Bitcoin crosses $120K on US crypto bill boost; Dogecoin, Hedera rally over 15%
Bitcoin surged past the $120,000 mark on Friday, buoyed by growing optimism surrounding crypto regulation in the United States and continued institutional inflows. As of 12:49 pm IST, the world's largest cryptocurrency was trading 1.6% higher at $120,008, just shy of its intraday high of $120,999 and its all-time high near $123,000.
Ethereum followed with a sharp rally, gaining 6.4% to $3,639. Broader altcoin sentiment remained strong, with XRP jumping 12% to $3.50, Dogecoin soaring 15%, and Chainlink and Hedera gaining 12% and 17%, respectively. Solana, BNB, Tron, and Stellar also posted solid gains ranging between 3.6% and 6%.
Market enthusiasm was largely driven by news that the US House of Representatives passed the GENIUS Act—legislation focused on regulating stablecoins. The move is being seen as a landmark moment for the crypto industry, with the potential to pave the way for broader regulatory clarity and adoption."Bitcoin just smashed through $120,000, hitting $120,625 as crypto investors celebrate a huge win on Capitol Hill," said Shivam Thakral, CEO of BuyUcoin. "The House just passed the GENIUS Act, new rules for stablecoins that have Wall Street and crypto enthusiasts equally excited. This move is seen as a major milestone for crypto regulation and adoption in the United States."Vikram Subburaj, CEO of Giottus Crypto Platform, added that the bill's passage signals wider regulatory momentum. "While it particularly addresses stablecoins, it gives a wider stamp of approval for more favourable regulations that could be adopted globally. The altcoin market has rallied strongly with XRP and HBAR, two of the top US-based altcoins, gaining close to 20% each."
According to Sathvik Vishwanath, Co-Founder & CEO of Unocoin, Bitcoin is consolidating near key resistance levels, signalling underlying strength. 'Bitcoin is currently trading around $120,091, consolidating just below its all-time high near $123,000. A breakout above $123K could trigger a rally toward $130K,' he said.He added that price action is holding within a range of $117,715 to $120,999, with bulls defending the $118K–$120K support zone. 'This consolidation phase suggests strength. Institutional inflows via ETFs and recent U.S. regulatory support—like the GENIUS and CLARITY Acts—are boosting long-term investor confidence. While short-term corrections are possible, the broader trend remains bullish,' Vishwanath said.Ethereum remained strong above $3,600, supported by robust inflows into spot ETFs. According to Riya Sehgal, Research Analyst at Delta Exchange, $726 million has flowed into ETH ETFs so far, with $500 million of that coming from BlackRock alone.
'Bitcoin is holding above $120,000 with support near $115,700. A close over $121,500 on rising volume could push it toward $125K–$126.2K,' Sehgal said. 'XRP's 12% jump and wider altcoin gains are being driven by optimism following the acceptance of three pro-crypto bills in the US House. ETF inflows, policy clarity, and legislative progress are all supporting the rally.' She also noted that while Bitcoin remains dominant with a 60% market share, capital rotation into Ethereum and other altcoins is increasing. 'The global crypto market cap is nearing $3.9 trillion, inching closer to Nvidia's $4.2 trillion valuation,' she added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
5 minutes ago
- Hindustan Times
Apple introduces public beta of iOS 26: Know what's new and who can use the latest update
Apple has officially released the public beta preview version of iOS 26, allowing users to check out one of the most significant iPhone software redesigns in over a decade. Introduced during WWDC 2025, the update brings a complete aesthetic refresh, nicknamed 'Liquid Glass', along with new AI-powered features and app upgrades. Public beta preview version of iOS 26 is available for eligible devices.(REUTERS) At the heart of iOS 26 is Liquid Glass, a design overhaul which replaces flat 2D visuals with fluid, animated elements, CNBC reported. Menus appear to morph and float; translucent buttons ripple with movement and the system reacts more naturally to taps and swipes. The interface's bubbly, glass-like animations are aimed at making iPhones feel more alive and interactive. Even the lock screen has got a refresh and users can now reposition the clock, add widgets and maintain visibility for notifications and Live Activities. Also Read: iOS 26 release date: Here's when the new update could roll out to iPhone users Major app overhauls According to a Short Cut report, Apple has also improved key applications like Phone app, Messages, Apple Maps, and others. Phone app now combines recent calls and voicemails on one screen with the help of call screening and hold assist to filter spam or manage on-hold time. In messages, users can now add custom backgrounds, conversation polls, while the message filtering has been bettered. In iOS 26, users get a cleaner interface of camera and photos and it has a modern layout easing the navigation. Apple Music now has features like lyric translation, pronunciation and AutoMix. Meanwhile, Apple Maps now remembers the Visited Places during trips and Apple Wallet supports digital passports and redesigned boarding passes. Also Read: Apple somewhat saves 'Liquid Glass' for iPhones with iOS 26 beta 4 update Apple iOS 26 AI features Even though the Siri AI overhaul was pushed to 2026, iOS 26 now has smarter tools, which include live translations in messages, FaceTime and phone, according to CNBC. It also boasts visual intelligence which lets users analyze screenshots using AI, emoji remixing and AI-enhanced shortcuts. Release timeline and device compatibility Full release of iOS26 is expected in fall 2025 and will likely coincide with the launch of iPhone 17 series. However, Apple has made the public beta available now for those eager to test new features and provide feedback, the CNBC report states. Supported devices for iOS 26 A variety of iPhone devices, including the iPhone SE (2nd generation and later) and the iPhone 11, will support Apple's iOS 26. The update will also be available to users of iPhone 12, 13, 14, 15, 16 and the upcoming iPhone 17 series. How to install the iOS 26 Beta? Apple has released the Public Beta of iOS 26 for those who are keen to test it out before the official release. Users must enroll their device on Apple's Beta Software Program website in order to install it. Once registered, users can choose iOS 26 Public Beta from Settings > General > Software Update > Beta Updates on their iPhone, then follow the on-screen directions to finish the installation. FAQs Is iOS 26 the release date? No, the official release date is expected in Fall 2025 alongside the iPhone 17 series. Is iOS 26 available now? The public beta preview version of iOS 26 is available for eligible devices. Which iPhones can use iOS 26? iPhone 11 and later, including iPhone SE (2nd gen and newer), are compatible with iOS 26. Has iOS 26 public beta been released? Yes, Apple released the public beta on July 15, 2025.
Hindustan Times
17 minutes ago
- Hindustan Times
Exclusive-Indian firm shipped explosives to Russia despite US warnings
By Gram Slattery, Tom Balmforth and Shivam Patel Exclusive-Indian firm shipped explosives to Russia despite US warnings WASHINGTON/KYIV/NEW DELHI -An Indian company shipped $1.4 million worth of an explosive compound with military uses to Russia in December, according to Indian customs data seen by Reuters, despite U.S. threats to impose sanctions on any entity supporting Russia's Ukraine war effort. One of the Russian companies listed as receiving the compound, known as HMX or octogen, is the explosives manufacturer Promsintez, which an official at Ukraine's SBU security service said has ties to Moscow's military. The official said that Ukraine launched a drone attack in April against a Promsintez-owned factory. The other Russian company is a subsidiary of Spanish explosives manufacturer Maxam, which is itself controlled by New York-based private equity firm Rhone Capital. The U.S. government has identified HMX as "critical for Russia's war effort" and has warned financial institutions against facilitating any sales of the substance to Moscow. According to the Pentagon's Defense Technical Information Center and related defense research programs, HMX is widely used in missile and torpedo warheads, rocket motors, exploding projectiles and plastic-bonded explosives for advanced military systems. The HMX sale to Russian firms has not been previously reported. Russian defense manufacturers have been working around the clock for the past several years to sustain President Vladimir Putin's war in Ukraine, which intensified with Russia's full-scale invasion of its neighbor in 2022. India, which has recently forged closer ties with the United States in an effort to counterbalance China's growing influence, has not abandoned its longstanding military and economic ties with Moscow. India's trade with Russia - especially its purchases of Russian oil - has remained robust, even as Western nations have tried to cripple Russia's war economy with sanctions. U.S. President Donald Trump threatened earlier in July to hit nations with a 100% tariff if they continued purchasing Russian crude. The U.S. Treasury Department has the authority to sanction those who sell HMX and similar substances to Russia, according to three sanctions lawyers. HMX is known as a "high explosive," meaning it detonates rapidly and is designed for maximum destruction. Reuters has no indication that the HMX shipments violated Indian government policy. One Indian official with knowledge of the shipments said that the compound has some limited civilian applications, in addition to its better-known military uses. India's foreign ministry said in a statement: "India has been carrying out exports of dual-use items taking into account its international obligations on non-proliferation, and based on its robust legal and regulatory framework that includes a holistic assessment of relevant criteria on such exports." The U.S. State Department did not comment on the specific shipments identified by Reuters but said it had repeatedly communicated to India that companies doing military-related business are at risk of sanctions. "India is a strategic partner with whom we engage in full and frank dialogue, including on India's relationship with Russia," a spokesperson said. "We have repeatedly made clear to all our partners, including India, that any foreign company or financial institution that does business with Russia's military industrial base are at risk of U.S. sanctions." The State Department did not respond to a follow-up question regarding the financial stakes held by U.S. and Spanish firms in one of the Russian recipient companies. Russia's defense ministry did not respond to a request for comment. "While India has not typically been among the primary jurisdictions used for circumventing sanctions, we are aware that isolated cases can occur," Ukrainian presidential adviser Vladyslav Vlasiuk told Reuters. "We can confirm that the Russian company Promsintez has appeared on our radar in the past, including in connection with cooperation involving Indian counterparts," added Vlasiuk, President Volodymyr Zelenskiy's top sanctions official. WASHINGTON WOOS NEW DELHI Reuters identified two HMX shipments sent in December by Indian firm Ideal Detonators Private Limited, both of which were unloaded in St. Petersburg, according to the Indian customs data. An Indian government official with direct knowledge of the shipments confirmed them. One shipment, worth $405,200, was purchased by a Russian company called High Technology Initiation Systems, or HTIS, the data showed. The other shipment, worth more than $1 million was purchased by Promsintez. Both purchasers are based in Samara Oblast, near the border of Kazakhstan in southern Russia, according to the data. HTIS says on its website it produces explosives for surface and underground mining and engineering projects. It describes itself there as a subsidiary of Madrid-based Maxam, which in turn is majority-controlled by Rhone Capital, a New York-headquartered private equity firm set up by former Goldman Sachs and Lazard bankers. A source familiar with Maxam's operations said the company is in the process of divesting its Russian subsidiaries and that HTIS operates independently. Ideal Detonators Private Limited, based in the Indian state of Telangana, did not respond to a request for comment, nor did Promsintez, HTIS and Maxam. Rhone Capital declined to comment. While several Indian entities were sanctioned during the administration of former U.S. President Joe Biden for supporting Russia's war effort, sanctions were applied sparingly due to geopolitical considerations, according to two U.S. officials who worked on sanctions under Biden. Under Trump, Russia-related sanctions work has slowed to a trickle, and it is not clear if the United States will take further action against Indian companies doing business with Russia's defense industry. Washington has long sought closer relations with India to pull the South Asian country away from China. Jason Prince, a partner at Washington-based law firm Akin, said the U.S. government often prefers to communicate its concerns privately to allies and only take punitive actions as a last resort. This article was generated from an automated news agency feed without modifications to text.
Hindustan Times
an hour ago
- Hindustan Times
Soccer-Liverpool spending backed by title win and long-term plan, says CEO
July 24 (Reuters) - Liverpool's big-money investment on transfers is the result of long-term planning, club CEO Billy Hogan said, adding that winning a record-equalling 20th English top-flight title convinced the club it was time to act like a modern powerhouse. HT Image Liverpool's latest acquisition, French striker Hugo Ekitike from Eintracht Frankfurt in a deal worth 79 million pounds ($106.84 million), including add-ons, has taken the club's transfer expenditure this window to nearly 300 million pounds. Outgoings, six players including Trent Alexander-Arnold, have so far generated around 64 million pounds. The outlay marks a sharp departure from Liverpool's traditionally measured approach in the market. However, Hogan insists the club has not deviated from the club's policy of financial sustainability. "It doesn't just happen; it's been years in the making," Hogan told The Athletic in an interview. "One of the things we're constantly focused on is that 'virtuous circle'. Trying to run the club in the right way to ensure that we can generate as much revenue as we possibly can. That obviously helps in terms of being able to put more back into the team. "The difficulty is if you just look at one individual summer. That probably skews the data. There were a lot of comments made last summer that we didn't spend enough..." Hogan explained the approach reflects the ambitions of American-led Fenway Sports Group (FSG), who are seeking to build on last season's Premier League title under manager Arne Slot. "We also recognise, having won the English league title for the 20th time, that this is one of the biggest clubs in the world. We want to make sure that we are behaving like one," he added. "Having massive global stars come and play at Anfield, filling out stadiums in Hong Kong and Japan, those are things we expect and want to do." Liverpool face AC Milan in Kowloon, Hong Kong on Saturday, before taking on Yokohama FM in the J League World Challenge in Yokohama on Wednesday. They begin their Premier League title defence at home against Bournemouth on August 15. ($1 = 0.7394 pounds) (Reporting by Shifa Jahan in Bengaluru)
