Bitcoin Surges 120% Amid U.S. Crypto Bill Voting

Bitcoin has surged beyond $120,000, marking a significant milestone despite the escalating tariff stance from the U.S. President. This surge comes amidst a backdrop of slight losses in altcoins and discouraging declarations regarding the EU. However, the focus of the crypto sphere is now on the House of Representatives, which is set to vote on three cryptocurrency bills this week. These bills are expected to shape the regulatory landscape for stablecoins and other digital assets.

The legislative process for these bills involves several steps. A draft bill is prepared by either the House of Representatives or the Senate and, upon approval, is sent to the other chamber for consent. If there are differing drafts on the same subject, negotiations ensue to merge them into a single bill. The final step involves approval and submission to the U.S. President for signing. The Senate has already approved the GENIUS bill, which pertains to stablecoins, and the House is now drafting the STABLE bill, which serves a similar purpose. Since GENIUS was approved first, it was sent to the House, causing STABLE to be shelved to avoid prolonging the process.

The most crucial bill to be voted on this week is GENIUS, which provides stablecoin-issuing companies with a clear roadmap. This bill addresses long-debated topics of regulatory clarity and guidance, allowing major banks to issue their stablecoins with specified procedures and regulations. Republicans assert that the U.S. must ease stablecoin issuance while ensuring oversight to maintain the dollar’s dominance. Additionally, the approval of a bill banning Central Bank Digital Currencies (CBDCs) this week means the digital version of the dollar will exist only as stablecoins. Therefore, the U.S. is compelled to promote stablecoins due to its stance against CBDCs, which is rooted in privacy concerns.

In summary, this bill empowering stablecoins will unlock significant opportunities for cryptocurrency integration into existing systems such as Visa and Mastercard. The U.S. President is expected to sign it by early August at the latest. The details of the bill include rules impacting issuers and protective measures that offer investors security. The result promises increased adoption among crypto investors and potentially a market surge.

Ali Martinez has identified Chainlink (LINK) among the altcoins gaining momentum. Chainlink, renowned for its unrivaled blockchain-based oracle solutions, has recently established several partnerships, including with Mastercard. Despite these advances and the implementation of a LINK Coin staking structure, the price remains stagnant. Martinez points to the $17.5 resistance level as significant; once surpassed, it could catalyze a rally. For Chainlink (LINK), the next major hurdle is the $17.50 resistance level. Watch for a breakout!

In the Real-World Asset (RWA) space, ONDO, which has made significant advancements, could reach $1.13 if the upward trend continues. Conversely, if it loses momentum (as indicated by the tail of the recent candle triggered by new announcements), the $0.7 support level might be tested. BTC’s continued strength is encouraging for ONDO Coin.