Crypto Market Surges Despite Legislative Blow: Bitcoin Soars, Memecoins Explode!

Hold onto your hats, crypto fans! Despite a major legislative setback that left key bills in the dust, crypto prices are bouncing back like they're on a trampoline!

On Wednesday, July 16, the crypto world was buzzing as Bitcoin (BTC) skyrocketed 2.3% to hit $118,900. The entire market cap didn't just sit back and watch; it surged 1.39%. But the real party was with the altcoins—those top 100 crypto assets soared 3.51%, with Ethereum (ETH) leading the pack, up a whopping 9.77%!

And let's not forget the altcoins that stole the show! Solana (SOL) and Dogecoin (DOGE) didn't just gain—they exploded, up 6.25% and 7.23% respectively. But the real wild cards? The smaller memecoins! Pepe (Pepe) shot up 11.42%, Bonk (BONK) soared 22%, and the top performer, SPX6900 (SPX), blasted off with a 24.7% gain in just 24 hours!

Crypto rebounds after a hit to 'Crypto Week'

So what's fueling this insane rally? A mix of ETF inflows and macroeconomic uncertainty, sure, but the real spark? The market's comeback after a brutal procedural defeat in Congress. On July 16, three crucial crypto bills—the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act—crashed and burned in a failed vote.

These bills were supposed to be the stars of the week of July 14, which everyone was calling "Crypto Week." But now? It's looking like a delay. Still, the Republicans aren't throwing in the towel; they're scrambling to sort out their internal mess that led to this fiasco.

And get this—U.S. President Donald Trump is throwing his weight behind the legislation, saying some of it could pass by Wednesday. If that happens, it's like a green light to the crypto world, signaling that U.S. lawmakers are ready to clear up the mess around crypto assets.

This clarity is like a magnet for big money. More and more investors are seeing Bitcoin as their shield against the chaos of macro risks and inflation. And the numbers? ETF inflows have hit nearly $20 billion since April, blowing past every other asset class!