Crypto Weekly Market Wrap 21st July: Bitcoin Hits $123K, Trump’s Stablecoin Bill and Major Market Milestones

The crypto market had a landmark last week, with Bitcoin hitting a new all-time high above $123k and pushing the global market cap to $4 trillion. Major developments included Trump’s signing of the stablecoin bill, SEC reforms, IPO filings, regulatory shifts, and multiple security incidents. In the section below, we will discuss this crypto weekly market wrap in deeper detail, so ensure to read up to the end to have a full grasp.

Trump Signs Groundbreaking Stablecoin Bill

President Donald Trump signed the GENIUS Act, which establishes a legal framework for stablecoins. The bill was passed with a strong bipartisan vote, 308-122 in the House. Almost 50% of the democrats voted for it. The bill had been passed by the Senate prior to being passed through the desk of the President.

.@POTUS: "The GENIUS Act — they named it after me." 🤣 pic.twitter.com/TpqvTCmNxO

— Rapid Response 47 (@RapidResponse47) July 18, 2025

President Trump termed the signing as a giant step towards U.S. crypto leadership. He highlighted this as a shift in the policies of the former administration. The issuers of stablecoins will now have to adhere to well-defined federal standards, minimizing gray areas in compliance. Furthermore, the legislation establishes a framework of foreign issuance, which allows international actors to operate in the U.S. market within specific regulations.

SEC Backs Tokenization with Proposed Innovation Exemption

SEC Chair Paul Atkins is exploring a regulatory exemption to promote the tokenization of real-world assets. The agency is interested in helping to popularize the financial products based on blockchain and maintain control. In addition, Atkins plans to reverse various policies which were implemented by Gary Gensler. He intends to revise definitions and regulations regarding the custody of digital assets and the work of broker-dealers. Qualified custodians are also likely to be given flexibility in holding both securities and non-securities.

With Atkins, SEC anticipates that tokenization will transform financial markets. The agency foresees more liquidity and more transparency. Different financial companies are considering tokenized stocks and private equity in order to satisfy the increasing demand.

Grayscale Confidentially Submits IPO Filing to SEC

Grayscale Investments filed a confidential draft of an IPO registration with the SEC. This step is a significant stride towards the transition into a publicly traded company and represents a shift in the attitude of crypto asset managers toward the public market.

The company did not reveal any information about the shares and IPO price range. The offering will take place once the SEC goes through its process. Should it gain approval, it will facilitate the growth of Grayscale in the traditional finance space. Recently, there has been an increased wave of IPO filings following the Circle’s successful launch. Crypto exchange Bullish also filed an IPO with the SEC to trade on the NYSE under ticker “BLSH”

Kazakhstan Eyes Crypto Reserves From Confiscated Assets

Kazakhstan plans to invest some of its national reserves in crypto. Seized digital assets and the revenues of state mining activities will be used by the government. This is one of the strategies to enhance its blockchain economy. The initiative is being modelled on global sovereign funds by the National Bank of Kazakhstan. The nation desires to develop a central reserve which is supported by crypto assets. If implemented, Kazakhstan would become one of the regional centres of blockchain infrastructure.

Ondo Finance Acquires Strangelove for RWA Expansion

Ondo Finance acquired Strangelove Labs to speed up the deployment of its real-world asset platform. The aim is to create an end-to-end infrastructure for traditional asset tokenization. Strangelove has extensive experience in blockchain development, including interoperability and custom chain deployment.

We are excited to announce that Ondo Finance has acquired @strangelovelabs to accelerate our full-stack RWA platform development.

This acquisition significantly expands Ondo’s engineering and product capabilities to develop infrastructure for bringing RWAs onchain, at scale.… pic.twitter.com/quxZowdZEy

— Ondo Finance (@OndoFinance) July 14, 2025

Jack Zampolin, who was previously the CEO, will be Ondo product vice president. This step aligns with Ondo’s efforts to provide scalable RWA solutions. Furthermore, the acquisition improves the capacity of Ondo to design a safe framework to tokenize its assets.

Standard Chartered Launches Institutional Crypto Trading

Standard Chartered launched a spot trading service for Bitcoin and Ethereum. It is an offering that focuses on institutional clients based in London. Moreover, it makes StanChart the first global systemically important bank to offer such services. Customers are now able to trade BTC/USD and ETH/USD pairs with similar systems as the FX. The move enables asset managers, hedge funds and corporations to purchase and sell cryptocurrencies without bringing new platforms.

In addition, the bank has an intention of exploring crypto forwards and tokenized collateral programs. This is in addition to the surging demand by institutions interested in having digital assets in portfolios. Through this launch, crypto will be more accessible to traditional finance clients.

Polymarket Investigations Closed By DOJ and CFTC

The DOJ and CFTC reportedly completed investigations against the crypto-based prediction market Polymarket. The platform had been under investigation by the authorities on possible violations of regulations concerning binary options.

In 2022, Polymarket settled with the CFTC and agreed to limit access by U.S. users to pay a fine of $1.4 million. The two cases have now been resolved, with the platform now considering a probable reentry into the U.S. market. Furthermore, the move aligns with the Trump administration’s pro-crypto policy orientations. Polymarket is now able to seek official compliance and grow its services.

WLFI Token Set for Open Market Trading After Vote

The World Liberty Financial Community has authorized the trading of WLFI tokens at the secondary and peer-to-peer markets. The proposal was approved by 99.94% rate of voters.

🚨 Big news from the WLFI community 🚨

The community has officially voted — and the results were overwhelming.

✅ $WLFI will be tradable
💪 The people have spoken

Now it’s time to execute.
Standby for the full launch plan — coming soon. 🦅 ☝️

— WLFI (@worldlibertyfi) July 16, 2025

This transition takes WLFI off the closed ecosystem and into the open ecosystem. The holders of tokens are now provided with more participation and governance opportunities. The update adds liquidity and makes the community more transparent.

Sberbank Plans Crypto Custody Service for Domestic Market

The largest state-owned bank in Russia, Sberbank, revealed its intentions to provide crypto custody services. The proposal has been presented before the Central Bank for regulatory review. Sberbank will incorporate the custody of crypto assets into systems that are similar to bank accounts. This is after the central bank reduced its tough approach on digital currencies, particularly in international trade.

With Russia under global sanctions, the involvement of crypto in trade is turning out to be more strategic. Sberbank focuses on offering safe infrastructure to local users and companies.

Pakistan and El Salvador Form Bitcoin Cooperation Alliance

The crypto advisor to Pakistan met with the President of El Salvador to discuss Bitcoin strategy. The two nations signed a Letter of Intent on cooperation on digital finance. Pakistan seeks to emulate the BTC adoption of El Salvador. The nation has set aside 2,000 megawatts that will be used in Bitcoin mining and AI infrastructure. The deal will also entail financial inclusion and the making of crypto policy. Pakistan is going ahead with its Bitcoin plans despite the warnings of IMF.

Thailand Starts National Crypto Tourism Pilot

Thailand initiated a national crypto sandbox initiative for visitors. International tourists can now convert cryptocurrencies to Thai baht and spend them in Thailand. The exchanges will be carried out by licensed digital asset providers. The sandbox applies to short-term travellers or temporary residents. Any transaction should be in accordance with Thai financial law.

JUST IN: 🇹🇭 Thailand's SEC and central bank to launch national crypto sandbox, enabling foreign tourists to convert digital assets into Thai baht for local spending – Bangkok Post. pic.twitter.com/ptBfuILepS

— Whale Insider (@WhaleInsider) July 17, 2025

The project is aimed at promoting tourism with an aim of experimenting with practical crypto applications. The government believes that attracting people who are technology-savvy and boost the economy.

Hong Kong Stablecoin Licensing Sees Huge Demand

The Hong Kong Monetary Authority is overwhelmed by stablecoin license applications. Central enterprises and tech giants are among the approximately 50 to 60 firms competing to be approved. HKMA had to implement the invitation-only system because of the high demand. Application forms will only be sent to the companies that qualify at the first stage of communication. The candidates should demonstrate good use-case proposals. The boom indicates the optimism in the role of Hong Kong as a crypto hub in the region. Furthermore, regulators are trying to strike a balance between innovation, financial stability, and compliance.

Bank of America Explores Stablecoin for Payments

Bank of America affirmed that it is working on a stablecoin to facilitate international payments. The digital asset will facilitate the transfer of funds between clients in a safe and trusted manner.

Brian Moynihan, the CEO of the company, announced the update in a Q2 earnings call. He highlighted the value of stablecoins as a medium of transactions. The bank is considering both dollar and euro transfers by use of blockchain systems. Though no schedule to launch was provided, the bank would collaborate with JPMorgan or Citigroup. Other large banks are also inquiring about proprietary stablecoins.

BigONE Exchange Suffers $27M Hot Wallet Hack

BigONE crypto exchange reported a loss of $27 million following a hack on a hot wallet. The breach was caused by a third-party supply chain attack on production systems. Some of the assets targeted by the incident were 120 BTC, 350 ETH, and more than $8 million USDT. The other tokens included SOL, DOGE, SHIB, and CELR. SlowMist, a blockchain company, assisted in tracking the origin of the attack.

🚨SlowMist TI Alert🚨

The exchange @BigONEexchange was exploited due to a supply chain attack and loss exceeds $27 million. The production network was compromised, and the operating logic of account and risk control related servers was modified, enabling the attacker to withdraw… pic.twitter.com/GkxlNIUs6A

— SlowMist (@SlowMist_Team) July 16, 2025

BigONE has assured that the private keys were still safe despite the hack. The exchange has already contained the attack and commenced recovery efforts. In addition, it further committed to compensate all user losses with its internal reserves.

Arcadia Finance Loses $3.5M In DeFi Exploit

Arcadia Finance was hit by a significant exploit on Base and Ethereum chains. During the initial attack, the attacker drained $2.5 million with a malicious smart contract. The hacker sold stolen tokens to Wrapped Ethereum and transferred them to Ethereum mainnet. Cyvers notified of the exploit and funded transportation in the intermediary wallets.

Another exploit earned another $1 million, adding to the losses of $3.5 million. The affected tokens were more than 2.3 million USDC, 199 WETH, and 965 million AERO. Arcadia halted smart contracts and is collaborating with security companies and law enforcement.

Roxom Launches Bitcoin-Denominated Stock Exchange

Roxom is launching a new stock exchange denominated in Bitcoin. The platform will facilitate both spot and derivative trading, which is completely priced in BTC. The flagship is the product called Bitcoin Treasuries, which will include large reserves of Bitcoin by public companies. Companies such as Strategy and Metaplanet will be offered on a single platform.

BTC Treasuries are coming to Roxom.

Access public companies that hold Bitcoin—priced and settled directly in BTC.

No fiat. No conversion. No noise.
Just signal. Just Roxom.https://t.co/ii7ng0SDX0 pic.twitter.com/bdQlAaeDpu

— Roxom (@roxom) July 15, 2025

In addition, Roxom aims to eliminate traditional financial barriers to Bitcoin-native investors. This exchange will offer a smooth platform to institutions and retail customers who are interested in gaining exposure to Bitcoin.

Hungary Enforces Harsh Crypto Regulations

Hungary implemented strict crypto laws starting July 1. Individuals could now face up to 5 years of imprisonment in case of unlicensed trading. Providers of services risk up to 8 years in case they are found to be operating illegally. The government has granted authorities 60 days to come up with specific compliance rules. However, no guidance to the users or companies yet. Traders must cease trading or face penalties.

IMF Confirms El Salvador Halted New Bitcoin Purchases

Salvador has not purchased Bitcoin since it signed a $1.4 billion loan deal with the IMF in December 2024. The IMF confirmed the pause, stating that the Chivo wallet does not reflect any change when deposits of users are performed, thus confusing the community. In January 2025, the lawmakers amended the Bitcoin law, and the acceptance of BTC became optional. However, steady government accumulation was still reported by the Bitcoin Office. In March, the IMF gave a warning, but President Bukele responded that daily BTC purchases would continue anyway.

CoinDCX Loses $44 Million in Server Breach

On Saturday, CoinDCX suffered a security breach that drained $44 million from an internal liquidity account. The stolen funds moved from Solana to Ethereum after receiving a single ETH. Blockchain analyst ZachXBT trailed the transfer 17 hours after. CoinDCX was prompt and isolated the infected systems as soon as the alert was raised. The wallets of customers were not affected, and INR trading was not impacted. Moreover, CoinDCX temporarily suspended Web3 activities to be on the safe side.

Digital Asset Investment Products Market Overview

A report by CoinShares shows that digital asset products have achieved a new weekly record of inflows with a total of $4.39 billion. This increased the total assets under management to a record high of $220 billion. The number of trading turnover in the global ETPs increased to $39.2 billion, with Bitcoin and Ethereum at the forefront.

Last week digital asset products saw all-time high weekly inflows of US$4.39bn, bringing YTD inflows to US$27bn, pushing AuM to a record US$220bn. Ethereum attracted a record US$2.12bn in inflows, while Bitcoin saw inflows of US$2.2bn. https://t.co/y32mEP8Oa2

— Wu Blockchain (@WuBlockchain) July 21, 2025

The highest inflows came in Ethereum, with a strong week of inflows of $2.12 billion, almost two times its previous record of $1.2 billion. Moreover, Ethereum’s inflows have now hit the $6.2 billion mark year-to-date, already surpassing its 2024 inflows. The United States led the inflows, amounting to $4.36 billion. Australia, Hong Kong, and Switzerland also had positive numbers. Meanwhile, there were minor outflows in Brazil and Germany. Bitcoin had inflows of $2.2 billion, whereas Solana, XRP, and Sui had $84.3 million.

Bitcoin Price Performance

The flagship asset, Bitcoin, displayed a remarkable performance last week, surging to a new all-time high above $123k. Since achieving this mark, it faced a pullback and has been consolidating around the $118k region. In addition, its market capitalization and trading volume surged to $2.36 trillion and $65 billion despite a decline of 3% over that period. 

Technical indicators on the weekly chart display no signs of exhaustion for the rally as the major indicators continue to head further upwards. The MACD line continues to rally further above the signal line, indicating increased buying pressure. Despite the RSI reaching the overbought region, it has not displayed signs of retreat. Should the bulls reclaim their ground, BTC could look to challenge its recent ATH in the coming days.