Bitcoin continued its upward trajectory on Wednesday,
approaching its all-time high, after the U.S. Senate moved forward with the GENIUS Act,
an important stablecoin regulation project, overcoming previous legislative hurdles.
The world's largest cryptocurrency rose 1.4% to $107,595.50 at 05:42 (Brasilia time).
The token appeared to be in a consolidation phase near a four-month high. It was just a little below surpassing its historical record of $109,288, reached in January.
Bitcoin near all-time high; trade concerns and Fed uncertainties limit gains
The rise aligns with a broader increase in digital assets this month, driven by favorable political changes under President Donald Trump and a temporary truce in trade relations between Washington and Beijing.
The advancement of the stablecoin bill on Tuesday was seen as a major victory for the cryptocurrency industry, signaling a more favorable regulatory environment.
The bill is likely to be voted on in the Senate floor later this week and, if approved, will be sent to President Donald Trump's office for approval.
Additionally, the establishment of a Strategic Bitcoin Reserve by the Trump administration in March, aimed at positioning the U.S. as a leader in digital assets, further boosted market enthusiasm.
Cryptocurrency prices today: most altcoins rise slightly; $TRUMP soars
Most altcoins also extended gains on Tuesday, in line with Bitcoin's rise.
Ethereum, the second-largest cryptocurrency in the world, rose 1% to $2,584.85.
XRP, the third-largest cryptocurrency in the world, remained virtually unchanged at $2.3826.
Solana gained 1% and Cardano added 2.3%, while Polygon fell 0.3%.
Among meme tokens, Dogecoin jumped 2.8%, while $TRUMP soared 12.1%.
