Bitcoin Hits $119,114 as GOP Clears Crypto Bills

- Crypto markets soar following pivotal legislative news from Washington. - Bitcoin hits $119,114 and Ether surpasses $3,150, signaling renewed investor confidence. On July 16, 2025, Bloomberg reported that President Donald Trump announced a major breakthrough for key crypto legislation after discussions with House Republicans. Following these talks, 11 lawmakers reversed their stance on two critical bills: the GENIUS Act and the CLARITY Act. They had previously stalled the legislation, but their reversal now clears a path for the bills to advance. As a result, this news spurred a robust rally across crypto markets, reflecting heightened investor optimism. In response to the legislative progress, Bitcoin’s price skyrocketed to $119,114, and Ether surged to $3,156. The GENIUS Act, which focuses on stablecoin regulation, has already cleared the Senate. Meanwhile, the CLARITY Act addresses critical market structure issues, aiming to define authority over digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This development marks a swift reversal from just a day earlier. On July 15, 2025, 13 Republican lawmakers had blocked both bills, pushing to consolidate them with the Anti-CBDC Surveillance State Act into a single legislative package. However, President Trump's strategic engagement convinced 11 of the dissenting lawmakers to change their position, clearing the way for formal votes. House Majority Leader Steve Scalise subsequently confirmed forthcoming votes on all three bills, though the exact sequence of consideration remains undecided. The rally extended beyond cryptocurrencies and boosted stocks of crypto-focused companies. Industry leaders like Coinbase and Circle recorded notable gains, while smaller operators, including BitMine and SharpLink, also saw double-digit growth fueled by the widespread optimism. Despite the rally, some analysts flagged concerns over Ether's price surge, noting that the price increase was not accompanied by a corresponding uptick in on-chain activity. Still, institutional investment in Bitcoin and Ether ETFs continues to underpin market confidence. According to CoinMarketCap, as of 16:14 UTC on July 16, Bitcoin (BTC) was trading at $118,786.64, with its 24-hour trading volume increasing by 1.43%. At the same time, Ethereum (ETH) was priced at $3,247.35, with its 24-hour trade volume rising by 6.52%.