● Progress in cryptocurrency legislation, Ethereum ETF creates record inflows and trading volume
According to Foresight News, cryptocurrency legislation supported by Trump has made progress, tracking Ethereum's U.S. ETF which has set records for inflows and trading volume. On Wednesday, investors injected $727 million into nine ETFs. Ethereum's price surged, resulting in a trading volume of $2.6 billion for these ETFs. Ethereum futures' open interest on the Chicago Mercantile Exchange also reached a new high, indicating increased institutional demand for Ethereum.
Since the November elections, bulls have bet that Trump's second term will usher in a new era of relaxed cryptocurrency regulation. Bitcoin soared to a historic high of $123,205 on Monday.
● The U.S. House of Representatives unanimously passed three cryptocurrency bills
According to BlockBeats, on July 18, local time Thursday, the U.S. House of Representatives unanimously passed three pieces of cryptocurrency-related legislation: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. The CLARITY Act and the Anti-CBDC Surveillance State Act will be sent to the Senate for consideration. The GENIUS Act is expected to be formally signed into law by Trump on Friday, local time.
● Trump plans to sign an executive order allowing cryptocurrencies in 401(k) retirement plans
According to reports from Wu, U.S. President Donald Trump plans to sign an executive order allowing 401(k) retirement accounts to invest in cryptocurrencies, gold, private equity, and other non-traditional assets. This move aims to open the $9 trillion retirement market to a broader range of alternative assets. The executive order requires regulators to assess related barriers and consider establishing a 'safe harbor' mechanism for retirement plan managers to reduce legal risks.
According to Odaily Planet Daily, White House Press Secretary Karoline Leavitt stated that the Trump administration firmly supports a tax exemption policy for small cryptocurrency transactions and will continue to promote related legislation. Although previous attempts to include this tax exemption clause in the 'Build Back Better Act' did not pass, the government believes this policy helps simplify the cryptocurrency payment process and encourages everyday usage.
According to Deep Tide TechFlow, on July 18, 8marketcap data showed that Ethereum's market capitalization rose to $432 billion, surpassing retail giant Costco and ranking 29th globally in asset market capitalization.
● Analysis: The market cap of altcoins may rise to $2.78 trillion, Bitcoin's dominance declines
According to Cointelegraph, the cup-and-handle pattern of altcoins suggests that their market cap will rise to $2.78 trillion, indicating that 'altcoin season' is approaching. Bitcoin's dominance is below key moving averages, suggesting that altcoins may perform better than Bitcoin in the short term. Trader Jelle pointed out that the TOTAL3/USD weekly chart shows a strong cup-and-handle breakout, with market capitalization potentially rising from $1.1 trillion to $1.98 trillion.
Peter Brandt observed a similar pattern in TOTAL2, targeting $2.78 trillion. Altcoins have been performing strongly since November 2024, with ETH rising 24% in the past seven days. Bitcoin's dominance has declined since June 27, reaching 62.61%. Analysts believe Bitcoin's dominance has peaked, and altcoins continue to rise.
● Thailand launches sandbox program allowing tourists to exchange digital assets for Thai baht
According to BlockBeats, the Thai Securities and Exchange Commission has collaborated with the Bank of Thailand to launch a sandbox program allowing foreign tourists to exchange digital assets for Thai baht for consumption. This service will operate in a controlled sandbox environment, supervised by the SEC, the Bank of Thailand, the Anti-Money Laundering Office, and other regulatory agencies.
