Key Takeaways
- The House of Representatives passed the GENIUS Act and anti-CBDC bill, sending one to Trump and the other to the Senate, as Bitcoin hovered near its $120,907 peak.
- Robust retail sales and lower jobless claims reinforced investor confidence in the U.S. economy, propelling the dollar higher (+0.37%) and pushing stock indices, such as the S&P 500 and Nasdaq, to new highs.
- Strong earnings from major firms such as PepsiCo and European companies like ABB further fueled optimism across global markets, contributing to broad-based equity gains.
- Treasury yields saw uneven movements amid shifting Fed expectations, while oil prices rose due to low inventories and geopolitical concerns, despite easing global trade tensions.
Bitcoin (BTC) price trades above $120,000 on Friday amid the positive market sentiment. The U.S. House of Representatives cleared three bills intended to create a better regulatory framework for cryptocurrencies. The pioneer cryptocurrency had surged to a record high of above $123,000 at the start of the week. However, profit booking and skepticism around the final passage of crypto bills tempered gains at the all-time-high (ATH) level.
The cryptocurrency market received a boost, with the U.S. House of Representatives passing both the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which now heads to President Trump’s desk, and the anti–central bank digital currency (CBDC) bill, which moves to the Senate. In the wake of this, Bitcoin maintained its position near record highs, reaching $120,907.
Overall market sentiments remain robust. The U.S. dollar strengthened significantly on Thursday as investors embraced robust economic data and corporate earnings that demonstrated the resilience of the American economy. The U.S. Dollar Index (DXY) climbed 0.37% to 98.71, marking its trajectory towards a second consecutive weekly gain.
Furthermore, the strong retail sales data drove much of the dollar’s momentum. The Commerce Department reported that retail sales rebounded more than economists expected in June, while jobless claims fell to a three-month low. These figures reinforced the Federal Reserve’s cautious stance on interest rate cuts.
The dollar demonstrated particular strength against the Japanese yen, rising 0.47% to 148.56.
Stock markets responded enthusiastically to the economic data. The S&P 500 gained 33.66 points, or 0.54%, to close at a record high of 6,297.36. The Nasdaq Composite surged 153.78 points, or 0.75%, to 20,885.65.
Global Indices
- S&P 500 (SPX): 6,297.36 (+0.54%)
- Dow Jones Industrial Average (DJI): 44,484.49 (+0.52%)
- Nasdaq Composite (IXIC): 20,885.65 (+0.75%)
- Nikkei 225 (NK225!): 39,834.00 (-0.17%)
- Euronext 100 (N100): 1,586.18 (+1.28%)
- FTSE 100 (FTSE): 8,972.64 (+0.52%)
Individual Stocks
- NVIDIA Corp. (NVDA): 173.00 (+0.95%)
- Tesla Inc. (TSLA): 319.41-2.26(-0.70%)
- Microsoft Corp. (MSFT): 511.70 (+1.20%)
- Meta Platforms (META): 701.41(-0.21%)
- Apple Inc. (AAPL): 210.02 (-0.07%)
- Amazon.com Inc. (AMZN): 223.88(+0.31%)
Commodities
- Gold (GOLD): $3,337.42 (-0.05%)
- Silver (SILVER): $38.2315 (+0.23%)
- WTI Crude Oil (USOIL): $67.94 (+0.59%)
- Brent Crude: $69.39(+0.71%)
Cryptocurrencies
- Bitcoin (BTCUSD): $120,360 (+1.64%)
- Ethereum (ETHUSDT): $3,652.18 (+6.19%)
- Solana (SOL): $183.454 (+5.52%)
- BNB (BNBUSDT): $ 747.86 (+3.71%)
Forex
- U.S. Dollar Index (DXY): 98.53 (-0.12%)
- EUR/USD: 1.1617 (+0.21%)
- GBP/USD: 1.3428 (+0.16%)
- USD/JPY: 148.78 (+0.13%)
Market Wrap-up
Market participants reacted positively to the development and signaled a unified push during the “Crypto Week” to reshape the U.S. crypto regulation.
Read More: House Republicans Launch ‘Crypto Week’ to Pass Groundbreaking Bills
