US Crypto Week Opens.. 'Stablecoin Beneficiary' Ethereum Rebounds [Coin Briefing]

[Financial News] The US Congress has designated the week starting July 14 (local time) as 'Crypto Week', focusing on discussions of virtual asset-related bills, causing major stocks like Bitcoin and Ethereum to soar simultaneously. In particular, Ethereum, the second-largest by market capitalization, is gaining attention as a 'stablecoin beneficiary', attracting investor sentiment.
On the 13th, according to the global virtual asset information platform CoinMarketCap, Bitcoin is trading at $117,700. Bitcoin, which once approached its all-time high of $119,000, is currently taking a breather.
At the same time, Ethereum is also pointing at $2,955. Both Bitcoin and Ethereum have risen by 9% and 17% respectively over the past week, but are showing a correction phase due to the emergence of short-term profit-taking.
However, as the US House is set to handle virtual asset-related bills intensively, optimism surrounding the virtual asset market is growing. Previously, French Hill, Chairman of the US House Financial Services Committee, stated in an official statement, "The entire US House is scheduled to vote on the Clarity Act, the Stablecoin Act, and the Central Bank Digital Currency (CBDC) Ban Act."
In the securities industry, there is anticipation for clarity in virtual asset regulation. Kim Hyun-jung, a researcher at Kiwoom Securities, said, "Among the bills to be discussed during Crypto Week, the Clarity Act is noteworthy as it can resolve regulatory uncertainty by clarifying the regulatory authority of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)," adding, "There may be many changes in the US market during Crypto Week, so attention is needed."
The final Stablecoin Act is also a point of interest. Initially, the activation of stablecoins is expected to increase the demand for short-term US Treasury bonds to secure collateral assets. Jung Hyun-jong, a researcher at Korea Investment & Securities, observed, "The visible change with the introduction of stablecoins is the increase in demand for US bonds," adding, "The demand for short-term bonds is expected to expand for the purpose of securing collateral assets at a pace similar to the issuance of stablecoins." He further added, "It is necessary to be cautious about the rapid upward pressure on interest rates in the event of market supply-demand distortion and capital outflow in the Treasury market."
The so-called 'Crypto Three Major Acts' are expected to primarily benefit Ethereum. Hong Sung-wook, a researcher at NH Investment & Securities, noted, "As the passage of the US Stablecoin Act becomes visible, Ethereum's investment sentiment is improving," adding, "Investment sentiment is rebounding as it is the blockchain where stablecoins are most issued." He further added, "There is also a net inflow of funds into the US Ethereum spot exchange-traded fund (ETF)."

elikim@fnnews.com Kim Mi-hee Reporter