
$4 trillion crypto market hits milestone on stablecoin bill push
The milestone followed the passage of the first-ever federal legislation for stablecoins, a key accomplishment during what lawmakers have dubbed "
Crypto
Week."
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The bill, backed by Republicans and championed by President Donald Trump, introduces federal or state oversight of dollar-linked
stablecoin
, aiming to legitimise a $265 billion market that Citigroup Inc. analysts project could grow to $3.7 trillion by 2030.
Altcoins - a catch-all term for tokens besides Bitcoin - led the latest leg of the rally, with Ether jumping 22% over the past five days. Bitcoin, the industry's benchmark asset, hit a record $123,205 earlier this week. Uniswap surged as much as 24% on Friday, while Solana gained 6.5% at one point.
Thursday also saw the House pass a broader
crypto market
structure bill, which now awaits Senate consideration.
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Investors have continued to flood into US-listed crypto ETFs. Bitcoin funds have attracted $5.5 billion in inflows so far in July, while Ether ETFs brought in $2.9 billion.
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The Print
4 minutes ago
- The Print
India uses BRICS to push reforms—not to challenge the US
These nations are now challenging the hegemony of the West. Calls for de-dollarisation—reducing reliance on the US dollar in trade and finance— are becoming prominent, posing a threat to America's financial and geopolitical dominance. It gives China and Russia (and India too) a louder voice on the world stage. It fuels global economic realignment away from the dollar and Western institutions, pointing to a multipolar world order—something that US President Donald Trump doesn't support. Although forming groups of countries to promote cooperation is common globally, BRICS is more than a conventional grouping. It is a group of countries challenging the clout of the developed powers, particularly the US and European nations. In 2010, the first five members—Brazil, Russia, India, China, and South Africa—constituted 18 per cent of the global GDP. Their collective share has risen to 26.5 percent in 2025. The latest edition of the BRICS Summit was significant because all 10 member countries participated. It included Iran, Egypt, Ethiopia, and the UAE, which attended as member states for the first time at the 2024 summit in Russia, and Indonesia, which joined in early 2025 as the first Southeast Asian country in the bloc. With its expansion, the group is now known as BRICS Plus—a term first used at the 2024 summit. Trump's worries with BRICS The recent expansion of BRICS, with five new members joining, has increased the worries of the West, particularly the US. And without mincing words, Trump has started expressing his unhappiness over the developments happening in BRICS. Here are the key reasons why Trump opposes BRICS: The primary reason is that both the original members (Brazil, Russia, India, China, South Africa) and new entrants like Saudi Arabia, UAE, Egypt, Iran, and Ethiopia are openly discussing reducing reliance on the US dollar in trade and finance. Trump's long-standing 'America First' stance makes any move away from the dollar a direct challenge to U.S. economic influence and its ability to enforce sanctions. The second point that irks Trump is BRICS' geopolitical opposition to the West. BRICS increasingly positions itself as a counterweight to Western institutions like the G7, the International Monetary Fund (IMF), and the World Bank. The deepening ties between China and Russia within BRICS are seen as part of a broader anti-Western alignment. Third, Trump has consistently taken a hardline stance on China, through trade wars, tariffs, tech and investment restrictions, etc. BRICS giving China a leadership platform to challenge the US on the global stage agitates him. He views BRICS as a vehicle for China's global expansion under the guise of multipolarity. Fourth, the inclusion of Saudi Arabia and Iran gives BRICS influence over global energy markets. There is growing potential for oil trade to be conducted in non-dollar currencies (e.g., yuan or BRICS currency), which would weaken the petrodollar system—a critical pillar of US global economic power. Fifth, Trump perceives BRICS expansion as a sign that the 'Global South' is drifting away from Western influence, forming its own independent bloc. This runs contrary to Trump's vision of negotiating 'from strength,' where US dominance is unquestioned. Sixth, Trump views global influence in zero-sum terms. Any rise of a non-Western grouping that excludes the US is seen as a personal and national affront. BRICS summits that propose alternative visions for world order without US involvement are perceived as a threat to 'American prestige'—something Trump values highly. He has threatened to impose higher tariffs on countries siding with the BRICS. He has already announced the imposition of 50 per cent tariffs on Brazil. Also read: BRICS nations resist 'anti-American' label after Trump tariff threat India's pragmatic approach Although India is a member of BRICS, its approach is more nuanced, balanced, and pragmatic compared to other members. India's stance is shaped by its national interests, strategic autonomy, and growing global ambitions. While it has been trying to promote its economic interests by promoting international trade and settlements in rupee—thereby reducing dependence on dollar—India is not anti-dollar. It supports a broader effort to diversify the global financial system, reduce dependency on a single currency, and promote a multipolar world order. India has initiated bilateral trade in rupees with countries such as Russia, the UAE, Sri Lanka, and Mauritius to reduce its forex outflows. So far, more than 20 countries have opened Vostro accounts to facilitate trade settlement in domestic currencies. India backs BRICS to create alternative payment mechanisms, like using local currencies or discussions around a potential BRICS currency, but remains cautious about their practicality. India understands the dominance of the dollar in global trade and finance and has not called for its outright replacement (or de-dollarisation). Instead, it favors the coexistence of multiple reserve currencies (like the euro, the yuan, and the rupee). India does not see BRICS as an anti-US bloc. It views the grouping as a platform for reforming global institutions, not for confrontation. India supports a world with multiple power centres, where the voices of emerging economies are better represented. India has been pleading for long to bring reforms in institutions like the United Nations, IMF, and World Bank, which it believes are West-dominated and don't reflect current global realities. In this context, under India's G20 presidency, an expert group was formed to prepare a report on reforms for global financial institutions. This group was co-convened by economists Larry Summers and NK Singh. Their report focused on strengthening Multilateral Development Banks (MDBs). Guided by its own objectives, India uses BRICS to promote cooperation in technology, finance, infrastructure, and sustainable development. If the US is irked by Chinese dominance in BRICS, India too remains wary of China's influence in the bloc and rejects any behaviour that undermines its sovereignty or aligns too closely with Chinese interests. At the global level, India's balanced approach is to serve its national objectives and achieve its goals of protecting its national sovereignty. By promoting international settlements in Indian currency, reducing dependence on dollars, it's also trying to stop the de-weaponisation of dollars. India is promoting self-reliance through 'Aatmanirbhar Bharat', and discourages efforts of others (both the West and China) to weaponise global value chains. By promoting digital rupee payments, India is also trying to de-weaponise payment systems. These efforts protect our own national interest by not allowing others to dominate India. In the past, India has been able to demonstrate its clout by purchasing oil from Russia and Iran, promoting digital payments and pushing for reforms in global institutions at international fora. It's interesting that the US has not objected to these moves—perhaps looking at India as a force to balance the dominance of other countries, including China. Ashwani Mahajan is a professor at PGDAV College, University of Delhi. He tweets @ashwani_mahajan. Views are personal. (Edited by Ratan Priya)
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Business Standard
4 minutes ago
- Business Standard
Bitcoin slips below $116k, Ethereum holds above $3600; altcoin trade higher
Crypto markets continued to trade sideways on Friday, July 25, 2025. The market saw $721.84 million in liquidations over the last 24 hours, with long positions accounting for $567.43 million. Ethereum and Bitcoin were the most impacted, with $164.20 million and $155.38 million in liquidations, respectively. With this, the flagship currency Bitcoin (BTC) has slipped below $116,000 levels. Ethereum (ETH), on the other hand, has shown some resistance and continued to trade higher. Last check, Bitcoin was quoted trading at $115,169.79, down 1.92 per cent, with 24-hour trading volume of $86.77 billion. BTC is currently 6.26 per cent down from its all-time high of $123,091 scaled nearly 11 days ago on July 14, on CoinMarketCap. The total market capitalisation of Bitcoin recorded at $2.29 trillion, cementing its position as the largest crypto coin by market cap. BTC has fluctuated in the range of $115,077.22 – $119,535.45 in the last 24 hours. Analysis weigh in The investors, Vikram Subburaj, CEO, Giottus, said, are anticipating a move towards $114,000–$115,000 to sweep liquidity. "Once it finds support in this region, Bitcoin can consolidate at these prices before it begins its next rally. Spot ETFs have registered net outflows this week confirming the trend," said Subburaj. Bitcoin's decline from $119,000 to below $116,000, Riya Sehgal, research analyst, Delta Exchange, believes triggered a wave of long liquidations, especially in the $117,000–$120,000 range, where over-leveraged positions were concentrated. "A liquidity buildup between $113,000 and $115,000 could act as short-term support, while the $120,000 level remains a strong resistance zone. On the institutional side, BTC ETFs recorded $226.7 million in inflows on July 24 after three days of outflows, suggesting cautious re-entry by larger investors amid broader market volatility," said Sehgal. Ethereum Altcoin trade higher Meanwhile, Ethereum has found its footing above $3,600, though it couldn't quite hold onto the gains that pushed it near $3,800 earlier this week. Last check it was trading with gains of 2.59 per cent at $3,625.76 levels with a 24-hour trading volume of $43.71 billion. Among other altcoins, Maple Finance (SYRUP), Ethena (ENA), Cronos (CRO), Curve DAO Token (CRV), XDC Network (XDC), Bitcoin Cash (BCH), Bonk (BONK), Monero (XMR), Sky (SKY), TRON (TRX) were the top gainers on CoinMarketCap, rising in the range of 4.24–25 per cent. (PUMP), on the other hand, was the top loser, trading lower by 19 per cent. Further, among the popular altcoins, Ripple (XRP) was trading higher by 1.22 per cent, Cardano (ADA) by 2.41 per cent, Solana (SOL) by 1 per cent, Sui (SUI) by 1.35 per cent, Binance Coin (BNB) by 1.44 per cent, and Hyperliquid (HYP) by 0.81 per cent.


Indian Express
34 minutes ago
- Indian Express
India misses chance to tackle UK carbon tax in trade pact. Why is it concerning?
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