The U.S. House of Representatives passes three major crypto bills, Bitcoin surges to $120,000.
During Crypto Week, the U.S. House of Representatives passed three key cryptocurrency bills: the (Clarifying Lawful Overseas Use of Data Act) (CLARITY Act), the (U.S. Stablecoin Innovation Act) (GENIUS Act), and the (Anti-CBDC Surveillance State Act). Trump is expected to sign the Genius Act today (7/18) in U.S. time.
Former CFTC commissioner and current Blockchain Association CEO Summer Mersinger stated that the passing of the Anti-CBDC Act shows lawmakers' support for privacy, market competition, and personal financial freedom.
Driven by this positive news, Bitcoin breaks through $120,000 again, currently priced at $120,344, with a daily increase of 2%.
Further reading:
U.S. House of Representatives 'Crypto Week' kicks off on 7/14! What are the three major crypto bills? Will they pass?
Ripple hits a new historical high, with the passage of the bill and progress in the settlement being positive news.
Besides Bitcoin, Ripple ($XRP) has recently risen over 10% in the last 24 hours, breaking through the previous historical high of $3.40. After surging to $3.50, it quickly challenged $3.6607, continuing to set new historical highs, and currently maintains the position of the third largest cryptocurrency by market cap.
Source: CoinMarketCap Ripple hits a new historical high, with the passage of the bill and progress in the settlement being positive news.
(CoinPost) reports and analyzes that Ripple's strong performance is mainly benefited from the passing of the CLARITY Act, which clarifies the regulatory authority of the SEC and CFTC, making $XRP's legal status clearer.
In addition, there is a glimmer of hope for a settlement in the long-standing lawsuit between Ripple and the SEC, with both parties jointly filing a proposal to the Manhattan Federal District Court on June 12 to pay $50 million to the SEC from the $125 million in the custody account, with the remaining funds returned to Ripple.
Further reading:
Ripple SEC lawsuit update: Judge maintains original ruling of $125 million fine, XRP drops by 3%.
Foreign media: Dogecoin is expected to rise another 300%, with corporate reserves becoming a trend.
In the past, the market was often dominated by Bitcoin alone, but after a significant rise in Ethereum ($ETH), some changes have occurred, and many investors are beginning to pay attention to the altcoin market.
Foreign media (Cointelegraph) analysis indicates that from a technical analysis perspective, besides Ripple, Dogecoin ($DOGE) is currently also in a strong upward structure.
(Cointelegraph) market reporter Biraajmaan Tamuly points out that from historical trends and structural analysis, if Dogecoin can reclaim the key level of $0.25, it may trigger an increase of up to 300%, with a long-term target price reaching $1.
TradingView market data shows that as of the time of writing today, the price of Dogecoin exceeds $0.23, forming a typical double bottom pattern, which is a relatively reliable trend reversal bullish signal.
Meanwhile, Singaporean company Bit Origin is seeking to raise $500 million to establish a Dogecoin reserve strategy, planning to support this initiative through $400 million in equity and $100 million in convertible bonds.
The company has completed $15 million in debt financing, most of which will be used for the initial purchase of Dogecoin reserves.
Since MicroStrategy (now known as Strategy) started accumulating Bitcoin in 2020, becoming a pioneer in cryptocurrency strategy reserve companies, more and more companies have joined the trend in recent years.
'Three major crypto bills passed! Bitcoin rises, Ripple hits a new high, is this coin next to take off?' This article was first published in 'Crypto City.'
