The cryptocurrency market presented a mixed performance early Friday, with Bitcoin (BTC) maintaining a strong position above $94,000, despite growing political uncertainty in Washington over crypto regulation.
Top Cryptocurrency Prices (as of 03:16 UTC):
Bitcoin (BTC): $94,534.63 (+0.28%)Ethereum (ETH): $1,806.30 (+0.39%)
Binance Coin (BNB): $599.69 (+1.69%)
Solana (SOL): $144.79 (-0.38%)Ripple (XRP): $2.1237 (-1.65%)
Cardano (ADA): $0.6620 (-2.00%)
Dogecoin (DOGE): $0.1693 (-0.97%)
USDT/USDC: Slightly above peg, at $1.0008 and $1.0009 respectively
HYPE: $20.19 (-1.21%)
SUI: $3.3473 (+1.47%)
Market Drivers:
The gains in BTC and ETH came despite mounting political headwinds. Senate Democrats have voiced growing concerns over President Donald Trump’s involvement with the crypto industry, which could stall progress on the long-anticipated GENIUS Act—legislation aimed at regulating stablecoins.
According to insiders, Trump's recent crypto activities, including the promotion of his family's memecoin and stablecoin partnerships with Middle Eastern investors, are now prompting Democratic senators to press pause on bipartisan cooperation. This, in turn, threatens to delay even broader market structure legislation critical for long-term crypto industry stability.
Senator Ruben Gallego, backed by several colleagues, stated they would block the stablecoin bill without stronger protections on anti-money laundering and national security. Meanwhile, Senate Banking Committee Democrat Elizabeth Warren called the Trump-related developments “corrupt” in a social media post.
Industry lobbyists are calling on Congress to proceed with regulatory frameworks that would ensure U.S. dominance in digital finance while safeguarding investor trust.
Investor Sentiment:
Despite the political uncertainty, institutional interest remains high, and market leaders like BTC and BNB continue to climb. Analysts note that the market's resilience may reflect optimism that regulation, once passed, could help legitimize the industry.