Bitcoin Nears Record High as GENIUS Act Advances, Boosting Crypto Market

Bitcoin continued its bullish momentum on Wednesday, nearing its all-time high following the U.S. Senate's advancement of the GENIUS Act, a landmark stablecoin regulation bill. The cryptocurrency rose 1.4% to $107,595.50 as of 01:42 ET (05:42 GMT), trading near a four-month high and closing in on its January peak of $109,288.

The bill’s progression signals a regulatory shift under President Donald Trump, who has recently taken a more favorable stance toward digital assets. The GENIUS Act is expected to head to a Senate floor vote this week before reaching the president’s desk. Market optimism was further lifted by the Trump administration’s creation of a Strategic Bitcoin Reserve in March, a move aimed at strengthening the U.S. position in the digital economy.

While the crypto sector is enjoying renewed investor confidence, broader market risks remain. Ongoing U.S.-China tensions over AI chip restrictions threaten to reignite trade conflicts. In response, Chinese officials labeled the U.S. actions as “bullying” and vowed retaliation, casting a shadow over the fragile diplomatic thaw.

Adding to market caution, Federal Reserve officials warned that escalating tariffs could drive inflation higher and delay interest rate cuts. This “higher-for-longer” rate outlook may dampen enthusiasm for risk assets.

Despite these headwinds, Bitcoin’s resilience reflects its increasing appeal as a store of value and a hedge against macroeconomic and geopolitical instability.

Altcoins mirrored Bitcoin’s strength. Ethereum gained 1% to $2,584.85, while Solana and Cardano rose 1% and 2.3%, respectively. XRP held steady at $2.3826, and Polygon dipped 0.3%. Meme coins saw sharp moves, with Dogecoin climbing 2.8% and $TRUMP soaring 12.1%, riding a wave of political sentiment.