Bitcoin Price Falls. But These Altcoins Soar as Crypto Bills Move Through Congress. — Barrons.com

By Elsa Ohlen

Bitcoin price traded slightly down early Thursday as three key pieces of legislation for the crypto sector moved through Congress. Several large altcoins were soaring.

The world's largest cryptocurrency Bitcoin was down 0.54% over the past 24 hours to trade at $118,530, according to CoinDesk data. Meanwhile, Ether jumped 9.5% and XRP climbed 7.7%. Solana and memecoin Dogecoin rose about 6% each.

Over the past seven days, Ether and XRP have gained 23% and 28%, respectively. Bitcoin has climbed just under 7%.

Late Wednesday the House of Representatives, after a long stall, passed a procedural vote 217-212 to advance a trio of bills aimed to regulate the crypto sector: The GENIUS Act, the CLARITY Act and the Anti-CBDC Surveillance State Act.

The GENIUS Act would set out a regulatory framework for so-called stablecoins — coins pegged to a fiat currency — while the CLARITY Act would address confusion over what asset class cryptocurrencies belong to. The Anti-CBDC Surveillance State Act addresses privacy concerns.

Crypto supporters largely agree that, if passed similarly to their current form, these bills could transform the sector and allow for more investments, especially from institutions.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

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