The cryptocurrency market is experiencing a significant rise, with Bitcoin reaching a new record of $112,152. Investor optimism is fueled by both macroeconomic factors and new legislative initiatives.
Macroeconomic Factors and Institutional Investments
Currently, the cryptocurrency market is witnessing a surge in investor confidence boosted by expectations of the Federal Reserve's monetary policy and a weakening dollar. The declining inflation rate has increased the likelihood of interest rate cuts, making risky assets more attractive. Bitcoin's daily trading volume exceeded $60 billion, with open positions in futures reaching $79 billion.
Surge in Altcoin Prices
The optimism sparked by Bitcoin quickly spread to the altcoin market. Stellar surged by 11.7%, Lido DAO increased by 11.1%, while meme coins like Dogwifhat and Pepe saw approximately 11% jumps. XRP rose by 5%, while Solana, Dogecoin, and Cardano also saw gains ranging from 4% to 6%.
Legislative Developments in Cryptocurrency in the U.S.
Increased interest from institutional investors is also linked to expected legislative changes. During 'Cryptocurrency Week' from July 14-19, the U.S. Congress plans to advance the CLARITY Act, which aims to clarify the authority shared between securities and commodities regulators, and the GENIUS Act targeting stablecoins.
Current macroeconomic trends and activity at the institutional level create a positive environment for the cryptocurrency market, driving price increases in both Bitcoin and altcoins.
