US Senate passes the GENIUS stablecoin bill, advancing it to the House for a vote in 3 weeks with rules on backing, audits, and oversight. The post US Senate passes GENIUS stablecoin bill, advancing it to the House for final approval appeared first on Crypto Briefing.

US Senate passes GENIUS stablecoin bill, advancing it to the House for final approval

With Senate approval of the GENIUS Act, praised by White House Crypto Czar 
David Sacks and Treasury Secretary Scott Bessent, stablecoins could unlock 
trillion-dollar markets and position the U.S. for dominant leadership in 
digital finance. Senate Clears First Major Crypto Bill: &#8216;A Truly Historic 
Moment&#8217; The U.S. Senate has approved the bipartisan Guiding and Establishing 
[…]

Senate Passes Historic Crypto Bill: Sacks Hails Dollar Dominance, Bessent Sees $3.7T Boom

Ethereum price failed to clear the $2,680 zone and declined. ETH is now 
consolidating losses and remains at risk of more losses below $2,500. Ethereum 
started a fresh decline below the $2,620 level. The price is trading below 
$2,550 and the 100-hourly Simple Moving Average. There was a break below a 
bullish trend line with support at $2,540 on the hourly chart of ETH/USD (data 
feed via Kraken). The pair could start a fresh increase if it stays above the 
$2,500 zone in the near term. Ethereum Price Dips Again Ethereum price failed 
to gain pace for a move above $2,680 and started a fresh decline, like 
Bitcoin. ETH price declined below the $2,620 and $2,600 levels. The bears even 
pushed the price below the $2,600 level. Besides, there was a break below a 
bullish trend line with support at $2,540 on the hourly chart of ETH/USD. The 
pair tested the $2,450 zone and started a consolidation phase. There was a 
minor increase above the 23.6% Fib retracement level of the downward move from 
the $2,679 swing high to the $2,455 low. Ethereum price is now trading below 
$2,550 and the 100-hourly Simple Moving Average. On the upside, the price 
could face resistance near the $2,540 level. The next key resistance is near 
the $2,565 level. It is close to the 50% Fib retracement level of the downward 
move from the $2,679 swing high to the $2,455 low. The first major resistance 
is near the $2,620 level. A clear move above the $2,620 resistance might send 
the price toward the $2,680 resistance. An upside break above the $2,680 
resistance might call for more gains in the coming sessions. In the stated 
case, Ether could rise toward the $2,800 resistance zone or even $2,880 in the 
near term. More Losses In ETH? If Ethereum fails to clear the $2,540 
resistance, it could start a fresh decline. Initial support on the downside is 
near the $2,500 level. The first major support sits near the $2,450 zone. A 
clear move below the $2,450 support might push the price toward the $2,320 
support. Any more losses might send the price toward the $2,240 support level 
in the near term. The next key support sits at $2,150. Technical Indicators 
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. 
Hourly RSI &#8211; The RSI for ETH/USD is now below the 50 zone. Major Support Level 
– $2,450 Major Resistance Level – $2,540

Ethereum Price at Risk of Downside Break as Bears Test Key Support

Bitfinex analysts say Bitcoin’s current market conditions signal the asset 
“reversing course shortly after aggressive selling.”

Bitcoin downside risk lingers, upside hinges on holding above $102K

Recent on-chain data suggests that Bitcoin (BTC) whales may be preparing for a 
potential rally, as Binance BTC withdrawals have seen a notable spike. 
Additionally, rising stablecoin inflows to exchanges indicate growing buy-side 
liquidity, reinforcing the market’s bullish sentiment. Bitcoin Whales 
Foreseeing Major Rally Ahead? According to a recent CryptoQuant Quicktake post 
by contributor Amr Taha, Bitcoin whales recorded one of the largest BTC 
outflows from Binance this month. The chart below shows that nearly 4,500 BTC 
were withdrawn on June 16. Bitcoin whales are defined as wallet addresses with 
significant BTC holdings. Past data suggests that such large withdrawals from 
whales have typically preceded price rallies, as they reflect a reduction in 
BTC exchange reserves, leaving fewer coins readily available for trading. 
Related Reading: Bitcoin Hash Ribbons Indicating Prime Buying Opportunity, 
Analyst Says Beyond this large-scale withdrawal, on-chain data also reveals 
dwindling BTC inflows to exchanges from both whales and retail investors. This 
combination of major outflows and low deposits could be laying the groundwork 
for a Bitcoin “supply crunch.&#8221; For the uninitiated, a Bitcoin supply crunch 
occurs when the available BTC on exchanges declines sharply, reducing the 
immediate supply for buyers. This happens when long-term holders or whales 
withdraw BTC to cold storage, creating upward pressure on price as demand 
outpaces liquid supply. Stablecoin Inflows Witness Sharp Increase In parallel 
with Bitcoin’s exchange exodus, stablecoin inflows to Binance have surged in 
recent days. Notably, over $400 million in stablecoins flowed in on both June 
13 and 15. Historically, such significant stablecoin inflows have been linked 
to buy-side liquidity preparation. In other words, large investors appear 
ready to deploy capital into crypto assets like BTC, reflecting renewed risk 
appetite. Taha concluded: The aggressive Bitcoin withdrawals and concurrent 
stablecoin deposits create a supply-demand asymmetry. With fewer BTC available 
on exchanges and growing liquidity to fuel buys, the stage is set for a 
potential price breakout. Meanwhile, additional exchange data supports the 
case for further upside in BTC. For example, the coin has been experiencing 
consistently negative funding rates on Binance &#8211; often a precursor to short 
squeezes. Related Reading: Bitcoin Following ABCD Pattern? Analyst Sees Path 
To $137,000 At the same time, Bitcoin’s long-term holder Realized Cap recently 
surpassed $20 billion, underscoring rising confidence among seasoned 
investors. In addition, despite the ongoing BTC rally, retail participation 
remains relatively low, suggesting further room for growth. However, short- 
term holders are showing signs of caution, increasing their selling amid 
recent price corrections. At the time of writing, BTC is trading at $105,575, 
down 1.0% in the past 24 hours. Featured image from Unsplash, charts from 
CryptoQuant and TradingView.com

Bitcoin Whales Pull 4,500 BTC From Binance, Hinting At Incoming Rally

Meta Pool says an early detection system discovered the exploit, allowing it 
to pause the affected smart contract and prevent further losses.