Original | Odaily Daily (@OdailyChina)
Author|Azuma(@azuma_eth)
In the early morning of May 20, Beijing time, the much-watched stablecoin regulation bill (GENIUS Act) ushered in a key breakthrough in a vote in the U.S. Senate - the Senate voted 66 in favor and 32 against to pass the closing debate vote of the GENIUS Act. This means that the Senate has agreed to halt the debate on the bill, with a final vote coming in 30 hours at the latest.
Is the final vote complete?
It should be clearly emphasized that many media outlets and KOLs this morning have misreported the latest progress of the GENIUS Act, and in fact, the Senate voted to end the debate, and the bill itself has not yet passed the final vote.
However, this can still be seen as a key breakthrough for the GENIUS Act in getting through Congress, as the end of debate voting is a key mechanism in the U.S. Congressional legislative process, specifically designed to break the impasse in which the dissenting minority wants to block the bill's vote through "endless debate."
In the GENIUS Act case, Democratic senators, represented by Elizabeth Warren, have been the main force hindering the GENIUS Act process, and it was because of the collective opposition of Democratic senators that the GENIUS Act failed to advance further in the Senate vote on May 8 because it received only 49 votes (which did not meet the minimum requirement of 60 votes). However, in this morning's end-of-debate vote, 15 Democratic senators, including Adam Schiff, Mark Warner, and others, changed their vote from no to yes — meaning that in the upcoming final vote, this group of Democratic senators is likely to be a key force in the GENIUS Act running through the Senate.
Odaily Note: NBC reported that the reason for the multiple Democratic Senate vote changes was that bipartisan representatives negotiated an agreement last week, and in exchange, the bill added some amendments, including changes to consumer protections and restrictions on the issuance of stablecoins by tech companies, and expanded ethical standards to special government employees — which will apply to Musk and David Sacks for the time being.
GENIUS Act Content
On February 4, 2025, U.S. Senators Bill Hagerty, Tim Scott, Kirsten Gillibrand, and Cynthia Lummis jointly proposed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act). It aims to establish a legal framework for the legal use of stablecoin payments in the United States.
The core provisions of the Act are as follows:
Payment Stablecoin Definition: A digital asset pegged to a fixed monetary value, fully backed by U.S. dollars or other highly liquid assets at a 1:1 ratio, dedicated to payment and settlement scenarios.
Dual-licensing regulation: Federally regulated, with issuers with a market capitalization of more than $10 billion subject to federal regulation; State-level regulation, with the option of state-level registration for small publishers (subject to federal equivalence).
100% Reserve Requirement: Reserve assets are limited to cash, short-term U.S. Treasury bonds, or central bank deposits, and must be segregated from working capital. A certificate of sufficiency of reserves is required to be submitted every month to ensure that users can redeem at face value.
Mandatory Disclosure of Transparency: Regular disclosure of reserve composition and redemption policies, compliance audits conducted by a CPA firm.
Anti-Money Laundering Compliance: Bringing issuers under the Bank Secrecy Act to meet financial institution-level AML obligations.
Priority user protection: When an issuer goes bankrupt, stablecoin holders' claims take precedence over other claimants.
Clear regulatory ownership: Clearly stipulate that payment stablecoins do not belong to the category of securities, commodities or investment companies, and draw a clear regulatory boundary.
In short, as the first federal-level stablecoin bill, the GENIUS Act has been widely regarded by the industry as an important development for stablecoins to move out of the wild growth stage, officially enter the scope of compliance, and is expected to move towards the broader market such as payments.
It is precisely because of the importance of the GENIUS Act that many parties in the industry have invested in lobbying efforts in order to get through the legislative process as soon as possible and successfully land.
After the Senate, what is left?
According to the U.S. legislative process, if the GENIUS Act can successfully run through the Senate, it will still be voted on by the House of Representatives, and then submitted to President Trump for signature before it finally becomes law.
Barron's reported that the bill is expected to go more smoothly in the House of Representatives, which does not need an absolute majority to approve it.
How has the market reacted?
Perhaps due to the positive blessing of the GENIUS Act, which has already made a key breakthrough in the Senate, the crypto market, which suffered a large correction yesterday, has seen a strong rebound today - BTC is back above the $106,000 mark, and a new high seems to be just around the corner.
Looking forward to the market changes after the implementation of the GENIUS Act, as the first step towards compliance and a broader market for stablecoins, the bill is undoubtedly a huge positive for the entire industry, and some of the projects whose business content is highly related to stablecoins have benefited greatly - for example, entering Aave (AAVE), Pendle (PENDLE), and Frax (FRAX) have all seen large increases that are better than the overall performance of the market; In addition, Ethereum (ETH), as the main front for the current compliant stablecoin issuance, may also be able to capture greater capital inflows.
Within the stablecoin market, the GENIUS Act, which clearly requires federal and state dual licensing supervision, may also become an opportunity for a track-level reshuffle, and Circle (USDC), which has long followed the compliance route and is registered in the United States, and the Trump family project WLFI (USD 1) may receive stronger compliance endorsements, while Tether (USDT), the king of the current stablecoin track, may face greater regulatory challenges due to problems such as overseas registration and questionable transparency. In response, Tether has officially announced plans to launch a new stablecoin in the United States, and Tether has recently lobbied in Washington to try to promote more friendly policies.
However, these are the final steps of the GENIUS Act, and for now, the top priority in front of the bill will be the final vote in the Senate that will take place in a maximum of 30 hours, when Odaily will follow up on the results of the vote.
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Chanh Doro
✨Fraction AI has opened to the public for everyone to play gamble-to-earn, no need for WL anymore.
♻️For those who have played the testnet and already have FRAC, you can consider playing the mainnet because FRAC will be combined from both testnet and mainnet. For newcomers, you might want to skip it; you could end up losing big.
♻️Currently, there are 2 pools to play:
🔸Pool Bid Tac Toe
Minimum $0.1 per game
🔸Pool BTC Tradewars
Minimum $0.25 per game
♻️I burned 6u and managed to play over 200 sessions. The amount of FRAC earned is unclear as I forgot to keep track. Generally, in the first 100 sessions, I won consistently, but after 100 sessions, I only lost, even after optimizing the Prompt multiple times.
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常为希 ｜加密保安🔸🚢🇺🇸
"Ten Years Later"
1. Commercial use of quantum computers
2. Google dominates the quantum field, Nvidia lags behind 3, BTC and ETH anti-quantum algorithm upgrades are completed 4, quantum computers appear, and existing cancer, AIDS, etc. are all covered
take
5. The life expectancy of the rich relies on the medical revolution triggered by quantum technology
Broken 200 years old
6. The price of BTC exceeds that of gold, about $1 million a piece7. ETH becomes the on-chain infrastructure, $100,000 a piece
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CryptoChan
#BTC [Seven Finger Capping Map] update, current——
🔴 The value of the Bull Top indicator is: $147,285
🟠 The value of the bull top indicator is: $149,121
🟡 The value of the Bull Top indicator is: $155,352
🟢 The value of the bull top indicator is: $160,090
🔵 The value of the bull top indicator is: $200,793
🟣 The value of the bull top indicator is: $205,829
🟤 The value of the Bull Top indicator is: $226,430
It is worth mentioning that the situation where the currency price breaks through the above 7 indicators will be used as points (on a daily basis, the currency price on the day will be 0 points if it exceeds 0, 1 point will be awarded if it breaks through 1, and so on for accumulation)——
During the 2013 bull top, the total number of points was 129
During the 2017 bull top, the total points were 103
During the first top of 2021, the total number of points was 101
Currently, the total number of points is 0
Concentrate:
🔴 The indicator is Std-Adjusted MVRV Price, which is designed based on the positive standard deviation of the Bitcoin MVRV indicator;
🟠 The indicator is Std-Adjusted STH-MVRV Price, which is designed based on the positive standard deviation of the MVRV indicator for short-term Bitcoin holders;
🟡 The indicator is Fib-Adjusted Balanced Price, which is designed by multiplifying the Balanced Price of Bitcoin in the Fibonacci sequence;
🟢 The indicator is Tradable Realized Price, which is designed based on Realized Cap and on-chain liquidity chips;
🔵 The indicator is Curve-Fitted Median MVRV Price, which is designed by fitting the curve (function) to the peak of the calendar cycle of the median MVRV of Bitcoin.
🟣 The indicator is the Fib-Adjusted Miner Revenue Price, which is designed by multiplifying the dollar income of Bitcoin miners from mining in Fibonacci sequences;
🟤 The indicator is Fib-Adjusted Transferred Price, which is designed by multiplifying the Transferred Price of Bitcoin in the Fibonacci sequence
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宝灵灯C🟥「零叁」
In June, as long as Bitcoin does not collapse.
Take the opportunity to return to the chain and practice.
Isn't it on-chain lately? Lost a lot of money?
Adventure Island is so fun. Fun to play with.
The current price of Bitcoin is $105,775.8. Over the last 24 hours, Bitcoin has increased by +2.07%. It currently has a circulating supply of 19,867,118 BTC and a maximum supply of 21,000,000 BTC, giving it a fully diluted market cap of $2,099.56B. At present, the Bitcoin coin holds the 1 position in market cap rankings. The Bitcoin/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
Bitcoin (BTC) is a revolutionary virtual currency that supports a decentralized peer-to-peer (P2P) payment system free from the centralized control of any government or entity. Bitcoin was created in 2008 by an anonymous person or group of people known by the pseudonym Satoshi Nakamoto.
Although Bitcoin wasn't technically the first cryptocurrency created, the asset and its ground-breaking blockchain technology are widely considered the catalyst for today's flourishing digital asset industry. Bitcoin is currently the largest cryptocurrency by market capitalization.
How does Bitcoin work?
Bitcoin is entirely digital and operates on a decentralized blockchain network — a virtual public ledger that records all transactions made on the Bitcoin blockchain. Bitcoin transactions are sent electronically to nodes that verify their validity. Once confirmed, a transaction is grouped with others to create a 'block' of information, which is then added to the blockchain. This process is known as Proof of Work, and it helps to protect the network's security.
The blockchain ledger is immutable, making it virtually impossible to be removed or altered. The ledger is freely accessible to anyone, making it an open blockchain, and transactions can be made anonymously, bringing privacy and transparency to the network. Being decentralized, Bitcoin can be traded freely between anyone with an internet connection through P2P trading.
Who created Bitcoin?
Bitcoin was created by the individual or collective group known as Satoshi Nakamoto as a response to perceived issues with the traditional banking system. Bitcoin was launched immediately after the global economic crash of 2007 and 2008, and its purpose was revealed to the world through a white paper titled Bitcoin: A Peer-to-Peer Electronic Cash System. Ultimately, Bitcoin was designed to help create a fairer, more equitable, and more democratic financial system for all — free from the control of banks and centralized entities.
Over the years, various figures have claimed to be Bitcoin's creator, and some media titles have incorrectly identified individuals as such. But, to this day, Nakamoto's true identity has never been revealed.
What is Bitcoin used for?
Bitcoin is considered by many to be a store of value, which is why some refer to the asset as "digital gold". The currency also provides a decentralized payment system through which other digital assets can be traded and transferred.
Bitcoin is widely traded speculatively, and is growing in adoption as a form of payment for goods and services. What's more, some companies allow their employees to be paid a portion of their salary in Bitcoin. Many people see Bitcoin as a hedge against inflation, given its historical resilience and alleged outperformance during inflationary periods.
Advancements to blockchain technology have brought about an evolution in what's possible on the Bitcoin network. The ordinals protocol, for example, now allows users to inscribe data such as videos, images, and text onto individual satoshis — the smallest unit of Bitcoin — on the Bitcoin blockchain. This created a new way of storing and sharing digital assets using blockchain technology. Then, in 2024, Bitcoin Runes arrived. The protocol allows users to create new tokens directly on the Bitcoin network, and potentially provides Bitcoin miners with a new revenue stream.
Bitcoin price and tokenomics
One unique factor of Bitcoin is that the BTC price and value is ultimately determined by the collective opinion and actions of the community that trades it. Where fiat currencies are backed by physical commodities or government guarantees, Bitcoin is simply backed by data and shared beliefs.
Bitcoin's price and value is also influenced by the demand for the asset relative to its available supply. From the asset's inception, its supply was limited to 21 million Bitcoin to create scarcity and theoretically increase the asset's value over time as demand increases. Factors outside of the asset's controlled supply and scarcity also have an impact on BTC price. One major factor is the sentiment surrounding Bitcoin news and how it influences public opinion to either buy or sell the asset.
The supply of total Bitcoin is managed by a process known as 'mining', which is also decentralized and open to anyone with the required connectivity, knowledge, and resources. BTC mining involves using computers to solve complex equations to validate transactions and store them on the blockchain. Bitcoin miners earn BTC as a reward for solving these equations. Not only does this incentive increase the supply of Bitcoin, it also helps to strengthen the network's security.
What is the Bitcoin halving?
Bitcoin's code has been deliberately designed to reduce the rewards given to miners through an event known as Bitcoin halving. The amount of Bitcoin awarded to miners for successfully adding blocks to the blockchain is reduced by half after every 210,000 blocks, or approximately every four years. To date, the Bitcoin network has witnessed a halving event in November 2012, July 2016, May 2020, and April 2024.
The Bitcoin halving progressively reduces the rate at which new BTC enters circulation until the total fixed supply of 21 million Bitcoin is mined. Bitcoin mining will end when the token reaches its maximum circulating supply around the year 2140. Since the latest halving event in 2024, the Bitcoin mining reward has been cut from 6.25 BTC to 3.125 BTC. The next Bitcoin halving is expected to take place at some point during 2028, although the exact date is difficult to estimate. Following the next halving event, the Bitcoin mining block reward will be reduced to 1.5625 BTC.
Historically, the BTC price has rallied following halving events, although the gains made have diminished with each successive halving. The Bitcoin price jumped by over 12,400% following the first halving event in 2012, 5,200% after the 2016 halving, and 1,200% following the 2020 halving.
Bitcoin mining and its environmental impact
'Bitcoin mining' refers to the process through which new Bitcoin are created and Bitcoin transactions are verified before being added to the blockchain. During the mining process, miners compete to solve difficult cryptographic problems. The first miner to solve the problem is rewarded with newly created Bitcoins — what's known as the block reward.
Bitcoin mining has come under scrutiny for its environmental impact because the process is highly energy intensive. Research have shown that, in 2023, the electricity used to support Bitcoin mining represented around 0.2% to 0.9% of the total global demand for electricity. As a result, Bitcoin mining consumes a similar amount of electricity as some countries. And, as the difficulty of solving cryptographic problems during the mining process increases, so does the energy demanded. The environmental impact of Bitcoin mining is understandably a challenge for the crypto space. Today, organizations such as the Crypto Climate Accord (CCA) and Bitcoin Mining Council (BMC) are working to address the sustainability challenges facing crypto and provide transparency to mining operations.
Towards more sustainable Bitcoin mining methods, the activity has been adopted as a method of monetizing energy sources that would otherwise go to waste, providing a valuable source of income in developing nations in particular. In both Nigeria and Costa Rica for example, hydroelectric power is being repurposed to support crypto mining operations, generating income not only through mined BTC but also the hosting of mining infrastructure. Meanwhile, some Bitcoin mining operations have invested their BTC earnings into renewable energy sources to help offset the environmental impact of mining.
How to trade Bitcoin
There are many ways to acquire and trade Bitcoin, and one of the most common is through an exchange. Although Bitcoin was built on the idea of decentralization, what's known as a centralized exchange provides access to the currency. On a centralized exchange, you can purchase Bitcoin using traditional currencies such as USD and EUR, or using other cryptocurrencies including USDC or ETH. Alongside providing an avenue to purchase Bitcoin, centralized exchanges also match buyers to sellers so you can trade Bitcoin with ease.
Decentralized exchanges are an alternative to centralized services. On a decentralized exchange, buyers and sellers interact directly without the involvement of an intermediary to trade cryptocurrencies. This is known as P2P. Although decentralized exchanges may be hosted by a centralized entity, it has no influence over the transactions between users, and only provides the platform for exchanges to take place. As a result, you'll need a Bitcoin wallet to safely store your BTC.
Alongside the trading of Bitcoin for other digital assets, it's possible to obtain Bitcoin through mining and even by using Bitcoin ATMs. Like a conventional ATM but one that's connected to the blockchain, Bitcoin ATMs allow you to effortlessly exchange BTC for cash or cash for BTC.
How can I keep my Bitcoin safe?
If you buy or trade Bitcoin through a centralized exchange, your chosen platform will hold your tokens on your behalf. However, it's recommended that you use a self-custody Bitcoin wallet to manage your BTC yourself. With a secure and trusted Bitcoin wallet, you won't need to rely on a third-party to keep your Bitcoin safe. You'll keep full control of your private keys, while you also avoid the need to share personal details with a third-party, preserving your privacy. Whether you choose a hardware or a software wallet when selecting a Bitcoin wallet, it's essential to understand how the tool works and how to manage your private keys, so you avoid errors that could compromise the security of your assets.
Latest Bitcoin news
2024 has been a noteworthy year for Bitcoin. One major development for the currency came with the approval of a Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC), which was announced on January 10, 2024. Eleven proposals from issuers including Grayscale, Blackrock, ARK, and VanEck were approved, marking a major shift towards the mainstream adoption of Bitcoin. This was followed by the approval of six further Spot Bitcoin ETFs in Hong Kong on April 30, 2024 as the funds reached retail traders in Asia for the first time.
Around three months after the approval of the Spot Bitcoin ETF in the U.S., the virtual currency experienced its fourth Bitcoin halving since launch, which happened on April 19, 2024. The Bitcoin halving cut the reward granted to miners on the Bitcoin network from 6.25 BTC to 3.125 BTC. There's much speculation around the impact the latest Bitcoin halving event will have on the asset's value, and it's still too early to assess how the 2024 halving will impact the Bitcoin price long-term.
Events such as the Spot Bitcoin ETF approval, the 2024 halving event, and bullish sentiment for the crypto market broadly helped Bitcoin to reach a new all-time high price of $73,787 on March 13, 2024. However, BTC prices pulled back as far as $56,825.40 on April 30, 2024, before reaching above $60,000 and entering a period of sideways movement.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 128K new posts about Bitcoin, driven by 54K contributors, and total online engagement reached 84M social interactions. The sentiment score for Bitcoin currently stands at 79%. Compared to all cryptocurrencies, post volume for Bitcoin currently ranks at 43. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Bitcoin.
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Posts
127,944
Contributors
53,552
Interactions
83,942,018
Sentiment
79%
Volume rank
#43
X
Posts
80,397
Interactions
61,008,665
Sentiment
80%
Bitcoin FAQ
How much is 1 Bitcoin worth today?
Currently, one Bitcoin is worth $105,775.8. For answers and insight into Bitcoin's price action, you're in the right place. Explore the latest Bitcoin charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as Bitcoin, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Bitcoin have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
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