Bitcoin stabilized at $118 thousand in anticipation of a vote on the crypto law in the United States

Bitcoin is trading around $118,462, recovering from a recent drop from a record $123,000. Investors are following the fate of the GENIUS law, which involves regulating stablecoins and banning the digital dollar from the Fed. 

After the unsuccessful vote in the House of Representatives, the exchange rate temporarily declined, but Trump announced that he had achieved Republican support and expects a vote in the near future.

Rising inflation in the United States and the threat of new tariffs have increased caution in the markets

The US CPI rose 0.3% in June, which may affect the Fed's policy. Jerome Powell expects further inflationary pressures due to Trump's tariffs. A new round of duties is possible as early as August 1.

Ark reduces Stake in Coinbase and Bitcoin ETFs after Rally

Ark Invest sold some shares of Coinbase and Bitcoin ETFs after their growth in order to maintain portfolio diversification. Coinbase remains the second largest asset of the ARKW fund.

Citigroup is considering launching a stablecoin

Jane Fraser, CEO of Citi, announced the possible launch of her own stablecoin and interest in tokenized deposits. Similar steps were previously announced by JPMorgan.

Altcoins are showing Growth

Ethereum rose 5.1% to $3,202, XRP – by 2%, Solana – by 3.8%. Among the meme tokens, $TRUMP was in the lead with an increase of 7.3%.