Trump Delivers on Crypto Promise as ETH Bulls Crush Bitcoin đź’Ş
History in the making, guys, our commander-in-chief of the crypto forces gave the fall out command on the GENIUS Act, and stablecoins can finally live freely in the land of the free. Meanwhile, Wall Street is loving every minute of this crypto week as it just became Coinbase’s sidekick.
Elsewhere we’ve got Ethereum bulls getting quite frisky too, the big boy is out to show Bitcoin who's boss now. And in true IMF fashion, they’re trying to kill El Salvador’s Bitcoin buzz… I can bet we’ve seen this somewhere before.
Here are the Highlights:
- Trump signs stablecoin law as crypto industry aims for mainstream adoption
- Ethereum Nears $4,000 Mark Amid 22.4% Gain Over Bitcoin
- IMF claims El Salvador is NOT buying Bitcoin but simply moving coins between wallets
- Coinbase Hits All-Time High As Wall Street Reacts to a Successful Crypto Week
Trump signs stablecoin law as crypto industry aims for mainstream adoption
WASHINGTON, July 18 (Reuters) - U.S. President Donald Trump on Friday signed a law to create a regulatory regime for dollar-pegged cryptocurrencies known as stablecoins, a milestone that could pave the way for the digital assets to become an everyday way to make payments and move money. The bill, dubbed the GENIUS Act, passed in the House of Representatives by a vote of 308 to 122, with support from nearly half the Democratic members and most Republicans. It had earlier been approved by the Senate.
Ethereum Nears $4,000 Mark Amid 22.4% Gain Over Bitcoin
Ethereum has shown remarkable strength, with its price nearing the $4,000 mark. This surge signals a potential altcoin season, as investors increasingly turn their attention to high-beta assets. Ethereum's climb past $3,500 indicates renewed strength, but the real bull run may begin only after breaking the $4,000 resistance. This psychological and technical barrier has been a critical point for Ethereum, and crossing it could mark the start of a significant rally. Technical charts reveal that Ethereum has been following a long-term descending trendline, which previously kept prices suppressed.
IMF claims El Salvador is NOT buying Bitcoin but simply moving coins between wallets
A July 15 report by the International Monetary Fund (IMF) suggests that El Salvador’s growing Bitcoin holdings are not the result of recent purchases, but rather a reorganization of existing assets. According to a footnote in the document: “Increases in [El Salvador’s] Bitcoin holdings in the Strategic Bitcoin Reserve Fund reflect the consolidation of Bitcoin across various government-owned wallets.” This claim directly challenges statements from El Salvador’s National Bitcoin Office, which has publicly stated that the Central American government continues to buy Bitcoin daily.
Coinbase Hits All-Time High As Wall Street Reacts to a Successful Crypto Week
Coinbase stock surged to an all-time high of $436 as markets opened Friday, following the US House’s landmark passage of two crypto bills. The rally comes after the GENIUS Act and the CLARITY Act cleared the House late Thursday. Both bills bring long-awaited regulatory certainty to the crypto sector. The GENIUS Act, now awaiting President Trump’s signature today, establishes the first federal rules for stablecoin issuers. The CLARITY Act defines oversight roles for the SEC and CFTC.
Other Highlights Worth Mentioning
- Russia's Sberbank offers custody services for Russian crypto assets - Reuters
- UK officer jailed for 50 Bitcoin theft during Silk Road 2.0 probe - Cointelegraph.
- France Submits Bill To Test Bitcoin Mining With Excess Power - BitcoinMagazine
- UK to Sell Almost $7B in Seized Bitcoin as Treasury Eyes Crypto Boost - CryptoDNES
COINIGY FACT OF THE DAY
On this day in 2022, the U.S. Department of Justice filed charges against three men in what prosecutors called the "first ever cryptocurrency insider trading scheme."
Former Coinbase product manager Ishan Wahi, along with his brother Nikhil Wahi and friend Sameer Ramani, were charged with wire fraud and conspiracy for allegedly trading on confidential information about upcoming crypto asset listings on the Coinbase platform. The scheme ran from June 2021 to April 2022, with Ishan Wahi allegedly tipping others about which crypto assets would be listed on Coinbase before public announcements were made. This landmark case marked a turning point in crypto regulation, as it was the first time U.S. authorities brought insider trading charges specifically related to cryptocurrency assets, setting an important legal precedent for the industry's regulatory framework.
COINIGY MEME OF THE WEEK
