Bitcoin Overtakes Amazon in Market Value Ahead of Key Regulatory Week
Bitcoin has reached a historic milestone, eclipsing Amazon to become the world’s fifth most valuable asset by market capitalization. This achievement comes as Washington prepares for ‘Crypto Week,’ where policymakers will debate crucial regulations for the Web3 sector.
Regulatory Progress Drives Bitcoin’s Growth
The cryptocurrency‘s surge follows the passage of three landmark bills during Crypto Week. These include:
- The Digital Asset Market Clarity Act
- The GENIUS Act
- The Anti-CBDC Surveillance State Act
Market experts view the GENIUS Act as particularly significant for mainstream adoption of stablecoins by traditional financial institutions.
Bitcoin’s Remarkable Market Performance
With its price reaching unprecedented levels, Bitcoin‘s total value now exceeds $2.4 trillion – just $730 million behind Apple. Enmanuel Cardozo, an analyst at Brickken, attributes this growth to increasing institutional participation and favorable regulatory developments.
Related Industry Developments
In other news, Grayscale has confidentially filed for an IPO with the SEC, while tokens associated with former President Donald Trump‘s World Liberty project gained approval for trading. These developments signal continued maturation of cryptocurrency markets.
