Bitcoin Sees Slight Decline After Setting New Record.. Cryptocurrency Regulations Take Center Stage in Congress

Bitcoin witnessed a slight decline of 0.39% on Saturday, July 12, settling at $117,540.00, following a new record of over $118,000 just a day before. This fluctuation comes amidst market anticipation of the upcoming "Cryptocurrency Week" events scheduled in the U.S. Congress starting on July 14.

Bitcoin recorded a significant jump on Friday, driven by increased demand from institutional investors and supportive policies for cryptocurrencies endorsed by the administration of U.S. President Donald Trump. Its market capitalization peaked at $2.33 trillion, with a trading volume reaching $110.3 billion in 24 hours.

Following this surge, markets saw a wave of speculation, with high bets on Bitcoin surpassing the $150,000 mark. The organized betting platform Kalshi took the lead by placing a $1.3 million bet on reaching this level, despite the chances being less than 1% before next August.

David Sachs, White House advisor on cryptocurrencies, announced that the U.S. Congress is set for a week full of legislative discussions that could reshape the future of digital assets. This move is part of Republican efforts to strengthen the regulatory framework for cryptocurrencies.

Among the prominent proposals is the GENIUS Act focusing on regulating stablecoins, which was approved by the Senate with a 68-30 majority two weeks ago and is expected to be signed soon by President Trump. Preparations are also underway to present the CLARITY Act related to the regulatory structure of the digital currency market, along with a bill aimed at preventing the issuance of a digital currency by the Federal Reserve under the name Anti-CBDC Act.

These legislative developments come at a time when cryptocurrencies are experiencing strong movements, increasing speculations about their potential impact on the sector's future and market trends in the coming period.