.png){kind=logo}
Bitcoin climbs to $111,207.04, marking a 2.48% gain. Strong institutional interest supports this rise.
Ethereum leads the altcoin charge, soaring 6.90% to $2,779.02.
Ripple CEO Brad Garlinghouse predicts the stablecoin market will reach $1-$2 trillion.
The US House of Representatives will hold ‘Cryptocurrency Week’ soon. The focus will be on taxation.
Crypto prices today reflect bullish sentiments, despite recent security incidents. The global market cap is up 2.92% to $3.46 trillion at the time of writing. Bitcoin is pushing towards new all-time highs above the $111,000 mark. Major altcoins are in the green, led by Ethereum’s 6% gains. This is fueled by a combination of technological advancements, regulatory clarity efforts, and increasing institutional engagement.
Let’s see how the top cryptocurrencies of the world performed today:
The Bitcoin price today is $111,207.04. This represents a 2.48% gain in the last 24 hours. Its market capitalization is now an impressive $2.21 trillion, with a trading volume of $60.46 billion.
Mr. Pankaj Balani, CEO & Co-Founder, Delta Exchange commented on Bitcoin crossing the psychological barrier of $111,000. He said, “Bitcoin briefly crossed $112,000, rising nearly 14% since the June 22 low around $98,000, driven by spot ETF inflows and institutional participation. The breakout candle is large and impulsive, indicating strong buying. If BTC holds above the previous resistance turned support at $109,000, the uptrend remains intact, with targets between $113,500 and $115,000. A retest of support is possible, but the structure favors further upside.”
The move aligns with gains in both traditional and crypto markets. Over $1 billion has flowed into US spot Bitcoin ETFs since late June. BlackRock’s IBIT has accumulated over 700,000 BTC, representing 3.33% of Bitcoin’s total supply.
Companies are steadily adding Bitcoin to their balance sheets, following the path set by MicroStrategy. Thus, signaling deeper corporate alignment with crypto. A Canadian publicly traded company, Bitcoin Treasury Capital, further demonstrated this trend. It raised 15 million Swedish kronor (approximately $1.6 million USD) through a share issuance. The funds will be used to increase its Bitcoin holdings.
Ethereum's price is currently $2,779.02, representing a substantial 6.90% increase. The token is leading the broader altcoin rally with a market cap of $335.47 billion and a daily volume of $28.96 billion. This strong performance indicates increasing confidence in the decentralized finance (DeFi) ecosystem. It also shows renewed interest in the Ethereum network.
In other news, the US Securities and Exchange Commission (SEC) has delayed its decision on approving BlackRock's spot Ethereum ETF. This specifically concerns a physical redemption method. This postponement adds to the existing uncertainty, keeping investors and industry stakeholders on edge.
XRP is up 5.26%, now priced at $2.42. It boasts a market cap of $143.46 billion. Solana also witnessed a strong surge, rising 4.32% to $157.58. Its market cap is $84.42 billion.
Both cryptocurrencies are benefiting from the overall positive market sentiment. Speculation around potential ETF approvals continues to fuel investor enthusiasm.
Also Read: Top 5 Altcoins to Watch According to Experts This Week
Here’s how other top tokens performed today:
BNB (BNB): It is up 1.60% at $672.55 with a market cap of $94.75 billion.
Cardano (ADA): The token has risen 6.07% today to $0.6223. Its market cap is $22.02 billion.
TRON (TRX): It is up 1.43% at $0.2918 and has a market cap of $27.66 billion.
Dogecoin (DOGE): The popular memecoin has seen a 5.79% increase to $0.1807. The market cap of DOGE stands at $27.12 billion.
These tokens continued to be stable. Tether (USDT) and USD Coin (USDC) have maintained the $1 mark over the last 24 hours. They have a trading volume of $94.26 billion and $11.71 billion, respectively.
Brad Garlinghouse, CEO of Ripple, recently expressed optimism about the future of the stablecoin market. He anticipates its growth from the current $250 billion to $1-$2 trillion in the coming years. The impending GENIUS Act in the US, which aims to make stablecoins legal tender, is expected to further accelerate their adoption.
Several global headlines and market events are influencing today's cryptocurrency price movements:
GMX has temporarily suspended GLP token minting and redemption on both Arbitrum and Avalanche networks. This follows a significant exploit that drained approximately $40 million from a liquidity pool. The attack was attributed to a design flaw related to GLP token price manipulation.
The public sale of PUMP, the native token of the memecoin launchpad Pump.fun, will offer 150 billion tokens. They will be at a fixed price of $0.004 USDT. Bybit will support subscriptions in USDT, USDC, Solana (SOL), and bbSOL. However, users registered through its EU-regulated platform, Bybit.eu, will be excluded, due to compliance issues with Europe’s MiCA.
Wall Street Journal journalist Nick Timiraos reported on an ongoing debate within the Federal Reserve. Officials are considering whether increased costs justify maintaining high rates. While a rate cut is not expected this month, Fed Chairman Jerome Powell has outlined a ‘middle path.’ This means improving inflation data or a slightly weaker job market could prompt cuts later in the summer.
The US House of Representatives is preparing for a ‘Cryptocurrency Week’, starting July 14, 2025. The discussion will be on digital asset policies and the crypto tax framework. The Ways and Means Committee will hold a hearing on July 16. The initiative builds on Senator Cynthia Lummis's recent bill. This bill proposes tax exemptions for small crypto transactions and aims to eliminate double taxation.
Also Read: XRP Might Control 30% of Crypto Market Soon
Today's crypto market shows investor optimism as Bitcoin pushes towards new highs. The GMX exploit served as a reminder of the inherent risks in the DeFi space. However, the broader market appears resilient. This resilience is driven by growing institutional interest and the anticipated expansion of the stablecoin market.
As ‘Cryptocurrency Week’ approaches in the US House of Representatives, regulatory clarity is expected to boost investor confidence further. This should drive long-term growth. Investors should continue to closely monitor regulatory developments and market responses.
1. Why is Bitcoin price rising today?
Bitcoin price is rising due to strong institutional accumulation, optimistic sentiment surrounding upcoming ETF decisions, and broader market confidence. News of Bitcoin Treasury Capital increasing its holdings with a $1.6 million investment further highlights institutional trust in Bitcoin’s long-term value.
2. What caused Ethereum to surge nearly 7% today?
Ethereum surged 6.90% thanks to increased DeFi activity, renewed interest in the Ethereum network, and speculation about regulatory improvements. Traders are also optimistic despite the SEC’s delay on BlackRock’s Ethereum ETF, anticipating long-term approval that may boost adoption further.
3. How does the GMX exploit affect the overall crypto market?
The $40 million GMX exploit shook DeFi users but had a limited impact on the broader market. Strong fundamentals and rising adoption helped major coins like Bitcoin and Ethereum shrug off the negative news. The incident does, however, highlight persistent DeFi security risks.
4. What is the GENIUS Act, and why is it important?
The GENIUS Act is a proposed US bill that would classify stablecoins as legal tender. If passed, it could legitimize stablecoin usage across financial systems, accelerate their adoption, and open the door for institutional participation in the stablecoin economy at scale.
5. What is Cryptocurrency Week in the US House of Representatives?
‘Cryptocurrency Week’ is an initiative by the US House aimed at discussing crypto regulation, especially taxation. The event includes a July 16 hearing. Lawmakers will evaluate new policies that could simplify tax rules and potentially reduce investor burdens on small crypto transactions
