Ethereum Outpaces Bitcoin After Trump Signals GENIUS Act Vote Could Proceed On Wednesday
Synopsis
The GENIUS Act is good news for Ethereum because it is likely to ban competing yield-bearing stablecoins that often offer higher and simpler returns.
Ethereum (ETH) gained ground against Bitcoin (BTC) in pre-market U.S. hours on Wednesday after President Donald Trump said that the GENIUS Act may face a full vote during the day.
The GENIUS Act is good news for Ethereum because it is likely to ban competing yield-bearing stablecoins that often offer higher and simpler returns. Binance-listed ETH-BTC ratio rose nearly 6% on Tuesday to a 4-month high.
In early trading on Wednesday, Ethereum’s price was up by 6.2%, trading at around $3,150, while Bitcoin’s price rose only 1.6% to $119,000. On Stocktwits, retail sentiment around Ethereum continued to rise within ‘extremely bullish’ territory over the past day, while sentiment around Bitcoin dipped to ‘bullish’ territory from ‘extremely bullish’ a day ago.
In a post on Truth Social, the President said that 11 out of the 12 House representatives had agreed to support the GENIUS Act bill. The announcement comes after the House voted 196-222 against advancing the bill on Tuesday, temporarily stalling progress on the broader crypto legislative package during ‘Crypto Week’ in Washington.
“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” he wrote.
Amid the crypto rally, meme token Dogecoin (DOGE) and Solana (SOL) also jumped in pre-market trade. Dogecoin’s price rallied by nearly 5% while Solana’s price climbed 4.6% over the past day.
Ripple’s native token XRP (XRP) rose in tandem with Bitcoin, gaining around 1.5% in the last 24 hours.
Crypto-linked stocks were also trading in the green pre-market. Shares of Michael Saylor-backed Strategy (MSTR) rose 1.4%, while Bitcoin miners Marathon Digital (MARA) and Riot Blockchain (RIOT) stocks were up around 1.8%.
Read also: Trump Strikes Deal With House Republicans To Advance Crypto Legislation After Facing Congressional Roadblock
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