Bitcoin price today: rises near $119,000 amid legislative support 🚀🚀; alternative currencies continue to ascend
Bitcoin rose slightly to $119,000 in Asian trading on Monday, but investor sentiment remained cautious despite optimism following a series of U.S. legislative measures aimed at regulating the cryptocurrency sector.
The world's largest cryptocurrency climbed 0.6% to $119,001.6 as of 09:25 Saudi time.
The currency had jumped to record levels above $123,000 last week, but has since retreated below $120,000 and is now trading in a consolidation phase near this level.
Cryptocurrency legislation is advancing in the United States, but investors are still cautious. Last week, President Donald Trump signed the U.S. GENIUS Act, which establishes a federal regulatory framework for stablecoins.
The law requires stablecoin issuers to hold reserves in liquid assets, including dollars or treasury bonds, and provide monthly disclosures.
This move is considered a significant step toward legitimizing stablecoins, a sector currently valued at over $260 billion, and integrating it more fully into the financial system.
In addition to the GENIUS Act, the House of Representatives passed two other major bills.
