Bitcoin Surges 3.4% to $103,164.85, Altcoins Rally

Bitcoin has surged past the $100,000 threshold, reaching $104,000 and trading at $103,164.85 at the last check, marking a 3.4% daily rise and a 33% gain over the past month. This surge has sparked a broader rally in the altcoin market, with Ethereum posting a 20% increase in the last 24 hours. Solana and Ripple followed with gains of over 8%, while Dogecoin and Cardano recorded 12% and 9% jumps, respectively. The broad-based uptrend has ignited speculation about the potential start of an “alt season.”

Coinbase has announced the acquisition of Deribit, a major crypto options exchange, in a $2.9 billion deal. This acquisition underscores Coinbase’s strategy to expand its offerings for institutional investors and cater to the growing sophistication of retail traders. Meanwhile, Rumble, a social media platform, is set to launch its Bitcoin and stablecoin wallet in Q3 2025, directly competing with Coinbase Wallet. The platform aims to become a prominent non-custodial Bitcoin and stablecoin wallet, powering the creator economy. This move marks Rumble’s aggressive push into the digital finance ecosystem.

Ripple Labs has reached a proposed settlement with the U.S. Securities and Exchange Commission (SEC), potentially ending their prolonged legal battle. While the agreement awaits judicial approval, it represents a significant milestone in the ongoing regulatory saga. However, not all within the SEC are supportive of the deal. Commissioner Caroline Crenshaw criticized the settlement, warning that it could weaken the agency’s enforcement authority and dilute the precedent set by the court. Senator John E Deaton also expressed his opinion on the matter, highlighting the broader implications of the settlement for the crypto industry.

Despite the positive developments, the crypto sphere faced a setback with the failure of the GENIUS Act to move forward in the U.S. Senate. The bill, focused on stablecoin regulations, was derailed amid political tensions. Democratic senators demanded amendments in light of recent corruption allegations against President Trump, ultimately voting against the bill. Republican lawmakers accused Democrats of politicizing the issue, adding to the uncertainty in the regulatory landscape. With the market experiencing both momentum and uncertainty, the future trajectory of crypto assets remains closely tied to these legal and regulatory developments.