Bitcoin Price Rises After Crypto Bill Setback. What Trump Says Will Happen Today. — Barrons.com
By Elsa Ohlen and Janet H. ChoBitcoin price and other cryptocurrencies were recovering on Wednesday following a set back to key crypto legislation Tuesday.Bitcoin is up 2.2% over the past 24 hours to $119,228, according to CoinDesk data.It had plunged to a 24-hour low of $115,967 shortly after a procedural vote on three crypto bills in the House of Representatives was voted down Tuesday afternoon.However, the price of the world's largest crypto began to recover after President Donald Trump said some of the legislation lawmakers were set to consider during so-called "Crypto Week" could be passed as soon as Wednesday.House Financial Services Committee Chair French Hill (R., Ark.) told CNBC on Wednesday morning that "the House has the votes for those three measures, and the speaker is working this morning on how they'll be coordinated and presented to the House for consideration."Many smaller cryptocurrencies followed a similar pattern of dropping immediately after the vote, but climbing back up again overnight. XRP gained 5.2%, and Solana climbed 7.8% over the past 24 hours.Ether, the world's second largest digital coin, led gains among larger altcoins and was up 9% over the past 24 hours to $3,341. Billionaire venture capitalist and Palantir Technologies co-founder Peter Thiel disclosed a 9% stake in crypto mining provider BitMine Immersion Technologies which recently disclosed that it had accumulated over $500 million worth of the digital coin.The small-cap stock soared 28% on Wednesday.The week of July 14 has been coined "Crypto Week" by the White House. Lawmakers were set to consider three bills: the CLARITY Act; the GENIUS Act; and the Anti-CBDC Surveillance State Act.The bills aim to regulate different aspects of digital assets. The crypto industry is largely supportive of them as it would provide some much-needed regulatory clarity which is expected to lead to more investments in the sector.Tuesday night, Trump said he had met with lawmakers and suggested the bills could be passed Wednesday."I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote on social-media platform Truth Social.Republican House Speaker Mike Johnson thanked Trump for his help in ensuring the passing of the GENIUS Act in a post on X.Sentiment improved after Trump declared support from the lawmakers, said Milad Azar at financial services firm XTB. The passing of the trio of bills "would mark the most significant regulatory advance for the sector in the U.S. to date, with implications for institutional adoption and legal certainty," Azar added.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.