The crypto market continues to receive positive news, while updates on tariffs persist but no longer significantly impact market sentiment. A major showdown between President Trump and Fed Chair Powell appears to be on the horizon, as traditional financial giants like Charles Schwab accelerate their crypto adoption.

Market Overview

On Sunday, July 20th, US stock futures were largely flat but showed an upward bias across all three indices. Oil contracts rose to $67.45 per barrel. Gold held at $3352 per ounce.

Bitcoin held steady between $117,000 and $118,000. Many altcoins saw significant gains. The overall crypto market capitalization increased to $4 trillion.

BTC has maintained its position above $100,000 for 72 consecutive days, indicating stable buying pressure. However, the market still carries risks from high leverage and potential corrections. Meanwhile, altcoins are experiencing a strong breakout. XRP hit a 7-year high, and ETH surpassed $3,800, surging 56% in 30 days. BTC Dominance decreased from 66% to 59%, indicating a shift of capital away from BTC into altcoins. The market's resurgence is fueled by clearer US regulatory environment, with altcoins leading the rally.

Market Surge Post-Trump's Crypto Bill Signing

The recent market vibrancy stems from the increasing clarity of the US legal framework, particularly the passage of the GENIUS Act on stablecoins. This law enables traditional financial companies to build legitimate DeFi systems based on stablecoins, rather than merely participating in buying and selling.

Notably, Tether CEO Paolo Ardoino was invited to the bill signing ceremony. This is significant because, under regulations, Tether would be excluded from financial services in the US after three years if it lacks full and transparent audits. Currently, Tether only has asset attestations, not full standard audits. However, the new law opens up the possibility for major auditing firms like KPMG, Deloitte, etc., to participate, now that stablecoins are legal.

The law is not immediately effective but requires 1-1.5 years or until agencies like the Fed, OCC, and FDIC issue detailed guidance on auditing requirements, anti-money laundering, account freezing, etc.

Additionally, another important piece of legislation, the CLARITY Act, is expected to pass soon. This law clarifies which digital assets fall under the jurisdiction of the SEC or CFTC, defining what constitutes a security versus a decentralized digital asset. This is anticipated to be an even bigger turning point than the stablecoin law. White House Crypto Advisor, David Sacks, stated that the Digital Asset Market Clarity Act (CLARITY) is expected to pass and be signed by President Trump before the end of September. This comprehensive legislative push is set to reshape the US crypto landscape.

Tariff Updates: EU & Mexico Face US Trade Pressures

The European Union (EU) remains hopeful of reaching a trade agreement with the US, but is simultaneously preparing for contingency scenarios if negotiations fail before the August 1st deadline. President Donald Trump has warned of potentially imposing a 30% tariff on the majority of exports from the EU, and the US has already increased tariffs on items such as automobiles, metals, and copper.

The EU has proposed flexible tariffs at a 10% threshold, similar to its agreement with the UK, but negotiations are currently stalled. In the event of a failed agreement, the EU has warned it will retaliate with tariffs of up to 72 billion euros on US goods, including automobiles, soybeans, and whiskey. This escalating trade rhetoric creates uncertainty for global markets.

Charles Schwab Expands Crypto Offerings Post-Trump's Law

Charles Schwab—one of the three largest brokerage firms in the US and among the top 5 global asset management groups with over $10.8 trillion under management—has announced ambitious plans to significantly expand its crypto offerings following the signing of the GENIUS Act into law.

Currently, Schwab's clients hold over 20% of the total crypto ETF market, equivalent to approximately $25 billion, although this still represents a small fraction of the total assets under management. The company plans to implement direct trading features for Bitcoin and Ethereum, aiming to meet the growing demand from clients, many of whom hold crypto on platforms like Coinbase and wish to consolidate their assets under Schwab's centralized management.

Schwab believes that its reputation, scale, and existing investment ecosystem will be significant advantages in attracting crypto users, while also providing a strong growth driver for the company in the coming period. This move by a major traditional financial player signifies mainstream adoption and confidence in the future of digital assets, particularly with increasing regulatory clarity.

Corporate Bitcoin Accumulation Updates (July 14–19)

Businesses continue to acquire BTC. The X account @btcNLNico shared updates on these funds. Over the past week, there were a total of 58 announcements related to Bitcoin, with approximately 7,700 BTC mentioned.

• 4 new funds officially launched, holding a total of 817 BTC.
• **21 businesses purchased an additional 6,873 BTC.
• 17 investment funds are in the process of preparing to launch, with the BSTR fund alone potentially starting with a scale of up to 44,200 BTC.
• 11 companies announced plans for continued BTC accumulation, having already raised $47 million in capital.
• 5 internal documents were released, providing additional information on Bitcoin holding strategies.

Companies continue to accumulate BTC, which is a positive signal for the crypto market. This sustained corporate interest indicates a long-term conviction in Bitcoin's value proposition.

Other Key Crypto Updates

Rumors are circulating that Federal Reserve Chairman Jerome Powell may be considering resignation, but he has not yet confirmed or denied this information. If President Trump attempts to remove Powell, it could lead to a protracted legal battle potentially reaching the Supreme Court. According to multiple sources, Powell would file a lawsuit if Trump indeed sought to remove him. This ongoing political tension surrounding the Fed chairmanship could introduce further volatility into traditional and crypto markets.

Bullish, a crypto exchange backed by Peter Thiel, has filed for an IPO on the NYSE under the ticker "BLSH." Despite a $349 million loss in the first quarter of the year, the company expects the IPO to fuel growth and enhance transparency. As of March 31st, trading volume had surpassed $1.25 trillion. Previously, Bullish acquired CoinDesk in 2023. This IPO attempt highlights the ambition of crypto exchanges to integrate further with traditional financial markets.

MEI Pharma announced it has raised $100 million to purchase Litecoin as a reserve asset, becoming the first publicly listed company to hold LTC. Charlie Lee, the founder of Litecoin, will join MEI's Board of Directors. This marks a significant move for Litecoin into corporate treasury strategies, expanding beyond Bitcoin and Ethereum.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• White House Press Office
• CryptoQuant
• @btcNLNico (X/Twitter)
• Bullish Exchange
• MEI Pharma Investor Relations
• Charles Schwab Official Announcements

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.