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Bitcoin Surges Past \$116,700 While Ethereum and Altcoins Hold Steady Before Fed Policy Update

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The cryptocurrency market is showing signs of steady momentum as investors await the outcome of the U.S. Federal Reserve’s policy decision scheduled for Wednesday. XRP remains at $3.01 (roughly Rs. 260), while Binance Coin (BNB) continues its upward push to $948 (roughly Rs. 82,000). Solana (SOL) saw a minor decline to $234 (roughly Rs. 20,300), and Dogecoin (DOGE) trades around $0.265 (roughly Rs. 260). Analysts say traders are closely monitoring institutional flows and macroeconomic signals, which will likely shape the market’s next direction.

According to Edul Patel, CEO of Mudrex, the crypto market is gaining traction, partly fueled by supply-side dynamics. He cited Glassnode data showing that more than 44,000 BTC were withdrawn from exchange reserves in September alone. This tightening of available liquidity could ease immediate selling pressure. Patel added that gold’s recent rally to record highs may reinforce Bitcoin’s bullish outlook, creating additional support for the world’s largest cryptocurrency.

Market analysts at CoinSwitch emphasized Bitcoin’s symmetrical trading pattern, suggesting that compression in price movement could lead to a decisive breakout. They also highlighted that the upcoming Fed decision is a key driver of market sentiment, with growing speculation around a possible 25 basis point rate cut. Softer inflation numbers and weaker labor market data have strengthened these expectations. Furthermore, discussions around the proposed U.S. Bitcoin Strategic Reserve Act are adding to the long-term bullish narrative, potentially influencing both demand and regulation.

CoinDCX researchers pointed out that Bitcoin registered a solid rise before the daily close, bolstering bullish momentum. The team noted that BTC continues to form higher highs and higher lows, which keeps altcoins in a phase of consolidation. While XRP and BNB have shown relative strength, ETH, SOL, DOGE, and ADA are struggling to defend key support zones. Sentiment remains cautious but steady, with investors awaiting both regulatory clarity—such as the SEC’s delayed review of the Truth Social Spot Bitcoin ETF—and the Fed’s policy announcement before making major moves.

Circle, Coinbase Surge as Senate Passes Landmark Stablecoin Bill

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Shares of Circle and Coinbase soared on Wednesday after the U.S. Senate passed a landmark bipartisan bill to regulate stablecoins — a milestone that could legitimize and accelerate the growth of this key part of the cryptocurrency industry.

The legislation, known as the GENIUS Act, marks a rare moment of bipartisan agreement on crypto oversight and opens the door for broader adoption of dollar-pegged digital tokens, which aim to combine the convenience of crypto with the stability of fiat currencies.

Circle (CRCL.N) — the issuer of the USDC stablecoin — saw its stock climb 33.8%, closing at $199.59, more than six times its $31 IPO price earlier this month. Coinbase (COIN.O), which co-founded USDC with Circle, rose 16%, while crypto-friendly Robinhood gained 4.5%.

“History is being made,” said Circle CEO Jeremy Allaire on X. He predicted the legislation would enhance U.S. economic competitiveness for “decades to come.”

The bill must still be passed by the Republican-controlled House of Representatives before heading to President Donald Trump, who is expected to sign it by the end of summer.

If enacted, the bill would require stablecoins to be fully backed by liquid assets such as U.S. dollars or short-term Treasuries, with monthly public reserve disclosures — providing a regulatory framework that backers say will boost investor confidence and encourage institutional adoption.

Circle’s USDC is the second-largest stablecoin, with a market cap of $61.4 billion, and has helped power a 51% rise in Coinbase’s stablecoin revenue in Q1 alone. Analysts now see stablecoins evolving beyond crypto into a universal internet payment rail, comparable to digital cash.

“This bill could transform stablecoins from niche financial tools into core internet infrastructure,” wrote analysts at Bernstein.

Other corporates are reportedly exploring launching their own stablecoins, encouraged by the clarity the GENIUS Act promises. Meanwhile, analysts at KBW noted that the bill could also act as a tailwind for cryptocurrencies like bitcoin, which often trade alongside stablecoin demand.

Industry observers say the GENIUS Act is one of two key crypto bills that could become law in 2025 — a turning point for a sector long hindered by regulatory uncertainty.

Stablecoins Hit Record $251.7 Billion Market Cap as U.S. Senate Advances Regulatory Bill

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The market capitalization of stablecoins surged to a record $251.7 billion on Wednesday, marking a 22% increase so far in 2025, according to data from CoinDesk. The milestone coincides with a significant regulatory breakthrough as the U.S. Senate passed a bill aimed at bringing clarity and legitimacy to the fast-growing digital asset class.

Stablecoins — cryptocurrencies pegged to traditional currencies like the U.S. dollar — have become vital tools for crypto traders, allowing them to quickly move between assets without exposure to market volatility. But their growing role in digital finance has also sparked concerns about financial stability, prompting U.S. lawmakers to step in.

The new Senate-approved bill would, if signed into law, require stablecoins to be:

  • Fully backed by liquid assets, such as U.S. dollars or short-term Treasury bills, and

  • Subject to monthly public disclosure of reserve composition by issuers.

The proposed framework is being hailed by many in the crypto industry as a major legitimizing step. Proponents argue that with clear rules and reserve transparency, stablecoins could be used for instant global payments and could serve as a bridge between traditional finance and decentralized systems.

However, critics remain cautious. Some analysts warn that a growing reliance on stablecoins could tighten the link between the crypto market and traditional financial infrastructure, increasing systemic risk if not carefully managed.

Still, the surge in stablecoin market cap reflects renewed investor confidence. The bill’s advancement sends a clear message: regulation is coming, and the market is preparing to embrace it.