Bitcoin (BTC) stabilized early Wednesday, trading at $117,838 as of 06:18 GMT, after pulling back from record highs earlier in the week. The cryptocurrency had surged past $123,000 on Monday, driven by institutional buying and optimism surrounding key U.S. digital asset legislation.
Investors initially welcomed the launch of “Crypto Week” in Congress, which features debate on three crucial bills:
The GENIUS Act (stablecoin regulation),
The CLARITY Act (token classification), and
The Anti-CBDC Surveillance State Act (banning a Fed-backed digital currency).
But a failed procedural vote in the House of Representatives on Tuesday briefly rattled markets, prompting a 3% dip in Bitcoin and declines in crypto-related equities.
Late Tuesday night, however, President Donald Trump announced that he had secured verbal support from 11 of 12 GOP lawmakers required to pass the rule enabling the GENIUS Act to proceed.
“They have all agreed to vote tomorrow morning in favor of the Rule,” Trump posted on Truth Social.
Despite the short-term political noise, inflows into spot Bitcoin ETFs remain strong, and the broader market continues to see rising adoption by asset managers, hedge funds, and corporates.
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Bottom Line:
Regulatory uncertainty continues to inject volatility, but sentiment remains bullish as key crypto bills edge closer to a House vote. Traders are closely watching Wednesday’s developments for confirmation.
