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Ether Rises on Congressional Approval
Ethereum and other cryptocurrency shares surged at the end of the trading week, Friday, July 18, as the GENIUS stablecoin bill headed to President Donald Trump's desk for signature. Bitcoin and its cryptocurrencies, however, took a breather and retreated from their recent surge.
According to Coin Metrics, the price of Ethereum rose 3.6% to $3,558.68, trading at its highest level since January.
The White House is preparing to sign the first comprehensive national legislation regulating the cryptocurrency market in the United States, a historic move that represents a radical shift in Washington's approach to this sector, which until recently was described as "fringe."
The U.S. House of Representatives passed the Genius Act last Thursday evening, and President Donald Trump is expected to formally sign it on Friday. This bill will become the first explicit federal framework regulating stablecoins, a type of digital currency backed by traditional assets such as the U.S. dollar or low-risk bonds.
On Thursday, Ethereum-tracking exchange-traded funds (ETFs) saw daily inflows exceed those of Bitcoin ETFs for the first time ever. The funds recorded net inflows of $602 million, led by BlackRock's iShares Ethereum Trust (ETHA).
Bitcoin ETFs saw inflows of $522 million that same day.
The previous day, ETH funds saw record single-day inflows of $726.7 million.
Cryptocurrency trading stocks also rose. Coinbase shares rose 4%, hitting an all-time daily high, surpassing the peak of its 2021 IPO, marking its fifth consecutive positive week. Robinhood also added 4%. Bitmine Immersion, an Ether treasury stock, continued its rally, rising 12% on Friday.
