The Bitcoin market experienced significant volatility this past week with price breaking out of a symmetrical triangular pattern before establishing support around $102,229 on Monday. The flagship cryptocurrency surged over 3% to trade above $105,370 on May 19th as the overall crypto market rallied in tandem with Ethereum (ETH). This resulted in nearly $600 million worth of crypto-leveraged liquidations.
Several factors contributed to Bitcoin’s bounce. JPMorgan’s recent announcement allowing clients to buy Bitcoin but not custody services marked a major milestone for institutional adoption, while the impact of the potential GENIUS Act is creating greater confidence in the asset as a global financial tool.
The U.S. Senate has proposed a bipartisan stablecoin bill dubbed the GENIUS Act which will likely pass both houses and be signed by President Trump. This bill aims to regulate stablecoin issuers, including foreign ones, through freezing and seizing capabilities to help maintain US dollar dominance in sanctions.
The combined effect of these factors is driving institutional investors towards Bitcoin, further strengthening its long-term potential for growth.