Bitcoin Sets New All-Time High
The post Bitcoin Sets New All-Time High appeared on BitcoinEthereumNews.com. Topline Bitcoin reached an all-time high Wednesday, surpassing a record set shortly after President Donald Trump’s inauguration, after the Senate advanced further regulations on some cryptocurrencies earlier this week, sparking a broader crypto market surge and regulatory optimism. The Senate advanced regulations for stablecoins earlier this week, following support from the … More broader crypto industry. Getty Images Key Facts The price of bitcoin rose by more than 4% to around $109,700 Wednesday afternoon, surpassing a previous all-time high of $109,228 on Jan. 20. Other cryptocurrencies have surged over the last 24 hours, including ethereum (up 3.2%), XRP (2.4%), Solana (3.3%) and the meme token dogecoin (2.7%). Bitcoin, which opened May at just under $96,500, and other cryptocurrencies have rallied in recent weeks in the lead-up to the Senate advancing the GENIUS Act on Monday, despite every Democrat voting to block the bill two weeks earlier. The GENIUS Act, approved in a 66-32 vote with 16 Democrats and two Republicans voting against it, would introduce the first regulatory framework for stablecoins, or cryptocurrencies tied to currencies like the U.S. dollar, including new consumer protection safeguards and limits on companies issuing stablecoins. Big Number About $111 billion. That’s how much has been added to the global crypto market’s aggregate market value in the last 24 hours, rising from $3.43 trillion to $3.54 trillion, according to CoinGecko. What Is The Genius Act? The GENIUS Act, introduced by Sen. Bill Hagerty, R-Tenn., in February, sets new limits for stablecoin issuers. Some of the new regulations require companies issuing stablecoins to hold a reserve of assets to back the cryptocurrency, a provision that some legislators reportedly argued would protect consumers and prevent the stablecoin from crashing amid a broader selloff. The bill also requires stablecoin issuers to prioritize coin holders for repayment or reimbursement…
The post Bitcoin Sets New All-Time High appeared on BitcoinEthereumNews.com.
Topline Bitcoin reached an all-time high Wednesday, surpassing a record set shortly after President Donald Trump’s inauguration, after the Senate advanced further regulations on some cryptocurrencies earlier this week, sparking a broader crypto market surge and regulatory optimism. The Senate advanced regulations for stablecoins earlier this week, following support from the … More broader crypto industry. Getty Images Key Facts The price of bitcoin rose by more than 4% to around $109,700 Wednesday afternoon, surpassing a previous all-time high of $109,228 on Jan. 20. Other cryptocurrencies have surged over the last 24 hours, including ethereum (up 3.2%), XRP (2.4%), Solana (3.3%) and the meme token dogecoin (2.7%). Bitcoin, which opened May at just under $96,500, and other cryptocurrencies have rallied in recent weeks in the lead-up to the Senate advancing the GENIUS Act on Monday, despite every Democrat voting to block the bill two weeks earlier. The GENIUS Act, approved in a 66-32 vote with 16 Democrats and two Republicans voting against it, would introduce the first regulatory framework for stablecoins, or cryptocurrencies tied to currencies like the U.S. dollar, including new consumer protection safeguards and limits on companies issuing stablecoins. Big Number About $111 billion. That’s how much has been added to the global crypto market’s aggregate market value in the last 24 hours, rising from $3.43 trillion to $3.54 trillion, according to CoinGecko. What Is The Genius Act? The GENIUS Act, introduced by Sen. Bill Hagerty, R-Tenn., in February, sets new limits for stablecoin issuers. Some of the new regulations require companies issuing stablecoins to hold a reserve of assets to back the cryptocurrency, a provision that some legislators reportedly argued would protect consumers and prevent the stablecoin from crashing amid a broader selloff. The bill also requires stablecoin issuers to prioritize coin holders for repayment or reimbursement…
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