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Bitcoin gained on Tuesday as the U.S. Senate advanced a key stablecoin regulation bill, signaling increased institutional support for the cryptocurrency sector, while investors awaited a crucial vote on President Donald Trump’s proposed tax cuts.
The world’s largest cryptocurrency rose 0.8% to $106,180.90 as of 02:04 ET (06:04 GMT), remaining near a four-month high reached on Sunday.
Bitcoin jumped over $107,000 on Sunday with gains of around $2,500 in under an hour in late Sunday trading, likely driven by thin weekend liquidity and algorithmic buying at key technical levels. 
Stablecoin bill clears Senate hurdle, floor vote looms
On Monday night, the Senate voted 66-32 to move forward with the GENIUS Act, a bill aimed at establishing a federal framework for stablecoin regulation. 
The legislation had previously stalled due to Democratic opposition but gained momentum after concerns were addressed.
The bill’s progress is seen as a positive development for the crypto industry, which has been seeking clearer regulatory guidelines. 
The bill is likely set for a Senate floor vote later this week, clearing which it will be sent to President Donald Trump’s office for approval.
Bitcoin’s recent performance has been bolstered by expectations of favorable regulatory developments and increased adoption. 
Analysts predict that if current trends continue, the cryptocurrency could reach new highs by the end of the year.
The token had surged more than 11% this month, helped by optimism over easing trade tensions between the world’s two largest economies.
Markets await US House vote on Trump’s tax cut bill
Meanwhile, investors are closely watching the U.S. House of Representatives, where a vote is expected later in the day on President Trump’s tax cut proposal. 
Critics warn that the bill may worsen the U.S. fiscal deficit and reduce federal revenue, especially as the deficit is already at historically high levels.
This comes after the global ratings agency Moody’s downgraded its investment grade rating on the U.S. by a notch over the country’s growing $36 trillion debt.
Crypto price today: altcoins rise; Ethereum leads gains
Most altcoins advanced on Tuesday, tracking Bitcoin’s rise.
World no.2 crypto $ETH jumped nearly 8% to $2,562.73.
World no. 3 crypto $XRP rose 2.1% to $2.3795.
$SOL (Solana) climbed 4%, while Cardano added 4.5%, and Polygon advanced 3%.
Among meme tokens, Dogecoin jumped 5%, while $TRUMP gained 3.4%.

The Moody’s downgrade caught nearly everyone off guard on Friday afternoon. Most are dismissing the news as not a big deal, and perhaps it’s not. After all, the US has already had two prior downgrades. However, the timing is particularly sensitive, especially given the current negotiations around the tax bill. The key issue is that this downgrade comes at a moment when term premiums were already rising, potentially adding even more upward pressure.
At this point, the bond market is essentially in control—and more importantly, it has put the administration in a tight spot.
Scott Bessent had been trying unsuccessfully to lower the 10-year rate, and now the market clearly knows how to provoke a response from him and his team. With rates already back to levels seen before the pre-Liberation Day pause, one must assume the market will continue pushing rates higher until it gets a meaningful reaction from the administration.