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Investing.com-- Bitcoin rose above $120,000 in Asian trade on Friday but lost the bulk of those gains in the following hours.
Still, the world’s largest cryptocurrency is heading for its fourth consecutive weekly gain and altcoins jumped sharply as the U.S. House of Representatives cleared three bills aimed at creating a better regulatory framework for cryptocurrencies.
Bitcoin last traded 0.3% higher at $118,760 as of 09:57 ET (13:57 GMT).
The token had surged to record highs above $123,000 at the start of the week. However, profit taking at record levels and concerns around the final passage of crypto bills tempered gains.
Three crypto bills clear US House vote
The U.S. House of Representatives on Thursday approved three landmark bills aimed at establishing a clear legal framework for digital assets.
The centerpiece, the GENIUS Act, sailed through the House with a bipartisan 308‑122 vote, following its Senate approval in mid‑June. The measure now heads to President Trump’s desk for final approval.
The GENIUS Act requires stablecoin issuers to hold high‑quality, dollar‑equivalent reserves and undergo regular audits, while establishing both federal and state supervision
Two additional bills also passed the House. The CLARITY Act aims to define whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
The second, the Anti-CBDC Surveillance State Act, prohibits the Federal Reserve from issuing a central bank digital currency without explicit approval from Congress.
The developments signaled a unified push during “crypto week” to reshape U.S. crypto regulation. Market advocates and policymakers hailed the move as a critical advancement toward stable regulatory footing.
However, the package still faces hurdles. The two non‑stablecoin bills head to the Senate for approval, and the market is awaiting final passage before fully embracing a stable regulatory environment.
Crypto price today: altcoins jump; XRP, Dogecoin see double-digit gains
Most altcoins saw very sharp gains on Friday amid broader optimism about “crypto week”.
World no.2 crypto Ethereum jumped over 7% to $3,647.82, its highest level in more than six months.
World no. 3 crypto XRP surged around 10% to $3.50.
Solana climbed 4%, while Cardano jumped more than 8%, and Polygon added 6.1%.
Among meme tokens, Dogecoin surged 18%, while $TRUMP also gained 5.4%.
Ethereum-linked stocks jump after token’s surge
Cryptocurrency-related stocks advanced following the Friday market open, led by companies tied to ether after the token reached a six-month high.
Bitmine Immersion (NASDAQ:IMMR) Technologies Inc (NYSE:BMNR) jumped over 10% amid reports it holds about $1 billion in Ether. Bit Digital Inc (NASDAQ:BTBT) and BTCS Inc (NASDAQ:BTCS), both with ether exposure, rose 8% and 28%, respectively.
Several firms have recently added Ether to their balance sheets, mirroring the strategy of Bitcoin-heavy corporate holder Strategy, which built its position at significantly lower prices.
Ether demand is also supported by the widespread use of stablecoins, most of which run on the Ethereum blockchain and require ether for transaction fees.
(Additional reporting by Vahid Karaahmetovic.)