Here’s what happened in crypto today

Today in crypto, 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.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.Crypto market cap closes in on $4 trillionThe total value of the crypto market hit an all-time high on Thursday, as a price surge from major cryptocurrencies drove the market’s total worth near $4 trillion. The exact figure is hard to pin down due to differences in how platforms track the crypto market, but crypto data providers CoinMarketCap and TradingView show the crypto market peaking between $3.8 trillion and $3.9 trillion, respectively, while CoinGecko reported that the market crossed the $4 trillion milestone.JUST IN: The total crypto market cap has hit a new ATH of $4T. pic.twitter.com/gE8hRFegwzRegardless of the exact figure, the crypto market’s value is now just behind computer chip maker Nvidia, the most valuable publicly-listed company in the world which was the first-ever to hit a market cap of $4 trillion on July 9, which has since grown to $4.2 trillion. Bitcoin (BTC), Ether (ETH) and XRP (XRP) — currently the top three cryptocurrencies by market cap — drove the market value surge. Bitcoin is again above $120,000 while ETH rose 8% to around $3,600 for the first time since early January.XRP, meanwhile, jumped almost 20% to a 2025 high of $3.64 in early trading on Friday. XRP has close ties to Ripple Labs, which traders think could benefit from a sweeping stablecoin bill the US House passed on Thursday.