In recent days, interesting developments have unfolded in the crypto world. Bitcoin expects a consolidation phase while chances for historical price increases remain. A notable event is the signing of the GENIUS Act in the United States.
Expected Bitcoin Consolidation and Growth Prospects
Following Bitcoin's recent rise to all-time highs, experts foresee a possible period of price consolidation. However, further increases before the end of July remain on the horizon. Michael Harvey, head of franchise trading at Galaxy Digital, stated that a pause is realistic but expects Bitcoin to trend upwards through the year.
> "The best-case scenario for Bitcoin this month is a gradual, steady rise rather than a sudden spike."
US Stablecoin Legislation
In a landmark move, former President Donald Trump signed the GENIUS Act, establishing the nation's inaugural stablecoin regulatory framework. This legislation, long-awaited by the crypto community, was signed into law after extensive deliberations in Congress.
The signing ceremony was notable for the presence of key cryptocurrency industry executives, including leaders from major exchanges and blockchain firms, along with prominent Republican officials.
Trump recognized the persistence and pioneering efforts of the crypto community, emphasizing the bill as a significant milestone validating their work.
Bitcoin Transaction Raises Market Correction Concerns
Further adding to market dynamics, a dormant Bitcoin whale from the Satoshi era activated and transferred $9.6 billion worth of Bitcoin minted in 2011. This move, along with the stablecoin audit requirements under the new GENIUS Act, has caused some analysts to express concerns about a potential market correction.
According to financial analyst Jacob King, CEO of WhaleWire, the new regulatory environment may trigger significant impacts in the Bitcoin market.
These developments indicate that the cryptocurrency market continues to evolve, and new legislative initiatives may lead to changes in dynamics. While Bitcoin’s price consolidation may temporarily slow growth, new laws and large transactions create an environment of increased uncertainty and potential opportunities.
