{"id":25445,"date":"2025-07-20T19:03:52","date_gmt":"2025-07-20T16:03:52","guid":{"rendered":"https:\/\/forklog.com\/en\/week-in-review-bitcoin-hits-an-all-time-high-above-122000-trump-signs-stablecoin-law\/"},"modified":"2025-07-20T19:03:52","modified_gmt":"2025-07-20T16:03:52","slug":"week-in-review-bitcoin-hits-an-all-time-high-above-122000-trump-signs-stablecoin-law","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/week-in-review-bitcoin-hits-an-all-time-high-above-122000-trump-signs-stablecoin-law\/","title":{"rendered":"Week in review: bitcoin hits an all-time high above $122,000; Trump signs stablecoin law"},"content":{"rendered":"

The price of the first cryptocurrency set a new ATH<\/span> near $123,000; US president Donald Trump signed a law regulating stablecoins; Russia\u2019s State Duma set a timetable for the digital ruble\u2014plus other events of the week.<\/p>\n

Bitcoin sets a peak near $123,000 but is outpaced by altcoins<\/h2>\n

The bellwether cryptocurrency began the week with a sprint. On Monday, July 14, it broke above $120,000 and then hit<\/a> a record $122,838 (CoinGecko<\/a>).<\/p>\n

\"BTCUSD_2025-07-20_17-54-07\"
Hourly chart of BTC\/USD on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Analysts cited institutional demand, macroeconomic factors and upbeat expectations around America\u2019s \u201ccrypto week\u201d as the main drivers of the rally.<\/p>\n

Within a day, however, digital gold pulled back<\/a> after the release of US consumer-inflation data.<\/p>\n

At one point bitcoin dipped below $116,000. After a rebound and stabilisation, it traded sideways, ending the week above $118,000.<\/p>\n

On July 17, Ethereum\u2019s price rose<\/a> nearly 9% in a day to $3,452, the highest since January. The rally was supported by record inflows into spot ETFs tied to the second-largest cryptocurrency.<\/p>\n

Over the week, ether added 25.8%. Other large-cap altcoins also rallied: Dogecoin (25.8%), XRP (24.2%), Solana (+11%) and BNB (+7.8%).<\/p>\n

\"Joxi\"
Source: CoinGecko<\/a>.<\/figcaption><\/figure>\n

Bitcoin\u2019s gain over the period was close to zero; the dominance index fell to 59%. Meanwhile, total market capitalisation approached $4 trillion<\/a>. Analysts spoke of the start of an altseason<\/a>.<\/p>\n

The Crypto Fear and Greed Index remains in the \u201cgreed\u201d zone at 72.<\/p>\n

\"Crypto
Data: Alternative<\/a>.<\/figcaption><\/figure>\n

Donald Trump signs the GENIUS Act stablecoin law<\/h2>\n

On July 18, US president Donald Trump signed<\/a> the GENIUS Act, which sets rules for stablecoins and marks the first significant crypto statute in the country.<\/p>\n

A day earlier, the House on a second<\/a> attempt approved<\/a> the measure. Lawmakers passed three digital-asset bills in total, including the CLARITY Act and the Anti-CBDC Act, which still await Senate consideration.<\/p>\n

The GENIUS Act requires full backing of stablecoins with liquid assets and annual audits for issuers with market capitalisations above $50bn. It bans the payment of interest or other income to stablecoin holders and sets guidelines for foreign firms operating in the segment.<\/p>\n

It will take effect in six months, or 120 days after regulators issue implementing rules.<\/p>\n

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\u201cThe GENIUS Act creates a clear and simple regulatory framework for building and unlocking the enormous potential of dollar-backed stablecoins,\u201d Trump said at the signing ceremony.<\/p>\n<\/blockquote>\n

Industry figures in attendance included Gemini co-founders Cameron and Tyler Winklevoss, Robinhood CEO Vladimir Tenev, Circle CEO Jeremy Allaire and Tether chief Paolo Ardoino.<\/p>\n

The latter has already confirmed<\/a> that the USDT issuer intends to comply with the GENIUS Act in order to bring the stablecoin to the American market within three years. Ardoino also again flagged a special US-focused version of the coin geared to institutional investors.<\/p>\n

Allaire said Circle has for several years been operating under standards now codified by law.<\/p>\n

Digital ruble to enter circulation by September 2026<\/h2>\n

Russia\u2019s State Duma passed<\/a> at third reading a law to introduce the digital ruble into circulation from September 1, 2026.<\/p>\n

From that date, banks must offer clients the ability to transact in the national CBDC. By September 1, 2028, the functionality must be available at all credit institutions, and all merchants will be required to accept payments in the asset.<\/p>\n

Exemptions will apply only to outlets with annual revenue under 5m rubles and those operating where there is no internet or mobile coverage.<\/p>\n

What to discuss with friends?<\/h2>\n