Bitcoin price drops after positive week, but remains optimistic
- GENIUS Act passage promotes growth of stablecoins.
- Shares of companies like Circle and Coinbase are soaring this week.
- Bitcoin price being influenced by geopolitical tension in the Middle East.
The cryptocurrency market has seen a week of strong gains, but the price of Bitcoin has seen a slight drop. Although the asset approached $106 during the week, its value has fallen to below $103 in the last 24 hours, a decrease of almost 1,5%.
Geopolitical tension, especially the war between Israel and Iran, has also influenced the price, with investors' eyes on the possibility of US intervention, which could generate additional volatility in the market.
Cryptocurrency market news remains optimistic
The US Senate has taken a major step forward with the passage of the GENIUS Act, which aims to regulate dollar-backed cryptocurrencies such as stablecoins. While it still needs approval from the House of Representatives and President Trump, the bill has already been widely praised by the industry, which sees it as a significant step forward for the adoption of stablecoins in traditional financial services.
The good news didn’t stop there. Circle, the issuer of USDC, saw its shares rise more than 77% in the last week, followed by Coinbase, which also saw a 25% increase. These gains reflect growing optimism about the cryptocurrency market in the United States.
Additionally, companies like SRM Entertainment, which partnered with Tron to expand the use of cryptocurrencies, saw their stocks soar by 777%. The enthusiasm has also reached President Trump, who has been a big supporter of cryptocurrencies and the GENIUS Act, which he called “an incredible bill” that would put the U.S. at the forefront of the digital asset space.
This positive wave has generated a series of investments and movements in the sector, with many corporations linked to Trump venturing into cryptocurrency projects, such as the issuance of memecoins and stablecoins. The stablecoin market is expected to grow significantly by 2028, reaching a valuation of over US$ 2 trillion.
However, the GENIUS Act has also faced criticism. Senator Elizabeth Warren has expressed concerns about the lack of amendments to protect consumers and prevent large tech companies from issuing their own private currencies, which could negatively impact the economy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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