Bitcoin Price Rises After Crypto Bill Setback. What Trump Says Will Happen Today. — Barrons.com

By Elsa Ohlen

Bitcoin price and other cryptocurrencies were recovering early Wednesday following a set back to key crypto legislation Tuesday.

Prices had plunged to a 24-hour low of just under $115,967 shortly after procedural vote on three crypto bills in the House of Representatives was voted down Tuesday afternoon.

But they began to recover after President Donald Trump said some of the legislation lawmakers were set to consider during so called "Crypto Week" could be passed as soon as Wednesday. The world's largest crypto Bitcoin is up 1.3% over the past 24 hours to $118,260, according to CoinDesk data.

Many smaller cryptocurrencies followed a similar pattern of dropping immediately after the vote, but climbing back up again overnight. XRP gained 2.7% and Solana climbed 3.1% over the past 24 hours.

Ether, the world's second largest digital coin, led gains among larger altcoins and was up 665% over the past 24 hours to $3,167. Billionaire venture capitalist and Palantir Technologies co-founder Peter Thiel disclosed a 9% stake in BitMine Immersion Technologies — an Ethereum focused crypto mining service provider. The small-cap stock soared 30% in premarket trading Wednesday.

The week of July 14 has been coined "Crypto Week" by the White House. Lawmakers were set to consider three bills: the CLARITY Act; the GENIUS Act; and the Anti-CBDC Surveillance State Act.

The bills aim to regulate different aspects of digital assets. The crypto industry is largely supportive of them as it would provide some much-needed regulatory clarity which is expected to lead to more investments in the sector.

Tuesday night, Trump said he had met with lawmakers and suggested the bills be passed Wednesday morning.

"I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote on social-media platform Truth Social.

Rep. House speaker Mike Johnson thanked Trump for his help in ensuring the passing of the GENIUS Act in a post on X.

Write to Elsa Ohlen at elsa.ohlen@barrons.com

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