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Bitcoin's Big Intraday Gain: What's Driving It? And Dogecoin's Latest Price Update

Bitcoin's Big Intraday Gain: What's Driving It?Can ADA reach ? And Dogecoin's Latest Price Update

In the dynamic world of cryptocurrency, Bitcoin and Dogecoin have recently caught the spotlight with significant price movements. Let's delve into what's behind Bitcoin's big intraday gain and take a look at Dogecoin's latest price situation.

Bitcoin's Big Intraday Gain

On the morning of July 18, Bitcoin saw an oscillating upward trend, with its price breaking through $120,000 per coin. This remarkable gain didn't occur in a vacuum. A major catalyst was the news that on July 17 (local time), the U.S. House of Representatives passed the stablecoin regulatory bill - the "GENIUS Act" - with 308 votes in favor and 122 against. Currently, the bill has been submitted to President Trump for signing to become law.

The passage of the "GENIUS Act" is considered a significant step forward for the cryptocurrency industry. It aims to bring about major reforms in cryptocurrency regulation, covering aspects such as the definition of stablecoins, regulatory frameworks, reserve and transparency requirements, and investor protection. It also mandates that stablecoin issuers comply with anti - money laundering regulations and hold sufficient reserve funds. This provides a clear legal framework for stablecoins, which is expected to promote their wider application and reduce regulatory uncertainties.

From an economic perspective, stablecoins have both technical and monetary attributes. According to a research report from CITIC Futures, the supply side of stablecoins is greatly influenced by the net interest margin. Since their issuance requires a 1:1 ratio of safe assets as reserves, in an environment with a large net interest margin, stablecoin issuers have more incentive to increase the supply of stablecoins. The long - term development of stablecoins has gradually shifted from being mainly driven by the trading demand in the cryptocurrency market in the early days to being influenced by risk factors in the traditional financial market after 2022. The passage of this bill may further stimulate the demand for U.S. government bonds and boost the overall confidence in the cryptocurrency market, which in turn drives up Bitcoin's price.

FAQ: What does the passage of the stablecoin bill mean for Bitcoin?Answer: The passage of the stablecoin bill provides a more stable and clear regulatory environment for the cryptocurrency industry. This reduction in regulatory uncertainty can attract more institutional and retail investors to enter the market, increasing the demand for Bitcoin and other cryptocurrencies, thereby driving up their prices.

Another factor that might have contributed to Bitcoin's gain could be market sentiment. When positive news like the stablecoin bill passing hits the market, it creates a sense of FOMO (fear of missing out) among investors. They rush to buy Bitcoin, thinking that the price will continue to rise, which further fuels the upward momentum.

Dogecoin's Latest Price Update

Following the overall upward trend in the cryptocurrency market, Dogecoin also saw a significant increase, rising more than 10% on July 18. Dogecoin has been showing strong performance in recent times. In May, it had a 38% monthly increase, achieving its best monthly performance this year. According to CoinGecko data, its 24 - hour trading volume reached $4.7 billion, ranking among the top five non - stablecoin crypto assets.

Chain - on data has provided crucial support for Dogecoin's rise. CryptoQuant monitoring shows that the 90 - day cumulative trading volume difference (CVD) of Dogecoin spot buyers has been in a "net buying" state, which is highly similar to the market structure that drove its 385% surge in November 2024. At the same time, the long - term holder net unrealized profit and loss (NUPL) indicator has been above 0.5 since March 2025. This indicates that holders who have held for more than 155 days are generally in profit, which significantly boosts market confidence and reduces selling pressure.

The combination of a buying - dominated trading structure and the reluctance of holders to sell has created a solid foundation for Dogecoin's upward movement. It is very likely that its upward trend will continue in the future. The passage of the stablecoin bill in the U.S. also had a positive spill - over effect on Dogecoin. As the overall cryptocurrency market sentiment improved, investors were more willing to allocate funds to various cryptocurrencies, including Dogecoin.

FAQ: Is it a good time to invest in Dogecoin now?Answer: While Dogecoin has shown strong performance recently, cryptocurrency investment is highly volatile and risky. You should DYOR (do your own research) and consider your own risk tolerance and investment goals before making a decision. The market situation can change rapidly, and past performance is not a guarantee of future results.

The Impact on the Cryptocurrency Market

The significant gains of Bitcoin and Dogecoin are part of the overall upward movement in the cryptocurrency market. On July 18, Ethereum also soared by more than 7%, breaking through $3,600 per coin and reaching a new high since January this year. Other cryptocurrencies such as XRP and Ada also rose by more than 10%. However, the high - flying market also brought a large number of liquidations. According to Coinglass data, in the past 24 hours, nearly 160,000 people in the cryptocurrency market were liquidated, with a total liquidation amount of $587 million, including $220 million in long - position liquidations and $360 million in short - position liquidations.

The passage of the stablecoin bill and the resulting price increases in cryptocurrencies have far - reaching implications for the market. It may attract more institutional investors to enter the market, as the clear regulatory framework reduces the compliance risks they face. At the same time, it also makes the cryptocurrency market more closely related to the traditional financial market. If the stablecoin bill is finally signed into law, it will have a profound impact on the future development of stablecoins and the entire cryptocurrency ecosystem.

In conclusion, the big intraday gain of Bitcoin and the latest price increase of Dogecoin are the result of a combination of regulatory news, market sentiment, and chain - on data. As the cryptocurrency market continues to evolve, investors need to closely monitor market changes and regulatory developments to make informed investment decisions.