On today's episode of CNBC Crypto World, bitcoin climbed after the House approved a procedural vote to consider three key crypto regulation bills after GOP lawmakers halted their passage the day before.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly.

Bitcoin (BTC-USD) gained 0.6% to $118K in Wednesday morning trading, lifting crypto-related stocks, after President Donald Trump said he persuaded some conservatives that were blocking a vote on crypto legislation to let the bills proceed.

The Bitcoin price dipped, reaching a low of $115,736 on Tuesday after hitting a new all-time high of $123,218 to start the week. BTC recovered from this Tuesday’s dip over the next two days and, at the time of writing on Friday, stabilized at around $118,850.

Trump and GOP lawmakers said that they had the votes necessary to pass landmark crypto legislation in the House.

Thirteen Republicans voted against a motion to advance three pro-crypto bills, 12 of whom Trump said would now vote differently.

Bitcoin has fallen below the $117,000 level on Tuesday after cryptocurrency-related bills were blocked in the House of Representatives.

Bitcoin just broke through $123,000, setting a new all-time high. Follow live updates as BTC enters price discovery, short sellers get crushed, and altcoins begin to stir. Get real-time analysis, expert commentary,

It's a sharp turn from recent weeks, where excitement around bitcoin ETFs and hopes for a legislative breakthrough had driven the token to all-time highs. Crypto stocks didn't esc

Crypto firm Bitcoin Standard Treasury Company said on Thursday it is aiming to list on the Nasdaq through a merger with a Cantor Fitzgerald-backed blank check vehicle.