Crypto Bill Advanced, Stock Market Lower
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Bitcoin Hits New All-Time High as Crypto Legislation Gains Momentum
Bitcoin (BTC) is priced at $111,075 as of writing, surpassing its previous peak above $109,200. This historic surge comes amid growing institutional and regulatory support for the cryptocurrency market, reinforcing its position as a legitimate asset class.
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Crypto Bills Advance on Both Sides of the Globe
In a significant step forward, Hong Kong’s Legislative Council passed a landmark stablecoin bill on Wednesday. The legislation will allow financial institutions to obtain licenses to issue digital assets pegged to fiat currencies, positioning Hong Kong as a global hub for crypto innovation.
Meanwhile, in the United States, the Senate voted 66-32 to advance the GENIUS Act, a comprehensive stablecoin regulation bill. The proposed framework would oversee the issuance and operation of dollar-pegged digital tokens, providing long-awaited clarity and legitimacy for stablecoins and the broader crypto ecosystem.
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Traditional Markets Under Pressure
While the crypto market rallies, traditional equity markets faced another day of losses. The Nasdaq Composite marked a rare distribution day, falling 1.4% on higher volume. The S&P 500 also recorded its second consecutive distribution day, dropping 1.6%, signaling institutional selling pressure.
The downturn in equities was triggered in part by rising bond yields. The 10-year Treasury yield jumped over 11 basis points to 4.6%, as weak demand for a 20-year bond auction spooked investors. Compounding the pressure are concerns over President Donald Trump’s proposed tax and immigration budget, which is expected to inflate the already ballooning federal deficit.
According to the CME FedWatch Tool, there’s a 68% probability that the next Federal Reserve interest rate cut will come at the September meeting, with only one additional rate cut anticipated before year-end. On a more optimistic note, the Atlanta Fed’s Business Inflation Expectations survey showed a decline in year-ahead inflation expectations from 2.8% in April to 2.5% in May, offering a glimmer of hope for price stability.
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Conclusion
Bitcoin’s breakout above the $111,000 mark signals growing confidence in digital assets amid a backdrop of progressive legislation and global adoption. The advance of crypto-friendly policies in both Hong Kong and the U.S. underscores a maturing market ready for mainstream integration. Meanwhile, turbulence in traditional financial markets — marked by rising bond yields and fiscal uncertainty — further highlights the appeal of decentralized alternatives. As regulatory clarity improves and inflation expectations stabilize, the stage may be set for further crypto growth in the second half of the year.
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