#GENIUS Stablecoin Bill#  Bitcoin Latest: US Senate Advances Stablecoin Bill, BTC Hits $106,200

Bitcoin gained value after the US Senate advanced a major stablecoin regulation bill. This development shows growing institutional support for the cryptocurrency sector, while investors await a critical vote on President Donald Trump’s proposed tax cuts.
The world’s largest cryptocurrency rose 0.8% to $106,180.90, remaining near a four-month high reached on Sunday.
Bitcoin rose above $107,000 on Sunday. It gained about $2,500 in an hour late Sunday. This rise was likely due to illiquidity over the weekend and algorithmic buying at key technical levels.
Stablecoin bill clears Senate hurdle, floor vote nears.
On Monday night, the Senate voted 66-32 to advance the GENIUS Act, which aims to create a federal framework for stablecoin regulation.
The bill had previously stalled due to opposition from Democrats but has gained momentum as concerns are addressed.
The bill’s progress is seen as a positive development for the crypto industry, which has been seeking clearer regulatory guidelines.
The bill is expected to be voted on by the Senate floor later this week. If approved, it will be sent to President Donald Trump’s office for approval.
Bitcoin’s recent performance has been fueled by positive regulatory developments and expectations for increased adoption.
Analysts predict that the cryptocurrency could reach new highs by the end of the year if current trends continue.
Bitcoin has gained more than 11% this month, buoyed by optimism about easing trade tensions between the world’s two largest economies.
Markets await a vote by the US House of Representatives on Trump's tax cut bill.
Meanwhile, investors are closely watching the US House of Representatives. A vote on President Trump's tax cut proposal is expected to take place later in the day.
Critics warn that the bill could worsen the U.S. fiscal deficit and reduce federal revenues, especially since the deficit is already at historically high levels.
This development comes after global rating agency Moody’s downgraded the country’s investment grade by one notch due to the country’s rising $36 trillion in debt.
Crypto today: Altcoins rise; Ethereum leads gains
Most altcoins followed Bitcoin’s rally on Tuesday.
Ethereum rose nearly 8% to $2,562.73.
XRP rose 2.1% to $2.3795.
Solana rose 4%, Cardano gained 4.5% and Polygon gained 3%.
Among meme tokens, Dogecoin rose 5%, while $TRUMP gained 3.4%.