Ethereum rose to a maximum of six months on Friday, ending a week of broader profits for cryptocurrencies when the Republicans concluded their so-called “Cryptocurrency Week” after approving pro-described legislation.
Key data
The price of Ethereum rose to 7.6% to an intradiary of 3,675.60 dollars, the highest for cryptocurrency since January 7, after increasing more than 19% in the last seven days.
Other cryptocurrencies recovered during the last week when the Republicans of the House of Representatives voted on the Genius Law (Guide and establishment of National Innovation for Stable Coins from US (11.4%), which reached its maximum point earlier this week about a maximum of three months of just over 25 cents.
Bitcoin achieved early success during the “Cryptocurrency Week” by exceeding the threshold of $ 120,000 for the first time on Sunday before reaching a new historical maximum just below the 123,000 the next day, although its value cooled and fell below 118,000 on Friday.
Coinbase’s shares joined the broader cryptocurrency rally, reaching a new intradiary maximum on Friday after increasing up to 6% by just over $ 444.
Cita Crucial
The Wolfe Research corridor, Read Harvey, wrote in a note earlier this week: “No currency seems to have more (impulse) than Ethereum lately”, since cryptocurrency has begun to “show some life in relation to (Bitcoin).”
What legislation was approved during the ‘Cryptocurrency Week’?
The Financial Services Committee of the House of Representatives, led by Republicans, announced at the beginning of the month that the week of July 14 would be the “Week of Cryptocurrencies.” During this period, the Chamber Republicans would promote three bills in favor of cryptocurrencies, including the Genius Law, the Law of Clear of the Digital Assets Market and the Law on Surveillance of Digital Coins Anti-Banco Central. President Donald Trump promulgated the Genius law on Friday, after asking “all Republicans” to “vote yes”, while the law of clarity and the Anti-ABDC law were approved in the voting of the Chamber on Thursday. The Genius Law establishes the first federal regulations for the issuers of stable currencies, demanding that companies issue them to maintain a reserve of assets to support them. According to the bill, stable currency issuers must also prioritize currency holders for reimbursement or return in case of bankruptcy. The clarity law divides the regulatory jurisdiction on digital assets between the Trade Commission of Futures of Raw Materials and the Bag and Securities Commission (SEC), while the Anti-CBDC Law prohibits the Federal Reserve from issuing a digital currency issued by a central bank.
Large number
Approximately 150 billion dollars. That is the amount that was added to the added value of the global cryptocurrency market in the last seven days, going from only 3.78 billion dollars on July 13 to 3.93 billion dollars on Friday afternoon, according to Coingecko.
Main critics
The bills included some reluctant republicans: representative Marjorie Taylor Greene, Republican by Georgia, opposed the approval of the Genius law because it does not include the prohibition of a digital currency emitted by a central bank. However, the anti-CBDC law does prohibit it explicitly. Several Democrats, including representative Gerald Connolly, a Democrat for Virginia, and Senator Elizabeth Warren, a Democrat for Massachusetts, have expressed concern about Genius law and argued that he lacks sufficient provisions against corruption and does not prevent fraud or money laundering. Other Democrats withdrew their support for law on cryptocurrencies due to concern for conflicts of interest, as Trump and their family businesses became more involved in the industry. Cryptocurrency analysts have argued that Genius law would cause stable currencies to be more reliable for new investors, since tokens, now regulated, are linked to a stable asset such as the US dollar and are usually less volatile than other cryptocurrencies.
This article was originally published by Forbes Us.
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