|
Getting your Trinity Audio player ready...
|
Key Takeaways:
- Crypto Week (July 14–18) is expected to be a turning point for U.S. crypto legislation, with major bills under consideration.
- Bitcoin, Ethereum, and XRP are showing strong bullish trends ahead of the discussions, driven by investor optimism.
- Regulatory clarity could push leading cryptocurrencies to retest or surpass previous highs, marking a new era in U.S. crypto adoption.
The U.S. crypto market is entering a pivotal phase as lawmakers gear up for Crypto Week, scheduled from July 14 to 18. During this period, Congress will debate three major legislative proposals: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act—all aimed at defining and advancing crypto regulation in the country. The anticipation of these bills has already spurred strong market movement in leading cryptocurrencies, with Bitcoin (BTC), Ethereum (ETH), and XRP seeing notable gains.
Bitcoin Briefly Touches $109K Amid Bullish Sentiment
Bitcoin (BTC) saw a brief surge past $109,000 in early U.S. trading hours, riding a wave of optimism driven by potential regulatory clarity. Currently trading around $109,500, BTC has posted a modest 0.63% gain over the past 24 hours, even as overall trading volume dropped by 8%, according to CoinMarketCap.
Analysts suggest that if momentum persists, Bitcoin could test or surpass its all-time high, which sits just 2.2% above current levels. Market confidence is returning as investors anticipate a friendlier U.S. crypto regulatory framework, potentially driving BTC toward $115K or more in the coming weeks.
Ethereum Eyes $2,700 Breakout on Rising Institutional Adoption
Ethereum (ETH) is also benefitting from the bullish macro backdrop. Currently trading at $2,663, ETH has gained 3.11% in the past 24 hours, with trading volume up a significant 19%. Institutional interest in Ethereum is ramping up, with companies like SharpLink, GameSquare, and Bit Digital implementing ETH-based treasury strategies.
Given the surge in demand and positive market sentiment, Ethereum is poised to break the $2,700 resistance level and may target $3,000 if tailwinds from Crypto Week accelerate.
XRP Recovers as Legal Outlook and Regulation Align
Ripple’s XRP is drawing particular attention due to its legal battle with the SEC and its U.S.-centric crypto profile. XRP is currently priced at $2.38, up 3.37% in the last 24 hours and nearly 10% over the past week. The token has surpassed a key resistance level at $2.32, suggesting bullish strength.
As speculation swirls around a potential favorable outcome in Ripple’s ongoing litigation, combined with a pro-crypto stance in Congress, XRP could rally toward $2.5 or even challenge the $3 mark if regulatory clarity is achieved.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
