Bloomberg: 'Genius Act' Behind Bitcoin's All-Time High Breakthrough, Optimism Grows

Bloomberg identified the 'Genius Act', a U.S. stablecoin bill, as the reason behind Bitcoin (BTC) temporarily surpassing its all-time high.

Bloomberg reported on the 21st (local time) that "Bitcoin once hit an all-time high," attributing it to the progress in stablecoin legislation in the U.S. and growing expectations for regulatory clarity under the Trump administration. Bloomberg stated, "The Bitcoin and cryptocurrency markets have continued their upward trend in recent weeks, benefiting from regulatory advantages," adding that "the withdrawal of opposition to the stablecoin bill by some Democratic lawmakers this week, showing progress in the Senate, has had a positive effect."

The outlook for the future was also evaluated positively. Bloomberg noted, "When President Trump imposed trade tariffs and the financial markets were in turmoil, some (cryptocurrency) market participants considered Bitcoin a safe asset," adding that "with recent difficulties in U.S. budget negotiations and increasing attention on the fiscal deficit, this narrative is gaining attention again." Michael Novogratz, CEO of Galaxy Digital, told Bloomberg, "With the U.S. fiscal deficit, long-term interest rates are falling everywhere, and the dollar is under pressure," stating that "this is a positive environment for Bitcoin and other cryptocurrency assets."

Meanwhile, Bitcoin is trading at $108,577.46, up 1.81% from the previous day, according to CoinMarketCap, as of 6:49 a.m. on the 22nd.