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Earlier today, the price of Bitcoin passed the $120,000 milestone for the first time, marking a dramatic rise for the world’s most popular cryptocurrency over the last three months. But it’s not just mainstream tokens that are enjoying a rally this week. So-called meme coins, including Shiba Inu, Elon Musk favorite Dogecoin, and President Trump’s own Trump Coin, have also seen their value increase in recent days. Here are some of the latest figures from crypto price tracker CoinMarketCap: Pepecoin (PEP) Up 24.31 in 7 days Dogecoin (DOGE): Up 20.73% in 7 days Shiba Inu (SHIB): Up 17.19% in 7 days Official Trump (TRUMP) Up 12.52% in 7 days This is in addition to stock price increases for companies that are crypto adjacent, such as Coinbase, whose shares are up 47.98% over the last month. Why are crypto prices rising? Cryptocurrencies can be highly volatile and tend to fluctuate with broader market conditions, so it’s not always easy to tell what is driving any particular rally. However, one clear reason why crypto tokens may be up this week is that Congress is set to debate and possibly vote on a various key pieces of legislation that are seen as advancing Trump’s crypto-friendly agenda. As Bloomberg reports, the actions are being dubbed “Crypto Week.” The legislation includes the Senate’s GENIUS Act, which would create a regulatory framework for a dollar-pegged stablecoin. It also includes the Digital Asset Market Clarity Act of 2025aka the Clarity Actwhich aims to create a framework for digital assets more broadly. Potential crypto-related movement on Capitol Hill comes in addition to growing institutional demand for Bitcoin and other cryptocurrencies, as Fast Company reported last week. Add it all up and you have a lot of enthusiasm at the moment for Bitcoin and its fellow cryptocurrencies all the way down the chain. At the same time, it’s important to keep in mind that we’ve been here before. In late 2021, Bitcoin was riding high on what was then a record price, somewhere just north of $64,000. It came crashing down in the wake of numerous crypto scandals and the ensuing “Crypto Winter” of 2022. It took more than two years to recover.
Category:
E-Commerce
The crypto industry will take a step closer to going mainstream this week as a series of industry-friendly bills progress through Congress, paving the way for digital assets to potentially be further integrated into traditional finance. The House of Representatives is set to pass a series of crypto-related bills in a week which the Republican majority has dubbed “crypto week.” The most notable is a bill that would establish a regulatory framework for stablecoins and is likely to advance to President Donald Trump’s desk. That billand another the House is considering that would define when a crypto token is a commodityis a huge win for the crypto industry, which has been pushing for federal legislation for years and poured money into last year’s elections in order to promote pro-crypto candidates. “Historically, when lawmakers advance industry-backed frameworks, institutional sentiment strengthens. We expect capital that was previously sidelined due to regulatory uncertainty to re-enter,” said Jag Kooner, head of derivatives at crypto exchange Bitfinex. “Crypto week” also comes as bitcoin has scaled record highs in recent days as investors dive back into risk assets on the back of tariff-related news, as well as expectations that legislation could potentially unlock capital in the crypto space. The big ticket item the House is set to vote on this week is a bill that would create a set of federal requirements for stablecoins. Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly. The bill, dubbed the GENIUS Act, received bipartisan support in the Senate, with several Democrats joining most Republicans to back the proposed federal rules. It is expected to pass the House and would then head to Trump, who has said he will sign it into law. The bill would require tokens to be backed by liquid assetssuch as U.S. dollars and short-term Treasury billsand for issuers to disclose publicly the composition of their reserves on a monthly basis. Crypto proponents say those rules could legitimize stablecoins, making banks, retailers and consumers more comfortable with using them to transfer funds. Ahead of the bill’s final passage, many companies across sectors are already considering how they might incorporate stablecoins into their business, said Julia Demidova, head of digital currencies product and strategy at FIS, a financial technology solutions provider. “I think everyone is realizing, look, this is moving forward and they need to have a stablecoin strategy,” she said. “They need to think how banks themselves will position against some of these novel, new, emerging fintech-issued stablecoins as well.” Still, many Democrats have argued that the GENIUS Act would not prevent big tech companies from issuing their own private stablecoins, and have called for stronger anti-money laundering protections and prohibitions on foreign stablecoin issuers. Many Democrats fiercely oppose both the GENIUS Act and the CLARITY Act, arguing that they have too few consumer protections and would be a giveaway to Trump’s own personal crypto ventures by enabling softer-touch regulation. Democratic members are expected to offer several amendments to both the GENIUS Act and the CLARITY Act on the House floor next week, according to a source familiar with the matter, but it is unclear whether any of them will be considered. The House will also vote next week on a bill that would prohibit the U.S. from issuing a central bank digital currency, which Republicans say violate Americans’ privacy. The bill has not been considered in the Senate and the Federal Reserve has not indicated a desire to develop a central bank digital currency. MARKET STRUCTURE The House this week is also expected to pass a bill that aims to develop a regulatory regime for cryptocurrencies and would expand the Commodity Futures Trading Commission’s oversight of the digital asset industry and is backed by the industry. If signed into law, the bill would define when a cryptocurrency is a security or a commodity and clarify the Securities and Exchange Commission’s jurisdiction over the sector, something crypto companies heavily disputed during the Biden administration. That could help crypto companies avoid the oversight of the SEC, which under the Biden administration sued a number of crypto exchanges for flouting its rules. Crypto companies have argued that most crypto tokens should be classified as commodities, rather than securities, which would enable platforms to more easily offer those tokens to their customers. That bill, called the CLARITY Act, has yet to be considered in the Senate, where it would need to pass before heading to Trump for final approval. Trump has sought to overhaul U.S. cryptocurrency policies after courting cash from the industry during his presidential campaign. The sector spent more than $119 million backing pro-crypto congressional candidates in last year’s elections. Trump’s crypto ventures include a meme coin called $TRUMP, launched in January, and a business called World Liberty Financial, a crypto company owned partly by the president. The White House has said there are no conflicts of interest and that Trump’s assets are in a trust managed by his children. Hannah Lang, Reuters
Category:
E-Commerce
Kraft Heinz is studying a potential spin off of a large chunk of its grocery business, including many Kraft products, into a new entity that could be valued at as much as $20 billion on its own, a source familiar with the matter said on Friday. However, the structure of the deal could change and there is no guarantee Kraft Heinz would move forward with any such deal, the source said. News of the potential move is the second effort this week by a storied U.S. company looking to shore up shareholder value as shoppers ditch their pricey products in an uncertain economy. Earlier this week, cereal maker WK Kellogg agreed to a $3.1 billion buyout deal from Italy’s Ferrero. The Wall Street Journal first reported the development earlier in the day. According to the report, a split, which would leave the company with products such as its namesake Heinz ketchup and Dijon mustard brand Grey Poupon, could be finalized in the coming weeks. “As announced in May, Kraft Heinz has been evaluating potential strategic transactions to unlock shareholder value,” a company spokesperson said. Its shares closed up 2.5%. The company currently has a market value of $31.33 billion. Kraft Heinz was formed in 2015 after Warren Buffett’s Berkshire Hathaway and Brazilian private equity firm 3G Capital combined the former Kraft Foods with H.J. Heinz, which they bought in 2013. But it has been a challenging investment for Berkshire. Inflationary pressures and a shift in focus toward fresher, less processed food have hurt demand for Kraft Heinz’s lunch combos and other products. It lowered annual forecasts and reported a dour quarter in April, hurt by muted consumer spending. Kraft Heinz also said last month it would stop the launch of new products with artificial colors in the U.S. after Health Secretary Robert F. Kennedy Jr. outlined plans to remove synthetic food dyes from the U.S. food supply to address chronic diseases and conditions. “KHC spinning off its grocery business echoes the 2023 Kellogg spinoff in which the company spun off its cereal business, which had been in volumetric decline for some time,” said Connor Rattigan, analyst at Consumer Edge. “As CPGs (consumer packaged goods makers) contend with both changing consumer preferences and a challenging consumer environment, other CPGs may look to M&A and or similar corporate actions to improve their category exposures and improve their top-line trajectory,” Rattigan said. Anuja Bharat Mistry, Juveria Tabassum, Abigail Summerville, and Neil J. Kanatt, Reuters
Category:
E-Commerce
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