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Investing.com-- Bitcoin edged higher on Wednesday after retreating from record highs, as investors tracked progress on key U.S. cryptocurrency bills following an initial setback in the House of Representatives.
The world’s largest cryptocurrency last traded up 2.3% at $118,690 as of 10:16 ET (14:16 GMT).
It surged to record peaks above $123,000 on Monday, supported by growing institutional adoption and optimism over pending U.S. legislation that could offer long-awaited regulatory clarity for digital assets.
However, the token slipped below $116,000 in the previous session amid profit-taking and concerns around U.S. trade tariffs.
Trump says GENUIS Act set for House vote
The rally was driven in part by the so-called "Crypto Week" agenda in Congress, which includes three major bills focused on stablecoins, digital asset regulation, and banning a Federal Reserve-issued digital currency.
On Tuesday, House lawmakers voted 196-222 against a procedural rule needed to advance debate on the legislation. The setback briefly dampened market sentiment, leading to a nearly 3% pullback in Bitcoin and declines in crypto-related stocks.
Late on Tuesday, President Donald Trump said he had met with 11 of the 12 Republican lawmakers needed to support the GENIUS Act, which establishes federal oversight for stablecoins.
"I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow (Wednesday) morning in favor of the Rule," Trump said in a Truth Social post.
Fed outlook in focus after slightly strong US CPI
Data on Tuesday showed that the U.S. Consumer Price Index increased 0.3% in June after edging up 0.1% in May, reflecting early impacts of Trump’s trade tariffs.
Fed Chair Jerome Powell has said he expects tariffs to push inflation higher this summer, likely keeping the central bank on pause until later in the year.
Meanwhile, Trump continued with new tariff threats ahead of his Aug. 1 deadline, further creating a cautious mood among investors.
Ark trims Coinbase (NASDAQ:COIN), Bitcoin ETF holdings after rally; Citigroup (NYSE:C) considering stablecoin launch
Cathie Wood’s Ark Invest sold 34,207 Coinbase shares, valued at roughly $13.3 million, from its ARK Next (LON:NXT) Generation Internet ETF (ARKW) on Tuesday, alongside a separate $8.7 million sale of its own spot bitcoin ETF. The move followed record highs in both assets.
Ark limits any single position to no more than 10% of a fund’s portfolio to preserve diversification. As of July 15, Coinbase remained the second-largest holding in ARKW at 7.9% ($172.8 million), just behind Robinhood (NASDAQ:HOOD), which held an 8% weighting worth $175.5 million.
Meanwhile, Citigroup is considering launching its own stablecoin as part of a broader push into digital payments, Reuters reported, citing CEO Jane Fraser.
On the bank’s earnings call Tuesday, Fraser said Citi is exploring a “Citi stablecoin,” though she added the firm sees greater potential in tokenized deposits. She also noted the bank could become involved in managing stablecoin reserves or offering crypto custody services.
The move comes days after JPMorgan Chase (NYSE:JPM) hinted at deepening its involvement in digital assets. CEO Jamie Dimon, a longtime critic of crypto, said earlier this week the bank “is going to be involved in deposit coins and stablecoins.”
Crypto price today: altcoins rise; Ethereum, $TRUMP lead gains
Most altcoins rose on Wednesday amid broader optimism about “crypto week”.
World no.2 crypto Ethereum jumped 5.1% to $3,202.37, its highest level in more than five months.
World no. 3 crypto XRP rose 2% to $2.97.
Solana gained 3.8%, while Cardano and Polygon each added 1.8%.
Among meme tokens, Dogecoin rose 3%, while $TRUMP jumped 7.3%.
(Additional reporting by Vahid Karaahmetovic.)