Ahead of Crypto Week, scheduled from 14th to 18th July, when three landmark crypto bills are to be discussed, the crypto market is witnessing a pivotal timeline in the U.S. for domestic crypto regulations.
The House of Representatives is looking forward to considering the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act as part of Congress’ efforts to make the U.S. crypto capital of the world.
These bills have sent waves of excitement in the crypto community with most investors and analysts expecting significant gains in leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and XRP. The market has already started showing signs of increased volatility and an optimistic shift in investors’ sentiment.
Bitcoin Briefly Surges Above $109K
Bitcoin (BTC) price briefly surged above $190K today, currently trading near $109,500 in pre-market US trading hours. It has increased by decent gains of 0.63% in the past 24 hours while trading volume saw a decline of 8%—as per CoinMarketCap data.
The anticipation around an improved regulatory landscape for cryptocurrencies could push Bitcoin to retest its all-time high, which is merely 2.2% away. Market analysts are predicting a strong bullish reversal from the current price levels, potentially sending Bitcoin towards $115K or even further if optimistic sentiment is sustained.
Ethereum (ETH) Eyes $2,700
Ethereum (ETH) price is eyeing to break above $2,700 and continue its last month’s left-off rally. ETH is currently trading near $2,663—up 3.11% in the past 24 hours, also seeing a 19% increase in its trading volume.
Given that the institutional adoption for Ethereum is rising faster than ever—including SharpLink, GameSquare and Bit Digital deploying ETH treasury strategy in millions of dollars—ETH is on the verge of exploding. Its current market trajectory suggests a stiff upside above $3,000 in the coming month and the ‘Crypto Week’ will surely fuel its upstick.
XRP Tries to Recover Past Gains
While the domestic crypto regulations are improving, Ripple’s XRP is the center of attention in this latest primitive, given its US-based crypto company profile. Moreover, if the regulatory environment becomes more favourable toward cryptocurrencies, the potential ruling on Ripple’s lawsuit with the SEC could turn optimistic for the blockchain firm. Such a scenario will send XRP price soaring, potentially hitting the $2.5 mark in near time or even trying to surge past $3 on longer timeline.
At the time of writing, XRP is trading at $2.38–up 3.37% in the past 24 hours. It has gained nearly 10% in the past 7 days, breaking past the key resistance level of $2.32 today.
As only a few days remain for the Crypto Week, the markets for this trio are heating up as they attempt to surge past critical resistance zones and eyes breaking to new higher highs. This week’s closing will play an important role in deciding how the cryptocurrencies will react during the discussions on landmark crypto bills in the US Senate.
Also Read: Ripple’s RLUSD Stablecoin Surpasses $500M in Market Cap
