Bitcoin tops $118,000 for the first time, and keeps on going

Core Insights - Bitcoin has reached an all-time high, surpassing $118,000, driven by increased investments in spot bitcoin ETFs and a favorable regulatory environment [3][4][5] - The U.S. Senate has passed legislation to regulate stablecoins, marking a significant step towards legitimizing the cryptocurrency industry [4][5] - The GENIUS Act aims to provide consumer protections and establish guidelines for stablecoins, which are typically pegged to the U.S. dollar [5] Group 1 - Bitcoin's price surge is attributed to a soft U.S. dollar and supportive policies from the Trump administration [3] - The cryptocurrency industry has become a major political spender, indicating its growing influence in Washington [4] - The upcoming consideration of the GENIUS Act by the House of Representatives reflects ongoing efforts to strengthen the U.S. position in the crypto market [5] Group 2 - The GENIUS Act stands for "Guiding and Establishing National Innovation for U.S. Stablecoins," highlighting its focus on innovation and regulation [5] - The legislation is seen as the first in a series of bills aimed at enhancing the legitimacy of the cryptocurrency sector [4] - The movement towards regulation is expected to reassure consumers and foster a more stable environment for cryptocurrency investments [4][5]