- Bitcoin reached a new record high this month, climbing to $123,000 per coin.
- The total market value for major cryptocurrencies like Ethereum and XRP surpassed $4 trillion for the first time.
- U.S. president Donald Trump signed the Genius Act stablecoin bill, aiming to strengthen digital assets and the U.S. dollar.
- The Genius Act requires stablecoin issuers to keep full reserves in dollars or liquid government assets and mandates audits for large issuers.
- Upcoming reports and legislation may influence future crypto regulations and U.S. digital asset strategy.
Bitcoin surged to an all-time high this month, reaching $123,000 per coin as digital assets saw significant price increases. The rally boosted the value of major cryptocurrencies, including ethereum and XRP, pushing the total crypto market capitalization above $4 trillion for the first time. The increase came as President Donald Trump signed the Genius Act into law at a White House ceremony attended by executives from the crypto industry.
According to the new law, companies issuing stablecoins—digital tokens tied to the value of the U.S. dollar—must maintain fully-backed reserves in dollars or equivalent liquid assets like government bonds. Companies with stablecoin circulation over $50 billion are required to complete annual audits. Trump stated at the signing event that the bill is meant to support U.S. leadership in finance and crypto. “The golden age of America is upon us, and with today, signing the beauty of crypto and crypto industry and U.S. dollar working together because they really are hand in hand, because they’ll be stronger and bigger and better than ever before,” he said during the ceremony.
The passage of the Genius Act coincided with sharp gains in the crypto market. Ethereum rose 40% this month while XRP saw a 60% jump, as traders speculated that new regulation would help the industry achieve policy goals. Market experts pointed to positive momentum in digital asset prices, with strong inflows into crypto investment funds and renewed institutional interest.
A report from Trump’s digital asset task force is expected next week, potentially detailing the government’s plans for a strategic bitcoin reserve and a federal crypto stockpile, which may include ethereum, XRP, solana, and Cardano. Meanwhile, the Senate will also consider the Crypto Market Structure Clarity Act, with a target deadline of September 30.
Stablecoins like USDT and USDC have grown into a market worth nearly $250 billion as more firms launch their own versions. The Genius Act does not allow stablecoin holders to earn interest, though David Sacks, head of the president’s digital assets council, said this could change in the future. Bo Hines, executive director of the White House council on digital assets, said during the All In Podcast that the new law is designed to ensure continued U.S. dollar dominance.
Congressman French Hill stated in a separate statement that the House’s move creates “clear rules of the road” for digital assets and is a “critical step forward in protecting consumers and investors alike.” The price surge and legislative efforts have occurred alongside speculation about the identity of bitcoin’s creator and ongoing reports of large bitcoin transactions.
At the end of the week, Axel Rudolph, a senior technical analyst at IG, said in emailed comments that interest and momentum are building across the crypto sector, with bitcoin, ethereum, and altcoins like XRP and Litecoin seeing substantial price increases.
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