Bitcoin reaches record high, as Congress launches ‘crypto week’

Bitcoin jumped to a record $123,000 on Tuesday, doubling its value from a year ago, as Congress kicked off what’s being called “crypto week.”

Investor excitement surged alongside the price: open interest in bitcoin futures hit a record $86.3 billion, and US bitcoin ETFs saw $2.7 billion in inflows last week, the fifth-highest net inflow since their launch in January 2024.

Here are the three major crypto bills:

The GENIUS Act, which already passed in the Senate, would create a federal framework for stablecoins.

Supporters say it could draw banks, retailers, and consumers into the crypto economy by offering clear rules for issuing digital coins. Critics argue that it could reduce oversight and allow Big Tech to dominate digital currency markets.

Two more bills are up for vote in the Republican-controlled House.

The CLARITY Act would define many crypto assets as commodities, limiting SEC control. 

The Anti-CBDC Surveillance State Act would block the Federal Reserve from launching its own digital currency.

The House plans to vote on all three bills by Friday. The crypto industry spent $119 million on congressional races last year, and this week could deliver the return it wanted.