On the 17th (local time), three bills related to virtual assets passed the House of Representatives in the United States. As a result, Ripple (XRP), which ranks third in market capitalization among virtual assets, reached an all-time high, and altcoins are showing a significant upward trend.
According to the U.S. virtual asset exchange Coinbase, at 5:20 p.m. Eastern Time (2:20 p.m. Pacific), the price of one Bitcoin was trading at $120,634, up slightly (0.03%) from 24 hours earlier. Bitcoin fell after reaching an all-time high of around $123,200 on the 13th, due to a large amount of profit-taking ahead of the 'Crypto Week' designated by the House of Representatives.
As a result, it fell below the $116,000 mark before recovering to the $120,000 level the next day. Following the news that three virtual currency bills supported by U.S. President Donald Trump passed the House of Representatives that day, it reclaimed the $120,000 mark and is in an upward trend.
On that day, the House of Representatives passed the 'Clarity Bill,' which clarifies regulations related to digital assets; the 'CBDC Anti-Monitoring Bill,' which prohibits the issuance of Central Bank Digital Currency (CBDC) by the Federal Reserve; and the 'Genius Bill,' which stipulates the institutional inclusion of stablecoins.
The 'Genius Bill' is now awaiting the signature of President Trump, while the other two bills are pending deliberation in the Senate. The 'Genius Bill' is the first legislation to recognize the institutional inclusion of virtual currencies and is the most anticipated bill in the market. Ethereum, which had surged the previous day, rose by 2.97% after the passage of the bill, reaching the $3,500 mark for the first time in six months since January.
In particular, XRP soared by 12.62% to $3.47, breaking its previous all-time high of $3.40 set in January.
Ripple Labs, which led the development of Ripple, launched its first stablecoin called RLUSD last December, and it is expected to benefit from the passage of this bill.