Crypto investors are betting that a slew of long-sought policy wins for the industry, expected next week, could invite new investment in the asset class.
Those hopes helped propel bitcoin to another high on Friday and gave a boost to US-listed crypto stocks.
Starting on Monday, the House of Representatives will debate a series of crypto bills to provide the digital asset industry with the US regulatory framework it has long demanded. Those demands have resonated with US President Donald Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favour of the industry.
Trump himself is involved in several crypto ventures, including World Liberty Financial, a platform that his sons Eric and Don Jr run.
Members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act during “crypto week,” as the industry’s strained ties with Washington continue to thaw. The most significant bill is the Genius Act, which would create federal rules for stablecoins.
“Even if final passage stalls, the optics of legislative engagement are bullish,” said Jag Kooner, head of derivatives at crypto exchange Bitfinex.
Bitcoin’s surge has triggered a broader rally in the crypto market, with strong and sustained inflows into the related spot exchange-traded funds driving prices higher, said Nicolai Sondergaard, research analyst at Nansen.
The world’s largest cryptocurrency was last up 3.3% at $117,333.32, taking its gains for the year to 26%. The digital asset has surged nearly 41% in the last three months.
Bitcoin buyer and holder Strategy rose 1.9%, while crypto miners Riot Platforms, Hut 8, and Mara Holdings gained between 0.7% and 1.6%.
“Investors are racing to take positions ahead of the extra publicity this event could attract,” said Dan Coatsworth, investment analyst at AJ Bell, referring to “crypto week.”
Rising confidence in bitcoin is resulting in investors chasing higher returns in smaller tokens. Ether, the second-largest token, was last up 5.13%, while XRP and solana gained 9.7% and 0.8%, respectively.
The sector’s total market value has swelled to about $3.67 trillion, according to data from CoinMarketCap.
‘Crypto week’
The House of Representatives is set to pass a series of crypto-related bills next week, including a bill that would establish a regulatory framework for stablecoins after Trump subsequently approves it.
