Bitcoin rose above $120,000 on Friday, just shy of the record high reached earlier in the week, as markets reacted to the passage of the first major US cryptocurrency legislation. The House approved the bill on Thursday, following the Senate’s earlier vote, and President Donald Trump is expected to sign it into law later in the day. The legislation sets a regulatory framework for stablecoins—digital tokens backed by assets like the US dollar—marking a key milestone after years of industry lobbying. The move is seen as a breakthrough for broader adoption and regulatory clarity, particularly as stablecoins gain traction in payments and financial markets. Bitcoin has now gained nearly 30% year-to-date, driven by optimism over regulatory progress and rising institutional demand through ETFs. Meanwhile, strong US economic data signaled resilience, despite the impact of tariffs. These have tempered expectations for further rate cuts, which typically support crypto.
