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Bitcoin Edges Higher, Cautious Sentiment Prevails
Bitcoin saw a modest rise on Monday, trading at $119,001.6, up by 0.6%, as the cryptocurrency market continued to consolidate near the $120,000 mark after last week’s surge to record highs above $123,000. Despite the recent upward movement, investor sentiment remained cautious due to uncertainties surrounding regulatory developments.
Bitcoin’s price increase comes as the market digests recent legislative action in the U.S., which brought optimism for the cryptocurrency sector. However, the market is still in a consolidation phase as traders await more clarity on how the new regulations will affect the industry.
Legislative Advancements Boost Crypto Market
Last week, U.S. President Donald Trump signed the GENIUS Act into law, which establishes a federal regulatory framework for stablecoins. The law mandates stablecoin issuers to maintain liquid asset reserves, such as dollars or U.S. Treasuries, and to provide monthly disclosures. This move is seen as a significant step toward legitimizing stablecoins, which are currently valued at more than $260 billion.
Alongside the GENIUS Act, the House of Representatives passed two additional key bills aimed at regulating the cryptocurrency sector. The CLARITY Act seeks to clarify whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), while the Anti-CBDC Surveillance State Act would prevent the Federal Reserve from issuing a central bank digital currency (CBDC) without explicit Congressional approval.
These bills signal a unified push to reshape U.S. crypto regulation, creating a more structured and transparent framework for the industry.
Cautious Outlook Amid Uncertainties
Despite the positive regulatory developments, caution remains prevalent among investors. While the GENIUS Act represents a significant milestone, its implementation depends on extensive rule-making by the U.S. Treasury Department, a process that could take several months. Furthermore, the two additional bills passed by the House have yet to be reviewed by the Senate, leaving the overall regulatory outlook uncertain for the time being.
Altcoins Extend Gains
As Bitcoin holds steady, many altcoins have continued their upward momentum, extending gains seen in the previous week. Ethereum (ETH), the second-largest cryptocurrency by market cap, rose by 4.1% to $3,801.89, marking its highest level in over seven months.
XRP, the third-largest cryptocurrency, gained 3.8%, reaching $3.547, not far from its record high of $3.67 hit last week. Other altcoins also showed strong performance, with Solana (SOL) jumping 6.6%, Cardano (ADA) adding 6.1%, and Polygon (MATIC) rising 5.2%.
Among meme tokens, Dogecoin (DOGE) surged by 10.3%, while $TRUMP saw an 11% gain.
Conclusion
The cryptocurrency market continues to thrive amidst legislative momentum in the U.S., but the overall outlook remains cautious. While Bitcoin holds steady near the $120,000 mark, altcoins such as Ethereum and XRP show strong performance, reflecting investor optimism driven by the recent regulatory developments. However, the full impact of these regulations remains to be seen, as further legislative hurdles remain in Congress.
