Bitcoin rose on Tuesday as the U.S. Senate made progress on a major stablecoin regulation bill, highlighting growing institutional backing for the cryptocurrency industry. Meanwhile, investors were closely watching an upcoming vote on President Donald Trump’s proposed tax cuts.
As of 02:04 ET (06:04 GMT), Bitcoin edged up 0.8% to $106,180.90, hovering near the four-month peak it reached on Sunday.
Over the weekend, the cryptocurrency briefly surged past $107,000, gaining around $2,500 within an hour. Analysts attributed the move to low weekend trading volumes and algorithmic buying triggered by technical indicators.
Stablecoin Regulation Advances in Senate
Late Monday, the Senate passed a procedural vote (66-32) on the GENIUS Act—legislation designed to create a federal regulatory framework for stablecoins.
After previously being stalled due to Democratic opposition, the bill gained new traction following revisions that addressed prior concerns.
The advancement of the bill is seen as a win for the digital asset sector, which has long called for clearer regulations. A full Senate vote is expected later this week. If passed, the legislation will move to President Trump’s desk for final approval.
Market Outlook Remains Bullish
Bitcoin’s recent rally is fueled by optimism over more favorable regulatory clarity and rising institutional adoption.
Analysts believe that if current momentum continues, Bitcoin could reach fresh record highs by year-end. So far this month, the token is up over 11%, supported by improving trade relations between the U.S. and China.
