By Frank Martin (MoneyAmped.com)
Bitcoin has entered a consolidation phase as investors rotate funds into altcoins. This shift in the market has led analysts to make some bold predictions on X as they anticipate the start of an altseason.
The optimitic tone is fueled by Donald Trump’s approval of the stablecoin bill and growing institutional interest in crypto. Here is more information about the bill and other top crypto stories in the past seven days.
Trump Signs Crucial Crypto Bill Into Law
Last Friday, American President Donald Trump signed the stablecoin bill into law after it was approved by the House. Several crypto gurus, including Gemini founders Tyler and Cameron Winklevoss, Kraken CEO David Ripley, Tether boss Paolo Ardoino, and Coinbase CEO Brian Armstrong, attended the signing ceremony at the White House.
The bill, dubbed the Guiding and Establishing National Innovation for US Stablecoins Act GENIUS), will provide guidance to stablecoin issuers in the United States. Crypto analysts expect increased regulatory clarity to boost institutional adoption.
XLM to Rise Like XRP as Price Chart Flashes Bullish Signs
XLM, the native token of the Stellar ecosystem, could soon rally 35%, mirroring XRP’s recent performance. According to crypto analyst Peter Brandt, the coin is on the verge of breaking out of the ascending triangular pattern, with the bulls keen to trigger a surge to $0.63 after overcoming the barrier at $0.52.
The analyst has also noted that the Relative Strength Index (58.4) gives the bulls the upper hand in the short term. He expects XLM to hit $0.63 by early August.
Bitget Report: 36% of Youth Spend Crypto Daily
Crypto payments have grown in popularity among people aged 18 to 35. According to a report by Bitget exchange, at least 39% of crypto wallets owned by the youth pay for online purchases using crypto daily. The report also shows that most crypto is spent on gaming products and travel tickets.
Barstool Sports Creator Regrets Dumping His XRP Holdings Two Weeks Before a 40% Rally
Dave Portnoy, the brains behind Barstool Sports, has said that he regrets selling his XRP before it reached a new all-time high earlier this week. In an X post, Portnoy said he dumped his XRP at $2.39, causing him to miss out on massive gains, as the coin rallied to $3.61 on Monday.
He claimed that a friend advised him to sell his XRP because he anticipated a price dump triggered by stablecoin issuer Circle, which aims to rival XRP issuer Ripple. Whether Portnoy made profits from his XRP sale is still unclear.
Bitcoin Whale From Satoshi-Era Transfers Another 40,000 BTC to Galaxy Digital
A Bitcoin whale, who purchased 80,192 BTC during the early days of the asset, has now transferred the remaining coins (40,000) to Galaxy Digital after holding for over a decade. Blockchain observer Onchain Lens noticed the transfer last Wednesday and also reported that at least 7,000 Bitcoin were moved to centralized exchanges Bybit and Binance, signaling the whale’s intention to sell.
It is worth highlighting that the Bitcoin whale spent about $50,000 to buy 80,192 Bitcoin 15 years ago. Based on the current BTC price ($118,900), his purchase is now worth over $9 billion.
Financial Times: Trump’s Administration Plans to Invest Retirement Funds in Crypto
According to Financial Times’ recent report, the US president is planning to sign an executive order, enabling his administration to invest American retirement funds in digital assets, ETFs, and metals. The media house has claimed that Trump could sign the order before the end of July, citing two undisclosed sources familiar with the matter.
Furthermore, the alleged executive order would direct regulatory agencies to research the appropriate way to invest the funds in the said products and identify any challenges that need to be addressed first.
Following the report, several analysts claim that if the order is signed and implemented, it could boost the credibility of Bitcoin and other cryptocurrencies, fueling price rallies.
