Latest news with #CryptoWeek
News18
21 minutes ago
- Business
- News18
Bitcoin Hits Record High Of $120K, Jumps 10% In A Week; What's Driving The Surge?
Last Updated: Bitcoin price: The current price of Bitcoin stands at $120,938.95, marking a jump of 10 per cent over the past seven days. Know what's fueling the rally? Bitcoin Price: The rally of Bitcoin price doesn't seem to wane at any moment ahead the US 'crypto week'. The popular cryptocurrency has extended its rally by touching its new all-time high of $120,000, driven by pro-crypto sentiment from the Trump campaign, strong ETF inflows and increasing corporate treasury allocations. This upward movement pushed Bitcoin past Silver and Google, making it the 6th largest asset by market cap. The m-cap of Bitcoin stood at 2.4 trillion. On the other hand, the Google's m-cap is at $2.19 trillion. According to CoinMarketCap, the current price of Bitcoin stands at $120,938.95, marking a jump of 10 per cent over the past seven days. The M-cap of Bitcoin stood now at $2.4 trillion. On the other hand, Google's m-cap stood at $2.19 trillion. This massive inflow of institutional money coupled with euphoria around the US 'Crypto Week', which kicks off today, is driving the current rally, said Shivam Thakral, CEO of BuyUcoin. Over the past week, several major cryptocurrencies have shown strong upward momentum. Ethereum (ETH) led with a 7-day gain of 18.26%, now trading around $3,044.93, driven by renewed interest in its DeFi ecosystem and network upgrades. Solana (SOL) also performed well, rising 10.03% over the week to $167.28, supported by growing developer activity and adoption. Dogecoin (DOGE) gained 17.50%, reaching $0.2050, likely fuelled by social media buzz and renewed retail interest. These consistent price increases, along with positive 24-hour movements, suggest strong ongoing demand in the broader crypto market. Meanwhile, XRP and Stellar (XLM) stood out with massive gains. XRP jumped 29.44% to trade at $2.93, possibly on the back of improved legal clarity and market sentiment. However, the biggest winner was Stellar (XLM), which soared 100.77% over the week to hit $0.5049, marking a major breakout possibly linked to increased institutional or cross-border payment interest. What Is Crypto Week? The week ahead is anchored by 'Crypto Week" in Congress, key bills like the Clarity Act, GENIUS Act, and Anti‑CBDC Surveillance Act are moving through the House Rules Committee, with a full vote expected soon. These bills aim to define crypto regulatory roles, authorize stablecoins, and block a U.S. central bank digital currency, providing clarity that could drive institutional market participation, said CoinSwitch Markets Desk. Devika Mittal, Regional Head at Ava Labs notes that the timing couldn't be better, as countries like Vietnam are starting to embrace crypto themselves, following America's lead in the global digital economy. Wall Street's big players have been waiting on the sidelines for clearer rules, and these bills could finally give them the confidence to dive in. But it's not just about attracting big money – there's real attention being paid to protecting everyday investors from scams and sketchy practices, she adds. view comments First Published: July 14, 2025, 10:07 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Indian Express
an hour ago
- Business
- Indian Express
Bitcoin, Ethereum surge ahead of US ‘Crypto Week': House parleys on stablecoins, CBDCs, crypto regulation in focus
Cryptocurrency prices have touched new records with Bitcoin crossing the $1,19,000-mark and Ethereum jumping over 17 per cent in the run-up to 'Crypto Week' in the US — starting Monday. The US House of Representatives are set to hold discussions on a trinity of bills that are seminal to America's formalisation of cryptocurrency usage under President Donald Trump. The office of French Hill, the US House Committee on Financial Services chairman, said in a statement Thursday that the week is ''Crypto Week' in the US House of Representatives. The House will consider the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.' Bitcoin (BTC) touched an all-time high of $119,240.26 as of 7.47 pm on Sunday, and has since hovered close to the $1,18,000-mark. According to weekly data from crypto tracking website CoinMarketCap, BTC stood at $1,08,707.16 on July 6. The flagship cryptocurrency has gained nearly $10,000 value in one week, rising more than 9 per cent, ahead of the week of July 14. Ethereum or ETH has also gained over 17 per cent value in the past 7 days to reach a price of $3,008.22 apiece at the time of writing. 'We are taking historic steps to ensure the United States remains the world's leader in innovation and I look forward to 'Crypto Week' in the House,' Hill said in an earlier statement, adding that the House of Representatives was moving toward legislation that will create a 'regulatory framework for digital assets that safeguards consumers and investors' apart from laying down rules for stablecoin issuance and banning CBDC issuance to 'safeguard Americans' financial privacy'. The US House of Representatives will discuss the CLARITY Act, the Anti-CBDC ACt and the US Senate-backed GENIUS Act in what is being described as a seminal moment for cryptocurrency in the US. In a series of executive orders, US President Trump announced the establishment of a Strategic Crypto Reserve and banned the issuance of Central Bank Digital Currencies (CBDCs), apart from exploring provisions for the issuance of dollar-backed stablecoins. These three aspects of the crypto currency narrative will be dealt with by the three bills listed above. The Digital Asset Market Clarity (CLARITY) Act will lay down the framework for legal crypto exchanges offering consumer facing products with the blessing of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Anti-CBDC Surveillance State Act bill seeks to deal a death blow to CBDCs, calling them a means to ensure citizens' privacy and prevent government snooping. Lastly, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act bill, which has been passed by the US Senate, aims to create guardrails for the use of stablecoins or asset-backed cryptocurrencies. 'Crypto Week' is also important against the backdrop of a spate of legislations on stablecoins, from South Korea to Hong Kong, with countries promoting digital coins backed by their respective currencies. To be sure, the Bank of International Settlements, the intergovernmental platform for banking reforms and regulations, has clearly stated stablecoins pose a risk to 'financial stability and monetary sovereignty' since they 'fall short' as 'a form of sound money'. In a one-page explainer on the Anti-CBDC Act bill, Hill said: 'President Trump understands the dangers CBDCs present and has already issued an Executive Order prohibiting federal agencies from pursuing one. To be sure, Trump's family interests in promoting dollar-indexed crypto coins called stablecoins through World Liberty Financial (WLF) are well known. WLF is backed by the US President's sons Eric Trump and Donald Trump Jr, and son-in-law Jared Kushner. The US President has also declared incomes from business such as licensing of the TRump brand, memecoins and WLF. In May, the Pakistan Crypto Council inked an agreement with the Trump family's WLF to promote stablecoins in the country. 'We must codify this Executive Order in law by permanently banning their development, so a future administration cannot weaponise this technology against Americans,' said Hill in the one-pager. A key aspect of the crypto push has been the emphasis on American innovation, such that blockchain provides an opportunity for the US to take leadership of the world by providing guardrails and regulation. The CLARITY Act is a bipartisan bill that seeks to close existing regulatory gaps in the digital assets market by 'establishing a clear regulatory framework' for these assets, Hill stated. It is aimed at 'encouraging innovation' and ensuring a regulatory environment that prevents the flight of crypto markets from America. CLARITY Act It is backed by US-based banking sector representative bodies such as the American Bankers Association as well as crypto advocacy groups, namely, the Blockchain Association and the Crypto Council for Innovation, among others. To be sure, there have been allegations against President Trump for allegedly promoting personal interests while backing laws that promote cryptocurrency. Harvard University's professor of government Steven Levitsky described Trump's crypto dealings as a moment unlike any other, saying ' I have never seen such open corruption in any modern government anywhere,' The Guardian reported. The $TRUMP memecoin has been promoted by the US president while in office by announcing special dinners for top buyers of the crypto coin. A similar memecoin, $MELANIA, was also launched for the First Lady of the US, Melania Trump. However, overall, the Trump administration has provided an unprecedented push to the cryptocurrency formalisation. Key Trump backers hailing from the cryptocurrency ecosystem contributed $7.5 billion to his presidential bid.
Business Insider
2 days ago
- Business
- Business Insider
Bitcoin's Recent Rally Wipes Out over $1B in Bearish Bets
Bitcoin's recent rally is leaving short sellers behind, as over $1 billion in bearish crypto positions were wiped out in just 24 hours. According to Coinglass, more than 279,000 traders were liquidated during the surge, with Bitcoin hitting a record high of $118,847. The biggest single liquidation—worth $88.5 million—occurred on the HTX exchange. Altogether, liquidations across all tokens totaled around $1.29 billion, making this the largest single-day shakeout of the year. The surge started on Thursday, right after U.S. President Donald Trump announced a new wave of trade measures that dragged stock prices down. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. While equities dipped, Bitcoin broke out of a two-month slump and climbed past $118,000 early Friday in London. Interestingly, some options traders are now betting that it could hit $150,000. On top of that, investors are seeing positive signs, such as increased money flowing into crypto ETFs, as well as U.S. lawmakers planning to declare next week as 'Crypto Week,' where lawmakers will discuss a group of bills that could shape how the crypto industry is regulated. Even China, which banned crypto speculation four years ago, seems to be reconsidering its stance. Explanations for the Sudden Bitcoin Surge Traders and analysts are offering different explanations for the sudden price surge. Some believe that Bitcoin is attracting investors looking for safety during trade uncertainty, while others credit retail buyers and key technical trends. Many also point to recent positive developments around U.S. crypto regulations that have helped build momentum. It is worth noting that this crypto rally is the opposite of what happened after Trump's 'Liberation Day' tariffs in April. Indeed, back then, both stocks and Bitcoin fell before rebounding. But this time, Bitcoin has far outpaced the stock market. Is Bitcoin a Good Buy? Using TipRanks' technical analysis tool, the indicators seem to point to a positive outlook for Bitcoin. Indeed, the summary section pictured below shows that 16 indicators are Bullish, compared to one Bearish and five Neutral indicators.
Hindustan Times
2 days ago
- Business
- Hindustan Times
Bitcoin at all-time high amid ‘Crypto Week': What does it mean?
Bitcoin shattered its all-time high on Thursday, going past $118,000 and even smashing the $119,000 barrier on Friday before settling at $118,780. Souvenir tokens representing cryptocurrency Bitcoin and the Ethereum network, with its native token ether.(REUTERS/ Representational) The rally comes amid a stock market tumble due to trade and tariff tensions caused by US President Donald Trump's tariff letters to more than 20 countries. It also breaks a two-month lean period for the cryptocurrency market, as Ether climbed above $3,000 for the first time since February. But what has led to a sudden bull run in Bitcoin and the wider cryptocurrency circle, and how do the option traders view its future? Bitcoin breaking its all-time high amid tariff tensions The Bitcoin surge comes just before 'Crypto Week,' when the US Congress will consider three major bills impacting regulations in the cryptocurrency market. The GENIUS Act would enable private companies to issue stablecoins. Donald Trump has already voiced his support for the bill through social media, and the Senate has cleared it. The House of Representatives is also expected to consider the Digital Asset Market Clarity Act, which would establish a framework for cryptocurrency regulation. The CBDC Anti-Surveillance State Act, which would prevent the Federal Reserve from issuing a central bank digital currency, is also expected to be discussed. The three bills represent a dramatic shift in policy around cryptocurrency after Trump took office in January this year. For years, unclear rules and hostile regulations in the US drove cryptocurrency companies out of the country. Now, the mood seems to be shifting as regulators move towards clearer oversight. 'We expect the capital that was previously sidelined due to regulatory uncertainty to re-enter. Even if final passage stalls, the optics of legislative engagement are bullish,' said Jag Kooner of Bitfinex. Option traders are so bullish about the market that they are now targeting Bitcoin to breach the $150,000 mark.
Mint
2 days ago
- Business
- Mint
US Market: Wall Street edge down from records amid Trump Tariff threats
US market news: Wall Street shares pulled back from their record highs on Friday as investors processed President Donald Trump's most recent tariff announcements while also looking forward to significant earnings reports later this month. In his ongoing critique of trade, Trump indicated the possibility of imposing 35% tariffs on Canada and mentioned that his administration would soon reveal tariffs on the European Union. The S&P 500, which represents a wide array of stocks, closed down 0.3% at 6,259.75, retreating from the all-time high set on Thursday. The Dow Jones Industrial Average declined by 0.6% to 44,371.51, and the tech-heavy Nasdaq Composite Index dropped 0.2% to 20,585.53 after achieving its own record on Thursday. Levi Strauss & Co. saw its stock surge 11.2% following its announcement of higher profits alongside a 6.4% increase in revenues. The denim brand particularly enjoyed robust growth in both the Americas and Europe. Earnings season accelerates next week as major banks like JPMorgan Chase, Wells Fargo, and Citigroup are set to announce their results on Tuesday. The recent rise in Bitcoin's price aligns with the optimistic trend seen across risk assets and coincides with Nvidia reaching a $4 trillion market valuation. This surge happens just days before the US Congress's Crypto Week on July 14, where lawmakers will discuss various bills that could establish the regulatory landscape for the industry. President Donald Trump stated in a letter on Thursday that he plans to increase taxes on numerous imported goods from Canada to 35%, which further widens the divide between the longstanding North American partners. The correspondence addressed to Canadian Prime Minister Mark Carney represents a significant rise from the initial top tariff rate of 25% that Trump implemented in March. This action is the latest strategy by the White House to leverage the prospect of higher tariffs on imported goods into the US as a means of negotiating new trade agreements with countries worldwide, including historically close allies like Canada. Initially, the administration had set Wednesday as a deadline for nations to strike deals with the US or face substantial tariff hikes. However, with only two trade agreements announced since April—one with the United Kingdom and another with Vietnam—the negotiation period has now been extended to August 1. Additionally, Trump suggested this week that he might impose tariffs up to 200% on pharmaceutical products and implement a 50% tariff on copper imports, aligning them with the rates applied to steel and aluminum. (With inputs from AP, and AFP) Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
