In the cryptocurrency market, all eyes were on Ethereum this week. Although Bitcoin broke a new record by reaching $ 123,218 on July 14, the first trading day of the week, it did not create as much excitement as Ethereum. Ethereum, which has been on the rise accompanied by the treasury strategy of US-based companies, rose nearly 24 percent last week. Investors began to think that the ETH price would rise above $ 4,000 in the coming period. The most important development of the week took place the other day. US President Donald Trump signed and formalized the crypto laws. Crypto laws GENIUS and CLARITY will facilitate the adoption of cryptocurrencies in the US.
Here are the highlights of this week…
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Trump Signed: An Important Development for Cryptocurrencies
The cryptocurrency market, which recorded a significant growth with the inauguration of US President Donald Trump, opened the doors to a new era on July 18. Trump, also known as crypto-friendly, signed the CLARITY and GENIUS laws the other day. Trump evaluated the laws as follows: “Today, we are taking a giant step forward in cementing American supremacy in global crypto technology.”
Two critical bills that will shape the future of digital assets, the CLARITY Act and the GENIUS Act, provide greater transparency for the industry. This clarity will increase institutional adoption and bring more investors into the industry.
Ethereum Rally Begins
A new trend has emerged as companies start adding ETH to their treasuries. The Ethereum ecosystem has seen global adoption, particularly by companies in the US. The growing ecosystem has resulted in a rally in the ETH price. ETH recorded a growth of about 25 percent last week. Rising above $3,600, ETH ended its consolidation phase at $2,500. Analysts believe that ETH is the next trend in the crypto market and that interest in Bitcoin will shift to Ethereum. Comments are that ETH will reach an all-time high of $4,891 by the end of the year.
ETH Rivalry in the US
After spot Bitcoin and Ethereum ETFs, the DeFi space is the new target for institutions. Many companies, especially US-based companies, have launched treasury strategies to take advantage of the staking rewards offered by Ethereum. SharpLink Gaming showed its seriousness by making Ethereum co-founder Joseph Lubin its chairman. The company became the largest institutional investor, buying 380,000 ETH. In addition to SharpLink Gaming, BitMine, BTCS and Bit Digital have also started to build ETH reserves. BTCS CEO Charles Allen told Crypto Data Space that the reason why companies chose ETH was the DeFi space. Ethereum is home to stablecoins, RWAs and decentralized finance platforms.
Crypto Law Triggers XRP Rise
The crypto laws enacted in the US have benefited XRP the most. Growing with its corporate partnerships, Ripple is doing its best to make XRP a store of value and a digital asset. Ripple management had created an ecosystem stablecoin that supports XRP. This stablecoin aims to quickly integrate institutions into the digital asset space. While Ripple’s stablecoin RLUSD was growing, the stablecoin law was approved in the US. According to this law, companies and banks will be able to turn to stablecoins. This law led to a rally in XRP. So much so that XRP reached its highest level in the last 7 years with its recent rise. The popular altcoin retreated after seeing the $3.5 region.
Legendary Bitcoin Whale Sells All His Assets
14 years ago, a whale that mined over 80,000 BTC from Bitcoin mining started to move its assets years later. Although the whale’s awakening caused panic in the cryptocurrency market, it was not as effective as expected. Despite the whale in question, BTC broke records, while the appetite for buying continued in the market. Finally, the whale transferred 80,201 BTC to asset management company Galaxy Digital in four days. According to blockchain data analytics platforms, the whale’s transfers so far have been for sale. The fact that $9.6 billion worth of BTC had no impact on the market increased bullish sentiment.
Trump Family Backed Coin Opens for Trading
World Liberty Financial (WLFI), the decentralized finance (DeFi) project backed by the Trump family, has decided to open for trading following a community vote. The vote, which started on July 9th and ended on July 16th, signaled that the ecosystem will move out of the closed participation model. World Liberty Financial’s token, WLFI, will transition to peer-to-peer trading. WLFI is expected to be listed on major crypto exchanges in the near future. The stablecoin law enacted in the US strengthens WLFI’s hand.
