After hitting an all-time high in May, Bitcoin has broken another record. On Monday, July 14, the price of one Bitcoin rose above $120,000.
That’s a gain of more than 2.5% in 24 hours, according to Forbes. At one point, it reached $123,153 before leveling off around $121,000.
Forbes reported that Bitcoin is up 29% since January, despite dipping to a low of $75,000 in April following President Donald Trump’s announcement of global tariffs.
It’s not just Bitcoin
Bitcoin isn’t the only cryptocurrency seeing increased prices recently.
According to Forbes, Ether, Ethereum’s native crypto, has gone up more than 18% over the past week to $3,042 per token. Binance’s BNB went up 5.7% over the last week to $698.
‘Crypto Week’ kicks off
The crypto rise comes as the House of Representatives kicks off “Crypto Week,” a series of hearings on bills aimed at establishing clear regulations for the cryptocurrency industry.
There are three bills on the House’s agenda: the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the Digital Asset Market Clarity (CLARITY) Act, and the Anti-Central Bank Digital Currency (CBDC) Surveillance State Act.
The GENIUS Act has already been passed in the Senate. If approved by the House, it’ll go to Trump to sign into law. It would set rules for stablecoin issuers.
Stablecoins are a form of cryptocurrency designed to be less volatile than other cryptocurrencies by being pegged to traditional currencies or commodities, such as the U.S. dollar or gold. Under the GENIUS Act, stablecoin issuers would be required to keep a reserve of assets to back the crypto.
According to the bill’s authors, the CLARITY Act would clearly define the responsibilities of the Commodity Futures Trading Commission and the Securities and Exchange Commission regarding cryptocurrency issuers and the sale of digital assets. The Senate is currently working on its own version of the CLARITY Act.
Lastly, the Anti-CBDC Surveillance State Act would prevent the Federal Reserve from launching a digital version of the U.S. dollar. Critics say a central bank digital currency could open the door to financial surveillance.
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Author: Drew Pittock
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