Bitcoin, Ethereum, & XRP Prices Rise as GENIUS Act Passes
After the GENIUS Act, the crypto market cap is up by almost 4%, currently values at $3.34 trillion.
Crypto markets reacted quickly on Sunday after the US Senate took a major step toward regulating stablecoins. The upper house voted 66-32 to advance the GENIUS Act — short for Guiding and Establishing National Innovation for US Stablecoins — moving it to the Senate floor for debate.
The bill, focused on bringing legal structure to the $250 billion stablecoin market , had been stuck for months amid political concerns, including pushback over former President Donald Trump’s reported interest in crypto. But the latest vote signals lawmakers are ready to move the conversation forward — and the market noticed.
Ethereum (ETH) led the reaction. Within just over an hour of the vote, ETH jumped 2.3%, and by the end of the day, it was up 7.61%, trading at $2,540.68.
Its market cap climbed to $306.73 billion, a 7.60% rise. However, trading volume over the past 24 hours dropped by 12.70%, now at $26.99 billion.
Bitcoin (BTC) also moved higher, gaining 2.90% in 24 hours to reach $105,376.02. The world’s largest crypto now holds a $2.09 trillion market cap, up 2.95% from the previous day. Its 24-hour trading volume dropped slightly to $55.66 billion, down 11.47%.
XRP saw a quick 2% surge within two hours after the news, though it settled down later in the day. It ended with almost a 4% daily gain, priced at $2.36.
XRP’s market cap is now around $138.73 billion, slightly up by 3.43%, but its daily trading volume has dipped to $3.18 billion, down 15.99%.
The way prices reacted shows how closely the crypto crowd is paying attention to what’s happening in Washington. Now that regulation is finally moving forward, traders seem more hopeful that clearer rules might actually be on the way.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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