The cryptocurrency market has reached a milestone around the world. The entire crypto market capitalization has reached a record high of $4 trillion, which is after enjoying massive increases in large cryptocurrencies such as BTC, Ethereum, XRP, and others. This is a rise that is immediately following the time when the US House of Representatives also passed three major crypto-related bills, and this increased the confidence of investors on a worldwide scale.
The Market is at An Unprecedented High
With the numbers provided by CoinGecko, the crypto market cap has now surpassed the amount of four trillion once again, setting a new all-time high. Figure is also recorded at CoinMarketCap and TradingView at only a bit lower ahead of the record-breaking result of December 2021 levels of $3.81-$3.90 trillion.
- Bitcoin is already selling at a price of over 120,000, and it is on the rise.
- Ethereum (ETH) is 8 percent higher and it currently trades above $3,600, its first high since January.
- XRP surged by almost 20% to an all-time high this year of 3.64.
This drive has seen the entire crypto market sitting under that of tech giant Nvidia, which has on a relatively recent update passed the mark of hitting the 4 trillion dollar mark.
What’s Fueling the Surge?
The primary cause of this crypto boom is a new surge of crypto-friendly laws in the United States. As the US House of Representatives is going on its August break, three significant bills were passed that would help define the cryptocurrency industry and regulate it.
This is what occurred:
- The GENIUS Act: This bill is an attempt to put a clear framework with protection around stablecoins–cryptocurrencies that are pegged to other currencies such as the US dollar. It has passed through the aid of both parties of the Congress and lies on the table of President Donald Trump, waiting to be signed into law.
- Digital Asset Classification Bill: The bill will seek to solve the ambiguity with regards to the classification of digital assets. It states what tokens are treated as commodities (which are governed by the CFTC) and what tokens are treated as securities (which are governed by the SEC). It was passed by a slight margin, and now it is off to the Senate.
- CBDC Ban Bill: This is a bill that prohibits the US government from issuing a central bank digital currency (CBDC). It has also received a go-ahead and is awaiting approval by the Senate.
The bills reflect the policy of President Trump aiming at making the US a world leader in digital finance, which he dubs as “crypto week”.
Trump’s Crypto Ties Raise Eyebrows
Not all are rejoicing, though. A conflict of interest is becoming a concern because of the Trump family having a business in crypto.
The recent financial disclosures indicate Trump earned 58 million in crypto deals in 2024. Judging by scheduled sales of tokens and his own meme coin project, he should get even more in 2025 even up to $390 million. As it is, he is also connected with Bitcoin mining, tokenized real estate, and crypto ETF, a fact that is ethically worrying as he puts a full stop to crypto stipulations.
This is what the passing of these crypto bills clearly signals: the US is not joking when it comes to the adoption of digital assets. Crypto investors should be excited because of the presence of market confidence combined with the surging popularity of Bitcoin and altcoins. Nevertheless, now, the Senate, as well as President Trump, are in the spotlight because the following actions may influence the future of crypto regulation in the United States.
