These Cryptocurrencies—Ether, Bitcoin And More—Surged The Most During ‘Crypto Week’ Rally

Topline

Ethereum rose to a six-month high on Friday, ending a week of broader gains for cryptocurrencies as Republicans concluded their so-called “crypto week” after approving pro-crypto legislation.

House Republicans promoted this week as the latest step for the U.S. to become the “crypto capital … More of the world.”

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Key Facts

The price of ethereum rose Friday by as much as 7.6% to an intraday high of $3,675.60, the highest for the cryptocurrency since Jan. 7, after increasing more than 19% over the last seven days.

Other cryptocurrencies rallied over the last week as House Republicans voted on the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act, including XRP (up 22.8%), Binance’s BNB (5.8%), Solana (8.5%), Tron (7.7%) and the meme token dogecoin (11.4%), which peaked earlier this week near a three-month high of just over 25 cents.

Bitcoin achieved early success during “crypto week” while surpassing the $120,000 threshold for the first time late on Sunday before hitting a new all-time high just below $123,000 the next day, though its value cooled and fell to below $118,000 on Friday.

Coinbase shares joined the broader crypto rally, peaking at a fresh intraday high Friday after increasing by as much as 6% to just over $444.

Crucial Quote

Wolfe Research broker Read Harvey, in a note earlier this week, wrote, “No coin seems to have more [momentum] than ethereum of late” as the cryptocurrency has started to “show some life relative to [bitcoin].”

What Legislation Passed During ‘crypto Week’

The Republican-led House Committee on Financial Services announced earlier this month the week beginning July 14 would be “crypto week.” During this period, House Republicans would promote a trio of pro-crypto bills, including the GENIUS Act, the Digital Asset Market Clarity Act and the Anti-Central Bank Digital Currency Surveillance Act. President Donald Trump signed the GENIUS Act into law Friday, after calling for “ALL REPUBLICANS” to “VOTE YES,” while the Clarity Act and Anti-ABDC Act were approved in House votes Thursday. The GENIUS Act establishes the first federal regulations for stablecoin issuers, requiring companies issuing stablecoins to hold a reserve of assets to back the cryptocurrency. Under the bill, stablecoin issuers must also prioritize coin holders for repayment or reimbursement if the companies go bankrupt. The Clarity Act divides regulatory jurisdiction for digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission, while the Anti-CBDC Act prohibits the Federal Reserve from issuing a central bank digital currency.

Big Number

About $150 billion. That’s how much was added to the global crypto market’s aggregate market value over the last seven days, increasing from just $3.78 trillion on July 13 to $3.93 trillion as of Friday afternoon, according to CoinGecko.

Chief Critics

The bills featured some Republican holdouts: Rep. Marjorie Taylor Greene, R-Ga., argued against advancing the GENIUS Act because it does not include a ban on a central bank digital currency. The Anti-CBDC Act does explicitly ban it, however. Several Democrats, including Rep. Gerald Connolly, D-Va., and Sen. Elizabeth Warren, D-Mass., have expressed concerns about the GENIUS Act and argued the bill lacks sufficient provisions against corruption and fails to prevent fraud and money laundering. Other Democrats pulled support of the crypto bills amid conflict of interest concerns asTrump and his family businesses became more involved in the industry. Crypto analysts have argued the GENIUS Act would make stablecoins more trustworthy among new investors, as the now-regulated tokens are pegged to a stable asset like the U.S. dollar and are often less volatile than other cryptocurrencies.