Bitcoin wavered while altcoins jumped Friday after the crypto industry notched a major regulatory win in the U.S., and a report that 401(k) plans could soon include crypto investments as well.
The price of the world’s largest crypto Bitcoin $BTC was wavering early Friday but was on a downward trend over the last few hours. It traded up 0.2% over the past 24 hours to $118,600, according to CoinDesk data but is down from a 24-hour high of nearly $121,000.
Bitcoin hit a record high of $122,658 earlier this week amid optimism around Congress considering several crypto bills. Ultimately, analysts say that the proposed laws could transform the crypto sector and make it more investible, especially for institutions.
Meanwhile, altcoins were jumping. XRP gained around 5% to $3.40, briefly surging to a new all-time high of $3.64, according to CoinDesk data. Eth rose 4% and SOL climbed 1.3%..
The House of Representatives late Thursday passed the GENIUS Act, a bill that would regulate stablecoins, meaning it could soon be signed into law by President Donald Trump. The House also voted in favor of the Digital Markets Clarity Act.
The Clarity Act is in many ways the more important bill to the larger crypto industry as it would address the confusion over whether cryptos are commodities or securities, and what regulator would oversee them. It’s also a more complex effort and still needs to pass the Senate.
Separately, Trump is preparing to sign an executive order as soon as this week to open up 401(k) plans to alternative investments, including cryptos, the Financial Times reported late Thursday, citing people familiar with the matter.
The stock market has largely tuned out the past week’s tariff drama, with the Trump administration threatening a new spate of levies and announcing other agreements. But TS Lombard Chief Economist Freya Beamish is cautioning investors against complacency because multiple “low-grade shocks” can take their toll like that of a frog in boiling water.