Bitcoin Climbs to $105K as Senate Clears Stablecoin Framework and Tax-Cut Vote Looms

May 21, 2025 6:49 AM - Parth Sanghvi

Image credit: Kanchanara

Bitcoin rose 1.1% to $104,560 by 09:31 ET, buoyed by the U.S. Senate's 66-32 cloture vote advancing the GENIUS Act and anticipation of President Trump's proposed tax cuts. Real-time traders tracked these moves using FMP's Cryptocurrency Daily API to gauge minute-by-minute price and volume shifts for BTC and other major tokens.

Stablecoin Bill Clears Key Hurdle

The Republican-backed GENIUS Act, designed to establish a federal regulatory framework for stablecoin issuers, won procedural approval on Monday. This development—flagged immediately via FMP's Crypto News API—signals growing institutional confidence, as clear rules could spur further inflows into both stablecoins and broader DeFi assets.

Technical Breakout and Institutional Maturation

Bitcoin's surge past $107,000 on Sunday was driven in part by algorithmic buying at critical levels on thin weekend liquidity. Looking back, four-month trends show a steady up-trend in both price and realized volatility—data you can analyze through FMP's Cryptocurrency Historical Data API to back-test entry points and risk metrics.

Key Takeaways:

Regulatory Tailwinds: A stablecoin framework paves the way for banks and asset managers to increase crypto allocations.
Macro Watch: The upcoming House vote on tax cuts may influence dollar strength, affecting Bitcoin's safe-haven appeal.
Data-Driven Entries: Combine live price feeds with historical volatility overlays to pinpoint risk-managed positions.

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