Bitcoin rose to $120,000, Ethereum challenged $4,000, and SOL broke through $200. StarEx exchange analyst Jason believes that the bull market is entering a new stage.
On July 19, 2025, US President Trump officially signed the GENIUS Act, marking the official entry into force of the first federal law in the United States with "payment stablecoins" as its core object. After the announcement of the news, the crypto market rose across the board. The passage of the GENIUS Act is undoubtedly a milestone in the history of US legislation on crypto assets. It not only sets a clear compliance path for stablecoins, but also defines "payment stablecoins" as independent financial instruments that are not securities for the first time. This provides a legalized and compliant innovation framework for Wall Street, technology giants, retail companies and startups.
After Trump signed the bill, the crypto market responded immediately: BTC rose strongly to $120,000, ETH rose 7.5% in the day, and re-led the rise of altcoins. Jason, an analyst at StarEx Exchange, believes that this is not the release of short-term speculative sentiment, but a direct response to the structural changes in US crypto regulation.
The GENIUS Act sets high thresholds and standards for the issuance of stablecoins: 1:1 reserve support, fund segregation, monthly audit reports and other regulations will push stablecoins into a new stage of compliance, transparency and institutionalization. Circle and other institutions quickly welcomed it, saying that it will provide a global standard for the dollar-backed payment system. This not only enhances the market's trust in stablecoins, but also makes it a payment option parallel to the dollar, directly challenging the traditional payment system, promoting the development of on-chain finance, and releasing the growth potential of mainstream public chains such as Ethereum.
The compliance of stablecoins has forced traditional banks and technology giants to rethink their payment strategies. Financial giants such as JPMorgan Chase and Citigroup are studying the joint issuance of stablecoins, and Walmart and Amazon are also evaluating the feasibility of issuing corporate stablecoins to save traditional payment costs and accelerate settlement efficiency. This means that stablecoins are no longer exclusive products of "crypto-native", but an upgrade path for "global payment infrastructure". Most of these stablecoins are developed based on Ethereum or its extension layer, and ETH will undoubtedly become the core beneficiary asset of this trend.
Driven by the continuous surge in ETH, altcoins such as DOGE, ADA, and XRP recorded double-digit gains, showing the return of risk appetite. The GENIUS Act clearly states that payment stablecoins are not securities, which opens up room for imagination for the compliance of token assets. Especially in the context of the current slowdown in regulation, the market has begun to bet that more tokens will be allowed to enter the mainstream market.
According to Bitwise data, 46 listed companies have included BTC in their treasury in Q2, and ETH-related ETFs have also attracted a large amount of capital inflows. The ETH/BTC ratio has begun to rebound, indicating that the third quarter may enter a market dominated by ETH, and the altcoin season is approaching.
Jason, an analyst at StarEx Exchange, believes that the United States is entering a monetary environment dominated by low interest rates, high deficits, and short-term debt as the Trump administration promotes a "fiscal-led" strategy and continues to pressure the Federal Reserve to cut interest rates. This policy combination means that liquidity is flooding and the risk of dollar depreciation is rising, and scarce assets - such as Bitcoin and gold - will become the best beneficiary assets. The Federal Reserve is currently at a crossroads in policy games. Powell's anti-inflation stance is facing a direct challenge from the Trump team, and the concept of a "shadow Fed chairman" is intensifying. If the Federal Reserve finally compromises and cuts interest rates, it will further stimulate the price of crypto assets.
The GENIUS Act is not only a victory in terms of compliance, but also the starting point for the reshaping of market structure. It encourages enterprises to migrate from traditional payment systems to on-chain settlement, promotes the comprehensive upgrade of on-chain financial infrastructure, and brings long-term growth dividends to mainstream chains such as ETH. ETH pledge, re-pledge and DeFi vaults are becoming tools for enterprises to allocate digital assets. In the future, corporate treasury allocation will expand from BTC to ETH and other on-chain assets that generate income, which will greatly increase Ethereum transaction volume and network fees, and further promote ETH value revaluation.
Jason, an analyst at StarEx Exchange, believes that we are entering a structural bull market driven by "clear policies + macro easing + institutional allocation". BTC, as a scarce asset to hedge against the depreciation of the US dollar and inflation, continues to attract global central banks and corporate allocations; ETH, as a new financial infrastructure, is gaining institutional recognition for its stablecoin carrying capacity, trading activity and technological evolution; altcoins are active driven by the ETH market, and funds are beginning to flow back to DeFi, blockchain games, and infrastructure tracks.
The "Payment Chain Warring States Era" may come after the passage of the Stablecoin Bill. On-chain settlement efficiency and programmable payment experience will drive a new round of innovation in the market. Digital assets have entered the compliance highway, and the crypto bull market is still continuing or has even just begun.
