcoinEthereumNews.com.
Optimistic regulatory expectations became the focal point for cryptocurrency investors this week, following an event dubbed by the US government as “Crypto Week,” during which lawmakers sought to pass three key regulatory bills for the Web3 industry. Fueled by the optimistic outlook, Bitcoin (BTC) flipped Amazon’s $2.3 trillion market capitalization and soared to become the world’s fifth-largest asset by total value. Regulators passed the three key bills amid Republican concerns with central bank digital currencies (CBDCs). In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies, 308-122 in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and 219-210 for the Anti-CBDC Surveillance State Act. Industry watchers view the GENIUS Act as the key to legitimizing stablecoins for global adoption among banks and financial institutions. Thursday vote on the CLARITY Act. Source: US House of Representatives Bitcoin flips Amazon’s $2.3T market cap to become 5th global asset Bitcoin has become the world’s fifth-largest asset, overtaking Amazon by market capitalization. Bitcoin (BTC) price rose to a new all-time high of $122,600 on Monday and has soared nearly 13% over the past week, as Cointelegraph reported. These gains allowed Bitcoin to surpass a $2.4 trillion market capitalization, overtaking Amazon’s $2.3 trillion, Silver’s $2.2 trillion and Alphabet’s (Google) $2.19 trillion, Cointelegraph data shows. This meant Bitcoin’s market cap was only $730 million shy of tech giant Apple at the time of writing. Largest global assets by market capitalization. Source: Companiesmarketcap The development signals Bitcoin’s growing presence in the global financial system, according to Enmanuel Cardozo, market analyst at real-world asset tokenization platform Brickken. He told Cointelegraph: “With institutional giants like BlackRock and MicroStrategy’s treasury continually increasing, the legitimacy of Bitcoin as an…
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