Here’s what happened in crypto today
Today in crypto, Bitcoin may briefly consolidate but new all-time highs are still possible for July, US President Donald Trump has signed the GENIUS Act into law, enacting the country’s first stablecoin legislation. Meanwhile, a $9.6 billion Bitcoin transfer from a Satoshi-era whale is raising fears of a potential price correction as the total crypto market cap edges closer to $4 trillion.Bitcoin ‘pausing here for air’ likely, but another July ATH still possibleBitcoin could be in for a brief consolidation phase after its recent surge to new all-time highs — but another leg up before the end of July isn’t off the table, according to Galaxy Digital’s head of franchise trading, Michael Harvey.“Consolidation around current prices is my base case given the large rally and new ATH,” Harvey told Cointelegraph.“I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic,” Harvey said, adding:“I think the best case BTC price into month end is a continued slow melt-up.”He explained that reaching new highs by the end of this month is the best case scenario and would require ongoing strong inflows into the US-based spot Bitcoin exchange-traded funds (ETF), continued accumulation by Bitcoin treasury firms, and an aggressive increase in retail demand.Crypto execs center stage as Trump signs stablecoin bill into lawUS President Donald Trump signed one of the first bills related to crypto and blockchain of his administration into law on Friday after delays due to debates in the House of Representatives and Senate.In a Friday signing ceremony attended by many cryptocurrency company executives and high-ranking Republicans, including Vice President JD Vance and House Speaker Mike Johnson, Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law.The president acknowledged the support of several crypto figures in attendance, including Kraken co-CEO David Ripley, Gemini co-founders Cameron and Tyler Winklevoss, Coinbase CEO Brian Armstrong, Circle CEO Jeremy Allaire, Tether CEO Paolo Ardoino and Robinhood CEO Vladimir Tenev.“The entire crypto community, for years, you were mocked and dismissed and counted out, you were counted out as little as a year and a half ago, but this signing is a massive validation [...] of your hard work and your pioneering spirit,” said Trump, reading prepared remarks.Bitcoin whale’s $9.6B transfer, GENIUS Act spark correction concernsA Satoshi-era whale awakened after 14 years of dormancy and moved $9.6 billion worth of Bitcoin (BTC), which he received in April and May of 2011. The massive transfer and the stablecoin audit requirements imposed by the GENIUS Act are sparking correction concerns among some industry watchers.The whale may have opted to sell due to concerns related to the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, as the “US government moves to enforce audit requirements on stablecoins,” according to Jacob King, financial analyst and the CEO of WhaleWire.“That alone will burst the biggest bubble and fraud in financial history: Bitcoin. It’s entirely propped up by fake money printed out of thin air,” he wrote in a Friday X post.