Crypto bills move forward. Bitcoin reaches a new ATH.

Hi everyone!

This week was packed with exciting crypto events and industry-shifting news, truly a “crypto week.” Let’s dive into what happened over the past seven days in this digest.

quick weekly news

Crypto bills move forward after nine-hour stalemate on House floor

This digest opens with one of the most closely watched stories of the week, the so-called “crypto week” in the U.S. Senate. That’s what Republicans dubbed a week during which the Senate was set to vote on three major cryptocurrency bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance Act.

The voting process was far from smooth. In fact, it turned into one of the longest procedural votes on record, lasting around nine hours. Democrats raised strong objections, pointing out several flaws in the bills, including the GENIUS Act’s failure to ban the Trump family-backed stablecoin, $USD1. In response, they protested the vote and labeled the week “anti-crypto corruption week.” The only path forward for Republicans was to fully unite and pass the bills with a narrow majority.

However, internal disagreements also emerged among Republicans. Some raised concerns about the CBDC ban and suggested either amending the Anti-CBDC Surveillance Act or bundling it with the other two bills, the CLARITY Act and the GENIUS Act.

The resulting dispute led to a nine-hour voting stalemate in the Senate. Ultimately, House Majority Leader Steve Scalise told reporters on Wednesday that Republicans now plan to attach the CBDC ban to a must-pass defense spending bill.

Bitcoin hits new ATH above $120K

Another exciting piece of news this week was Bitcoin breaking a new all-time high for the second week in a row. This time, it surged past $120K, setting a record at $122.7K. The primary driver behind this rally was the Republican-declared “crypto week” in the U.S. Senate.

Many retail and institutional investors believe that clear regulatory guidelines, and an end to the “Choke Point” era for crypto in the world’s largest economy, could be a major catalyst for the market. A dramatic rise in trading volume, which more than doubled this week, indicates that both institutional players and retail traders paid close attention to the crypto space.

But Bitcoin wasn’t the only asset benefiting from the Republican-led “crypto week.” Altcoins also saw significant inflows, with Ethereum climbing by 24% over the last seven days. At the same time, Bitcoin dominance appears to be falling, finally releasing some liquidity into the altcoin market.

Source: TradingView

Interestingly, Bitcoin dominance had been steadily rising since December 2024, driven by optimism about crypto’s future in the U.S. under a pro-crypto White House administration. However, recent U.S.-led tariff wars and mixed messages on crypto from Donald Trump have cooled market sentiment in recent months.

Source: TradingView

XRP Becomes Top 3 Crypto After ProShares ETF Approval

Speaking of liquidity flowing into altcoins, this week $XRP, the native cryptocurrency of Ripple, is nearing its all-time high set back in 2018 at around $3.35 per coin. In just two weeks, $XRP has jumped from $2.30 to over $3.25, gaining more than 40%.

One of the main drivers behind this surge was the SEC’s approval of the ProShares Ultra XRP ETF listing on NYSE Arca. According to crypto media, the fund is set to begin trading on July 18th, 2025, and aims to deliver 2x the daily returns of $XRP.

Following the ETF announcement, $XRP surged by 34%, making it the third-largest cryptocurrency by market cap, overtaking the leading stablecoin, $USDT.

Source: GoodCrypto

Coinbase rockets to rank 137 in App Store

This week, Coinbase also stood out, as CoinTelegraph reports that user interest in the Coinbase app is surging in the U.S. App Store. According to Sensor Tower data, Coinbase jumped 65% in rankings, climbing from 386th to 137th place.

Traditionally, Coinbase’s spot in the App Store is seen as a barometer for market sentiment, ranking within the top 175 signals bull-market peaks, while falling below the top 500 hints at a bear market. Crypto analyst Tony Edward also highlighted growing retail engagement:

“The crypto bull market is heating up ,and retail is definitely starting to come back in. My YouTube views and subscribers are climbing, I’m back in the Top 50 on Spotify and Top 100 on Apple podcasts Tech category!”

Analysts at Bitfinex echoed this, noting that retail demand may now outpace new Bitcoin supply: “Demand from this segment alone is more than enough to absorb all new supply.”

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