The crypto world is on fire. On Friday, the total cryptocurrency market cap briefly soared past a jaw-dropping $4 trillion for the first time ever—marking a major milestone in digital finance—even as traditional stock markets barely budged.
Driving the surge? A landmark moment on Capitol Hill. Congress passed three pivotal bills aimed at regulating the crypto sector, with one—the Genius Act—signed into law by President Donald Trump on Friday. The act focuses on stablecoin regulation and sets the stage for broader oversight in the rapidly growing crypto space.
“We worked hard. It’s a very important act—the Genius Act. They named it after me,” Trump quipped during the bill-signing ceremony, where CEOs from Coinbase, Robinhood, and other major crypto players were in attendance.
Following the legislative win, Bitcoin briefly cracked $120,000, and shares of crypto companies rocketed. Coinbase hit an all-time high of $444, before settling up 2.2% by market close. Robinhood also saw a record day, climbing nearly 4% to close just under $113.
Meanwhile, the traditional markets were far less exciting. The S&P 500 ended flat after digesting new developments on Trump’s ongoing tariff talks with the EU. The Nasdaq inched up 0.4%, while the Dow slipped 0.3%.
The Financial Times reported that Trump is pushing for a steep minimum tariff—between 15% and 20%—on European goods as part of a new trade agreement. That uncertainty may cause investors to hold back from the broader market.
Despite the pause, Wall Street has been on a tear lately, hitting new highs just a day earlier. But Friday’s headlines made one thing clear: Crypto is no longer the sideshow—it’s the main event.
