Top crypto tokens continued their bull run on July 17, despite Bitcoin pulling back by over 1% to $117,000.
Ethereum (ETH) price jumped by 8% to $3,400, while Ripple (XRP) surged by 10% to $3.25. Other top altcoins like Floki (FLOKI), Curve DAO, and Fartcoin (FARTCOIN) jumped by over 15%.
Cryptocurrencies are climbing on rising hopes that the House of Representatives will vote in favor of the GENIUS Act.
House Republicans voted to advance the bill, which is expected to be voted on Thursday and signed into law by Friday. It would mark the first major crypto-related bill to pass Congress and be signed into law.
The GENIUS Act establishes rules for stablecoin issuers in the United States. For example, all U.S. dollar stablecoins must be backed by cash and short-term bonds. Issuers would also need to provide regular disclosures to investors and undergo audits.
The market is also benefiting from a broader risk-on sentiment, with the crypto fear and greed index now in the greed zone at 67.
Additionally, concerns about Donald Trump’s trade war have eased. The president allowed NVIDIA, AMD, and other chipmakers to resume some product sales to China. NVIDIA previously warned the restrictions could cost it over $8 billion in potential lost revenue per quarter.
Trump is also considering keeping Chinese tariffs at current levels for now. Without an extension, tariffs would revert to 145% in August. According to Bloomberg, he may do this to secure a summit with Xi Jinping.
Will crypto prices crash?
While the ongoing crypto bull run is notable, there’s a possibility that prices could pull back in the near term.
One reason is the common pattern of “buying the rumor and selling the news,” where assets rise ahead of a major event and then retreat once it occurs. In this case, cryptocurrencies have rallied ahead of the GENIUS Act vote and may drop after it passes.
Another risk is that the rally has pushed many altcoins well above their moving averages. A mean reversion, where prices return to historical norms, may follow.
