Bitcoin Surpasses $120,000 as US House Passes Major Crypto Bills

Bitcoin surged above $120,000 in Asian trading on Friday morning, marking its fourth consecutive weekly gain. The main driver came from the US House of Representatives passing three major bills that would provide a clearer legal framework for the digital asset sector in the US.

As of 01:55 ET (05:55 GMT), Bitcoin was up 1.7% at $120,552.8, maintaining its strong gains from the start of the week. Earlier, the world's largest digital currency hit a new record high above $123,000, but later corrected slightly due to profit-taking pressure and cautious sentiment surrounding the possibility of the bills being fully passed.

Three Crypto Bills Pass House
On Thursday, the US House of Representatives passed three major bills aimed at improving the regulatory framework for the cryptocurrency industry. The most notable of these was the GENIUS Act, which received 308-122 votes in favor, reflecting bipartisan consensus.

The bill was passed by the Senate in mid-June and will now go to President Trump for final approval. The main content of GENIUS is to require stablecoin issuers to hold assets equivalent to US dollars and conduct regular audits, while also being subject to oversight at both the federal and state levels.

Two additional bills include:

The CLARITY Act, which clarifies the regulatory authority for tokens between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

The Anti-CBDC State Surveillance Act prevents the Federal Reserve from issuing a national digital currency without explicit approval from Congress.

This is part of a large-scale effort in the US, dubbed “crypto week”, to build a stable legal foundation and promote financial innovation.

Altcoin market is bustling, many coins increase by more than 10%
Not only Bitcoin, the entire cryptocurrency market reacted positively. Ethereum (ETH), the second largest coin, increased by 8.2% to $ 3,674.83, reaching a high in more than 6 months.

A host of altcoins also rallied:

XRP surged 15.4% to $3.63

Cardano (ADA) rose 14%

Solana (SOL) rose 7%

Polygon (MATIC) rose 10%

Meme tokens followed suit:

Dogecoin (DOGE) surged 15.1%

$TRUMP token added 8%

This was a clear market reaction to expectations that the US is finally moving closer to a clearer and more crypto-friendly regulatory environment.

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