This week, the global crypto market is reenergized with several major developments from governments and crypto companies. Bitcoin and altcoins are expected to meet new heights with a record-breaking inflow in the past quarter. With more digital asset adoptions and possible price hikes, the industry would likely experience a bullish stint.
Bitcoin recoils to $110,000, altcoins in spring mode
Cryptocurrencies, including Bitcoin, saw an exponential hike after last week’s dip. And, why? Bitcoin Exchange Traded Fund (ETF) and Ethereum ETF inflow flew to the moon! BTC ETF reportedly hit nearly $342 billion in inflows, whereas ETH ETF struck over $11 billion.
A ‘Crypto Week’ for crypto bills
Different House Committees in the US have declared July 14 to 18 as ‘Crypto Week’ to consider three crypto bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act. This is a bold gain for the country as it is racing to become ‘the crypto capital of the world’.
Bitcoin Treasury companies may face a death spiral
Venture capital firm Breed reported that some companies holding Bitcoin Treasury may face a death spiral if BTC price dips, and the Market-to-Net-Asset-Value (MNAV) of the companies starts compressing. With low MNAV, the capital access of the company may also dry up, causing companies to be unable to raise fresh capital.
Green light for Trump’s ‘One Big Beautiful Bill’
The US Senate has passed Trump’s ‘One Big Beautiful Bill’, with a razor-thin margin of 218-214 votes. The bill, which will be officially signed by Trump today, covers tax reform and a spending package. While it was initially expected to include crypto tax amendments, put forward by Senator Cynthia Lummis, those provisions were finally left out after her team’s attempt to introduce them at the last moment. However, yesterday, she drew the draft for the crypto tax bill!
US Senator Cynthia Lummis drafts crypto tax bill
Although Cynthia Lummis could not make up for the ‘One Big Beautiful Bill’, she framed a draft for the crypto tax reduction bill. The draft includes an end to double taxation and clarity over crypto mining, staking, and lending transactions.
Coinbase buys token management platform Liquifi
Coinbase has announced its plan to buy Liquifi, a token management platform, to efficiently support early-stage crypto startups with legal compliance, token setup, and investor management.
This week’s crypto world witnessed not just these six stories. More developments have unfolded in the industry with crypto firm Ripple applying for a US banking license, Ethereum co-founder proposing “pluralistic IDs” to enhance privacy in the digital identity system, and a dormant crypto address moving Bitcoins worth $1.09 billion for the first time in 14 years.
Stay ahead in the crypto market with this week’s top stories.
