Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News – Crypto News
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Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills

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Crypto Market Cap Hits $4 Trillion Milestone as US House Passes Landmark Bills – Crypto News

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GENIUS, CLARITY, and Anti-CBDC Acts drive fresh gains in XRP, ETH, and DOGE while driving ETF inflows past $1 billion.

The cryptocurrency sector’s total market capitalization reached over $4 trillion for the first time as major digital assets recorded gains on Friday, July 18. The market surge followed the U.S. House of Representatives’ passage of three major digital asset bills yesterday evening: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act.

Total cryptocurrency market capitalization rose as high as $4.033 trillion at around 2 a.m. ET today, but has since retraced to $3.92 trillion, down 3% on the day, according to CoinGecko. Trading volume over the same time frame reached $326 billion.

Crypto total market cap over 24-hours. Source: CoinGecko

“The $4 trillion market cap is a significant hurdle to cross on the road to $10 trillion,” said Paul Howard, Senior Director at Wincent, in comments shared with The Defiant. “Driven by Institutional demand across ETFs and Stablecoins, the milestones keep tumbling as the barriers to adoption fall down.”

Howard added that he expects the next $1 trillion that pushes market cap to $5 trillion will largely be driven by stablecoin adoption with “decentralized finance (DeFi) becoming the next talking point for the industry.”

Top-10 Crypto Assets

Bitcoin (BTC) held steady today at around $117,800, while Ethereum (ETH) is up over 5% over the past 24 hours, trading just below $3,600, pushing its weekly gain to over 21%. This represents ETH’s highest price since the beginning of January, just ahead of President Donald Trump’s inauguration.

XRP also rose over 5% to $3.43 – the coin is also the top weekly earner among major assets with over 23% in gains. Solana (SOL) is up a milder 3% to around $178, a 9% gain over the past week.

Notably, the top daily earner was OG memecoin Dogecoin (DOGE), which surged 12.5% on the day and 15% over the past week to trade near $0.24.

Liquidations and ETFs

According to CoinGlass, approximately $936 million in crypto positions were liquidated over the past 24 hours. Long and short positions were nearly equal, each accounting for around $468 million. ETH was the most impacted, with liquidations nearing $259 million, followed by Bitcoin at $173 million.

U.S. spot Bitcoin ETFs recorded inflows nearly $523 million on July 17, per SoSoValue data. Meanwhile, Ethereum ETFs experienced their second-largest single-day inflow, attracting $602 million. BlackRock’s iShares Ethereum Trust (ETHA), which yesterday filed with the Nasdaq to add staking, pulled in the majority of inflows, with nearly $547 million.

The total ETH ETF inflows follow yesterday’s record inflow of $726.74 million, which marked U.S. spot Ethereum ETFs’ highest single-day amount to date.

Crypto Bills Pass, Trump Plans to Add Crypto to Retirement Accounts

On Thursday, the U.S. House of Representatives passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.

Experts say the move represents a major step toward clearer crypto regulation and crypto adoption in the United States.

In other market-moving news yesterday, President Donald Trump announced plans to open up the $9 trillion U.S. retirement market to cryptocurrency investments, the Financial Times’ reported. The move would open up Americans’ 401(k) plans to non-traditional investments opportunities.

Andre Omietanski, General Counsel at Aztec Labs, told The Defiant that the advancement of the crypto bills in Congress marks a major step toward unlocking a financial system that is “fit for the 21st century and beyond.” He explained that this also helps solidify the United States’ leadership in crypto.

The GENIUS Act, Omietanski explained, enables and legitimizes U.S. stablecoin issuers, and will “enshrine the U.S. dollar as the leading global government reserve currency.” In turn, this will ultimately lead to every bank account having a corresponding crypto wallet address, Omietanski believes.

However, he also shared some concerns about the bills’ passage. “As much as the GENIUS Bill will propel stablecoins into the mainstream, it will also create a privacy headache; all stablecoin transactions are currently fully transparent, while all banking transactions are somewhat private,” Omietanski said. “The Anti-CBDC bill mitigates privacy concerns from a CBDC but fails to address privacy concerns that arise from the increasing use and prevalence of stablecoins.”

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