Daily Crypto Signals: US Senate Passes GENIUS Stablecoin Bill, Bitcoin Faces Middle East Tensions, XRP Eyes Major Breakout

Quick overview

The US Senate has approved the GENIUS stablecoin legislation in a decisive 68-30 vote, moving crypto regulation forward, while Bitcoin BTC/USD experienced volatility amid escalating Middle East tensions and XRP XRP/USD prepares to exit a seven-month consolidation phase following its 700% surge.

Crypto Market Developments

This week, there were big changes in the cryptocurrency world, both in terms of rules and the market. In Washington, there was work on new laws, and tensions between countries affected trading patterns. Thailand became a crypto-friendly place by giving people five years of tax-free income from cryptocurrencies. At the same time, the SEC began public comment periods for Franklin Templeton’s XRP and Solana ETF proposals.

The overall market was sending contradictory signals. Bitcoin was under pressure because of tensions in the Middle East, Ethereum held strong around critical support levels, and XRP was getting ready for a big breakout after months of consolidation. There was still a lot of activity in exchange-traded funds, with $830 million in net inflows to Ether spot ETFs and institutions still interested in Bitcoin products.

The Senate’s ratification of stablecoin legislation made things much clearer for regulators, but there is still some doubt about whether the House would agree. The Trump administration’s pro-crypto posture, led by AI and crypto czar David Sacks, has made the regulatory environment better. For example, the SEC has dropped multiple enforcement cases and opened the door for alternative cryptocurrency ETFs.

Bitcoin Trades At $105,000 Amid Volatility

Bitcoin was very volatile, going from an intraday high of $108,780 to $106,421 as tensions in the Middle East rose. When President Trump left the G7 summit early and sent a scary tweet about Tehran, the market reacted right away. BTC lost more than $2,000 in only a few hours.

Technical analysis indicates that Bitcoin could encounter support in the range of $102,000 to $104,000, where substantial liquidity zones and historical order blocks intersect. The Bollinger Bands are getting closer together, which means that a spike in volatility is about to happen. The middle band at $106,000 functions as dynamic resistance. If previous trends hold, analysts think the price might go up 25% to $130,000, but only if important support levels are kept.

Onchain data shows that mid-cycle holders (those who have held for six to twelve months) are making a lot of money. On Monday, they made $904 million in profits, which is 83% of all realized gains. Even with this pressure, long-term holders are still not spending a lot of money, which is usually a good sign. The Bitcoin Coinbase Premium Index stayed positive all through June, which meant that US investors were still buying Bitcoin at a steady rate.

More than $434 million in BTC futures were sold in the last day, showing that the present fluctuations are mostly caused by leverage rather than by fundamentals. The MVRV Z-score shows that Bitcoin is still fundamentally undervalued, and the fact that Coin Days are positive The loss of momentum shows that people are taking profits instead than selling out of fear.

Ethereum Bounces Back Past $2,500

Ethereum ETH/USD showed strength by staying above the $2,400 support level even though the price dropped 15% and $277 million worth of assets were liquidated in two days. The cryptocurrency couldn’t keep up the bullish momentum that peaked at $2,880, but it did show strength in derivatives markets, with futures premiums getting back to the neutral 5% level on Sunday.

Layer-2 scaling solutions are still helping the Ethereum ecosystem develop. The total activity on Base, Arbitrum, Unichain, and Polygon is more than Ethereum’s $65.5 billion in monthly decentralized exchange turnover. This growth comes at a time when Solana and BNB Chain are trading more than Ethereum on DEXs, which shows how competitive the network is.

Institutional confidence is still high, as shown by the $830 million in net inflows to Ether US-listed spot ETFs. Exchange balances fell from 16.71 million ETH a month ago to 16.31 million ETH. This is normally seen as a good indicator because withdrawals usually mean staking or holding for a long time. The total value of Ethereum’s locked assets went up by 6% to $67.2 billion within the same time.

There is a balanced mood among professional traders in the ETH options markets. Put options are only 4% cheaper than call options, which keeps them in the neutral zone. This means that whales and market makers still think Ethereum has a good future, even though it couldn’t hold $2,500.

XRP Gearing Up for a Breakout?

XRP is ready for a big breakout after spending seven months in a consolidation period after its huge 700% rise in late 2024. The cryptocurrency broke out of a Symmetrical Triangle pattern that had been holding prices for seven years. This caused one of its strongest quarterly rallies, going from about $0.60 to over $2.

Technical research shows that XRP’s consolidation is coming to an end as Bitcoin gets closer to the important “8-year line.” This suggests that a correlation between the two markets could be a positive catalyst. The price of $2.15 is still above previous resistance levels, which means that strength is being maintained while we wait for the next bullish move.

The XRP/BTC pair looks especially good because it has followed a steady cycle over the previous 10 years, with lows in 2015, 2017, 2020, and 2024, each followed by big rises. Analysts say that the pair is getting close to a crucial resistance level that has kept rallies from happening since 2015. This setup looks more promising for a possible breakout.

Regulatory changes are good for XRP’s future, like as the SEC’s decision to allow people comment on Franklin Templeton’s XRP ETF proposal. The judgment will have to wait until July because of the 35-day comment process, but it could take longer. Bitwise, ProShares, and 21Shares are just a few of the asset managers who have filed comparable proposals. This shows that institutions are very interested in XRP investment vehicles.

Analysts say that XRP’s next big move might be quite big if it breaks through critical resistance levels. This is because of technical positioning, regulatory development, and the possibility of an ETF approval.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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