Ah, the crypto markets, where the only thing more volatile than the prices is the Senate’s ability to agree on anything. On a sunny Sunday, the US Senate decided to play nice and voted 66-32 to advance the GENIUS Act. Yes, you heard that right—GENIUS! Because nothing says “brilliant legislation” like an acronym that sounds like a bad high school science project.
This bill, which aims to bring some semblance of order to the chaotic $250 billion stablecoin market, had been stuck in political limbo longer than my last attempt at a diet. Apparently, former President Trump’s fascination with crypto was a sticking point. Who knew that a former reality TV star could hold up legislation? But now, with the vote in, the market is buzzing like a caffeinated squirrel.
Ethereum (ETH) was the star of the show, leaping 2.3% faster than I can say “blockchain.” By the end of the day, it was up a whopping 7.61%, trading at $2,540.68. I mean, if only my bank account could react that quickly to good news!
Its market cap ballooned to $306.73 billion, which is great, but trading volume took a nosedive by 12.70%. So, it’s like gaining weight while simultaneously losing your appetite. Classic crypto!
Bitcoin (BTC), the granddaddy of them all, also decided to join the party, gaining 2.90% to reach $105,376.02. With a market cap of $2.09 trillion, it’s practically the king of the crypto castle. But even Bitcoin couldn’t escape the trading volume slump, dropping 11.47% to $55.66 billion. It’s like watching a heavyweight champion get knocked out by a featherweight.
XRP, the underdog, saw a quick 2% surge, only to settle down later like a toddler after a sugar rush. It ended the day with a 4% gain, priced at $2.36. Not too shabby for a coin that often feels like the forgotten middle child of the crypto family.
With a market cap of around $138.73 billion, XRP is up 3.43%, but its daily trading volume has dipped to $3.18 billion. It’s like being the popular kid in school but still having no one to sit with at lunch.
So, what does all this mean? Well, it seems the crypto crowd is paying closer attention to Washington than I do to my laundry. With regulation finally moving forward, traders are cautiously optimistic that maybe, just maybe, clearer rules are on the horizon. Or at least, they hope it’s not just another episode of “As the Crypto Turns.”
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2025-05-20 10:31