Bitcoin has achieved a historic milestone by surpassing Alphabet (Google's parent company) in market capitalization, now ranking as the world's sixth most valuable asset. This shift highlights the growing influence of cryptocurrency alongside traditional tech giants like Amazon and Apple.
Key Developments in the Crypto Market
- Bitcoin's market cap reached $2.13 trillion**, edging past Alphabet's **$2.11 trillion valuation.
- The cryptocurrency now trades above $106,000, with a 40% year-to-date increase.
- Only gold, Microsoft, Nvidia, Apple, and Amazon hold higher valuations globally.
👉 Discover how Bitcoin's growth compares to traditional assets
Crypto Equities Join the Rally
While Bitcoin dominates headlines, crypto-related stocks are experiencing significant gains:
- Coinbase shares surged 20% to $373 following the U.S. Senate's approval of the GENIUS Act.
- Stablecoin market cap hit a record $257 billion, fueled by anticipated regulatory clarity.
- Mining stocks like MARA, Riot Platforms, and CleanSpark saw gains between 4.5% and 20%.
The Impact of the GENIUS Act
The Senate's 68-30 vote on the GENIUS Act introduces critical regulations for stablecoins:
- Mandates full reserve backing for issuers.
- Requires monthly audits to ensure transparency.
- Opens doors for regulated banks to enter the crypto space.
Challenges and Skepticism
Despite bullish momentum, concerns persist:
- Former BitMEX CEO Arthur Hayes called Circle's valuation "insanely overvalued."
- Questions linger about market sustainability in certain crypto sectors.
👉 Explore the future of stablecoin regulations
What's Next for Crypto?
- House vote on the GENIUS Act expected in mid-July.
- Bitcoin is $175 billion away from overtaking Amazon's valuation.
- Coinbase's August 7 earnings report will reveal impacts of new products like Shopify payments integration.
FAQ Section
How does Bitcoin's market cap compare to Google's?
Bitcoin's $2.13 trillion valuation slightly exceeds Alphabet's $2.11 trillion, making it the sixth-largest global asset.
What is driving Coinbase's stock rally?
Anticipation of stablecoin regulations under the GENIUS Act and growing institutional adoption are key factors.
Are stablecoins safe investments?
The GENIUS Act's reserve and audit requirements aim to reduce risks, but experts advise caution due to volatility.
When will the GENIUS Act take effect?
If passed by the House and signed by the President, implementation could begin within 90 days.
Which crypto stocks performed best this week?
CleanSpark (+20%), MARA (+6%), and Riot Platforms (+5%) led the gains among miners.