Bitcoin Smashes $120K Barrier as U.S. Congress Debates Trio of Crypto Bills

Bitcoin just bulldozed past $120,000—another all-time high that’ll either trigger FOMO or eye-rolls from Wall Street traditionalists. Meanwhile, D.C. lawmakers scramble to regulate what they still don’t fully understand.

Three crypto bills hit the floor this week. One aims for clarity, another reeks of overreach, and the third? Probably just padding some lobbyist’s yacht fund. Classic Washington.

The market’s reacting like it’s 2017 again—except this time, the suits can’t ignore the momentum. Whether this surge holds depends on how badly Congress butchers the legislation. Place your bets.

$120,193 prices have surged beyond $120,000. Meanwhile, altcoins have experienced slight losses, and the recent declarations regarding the EU have been discouraging. However, these issues do not encapsulate the entire crypto sphere as the House of Representatives will vote on three cryptocurrency bills this week. We will swiftly delve into what these bills entail and their objectives. Additionally, we will discuss the price targets set by analysts for ONDO and LINK Coins.

ContentsSummary of Cryptocurrency LegislationWhat Will GENIUS Bring?Assessing ONDO and LINK Coins

Summary of Cryptocurrency Legislation

Previously reported approvals for GENIUS in the Senate have occurred. Let’s quickly recap the legislative process. A draft bill is prepared by either the House of Representatives or the Senate. Upon approval, it is sent to the other chamber for consent. If there is a different draft on the same subject in the other chamber, negotiations ensue to merge them into a single bill. The final step involves approval and submission to TRUMP (the U.S. President) for signing.

While the Senate worked on GENIUS, the House was drafting STABLE, which served a similar purpose concerning stablecoins. Since GENIUS was approved first, it was sent to the House, causing STABLE to be shelved to avoid prolonging the process.

What Will GENIUS Bring?

The most crucial bill to be voted on this week is GENIUS, which pertains to stablecoins. The bill provides stablecoin-issuing companies a clear roadmap. The long-debated topics of regulatory clarity and guidance are finally being addressed.

Major banks will be allowed to issue their stablecoins. The complete procedures and regulations for these activities will be specified. Republicans assert that the U.S. must ease stablecoin issuance while ensuring oversight to maintain the dollar’s dominance. Additionally, the approval of a bill banning CBDCs (Central Bank Digital Currencies) this week means the digital version of the dollar will exist only as stablecoins. Therefore, the U.S. is compelled to promote stablecoins due to its stance against CBDCs, which is rooted in privacy concerns.

In summary, this bill empowering stablecoins will unlock significant opportunities for cryptocurrency integration into existing systems such as Visa and Mastercard. Trump is expected to sign it by early August at the latest.

The details of the bill include rules impacting issuers and protective measures that offer investors security. The result promises increased adoption among crypto investors and potentially a market surge.

Assessing ONDO and LINK Coins

Ali Martinez has identified Chainlink$16 (LINK) among the altcoins gaining momentum. Chainlink, renowned for its unrivaled blockchain-based oracle solutions, has recently established several partnerships, including with Mastercard. Despite these advances and the implementation of a LINK Coin staking structure, the price remains stagnant. Martinez points to the $17.5 resistance level as significant; once surpassed, it could catalyze a rally.

“For chainlink (LINK), the next major hurdle is the $17.50 resistance level. Watch for a breakout!”

In the RWA space, ONDO, which has made significant advancements, could reach $1.13 if the upward trend continues. Conversely, if it loses momentum (as indicated by the tail of the recent candle triggered by new announcements), the $0.7 support level might be tested. Waleed has shared targets for both scenarios.

BTC’s continued strength is encouraging for Ondo Coin.

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