The cryptocurrency market is booming, achieving a total value of $4 trillion for the first time. This surge, fueled by recent legislative advancements, represents a 4% increase in the last 24 hours alone, surpassing the market capitalization of tech giant Microsoft (MSFT). Since July began, approximately $700 billion has been added to the cumulative holdings of crypto investors, buoyed by the anticipated impact of the GENIUS Act and the CLARITY Act.
In related news, US President Donald Trump is expected to sign an upcoming executive order that could open the door for the $9 trillion 401(k) retirement market to include crypto assets in its portfolios. With Bitcoin’s price holding strong above $120,000, Ethereum (ETH) is spearheading an altcoin surge with an 8% gain, while XRP has reached an all-time peak, climbing an additional 18%.
Is NVIDIA Next? Crypto Market Eyes Top Spot By Month’s End
The crypto market has been experiencing remarkable growth since mid-April, adding over $1.6 trillion to its overall capitalization since “Trump Liberation Day.” The US House of Representatives’ final approval of the GENIUS Act and Clarity Act on Thursday, after an initial rejection, has fueled this continuous climb. The legislation is now awaiting President Trump’s signature to be enacted into law.
This impressive rally has placed the cryptocurrency market within 5% of overtaking Nvidia (NASDA: NVDA), currently valued at $4.2 trillion, as the world’s largest firm. Should the current market enthusiasm and upward trend persist, cryptocurrencies could potentially surpass Nvidia’s market cap before the end of July.
In the midst of the price surge, cryptocurrency liquidations have approached $600 million over the past day, with short positions accounting for $380 million, according to data from Coinglass. Bitcoin’s price is holding steady at the $120,000 mark, while the altcoin market demonstrates considerable strength, fueled by gains in ETH, XRP, SOL, BNB, and DOGE, all showing increases between 5% and 10%.
Furthermore, increased inflows into spot Bitcoin and Ethereum ETFs indicate heightened institutional interest in digital assets. BlackRock, the world’s largest asset manager, is a leading player in the crypto ETF market. Anticipation is growing that the US SEC could authorize XRP ETFs and SOL ETFs before the year concludes.
GENIUS Act, CLARITY Act & 401K Crypto Investments: Potential Catalysts
With the CLARITY Act, also known as the crypto market structure act, poised to become law, analysts are predicting greater regulatory clarity for the cryptocurrency sector. The signing of the anti-CBDC law further suggests a more accommodating landscape for the crypto market.
The enactment of the GENIUS Act could spark a rush among major institutions to gain a foothold in the stablecoin market, which is projected to reach $3.7 trillion by 2030. US President Donald Trump’s anticipated executive order permitting 401K retirement funds to invest in cryptocurrencies represents another significant potential driver of liquidity for digital assets.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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