Crypto Hits $4 Trillion Milestone as Congress Passes Landmark Bill

The crypto market has reached a new high, surpassing $4 trillion, while traditional stocks remained mostly unchanged. This surge occurred after Congress approved a major bill for digital assets. The S&P 500 and Nasdaq saw small gains, but the Dow Jones dipped slightly.

Legislative Milestones

On Thursday, the House passed three crypto-related bills. Two of these bills moved to the Senate for further voting. The third bill, focusing on regulating stablecoins, had already passed in the Senate and was sent to the White House. President Donald Trump signed this bill into law on Friday afternoon, naming it the Genius Act.

Market Reactions

Following the bill's passage, Bitcoin briefly surpassed $120,000. Crypto companies also saw their stocks rise. Coinbase, a major U.S. crypto exchange, hit an all-time high, rising nearly 6% to $444 before dipping later in the day. Robinhood, an online brokerage platform, also reached a new high, jumping 4% to nearly $113.

Broader Market Concerns

Despite the excitement in the crypto market, broader market concerns lingered. Reports suggested that Trump's tariff negotiations with the European Union might be affecting overall market performance. The White House declined to comment on these reports.

Volatility and Future Outlook

Trump's tariff talks have been a significant factor in market movements since early April. Initially, the markets dropped but later recovered and even hit new highs. This volatility highlights the delicate balance between regulatory changes and market reactions.

The crypto market's recent surge shows how quickly things can change. While traditional stocks remain steady, the crypto world is experiencing rapid growth and new opportunities. This shift raises questions about the future of digital assets and their role in the broader economy.