According to BlockBeats, the 'GENIUS Act' concerning stablecoins has successfully passed the debate motion with a vote of 69 in favor and 31 against. The legislation will now proceed to the revision stage, as reported by crypto journalist Eleanor Terrett.

On May 21, 2025, Bitcoin (BTC) surged to a new all-time high of $109,545, surpassing its previous peak of $109,114 set earlier this year. This milestone comes as global trade tensions ease and regulatory developments favor the cryptocurrency market.Market Dynamics and Contributing FactorsThe recent rally in Bitcoin's price is attributed to several key factors:Easing U.S.-China Trade Tensions: A 90-day trade agreement between the United States and China, announced on May 12, temporarily reduced import tariffs, alleviating economic uncertainties and boosting investor confidence.Regulatory Advances: The U.S. Senate's progression on a bipartisan bill to regulate stablecoins has been perceived positively by the market, signaling a more structured approach to cryptocurrency regulation.Institutional Adoption: Increased institutional interest and investment in Bitcoin have provided additional momentum to its price surge.Technical Indicators and Market SentimentTechnical analysis indicates strong bullish momentum:Moving Averages: The 50-day Simple Moving Average (SMA) is approaching a crossover above the 200-day SMA, a pattern known as a "Golden Cross," which often signals a bullish trend.Relative Strength Index (RSI): The RSI remains in overbought territory, reflecting strong buying pressure.Analysts project potential short-term targets of $116,000, with some forecasting a "blow-off top" at $128,000. Long-term projections, considering the growth in global money supply (M2), suggest Bitcoin could reach $132,000 by the end of the year.Broader Cryptocurrency Market PerformanceThe positive sentiment extends beyond Bitcoin:Ethereum (ETH): Trading at $2,591.09, Ethereum has seen a 4.52% increase, maintaining its position as the second-largest cryptocurrency by market capitalization.Total Market Capitalization: The overall cryptocurrency market cap has reached $3.36 trillion, with Bitcoin accounting for over 60% of this value.OutlookThe convergence of easing geopolitical tensions, favorable regulatory developments, and strong technical indicators suggests a continued bullish trajectory for Bitcoin. Investors and analysts will be closely monitoring these factors as the market approaches the next psychological milestone of $110,000.

Odaily Planet Daily News: As the BTC price hit a record high after 4 months, the "Hyperliquid 50x Insider Whale" suffered a floating loss of 1 million US dollars, and James Wynn made a floating profit of 15 million US dollars. Previously, James Wynn and the "50x Insider Whale" opened a counter-order on Hyperliquid, which attracted market attention.

Top TRUMP memecoin holders shall dine with President Trump, raising ethical concerns over crypto-political ties. source: https://www.thestreet.com/crypto/markets/senator-has-a-shocking-response-to-trumps-vip-dinner

Netherlands-based fintech firm Quantoz Payments B. V. has appointed former Binance executive Arjen Van Klaarbergen as its new General Counsel. source: https://cryptonews.com/news/former-binance-executive-joins-quantoz-payments-as-general-counsel/

Odaily Planet Daily News OKX market data shows that BTC is currently trading at 109811 USDT, breaking its historical high. The last high was 109800 USDT (January 20, 2025).

Hong Kong has passed a landmark bill to regulate fiat-backed stablecoins, signaling its continued push to position itself as a global hub for digital finance. On May 21, Hong Kong lawmaker Johnny Ng confirmed that the Legislative Council approved the bill after its third source: https://cryptoslate.com/hong-kong-advances-stablecoin-legislation-introducing-new-rules-for-issuers/

Ripple and Coinbase have both reportedly participated in informal talks to acquire the stablecoin issuer Circle. Fortune, citing four anonymous banking and private equity executives, reports that Circle wants at least $5 billion for a sale. source: https://dailyhodl.com/2025/05/21/circle-seeking-at-least-5000000000-for-coinbase-acquisition-potentially-nixing-ipo-plans-report/

On May 21, 2025, 16:39 PM(UTC). According to Binance Market Data, BNB has crossed the 670 USDT benchmark and is now trading at 670.030029 USDT, with a narrowed 3.95% increase in 24 hours.

On May 21, 2025, 16:39 PM(UTC). According to Binance Market Data, Ethereum has crossed the 2,600 USDT benchmark and is now trading at 2,601.879883 USDT, with a narrowed 4.87% increase in 24 hours.

Crypto Market, FTX, Do Kwon, From Ancient Rome to Modern Cryptocurrency: Lessons in Risk Management Golden Finance, Big risks can make you soar, unmanaged risks can make you crash.

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Recommended readings tonight: 1. Hong Kong's compliant stablecoin is coming. Take a quick look at its history and main content; 2. Bitwise: The impact of the GENIUS Act is comparable to BTC spot ETF; 3. Hong Kong's stablecoin exploded;

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