Bitcoin surpasses US$120,000 ahead of US debate on key legislation
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The news: Bitcoin has soared above USD120,000 ($182,840) for the first time as investor confidence in the cryptocurrency continues to climb ahead of US congress convening to debate and potentially vote on crypto legislation this week.
The numbers: The price of Bitcoin surged past USD120,000 around 1:45pm AEST and was valued at USD120,795.80 as of 2:30pm AEST.
The context: The US Congress will consider three pieces of cryptocurrency focused legislation in what has been dubbed by the Republican lawmakers as ‘Crypto Week’.
This includes the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoin), which has already passed through the senate and could be put to a vote in the house of representatives this week.
The legislation aims to regulate the issuance and management of stablecoins, a form of cryptocurrency designed to have a stable value typically by being pegged to the price of an existing fiat currency.
The house will also debate the CLARITY Act, which aims to create a framework for regulating crypto issuance and trading, and the Anti-CBDC Surveillance State Act which aims to prevent the Federal Reserve from creating its own central bank digital currency.
The Trump administration came to power on a pro-crypto campaign and Trump has previously called himself the first “crypto president”.
