Bitcoin Holds Steady as U.S. House Advances Crypto Legislation Amid Volatility

Bitcoin remained largely steady on Thursday as the U.S. House of Representatives cleared a crucial procedural hurdle to open debate on a suite of crypto bills after a nine-hour deadlock. The world’s largest cryptocurrency traded 0.2% higher, reaching $118,747.50 as of 02:25 ET (06:25 GMT).

Bitcoin had surged to record highs above $123,000 earlier in the week, but profit-taking at those levels, coupled with concerns about U.S. trade tariffs, led to a pullback, with the token dropping back below the $116,000 mark.

U.S. Crypto Bills Clear Key Procedural Vote
Late Wednesday, the U.S. House narrowly approved a motion to begin formal debate on a package of digital asset legislation, including the GENIUS Act, which aims to set a federal framework for stablecoins. The vote passed 217 to 212 after intense internal negotiations among Republicans, who were divided on whether to advance the bills individually or as a group.

This vote marked the first breakthrough in what lawmakers have called “Crypto Week,” a coordinated effort to establish regulatory clarity for the digital asset sector. Additional bills under discussion include the CLARITY Act, which would define whether tokens should be regulated as securities or commodities, and the Anti-CBDC Surveillance State Act, aimed at preventing the Federal Reserve from issuing a central bank digital currency.

Although the procedural vote had originally stalled on Tuesday due to internal Republican disagreements, momentum picked up after intervention from President Trump and Speaker Johnson. However, the narrow margin on the vote and lingering uncertainty over the final passage of these bills have capped Bitcoin’s momentum, keeping it within a narrow trading band.

Traders Await Key Votes and Potential Rally
Traders are now awaiting the House’s floor votes on the individual bills, expected later this week. The outcome of these votes could influence whether Bitcoin will see another rally, similar to last week’s surge.

Altcoins Surge as Crypto Week Optimism Grows
Meanwhile, most altcoins rose sharply on Thursday, fueled by broader optimism surrounding “Crypto Week.” Ethereum, the second-largest cryptocurrency, jumped 6.5% to $3,368.36, marking its highest level in over five months. XRP, the third-largest crypto, surged 7.5% to $3.15.

Other altcoins like Solana and Cardano also saw gains, with Solana rising 4.6% and Cardano adding 3.1%. However, Polygon saw a slight decline of 1%. Among meme tokens, Dogecoin rose 6%, while $TRUMP gained 3%.

The combination of new legislative developments and optimism surrounding “Crypto Week” has fueled positive price movements across the cryptocurrency market, with traders closely monitoring the outcome of U.S. legislative efforts.