Bitcoin prices rose to around $110,000 on the 22nd, hitting an all-time high. This seems to be a result of the U.S. Senate passing the stablecoin regulation bill called the "GENIUS Act."
As of 9:10 a.m. on the same day, the Bitcoin price was being traded at $110,020 on CoinMarketCap, a global cryptocurrency market tracking site. This is a 2.89% increase compared to the previous day. Thanks to Bitcoin's rise, other cryptocurrencies such as Ethereum and Ripple are also showing upward trends.
Earlier, the U.S. Senate passed the GENIUS Act, aiming for stablecoin regulation, by a vote of 69 to 31, officially initiating discussions on the bill. The bill stipulates that stablecoins must have a 1:1 reserve, anti-money laundering obligations, consumer protections, and supervision by federal and state regulatory agencies.
The GENIUS Act is a regulatory bill, but it effectively recognizes cryptocurrencies within the legal system. With the passage of the bill, the market expects institutions to widely adopt stablecoins, which is likely to contribute to further increases in Bitcoin prices.