Crypto Market Weekly Report: Ethereum Price Soars, US Crypto Legislation Makes Progress

This week, the crypto market welcomed multiple positive news. The price of Ethereum surged significantly, with institutional investors accelerating their entry. The U.S. House of Representatives is advancing three crypto-related bills, injecting new momentum into the industry. Meanwhile, the AI and Meme sectors continue to heat up, with several innovative projects attracting attention.

Ethereum market has significantly warmed up

Recently, the price of Ethereum has continued to rise, and market confidence has significantly rebounded. This wave of increase is largely attributed to the massive influx of institutional funds. With more institutional participants entering the market, Ethereum may be poised for a significant change in its capital structure.

Analysis shows that 95% of crypto tokens have risen in the past three weeks, with over 70% of tokens outperforming Bitcoin. This has sparked speculation in the market about the arrival of the "altcoin season." However, whether this truly means the entire market has entered an altcoin cycle or if it is merely a temporary illusion still requires further observation.

Breakthrough Progress in U.S. Crypto Legislation

After nearly 9 hours of intense debate, the U.S. House of Representatives finally passed the procedural vote to advance three crypto-related bills with a result of 217 votes in favor and 212 votes against. This marks a significant breakthrough for the crypto industry in terms of regulation.

Industry insiders believe that the legislative process known as "crypto week" will bring significant changes to the industry, injecting new growth momentum and is expected to significantly reduce future regulatory risks.

AI and Meme Projects Continue to Heat Up

In the field of AI, the Bittensor ecosystem shows great potential and represents a new paradigm in the development of AI infrastructure. Through market-oriented resource allocation and decentralized governance mechanisms, it provides new soil for AI innovation.

In terms of the Meme track, the PumpFun project has successfully maximized its value by positioning itself as a Meme platform. At the same time, Project X has rapidly risen on the Hyperliquid network, with a total locked value reaching 40 million USD within three days, attracting market attention.

Other Important Developments

1. Binance Wallet launches new gameplay, Aptos ecosystem DEX Hyperion attracts attention.

2. Standard Chartered Bank has launched spot trading services for Bitcoin and Ethereum for institutional clients.

3. Tether held over $127 billion in U.S. Treasury bonds in the second quarter.

4. A certain trading platform announced that it will optimize the Alpha process and strengthen its crackdown on violations.

This week, the crypto market has shown a trend of diversification, with movements worth noting across various areas, from mainstream tokens to emerging projects, and from technological innovations to regulatory developments. With the continued entry of institutional investors and the gradual clarification of the regulatory environment, the encryption industry is expected to welcome a new round of development opportunities.