Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Investing.com -- Shares of crypto-linked companies rose on Monday as ether prices advanced following President Donald Trump’s signing of a bill regulating stablecoins in the United States.
Coinbase (NASDAQ:COIN) shares rose 1.7% while MicroStrategy added 1.5% in premarket trade Monday.
Trump signed the GENIUS Act late on Friday, a significant victory for cryptocurrency supporters who have long advocated for regulatory framework to bring greater legitimacy to the industry.
The legislation passed in the House of Representatives by a vote of 308 to 122, receiving support from nearly half of Democratic members and most Republicans after earlier approval in the Senate.
Bitcoin, the world’s largest cryptocurrency, climbed about 1% on Monday, though it remains more than 3% below its all-time high of $123,153 reached last week.
The new law prohibits yields or interest payments on regulated stablecoins. According to Deutsche Bank (ETR:DBKGn), this restriction is driving Ethereum prices higher as investors potentially shift toward the world’s second-largest cryptocurrency as an alternative for generating yields in decentralized finance.
At 09:52 GMT, Bitcoin was seen trading at $118,706.7, +0.6% on the day. Ethereum price rose 1.6% to 3,770.9.
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