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as surged to a record-breaking $111,878, surpassing its previous high from January. This rally is fueled by growing optimism around U.S. cryptocurrency regulation and increased institutional interest. Analysts attribute the rise to shifting investor sentiment, increasing institutional involvement, and regulatory clarity.
Speculative bets are emerging, with some traders wagering on Bitcoin reaching $300,000 by the end of June. However, analysts warn that significant uncertainty remains, and a major market catalyst would be required for such a parabolic move.
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🏛️ Regulatory Momentum in the U.S.
The U.S. Congress is advancing the "Guiding and Establishing National Innovation for U.S. Stablecoins Act" (Genius Act), aiming to provide a comprehensive framework for stablecoin issuers. The bill seeks to reduce regulatory uncertainty, encourage new market entrants, and foster mainstream adoption of dollar-backed digital assets. Analysts believe the bill could enhance the dollar's global standing and support broader financial system integration via blockchain technologies.
Additionally, the Texas House of Representatives has passed SB 21, a bill aimed at creating a statewide strategic Bitcoin reserve. If signed into law, Texas will establish a special fund to hold Bitcoin in cold storage for at least five years, positioning the cryptocurrency as a state asset to boost economic resilience and diversify investment strategies.
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🏙️ New York's Crypto Landscape
At a recent crypto summit hosted by New York City Mayor Eric Adams, prominent crypto CEOs and investors urged the state to eliminate its stringent crypto regulations, specifically the BitLicense program, which they claim hinders billions in potential investment. Adams announced plans to form the city's first digital asset advisory council, aiming to create a more welcoming environment for blockchain and cryptocurrency enterprises in New York City.
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🌐 Global Crypto Developments
Argentina's $LIBRA Scandal: President Javier Milei faces political backlash after promoting the $LIBRA meme coin, which experienced a severe price drop, leading to allegations of a rug pull scam and $250 million in losses for investors.
Coinbase Joins S&P 500: On May 19, 2025, Coinbase was officially added to the S&P 500, becoming the first major crypto platform to be included in the stock market index. This milestone marks an unprecedented level of institutional validation for the digital asset sector.