Ether Climbs, Bitcoin Dips as 'Crypto Week' Ends on Mixed Note

Ether, the world’s second-largest cryptocurrency after Bitcoin, continued its upward momentum on Friday following the U.S. House of Representatives’ approval of three crypto-positive bills, aimed at providing greater regulatory clarity and legitimacy to digital assets.

The price of Ether surged nearly 6% to over $3,600, marking its highest level in months. Meanwhile, Bitcoin, which recently crossed the $120,000 mark, dipped slightly and was trading around $118,000. The combined global crypto market capitalization hovered just under $4 trillion, as per CoinMarketCap.

Driving the bullish sentiment was the GENIUS Act, passed Thursday, which is expected to be signed into law by President Donald Trump, who has previously pledged to make the U.S. the “crypto capital of the world.” The GENIUS Act lays the groundwork for private companies to issue stablecoins backed by state currencies like the U.S. dollar.

Shares of Circle Internet Group (CRCL), the second-largest U.S. stablecoin issuer after Tether, jumped over 3% following the news. Circle stock has surged more than sixfold from its $31 IPO price. Tether, however, is likely to benefit less, as the GENIUS Act mandates stablecoins be backed by fiat currencies or cash reserves—while Tether is backed by a mix of Bitcoin, gold, and Treasury bills.

Other crypto-linked stocks also saw modest gains in early trading. These included MicroStrategy (MSTR), known for its aggressive Bitcoin investment strategy, crypto miners MARA Holdings (MARA) and Riot Platforms (RIOT), and U.S.-based exchange Coinbase Global (COIN).

Two other bills passed during what lawmakers dubbed “Crypto Week” still require Senate approval. These include:

The CLARITY Act, which would create a formal regulatory framework for cryptocurrencies.

The Anti-CBDC Surveillance State Act, aiming to block the Federal Reserve from launching a central bank digital currency (CBDC).

If these bills pass the Senate, they could signal a significant shift in the U.S. government’s approach to cryptocurrency policy and innovation.