The global cryptocurrency market capitalisation briefly topped $4 trillion on July 18 for the first time, marking a historic milestone in the asset class’s journey from speculative fringe to a central pillar of global finance. The surge comes on the back of a legislative breakthrough in the United States, rising institutional flows, and renewed confidence in digital assets across both retail and corporate sectors. According to data from CoinGecko, the crypto market hit a peak valuation of $4.01 trillion before paring gains to $3.92 trillion, as Bitcoin, the world’s largest cryptocurrency, retreated 1.5 per cent from a record high of $123,205 earlier in the week to $117,665. Ethereum (ETH), the second-largest token, rose 6.4 per cent to $3,647, continuing a sharp rally that has seen it more than double in the past three months.<h2>Trump-backed bills reshape crypto landscape</h2>The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading. President Donald Trump signed the bill into law later on July 18.Lawmakers also passed two additional bills—the CLARITY Act, which provides a legal framework for broader crypto assets, and another bill prohibiting the creation of a US central bank digital currency (CBDC). Industry experts say the legislation represents a turning point in Washington’s stance on crypto.<h2>Altcoins, ETFs, and corporates drive momentum</h2>While Bitcoin remains the dominant force, accounting for roughly 60 per cent of market cap, the latest leg of the rally has been powered by altcoins like Ether, Uniswap, and Solana, which surged 6.4 per cent, 24 per cent and 6.5 per cent, respectively, on July 18. Analysts suggest the market is entering an “altcoin season” as investors rotate into riskier, high-growth tokens.This altcoin momentum has been further buoyed by the rise of crypto treasury companies, which mimic MicroStrategy’s model of using equity and debt to build token portfolios. MEI Pharma, for example, doubled its stock price after announcing a $100 million Litecoin treasury investment.On the institutional side, spot crypto ETFs continue to see robust demand. Bitcoin ETFs drew $5.5 billion in inflows so far this month, while Ether ETFs attracted $2.9 billion, signalling growing long-term confidence.<h2>Consolidation ahead? Traders eye $110K support</h2>Despite the bullish sentiment, analysts are beginning to watch for consolidation. QCP Capital noted that Bitcoin may retest support near $110,000, calling it “a more stable foundation” for the next leg of the rally. On Myriad, a blockchain-based prediction platform, over 90 per cent of users polled do not expect Bitcoin to close above $122,000 by week’s end.Still, the market’s upward momentum shows few signs of slowing. Forecasts from Bernstein suggest Bitcoin could hit $200,000 by year-end if ETF flows and regulatory clarity continue at this pace. As regulatory frameworks begin to take shape in the US and institutional adoption deepens, digital assets appear to be entering a new era of legitimacy.

The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading.

The global cryptocurrency market capitalisation briefly topped $4 trillion on July 18 for the first time, marking a historic milestone in the asset class’s journey from speculative fringe to a central pillar of global finance. The surge comes on the back of a legislative breakthrough in the United States, rising institutional flows, and renewed confidence in digital assets across both retail and corporate sectors. According to data from CoinGecko, the crypto market hit a peak valuation of $4.01 trillion before paring gains to $3.92 trillion, as Bitcoin, the world’s largest cryptocurrency, retreated 1.5 per cent from a record high of $123,205 earlier in the week to $117,665. Ethereum (ETH), the second-largest token, rose 6.4 per cent to $3,647, continuing a sharp rally that has seen it more than double in the past three months. Trump-backed bills reshape crypto landscape The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading. President Donald Trump signed the bill into law later on July 18. Lawmakers also passed two additional bills—the CLARITY Act, which provides a legal framework for broader crypto assets, and another bill prohibiting the creation of a US central bank digital currency (CBDC). Industry experts say the legislation represents a turning point in Washington’s stance on crypto. Altcoins, ETFs, and corporates drive momentum While Bitcoin remains the dominant force, accounting for roughly 60 per cent of market cap, the latest leg of the rally has been powered by altcoins like Ether, Uniswap, and Solana, which surged 6.4 per cent, 24 per cent and 6.5 per cent, respectively, on July 18. Analysts suggest the market is entering an “altcoin season” as investors rotate into riskier, high-growth tokens. This altcoin momentum has been further buoyed by the rise of crypto treasury companies, which mimic MicroStrategy’s model of using equity and debt to build token portfolios. MEI Pharma, for example, doubled its stock price after announcing a $100 million Litecoin treasury investment. On the institutional side, spot crypto ETFs continue to see robust demand. Bitcoin ETFs drew $5.5 billion in inflows so far this month, while Ether ETFs attracted $2.9 billion, signalling growing long-term confidence. Consolidation ahead? Traders eye $110K support Despite the bullish sentiment, analysts are beginning to watch for consolidation. QCP Capital noted that Bitcoin may retest support near $110,000, calling it “a more stable foundation” for the next leg of the rally. On Myriad, a blockchain-based prediction platform, over 90 per cent of users polled do not expect Bitcoin to close above $122,000 by week’s end. Still, the market’s upward momentum shows few signs of slowing. Forecasts from Bernstein suggest Bitcoin could hit $200,000 by year-end if ETF flows and regulatory clarity continue at this pace. As regulatory frameworks begin to take shape in the US and institutional adoption deepens, digital assets appear to be entering a new era of legitimacy.

The rally followed the US House of Representatives’ passage of the GENIUS Act, the first federal legislation governing stablecoins, which are cryptocurrencies pegged to the US dollar and widely used for on-chain payments and trading.

Crypto market surpasses $4 trillion milestone amid US regulatory breakthrough

In a historic move for the cryptocurrency industry, the US House of Representatives on July 17 passed three major pieces of crypto-related legislation, signalling the federal government’s most significant foray yet into regulating digital assets. The centrepiece of the package, known as the Genius Act, establishes a long-awaited federal framework for stablecoins—cryptocurrencies pegged to the US dollar or similar low-risk assets. The bill now heads to President Donald Trump, who is expected to sign it into law by July 18.Two other bills—the Clarity Act, which defines the regulatory structure for cryptocurrencies, and a bill prohibiting the Federal Reserve from creating a central bank digital currency (CBDC)—were also passed by the House and are now awaiting Senate consideration. Together, the legislative package marks a milestone in the digital asset sector’s push for legitimacy and federal oversight.<h2>What are the Genius Act and Clarity Act?</h2>The Genius Act, which passed 308-122 with bipartisan support, creates a federal regulatory regime for stablecoins, a $238 billion market that has grown rapidly in recent years. Stablecoins are digital tokens designed to maintain a fixed value, typically $1, by being backed one-to-one with US dollars or similar highly liquid assets like short-term Treasury bills. Under the law, any issuer of stablecoins, including banks and crypto companies, will be required to:<ul><li>Hold sufficient reserves to back the value of the coins they issue</li><li>Make monthly public disclosures of reserve composition</li><li>Maintain liquidity and transparency standards to ensure consumer confidence</li></ul>The Clarity Act, passed 294-134, aims to settle long-standing regulatory uncertainty by establishing when a cryptocurrency qualifies as a security or a commodity, a key issue that has defined battles between crypto firms and the US Securities and Exchange Commission (SEC). The bill seeks to:<ul><li>Clearly delineate the SEC’s and the Commodity Futures Trading Commission’s (CFTC) roles</li><li>Define which tokens fall under securities law (requiring strict compliance) and which are treated as commodities (with lighter oversight)</li><li>Offer crypto platforms and investors clarity in launching and trading digital tokens</li></ul>The third bill, less publicised but politically significant, bans the creation of a US central bank digital currency, citing privacy concerns. Backed largely by Republicans, the bill reflects growing suspicion about centralised digital currencies potentially tracking citizens’ transactions.<h2>Impact on investors and the future of crypto</h2>The legislation could reshape the future of cryptocurrency in the US, especially for institutional investors and mainstream financial institutions. For years, the lack of a clear legal framework forced companies to operate under regulatory uncertainty, with the SEC pursuing enforcement actions rather than offering guidance. Now, with the Genius and Clarity Acts:<ul><li>Stablecoin issuers gain legitimacy and may attract more users and institutional partners</li><li>Retail investors could see improved protections, as stablecoins will now be backed by verifiable, liquid assets</li><li>Crypto platforms can launch tokens with greater legal certainty, likely boosting innovation and product offerings</li><li>Global companies may see the US as a crypto-friendly jurisdiction, attracting capital and talent</li></ul>Advocates say the new rules could pave the way for broader adoption of digital assets in payments, remittances, and savings, even comparing the legislation’s impact to the securities laws of the 1930s that established Wall Street as a global financial hub.The cryptocurrency sector, which spent millions lobbying Congress and backing pro-crypto candidates in the 2024 elections, sees the passage as a validation of its efforts and a critical step in escaping the legal grey area that defined much of the Biden-era crypto policy.<h2>Controversy and criticism</h2>Despite bipartisan support, the bills—particularly the Clarity Act—have not escaped criticism. Some Democrats voiced concerns that the legislation was tailored to benefit President Trump’s own crypto ventures. Trump, who once derided crypto as a “scam,” has embraced the sector since launching his own token ($TRUMP) and co-owning World Liberty Financial, a crypto finance firm.Critics argue the Clarity Act could lead to softer-touch regulation that benefits Trump’s financial interests and undermines consumer protections. They also warn that legitimising stablecoins, often issued by tech firms, without subjecting them to full banking regulations could expose the financial system to new risks. A coalition of consumer groups wrote to Congress this spring, warning that the Genius Act may encourage the “proliferation of assets that consumers will wrongly perceive as safe” and cautioning that bankruptcy protections for stablecoin holders remain unclear.With the Genius Act expected to be signed into law shortly, all eyes turn to the Senate, where Republicans hold a narrow majority. The fate of the Clarity Act and the CBDC ban will depend on whether Senate Democrats, many of whom remain sceptical, can be persuaded to support broader crypto regulation under a Trump-led White House.Meanwhile, crypto markets responded positively. Bitcoin surged past $120,000, and stablecoin firms praised the new framework as a turning point for the sector.&nbsp;(With inputs from agencies)

The legislation could reshape the future of cryptocurrency in the US, especially for institutional investors and mainstream financial institutions. For years, the lack of a clear legal framework forced companies to operate under regulatory uncertainty.

In a historic move for the cryptocurrency industry, the US House of Representatives on July 17 passed three major pieces of crypto-related legislation, signalling the federal government’s most significant foray yet into regulating digital assets. The centrepiece of the package, known as the Genius Act, establishes a long-awaited federal framework for stablecoins—cryptocurrencies pegged to the US dollar or similar low-risk assets. The bill now heads to President Donald Trump, who is expected to sign it into law by July 18. Two other bills—the Clarity Act, which defines the regulatory structure for cryptocurrencies, and a bill prohibiting the Federal Reserve from creating a central bank digital currency (CBDC)—were also passed by the House and are now awaiting Senate consideration. Together, the legislative package marks a milestone in the digital asset sector’s push for legitimacy and federal oversight. What are the Genius Act and Clarity Act? The Genius Act, which passed 308-122 with bipartisan support, creates a federal regulatory regime for stablecoins, a $238 billion market that has grown rapidly in recent years. Stablecoins are digital tokens designed to maintain a fixed value, typically $1, by being backed one-to-one with US dollars or similar highly liquid assets like short-term Treasury bills. Under the law, any issuer of stablecoins, including banks and crypto companies, will be required to: Hold sufficient reserves to back the value of the coins they issue Make monthly public disclosures of reserve composition Maintain liquidity and transparency standards to ensure consumer confidence The Clarity Act, passed 294-134, aims to settle long-standing regulatory uncertainty by establishing when a cryptocurrency qualifies as a security or a commodity, a key issue that has defined battles between crypto firms and the US Securities and Exchange Commission (SEC). The bill seeks to: Clearly delineate the SEC’s and the Commodity Futures Trading Commission’s (CFTC) roles Define which tokens fall under securities law (requiring strict compliance) and which are treated as commodities (with lighter oversight) Offer crypto platforms and investors clarity in launching and trading digital tokens The third bill, less publicised but politically significant, bans the creation of a US central bank digital currency, citing privacy concerns. Backed largely by Republicans, the bill reflects growing suspicion about centralised digital currencies potentially tracking citizens’ transactions. Impact on investors and the future of crypto The legislation could reshape the future of cryptocurrency in the US, especially for institutional investors and mainstream financial institutions. For years, the lack of a clear legal framework forced companies to operate under regulatory uncertainty, with the SEC pursuing enforcement actions rather than offering guidance. Now, with the Genius and Clarity Acts: Stablecoin issuers gain legitimacy and may attract more users and institutional partners Retail investors could see improved protections, as stablecoins will now be backed by verifiable, liquid assets Crypto platforms can launch tokens with greater legal certainty, likely boosting innovation and product offerings Global companies may see the US as a crypto-friendly jurisdiction, attracting capital and talent Advocates say the new rules could pave the way for broader adoption of digital assets in payments, remittances, and savings, even comparing the legislation’s impact to the securities laws of the 1930s that established Wall Street as a global financial hub. The cryptocurrency sector, which spent millions lobbying Congress and backing pro-crypto candidates in the 2024 elections, sees the passage as a validation of its efforts and a critical step in escaping the legal grey area that defined much of the Biden-era crypto policy. Controversy and criticism Despite bipartisan support, the bills—particularly the Clarity Act—have not escaped criticism. Some Democrats voiced concerns that the legislation was tailored to benefit President Trump’s own crypto ventures. Trump, who once derided crypto as a “scam,” has embraced the sector since launching his own token ($TRUMP) and co-owning World Liberty Financial, a crypto finance firm. Critics argue the Clarity Act could lead to softer-touch regulation that benefits Trump’s financial interests and undermines consumer protections. They also warn that legitimising stablecoins, often issued by tech firms, without subjecting them to full banking regulations could expose the financial system to new risks. A coalition of consumer groups wrote to Congress this spring, warning that the Genius Act may encourage the “proliferation of assets that consumers will wrongly perceive as safe” and cautioning that bankruptcy protections for stablecoin holders remain unclear. With the Genius Act expected to be signed into law shortly, all eyes turn to the Senate, where Republicans hold a narrow majority. The fate of the Clarity Act and the CBDC ban will depend on whether Senate Democrats, many of whom remain sceptical, can be persuaded to support broader crypto regulation under a Trump-led White House. Meanwhile, crypto markets responded positively. Bitcoin surged past $120,000, and stablecoin firms praised the new framework as a turning point for the sector. (With inputs from agencies)

The legislation could reshape the future of cryptocurrency in the US, especially for institutional investors and mainstream financial institutions. For years, the lack of a clear legal framework forced companies to operate under regulatory uncertainty.

US passes crypto regulation bills: What does it mean for the industry and investors?

The future of three key cryptocurrency regulation bills remained uncertain on July 16 after a prolonged and contentious debate in the Republican-controlled US House of Representatives. The legislation, designed to create the first federal framework for digital assets, was delayed for over nine hours as GOP (Grand Old Party) lawmakers struggled to find common ground. However, late on July 16, after intervention by President Donald Trump, the bills were cleared for debate, paving the way for a potential breakthrough in what had been described as Crypto Week on Capitol Hill.The trio of bills includes the GENIUS Act, which passed the Senate in June, as well as the CLARITY Act and a controversial measure to block the Federal Reserve from issuing a central bank digital currency (CBDC). The legislation would significantly reshape the regulatory landscape for cryptocurrencies, including stablecoins, which are pegged to the US dollar, and define when crypto products are considered commodities rather than securities.<h2>Trump’s influence and GOP divisions</h2>The road to approval hit a major hurdle on July 15 when a group of conservative Republicans joined Democrats in blocking a procedural vote. The standoff appeared to jeopardise the entire package, but Trump intervened later that day, meeting with a dozen conservative holdouts and securing their support for a second vote. Despite this effort, opposition resurfaced on July 16 from moderate Republicans, with some lawmakers in key committees opposing last-minute changes to the bills.“We had a lengthy negotiation process,” House Speaker Mike Johnson, R-La., told reporters after the vote. “It took longer than we had hoped, but we’re pleased we were able to break the logjam. Consensus was built, and now we're moving forward.”Late on July 16, after hours of closed-door discussions, a final vote advanced the crypto bills to the floor for debate. The final vote was a narrow 217-212, marking a new record for the longest open vote in modern House history. A crucial part of the compromise included attaching the anti-CBDC measure to the must-pass National Defense Authorisation Act (NDAA), a move that was seen as key to securing the votes of conservatives, particularly those concerned about government surveillance over financial transactions.<h2>A watershed moment for crypto legislation</h2>For the crypto industry, the vote was a major step forward after months of uncertainty. The legislation’s passage through the House would be a critical milestone, particularly the stablecoin bill, which has already passed the Senate. Stablecoins have gained popularity in the cryptocurrency market as a way to move funds quickly and cheaply compared to traditional banking systems.Additionally, the bills would establish market structure rules to determine when crypto products are commodities and not under the jurisdiction of the Securities and Exchange Commission (SEC). The third bill, strongly supported by conservatives, would prevent the Federal Reserve from issuing a digital currency, which many see as a potential threat to privacy and financial autonomy.Despite the setbacks, the resolution of the procedural hurdles raised hopes that Congress could finally provide a regulatory framework for digital assets. The crypto industry, which has contributed millions of dollars to House members during past campaigns, is eager for clear federal rules that would help it grow and thrive in the US.Trump’s backing of the legislation has also drawn attention. Once a sceptic of cryptocurrency, Trump has embraced the industry in recent months, even launching his own meme coin and entering the crypto mining business. His involvement has sparked discussions about the broader role of crypto in the American economy and his influence over the Republican Party.With the procedural roadblocks cleared, House leaders are now expected to vote on the GENIUS Act as early as July 17, with other measures possibly pushed into next week. However, the contentious battle in the House reflects the broader divisions within the GOP on how best to regulate the rapidly growing digital asset sector.

The crypto bills would establish market structure rules to determine when crypto products are commodities and not under the jurisdiction of the Securities and Exchange Commission (SEC).

The future of three key cryptocurrency regulation bills remained uncertain on July 16 after a prolonged and contentious debate in the Republican-controlled US House of Representatives. The legislation, designed to create the first federal framework for digital assets, was delayed for over nine hours as GOP (Grand Old Party) lawmakers struggled to find common ground. However, late on July 16, after intervention by President Donald Trump, the bills were cleared for debate, paving the way for a potential breakthrough in what had been described as Crypto Week on Capitol Hill. The trio of bills includes the GENIUS Act, which passed the Senate in June, as well as the CLARITY Act and a controversial measure to block the Federal Reserve from issuing a central bank digital currency (CBDC). The legislation would significantly reshape the regulatory landscape for cryptocurrencies, including stablecoins, which are pegged to the US dollar, and define when crypto products are considered commodities rather than securities. Trump’s influence and GOP divisions The road to approval hit a major hurdle on July 15 when a group of conservative Republicans joined Democrats in blocking a procedural vote. The standoff appeared to jeopardise the entire package, but Trump intervened later that day, meeting with a dozen conservative holdouts and securing their support for a second vote. Despite this effort, opposition resurfaced on July 16 from moderate Republicans, with some lawmakers in key committees opposing last-minute changes to the bills. “We had a lengthy negotiation process,” House Speaker Mike Johnson, R-La., told reporters after the vote. “It took longer than we had hoped, but we’re pleased we were able to break the logjam. Consensus was built, and now we're moving forward.” Late on July 16, after hours of closed-door discussions, a final vote advanced the crypto bills to the floor for debate. The final vote was a narrow 217-212, marking a new record for the longest open vote in modern House history. A crucial part of the compromise included attaching the anti-CBDC measure to the must-pass National Defense Authorisation Act (NDAA), a move that was seen as key to securing the votes of conservatives, particularly those concerned about government surveillance over financial transactions. A watershed moment for crypto legislation For the crypto industry, the vote was a major step forward after months of uncertainty. The legislation’s passage through the House would be a critical milestone, particularly the stablecoin bill, which has already passed the Senate. Stablecoins have gained popularity in the cryptocurrency market as a way to move funds quickly and cheaply compared to traditional banking systems. Additionally, the bills would establish market structure rules to determine when crypto products are commodities and not under the jurisdiction of the Securities and Exchange Commission (SEC). The third bill, strongly supported by conservatives, would prevent the Federal Reserve from issuing a digital currency, which many see as a potential threat to privacy and financial autonomy. Despite the setbacks, the resolution of the procedural hurdles raised hopes that Congress could finally provide a regulatory framework for digital assets. The crypto industry, which has contributed millions of dollars to House members during past campaigns, is eager for clear federal rules that would help it grow and thrive in the US. Trump’s backing of the legislation has also drawn attention. Once a sceptic of cryptocurrency, Trump has embraced the industry in recent months, even launching his own meme coin and entering the crypto mining business. His involvement has sparked discussions about the broader role of crypto in the American economy and his influence over the Republican Party. With the procedural roadblocks cleared, House leaders are now expected to vote on the GENIUS Act as early as July 17, with other measures possibly pushed into next week. However, the contentious battle in the House reflects the broader divisions within the GOP on how best to regulate the rapidly growing digital asset sector.

The crypto bills would establish market structure rules to determine when crypto products are commodities and not under the jurisdiction of the Securities and Exchange Commission (SEC).

Crypto bills face setbacks in House as Republicans struggle to forge consensus

The Indian government could get Rs 10 billion per year from 1% tax on crypto trading. But one Indian MP has warned that imposing such a tax on every crypto transaction will kill the nascent asset class. This tax provision is mentioned in Finance Bill 2022, passed by Lok Sabha, the lower house of India’s parliament.

Will India's crypto tax rules scare away investors?

India could ban all 'private cryptocurrencies' soon. Reports suggest, the centre is planning to table a cryptocurrency bill in the upcoming winter session of the parliament. Palki Sharma gets you the details.

Gravitas: India could ban all private cryptocurrencies soon; Cryptocurrency Bill to be tabled soon?

What is a 'private cryptocurrency'? How many Indians use cryptocurrencies? Will the Crypto bill really get passed? Will cryptocurrencies be banned or regulated? Which other countries have taken similar steps? Palki Sharma tells you everything about India Crypto Ban.

Gravitas: India Cryptocurrency Ban: All you need to know | Private vs Public cryptocurrency

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Crypto market surpasses $4 trillion milestone amid US regulatory breakthrough

US passes crypto bills: What does it mean for the industry and investors?

Crypto bills face setbacks in House as Republicans struggle to forge consensus

Will India's crypto tax rules scare away investors?

Gravitas: India could ban all private cryptocurrencies soon; Cryptocurrency Bill to be tabled soon?

Gravitas: India Cryptocurrency Ban: All you need to know | Private vs Public cryptocurrency