Bitcoin surged past $104,000 on Monday

 

Reaching an intraday high of approximately $106,705, following the U.S. Senate's advancement of the GENIUS Act—a landmark bill aimed at regulating stablecoins. The Senate voted 66–32 in favor of moving the bill forward, signaling bipartisan support for establishing a federal framework for stablecoins like Tether and USD Coin. This development is seen as a significant step toward integrating blockchain-based payments into the broader financial system.

While the GENIUS Act focuses on stablecoins, the positive regulatory momentum has bolstered investor confidence across the cryptocurrency market. Other major tokens, including Ether, XRP, and Solana, also experienced gains, though some of these were tempered by profit-taking

Despite the bill's progress, it has faced criticism from some lawmakers. Senator Elizabeth Warren expressed concerns that the legislation could financially benefit President Donald Trump, who has launched his own stablecoin, USD1, and a meme coin. She warned that the bill might enable Trump to regulate his own digital currency ventures, raising potential conflicts of interest.

Looking ahead, the GENIUS Act is expected to face a full Senate vote later this week. If passed, it will proceed to President Trump's desk for approval. Analysts suggest that a weekly close above $104,500 could signal a new bullish phase for Bitcoin, potentially leading to further price increases.