Bitcoin Price On The Brink As Congress Introduces A New ‘Groundbreaking’ Crypto Bill

Key Points

1. Bitcoin has surged toward its all-time high, adding around 50% since April lows, with a market capitalization exceeding $2 trillion.

2. U.S. President Donald Trump has declared himself the 'first crypto president' and is pushing for crypto-friendly policies, including tax reforms and regulatory clarity.

3. House Republicans have designated the week of July 14 as 'crypto week,' focusing on three major crypto bills: the stablecoin Genius Act, the market structure Clarity Act, and the Anti-CBDC Surveillance State Act.

4. Spot bitcoin ETFs and corporate treasury flows, led by firms like BlackRock, have accumulated over $100 billion worth of bitcoin in recent years.

5. A new bill proposes exempting small crypto transactions (under $300) from taxation and applying the 30-day wash rule to crypto, aiming to reduce regulatory barriers.