Crypto briefly climbed while wider markets stagnated Friday after the Congress adopted a historic bill for digital assets.
Total market capitalization for all cryptocurrencies exceeded 4 dollars of dollars for the first time in history before soaking later in the day. But traditional stock indices barely moved. The S&P 500 closed the mainly flat day, but posted a weekly increase of almost 0.7%. The NASDAQ increased approximately 0.4% compared to the day and the Dow Jones dropped by 0.3%.
Thursday, the Chamber adopted three laws on cryptography. Two bills went to the Senate for a new vote. The third, which regulates stablecoins, or cryptocurrencies set for underlying assets like the US dollar, was already adopted in the Senate and went to the White House. Friday afternoon, President Donald Trump signed the bill, called the law on engineering, in law.
“We worked hard. This is a very important act, the act of genius. They named it,” said Trump at a press conference before the bill.
After the Congress adopted the bill, the largest cryptocurrency in the Bitcoin world briefly exceeded $ 120,000, according to Binance data. Crypto -related companies also saw their actions increase during Friday morning negotiations. The stock for US Crypto Exchange Coinbase marked a record level because it quickly increased by almost 6% to $ 444 after the market opening. He dived later in the day, ending on Friday up 2.2%on Friday. Online Robinhood brokerage, which allows users to buy and sell crypto, also recorded a summit of almost $ 113 and displayed a daily leap of 4%.
The CEOs of Coinbase, Robinhood and other large crypto companies were in the public when Trump signs the engineering law.
Despite the enthusiasm of cryptography fueled by Congress, a report on Trump’s prices probably weighed on the largest market. While the United States is negotiating with the European Union for a potential trade agreement, Trump was going to put pressure for a minimum price on the EU between 15% and 20%, reported the Financial timeCiting informed sources of talks.
Kush Desai, spokesperson for the White House, refused to comment on the report.
Trump’s pricing negotiations have consumed the markets since early April, when he has unveiled a series of serious taxes on imports of American business partners. The markets initially cried before rallying and resuming their losses in early May. Since then, they have increased and won repeated peaks of all time, including Thursday, when the S&P 500 and the NASDAQ closed its new records.
