WASHINGTON: Bitcoin climbed to new highs on Friday, buoyed by investor optimism ahead of a key week in Washington where lawmakers are expected to discuss several long-awaited crypto policy proposals.
The surge comes as the US House of Representatives prepares to review a series of bills starting Monday, aimed at establishing a clearer regulatory framework for digital assets. The expected legislation includes the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act, collectively being referred to as “crypto week” by industry watchers.
The Genius Act, seen as the most significant of the three, proposes a federal regulatory structure for stablecoins, a long-standing demand of the crypto sector.
Investor sentiment has been further lifted by US President Donald Trump’s renewed embrace of the industry. Trump has called himself the “crypto president” and pushed for reforms to support digital assets. He is also linked to crypto ventures such as World Liberty Financial, which is reportedly managed by his sons Eric and Donald Jr.
“Even if these bills don’t pass immediately, the fact that Congress is engaging seriously with crypto is a positive sign,” said Jag Kooner, head of derivatives at Bitfinex.
Bitcoin rose 3.3 per cent on the day to reach $117,333.32, pushing its year-to-date gains to 26 per cent. Over the past three months, the world’s largest cryptocurrency has soared nearly 41 per cent. The rally has also extended to crypto-related equities and other tokens.
MicroStrategy, known for its heavy bitcoin holdings, added 1.9 per cent. Crypto mining firms such as Riot Platforms, Hut 8, and Mara Holdings rose between 0.7 per cent and 1.6 per cent.
“Investors are positioning themselves in anticipation of the attention this week’s developments could bring,” said Dan Coatsworth, an investment analyst at AJ Bell.
Confidence in bitcoin is spilling over into the broader market, with ether up 5.13 per cent, XRP gaining 9.7 per cent, and solana rising 0.8 per cent.
Read next: Bitcoin hits another record high