Optimistic regulatory expectations turned the point of interest for cryptocurrency buyers this week, following an occasion dubbed by the US authorities as “Crypto Week,” throughout which lawmakers sought to go three key regulatory payments for the Web3 business.
Fueled by the optimistic outlook, Bitcoin (BTC) flipped Amazon’s $2.3 trillion market capitalization and soared to turn into the world’s fifth-largest asset by complete worth.
Regulators handed the three key payments amid Republican issues with central financial institution digital currencies (CBDCs).
In a Thursday Home session, lawmakers voted 294-134 to go the Digital Asset Market Readability (CLARITY) Act, a invoice aimed toward establishing a market construction for cryptocurrencies, 308-122 in favor of the Guiding and Establishing Nationwide Innovation for US Stablecoins (GENIUS) Act and 219-210 for the Anti-CBDC Surveillance State Act.
Business watchers view the GENIUS Act as the important thing to legitimizing stablecoins for international adoption amongst banks and monetary establishments.
Bitcoin flips Amazon’s $2.3T market cap to turn into fifth international asset
Bitcoin has turn into the world’s fifth-largest asset, overtaking Amazon by market capitalization.
Bitcoin (BTC) value rose to a brand new all-time excessive of $122,600 on Monday and has soared almost 13% over the previous week, as Cointelegraph reported.
These positive factors allowed Bitcoin to surpass a $2.4 trillion market capitalization, overtaking Amazon’s $2.3 trillion, Silver’s $2.2 trillion and Alphabet’s (Google) $2.19 trillion, Cointelegraph knowledge exhibits.
This meant Bitcoin’s market cap was solely $730 million shy of tech big Apple on the time of writing.
The event indicators Bitcoin’s rising presence within the international monetary system, in keeping with Enmanuel Cardozo, market analyst at real-world asset tokenization platform Brickken. He advised Cointelegraph:
“With institutional giants like BlackRock and MicroStrategy’s treasury frequently rising, the legitimacy of Bitcoin as an investable asset class is not in query, with regulatory momentum additionally shifting.”
Cardozo stated that continued institutional accumulation and the “supportive macro setting could assist Bitcoin surpass Apple’s valuation, implying a Bitcoin value of over $142,000.
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Grayscale submits confidential IPO submitting with SEC
Cryptocurrency-focused asset supervisor and exchange-traded fund (ETF) issuer Grayscale joined a rising record of crypto firms searching for to launch IPOs in america.
On Monday, Grayscale stated it had filed to record its firm shares with the Securities and Change Fee (SEC) beneath a brand new clause that permits confidential filings forward of a remaining public providing.
Getting into public markets would allow Grayscale to hunt extra funding alternatives by means of methods akin to public inventory choices, which was leveraged by Michael Saylor’s Technique, or convertible observe choices, akin to GameStop’s $2.25 billion providing from June 13.
Grayscale’s submitting comes over a month after Circle, the issuer of the world’s second-largest stablecoin USDC (USDC), upsized its IPO to greater than $1.05 billion and debuted on the New York Inventory Change on June 5.
The IPO pricing gave Circle a valuation of $6.9 billion based mostly on the greater than 220 million excellent shares listed in its June 2 submitting.
Circle’s IPO success could encourage extra crypto-native corporations to maneuver into public markets with comparable choices, sparking a renewed crypto IPO season in 2025.
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Trump’s World Liberty crypto tokens are set to turn into tradable
Tokenholders of US President Donald Trump-backed crypto mission World Liberty Monetary (WLFI) have voted to make them tradable, opening the door for the Trump-linked token to extend in worth.
The proposal submitted by the WLFI workforce on July 9 closed on Wednesday, with an “overwhelming” 99.94% in favor of the unlock. It would make the platform’s governance token tradable by means of peer-to-peer transactions and secondary markets.
“Following the vote to make the token tradable, WLFI’s governance framework will allow extra tokenholders to take part straight in protocol choices,” the WLFI workforce stated within the proposal.
“This contains voting on emissions, ecosystem incentives, and future treasury actions. This proposal is step one in handing higher affect to the neighborhood.”
Not all of the governance tokens can be unlocked without delay, in keeping with the WLFI workforce, and a full launch plan is coming quickly, in keeping with WLFI’s submit on X on Wednesday.
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DEX-to-CEX ratio hits new excessive as crypto merchants flee centralization
Cryptocurrency merchants have been transferring away from centralized exchanges (CEXs) in favor of decentralized exchanges (DEXs), pushing the CEX-to-DEX ratio to a brand new all-time excessive.
Spot buying and selling quantity on DEXs surged not less than 25% within the second quarter of 2025 over the earlier quarter, whereas CEXs volumes plunged virtually 28%, in keeping with the newest quarterly business report by the crypto knowledge aggregator CoinGecko.
This shift drove the DEX-to-CEX ratio to a file excessive in Q2, rising from 0.13 within the earlier quarter to 0.23, the report famous.
Regardless of the rising ratio, the spot DEX market continues to be considerably smaller than CEX, with the highest 10 decentralized buying and selling platforms posting $877 billion in quantity in Q2, in contrast with $3.9 trillion for CEXs.
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BTCFi TVL jumps 22x to $7B, however belief stays a difficulty
Bitcoin-based decentralized finance (DeFi), also known as BTCFi, is experiencing important progress however nonetheless faces challenges.
In keeping with DefiLlama knowledge, Bitcoin-based (BTC) DeFi protocols’ complete worth locked (TVL) went from $304.66 million on Jan. 1, 2024, to $6.5 billion by Dec. 31, 2024. As of publication, DefiLlama knowledge exhibits that BTCFi has a TVL of $7.05 billion.
This interprets to a rise of greater than 22 instances. A report shared by Bitcoin smart-contract layer Arch Community means that “this surge was fueled by new protocol launches, rising token requirements, institutional inflows, a serious value rally pushing BTC to an all-time excessive, and the rise of liquid restaking.”
The survey outcomes launched within the report present that regardless of some options already available on the market, 36% of the respondents don’t have interaction with BTCFi on account of an absence of belief. One-quarter keep away from interactions with BTCFi on account of danger and concern of losses. Most (60%) view smart-contract exploits as the highest safety danger.
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DeFi market overview
In keeping with Cointelegraph Markets Professional and TradingView knowledge, many of the 100 largest cryptocurrencies by market capitalization ended the week within the inexperienced.
The Curve DAO (CRV) token was the most important gainer within the prime 100, rising greater than 63% over the previous week, adopted by the Stellar (XLM) token, up over 63%.
Thanks for studying our abstract of this week’s most impactful DeFi developments. Be part of us subsequent Friday for extra tales, insights and training concerning this dynamically advancing house.
