The U.S. House of Representative has passed the CLARITY Act, a crypto market structure bill, and is set to vote on the GENIUS Act, which will regulate stablecoins, later on Thursday, according to media reports.

Bitcoin's surge to a record this week has reignited questions about the role institutional investors are playing in pushing it higher, with analysts suggesting their role is still in its infancy.

Bitcoin (BTC), the world’s oldest and most valued crypto, briefly touched $120k mark before settling around $118,000 early Thursday. Strong ETF inflows are believed to be the driver of this rally. Other popular altcoins — including the likes of Ethereum (ETH),