Gate Research Institute: The United States' first stablecoin regulatory bill GENIUS Act officially signed | Ethereum 10th Anniversary NFT is about to open for minting

Crypto Market Overview

• BTC (-0.53% | Current Price 117,289 USDT): After a week of strong gains, BTC is currently in a phase of high-level correction and consolidation. In the short term, the forces of bulls and bears are in a stalemate, and market sentiment is cautious. Investors should closely monitor the effectiveness of the 116,500 USDT support level, as well as the breakout situation of the resistance levels at 118,500-119,000 USDT, while observing whether the trading volume can align with the price to establish a clear direction. On July 18, the net inflow of BTC ETF reached 363 million USD in a single day, with BlackRock's IBIT inflow at 496 million USD, indicating that institutional funds are continuously increasing their positions in Bitcoin, enhancing the allocation weight of this asset.
• ETH (3.24% | Current Price 3,725 USDT): ETH has shown a strong upward trend in the past few trading days, with prices gradually rising from the $3,400 region, reaching a high of about $3,780 on the morning of the 21st, followed by a pullback. Currently, ETH remains in a strong upward channel, but is facing some pressure near $3,780 in the short term. If it can break through this level with increased volume, it may initiate a new round of upward momentum. On July 18, ETH ETF saw a net inflow of $402 million in a single day, with BlackRock ETHA inflowing $394 million and Fidelity FETH outflowing $45.4 million.
• Altcoins: Most mainstream altcoins have risen, and there is still hope for continued fluctuations upward in the short term. The Fear and Greed Index reports 71 today, still within the greed range, indicating that market sentiment is relatively positive but attention should be paid to the risk of overheating.
• Macro: On July 18, the S&P 500 index fell by 0.01%, closing at 6,296.79 points; the Dow Jones index dropped by 0.32%, closing at 44,342.19 points; the Nasdaq index rose by 0.05%, closing at 20,895.66 points. As of July 21, 10:30 AM ( UTC+8, the spot gold price per ounce is temporarily reported at 3,356 dollars, with a 24H increase of 0.17%.

Trending Tokens

CFX Conflux (+88.52%, circulating market cap 1.117 billion USD)

According to Gate.io market data, the current price of the CFX token is $0.217, with an increase of approximately 88.52% in the last 24 hours. Conflux is an open, permissionless Layer 1 blockchain designed to address the scalability, security, and decentralization issues of existing blockchains. It utilizes a unique Tree-Graph structure and a hybrid thinking mechanism to achieve transaction processing of goods, enhancing throughput and efficiency.

Stimulated by the positive news that "Conflux public chain 3.0 is about to launch and plans to participate in the 'Belt and Road' offshore RMB stablecoin issuance pilot", CFX has shown an extremely strong upward momentum. After the announcement, CFX quickly surged from around 0.12 USDT, breaking through several key resistance levels in a short period, reaching a high of 0.25 USDT, doubling its increase. This rise is accompanied by a significant increase in trading volume, indicating a large influx of capital, with buying sentiment high, driving prices to achieve explosive upward movement.

C Chainbase (+15.18%, circulating market value 48.832 million USD)

According to Gate.io market data, the current price of the C token is 0.30357 USD, having increased by 15.18% within 24 hours. Chainbase is a blockchain infrastructure company that provides full-chain data services. It aims to address data interoperability challenges in the blockchain space by efficiently achieving data processing and security through an innovative dual-chain architecture (data chain and consensus chain).

C has recently gained market attention due to its listing on multiple centralized exchanges (CEX). From the evening of July 18 to the early morning of July 19, C experienced a rapid surge, reaching a high of 0.5 USDT, with a significant increase. This rise was accompanied by a noticeable increase in trading volume, indicating active buying interest. The current market is in a high-level consolidation phase; if it can stabilize at the 0.25 USDT support level and recover trading volume, C is expected to accumulate upward momentum again and start a new round of bullish trend.

M MemeCore (+27.16%, circulating market value 741 million USD)

According to Gate.io market data, the M token is currently priced at $0.44314, having risen approximately 27.16% in the last 24 hours. MemeCore is a Layer 1 public chain compatible with the Ethereum Virtual Machine (EVM), utilizing an innovative "meme consensus mechanism (PoM)" to maintain network security. Users can delegate their meme coins to nodes for staking in a multi-chain environment, thereby enhancing network stability and receiving dual block rewards.

MemeCore (M) has recently shown strong momentum, mainly benefiting from its trading competition incentive mechanism and community reward program, which effectively enhanced token trading activity and user participation. At the same time, its MemeX ecosystem is rapidly expanding, with multiple applications being launched, and the platform also offers attractive staking yields, further boosting the influx of funds. The price of M had previously fluctuated in the range of 0.31–0.42 USDT, but has recently surged quickly from around 0.33 USDT, reaching a high of 0.47 USDT, successfully breaking through the previous consolidation range. This rise is accompanied by a significant increase in trading volume, indicating strong buying power, reflecting the explosive market sentiment under multiple favorable catalysts for MemeCore.

Alpha Interpretation

Trump signs the GENIUS Act, marking the implementation of the first federal regulatory framework for stablecoins in the United States.

U.S. President Trump officially signed the "National Stablecoin Innovation and Regulation Act (GENIUS Act)", which is the first federal legislation in the United States addressing encryption assets, marking the formal entry of stablecoins into the compliance track. The bill clearly requires that all stablecoins must be backed by 100% U.S. dollars or equivalent highly liquid assets, and issuing institutions with a market value exceeding $50 billion must undergo annual audits; at the same time, regulatory guidelines have been proposed for overseas issuance, strengthening the safety and transparency of cross-border stablecoin circulation. Industry representatives such as Circle, Tether, and Coinbase were invited to attend the signing ceremony, and Trump stated that this bill will "lay the foundation for the United States' leadership in the global financial system and cryptocurrency innovation."

The implementation of the GENIUS Act marks the first establishment of a federal-level unified standard in the United States for stablecoin regulation, not only providing a clear path for compliant issuance domestically but also bringing a high degree of policy certainty to the global crypto market. At the same time, the bill sends a positive signal from the U.S. government regarding an open and guiding attitude towards the crypto financial system, which may accelerate the process of traditional financial institutions laying out their plans in the Web3 and RWA sectors, becoming an important catalyst for the initiation of a "compliance bull market." Currently, the total market capitalization of stablecoins has surpassed $260 billion and is showing a continuous growth trend, with favorable regulations expected to further promote its scale expansion and deepening applications.

Abstract Chain On-chain transactions exceed 100 million

According to Abstract core contributor cygaar's post on platform X, the total number of transactions on the Abstract chain has exceeded 100 million, currently reaching 100,001,152 transactions. He stated that this milestone is not only an important node for the chain itself but also a concentrated reflection of the ongoing improvement in community building and user participation.

Abstract Chain can achieve a breakthrough in transaction volume, mainly benefiting from its modular architecture and developer-oriented high composability design, which effectively lowers the threshold for DApp deployment and user interaction. At the same time, the on-chain ecosystem continues to expand, with multiple high-frequency applications (such as on-chain games, micropayment protocols, lightweight contract tools, etc.) driving the increase in daily trading activity. Furthermore, the Abstract community excels in incentive mechanisms and developer support, creating a virtuous cycle and becoming an important driving force for rapid growth in transaction volume.

Ethereum launches the 10th anniversary commemorative The Torch NFT, scheduled to open minting on July 30.

To commemorate the tenth anniversary of Ethereum's birth, the official announcement on the X platform introduced a special commemorative NFT - "The Torch". This NFT aims to pay tribute to the builders and values that have driven the development of Ethereum over the past decade. According to the official setting, "The Torch" will symbolically be passed among community members and ultimately be destroyed, expressing the spirit of passing the torch. Starting from July 30, any user can participate in minting an exclusive commemorative version, together witnessing Ethereum enter its second decade.

"The Torch" is not only a commemoration of the development of Ethereum but also a ritualized expression of community spirit. Through the ritual design of passing and destruction, this NFT emphasizes the concepts of "builder responsibility" and "collective legacy." The open minting lowers the barrier to participation, stimulates community cohesion, and once again highlights the unique charm of the Ethereum ecosystem at the intersection of technology and culture. This move may trigger a new wave of participation in NFTs on-chain and set a symbolic starting point for Ethereum entering a new era.

Gate Launchpool

New Listing Details

Subscription Project: Taker

Token Name: TAKER

New subscription period: until July 28, 2025, 18:00 (UTC+8)

Participation method: Stake GT or TAKER to receive for free.

Total airdrop amount: 2,400,000 TAKER

Project Introduction

The Taker Protocol is a large-scale incentive system designed specifically for the BTCFi world, aimed at connecting Bitcoin assets with applications by integrating BTC derivatives such as LSD and LRT, unlocking the potential of Bitcoin in the DeFi space. As the Bitcoin incentive layer, it utilizes various reward frameworks to encourage millions of users to hold and use Bitcoin and its derivatives, thereby scaling up returns and expanding the Bitcoin community by 100 times.
Reference Materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• The Block, https://www.theblock.co/post/363425/trump-signs-stablecoin-genius-act-cementing-first-major-crypto-framework-in-us-law
• X, https://x.com/0xCygaar/status/1946850655647281272
• X, https://x.com/ethereum/status/1947041455614332934
• Gate, https://www.gate.com/launchpool/TAKER?pid=340

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any losses or damages arising from such investment decisions.