Cryptocurrency prices surged early Wednesday as the stock market climbed on news that trade talks between the U.S. and China will begin later this week. Bitcoin hovered near $97,000. In legislative news, New Hampshire on Tuesday passed a strategic bitcoin reserve bill. Elsewhere, the Senate plans to vote on a stablecoin bill on Thursday. Meanwhile, Strategy stock and spot bitcoin ETFs traded near potential buy points. BlackRock's bitcoin ETF outpaces gold inflows.
New Hampshire on Tuesday became the first state to pass a strategic bitcoin reserve bill. The new law authorizes the New Hampshire Treasurer to purchase bitcoin and other digital assets with a market cap above $500 billion, a requirement that only bitcoin meets. The bill caps holdings at 5% of the state's total funds.
The law mandates that any bitcoin or cryptocurrencies in the reserve are to be held in U.S.-regulated custody via a state-controlled wallet, qualified custodian or a U.S. exchange-traded product.
The bill officially takes effect 60 days after passage.
Stablecoin Vote Due
Elsewhere, the U.S. Senate on Thursday is reportedly scheduled to begin voting on stablecoin legislation. The bill, called the "Guiding and Establishing National Innovation for U.S. Stablecoins," has been dubbed the GENIUS Act. The bill aims to regulate U.S. stablecoins with a clearer definition and framework.
The GENIUS Act requires that only permitted issuers are legally authorized to issue stablecoins. Institutions seeking licenses to issue stablecoins can register with either state or federal authorities.
The bill requires that stablecoin issuers maintain a 1:1 reserve ratio with reserve backing from U.S. dollars, short-term Treasuries or similar liquid assets.
The legislation requires issuers to publicly disclose their reserve holdings and redemption policies to increase transparency. The bill requires stablecoin issuers to comply with anti-money laundering obligations.
It also gives Stablecoin holders priority over claims against the issuer in the event of insolvency to increase consumer protection.
The bill also excludes payment stablecoins from being classified as securities, commodities or investment companies under federal laws.
Bitcoin Price And Crypto Stock Action
Bitcoin surged more than 3% over the 24 hours through Wednesday morning to trade around $96,800. The price of bitcoin is off its overnight high of $97,625. Bitcoin is up almost 4% so far this year.
Ethereum traded around $1,824 on Wednesday, marking a 3.6% gain over the past 24 hours according to CoinMarketCap data. ETH peaked near $1,850 overnight. Still, the price of ethereum is down 45% in 2025.
Strategy swung 2.4% higher early Wednesday, adding to its 33% gain year-to-date. Shares are working on a possible handle for a cup base with a 403.90 buy point.
The iShares Bitcoin Trust ETF and other spot bitcoin ETFs advanced 2.4% Wednesday morning. Shares of the group, including the ARK 21Shares Bitcoin ETF and Grayscale Bitcoin Trust, are also working on a possible handle near their May 2 highs.
Meanwhile, the iShares Bitcoin Trust has generated $6.96 billion in inflows so far this year, marking the sixth-largest amount of all ETFs, Bloomberg ETF analyst Eric Balchunas reported on Monday. That even surpasses the SPDR Gold SharesGLD, which has generated $6.5 billion in inflows.
"Notable (because) IBIT is only up 4% vs GLD having the run of its life," Balchunas posted online. "To take in more cash in that scenario is a really good sign for long term, and inspires confidence in our call that btc ETFs will have triple gold's (AUM) in 3-5 yrs."
Coinbase stock ticked higher Wednesday. COIN shares are down 19.8% this year.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
