Bitcoin price falls. Why it’s a big week for cryptos.
The Senate looks set to pass a stablecoin bill as soon as Monday in what would be the first major legislative win for the industry.
Bitcoin fell early Monday while smaller cryptocurrencies dropped even more to start an important week for crypto with key legislation moving through Congress.
Bitcoin is down 0.9% over the last 24 hours to $103,036, according to CoinDesk data. The world’s largest digital coin saw big movement over the weekend after credit-rating firm Moody’s downgraded U.S. debt from its AAA rating Friday.
Bitcoin spiked late Sunday to more than $106,500, but quickly gave back those gains. It isn’t immediately clear what prompted the surprise rise and subsequent fall—but the whole crypto industry is in for a potentially historic week.
The Senate looks set to pass a stablecoin bill as soon as Monday in what would be the first major legislative win for the industry.
The Genius Act would regulate coins pegged to a fiat currency such as Tether. Among other things, it would require issuers to hold reserves of liquid, safe haven assets as well as follow anti-money-laundering and terrorism finance rules.
Altcoins Ether, XRP and Solana fell between 3% and 5% early Monday, according to CoinDesk.
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