One highlight of the week was US President Donald Trump signing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act into law. This significant move for the crypto and blockchain sector was witnessed by many key players in the industry, including high-ranking Republicans and an array of cryptocurrency company executives.

Another notable trend is the increasing use of cryptocurrency for everyday purchases and high-value transactions across various user groups. A report from Bitget Wallet indicates that Gen Z and Gen X users are leading the way in this trend, showing a growing interest in the practical use of crypto.

In other news, Dave Portnoy, founder of Barstool Sports, expressed regret over selling most of his XRP just weeks before it reached new annual highs. He lamented over potentially lost profits and expressed his disappointment in divesting from XRP.

Meanwhile, a Satoshi-era Bitcoin whale moved their remaining Bitcoin holdings to Galaxy Digital, adding to the massive Bitcoin transfer made to the asset manager earlier this week.

Moreover, President Trump is reportedly planning to sign an executive order that could potentially allow American retirement plans to invest in cryptocurrencies and other alternative assets.

As the week concludes, Bitcoin is trading at $118,281, Ether at $3,553, and XRP at $3.43 with a total market cap of $3.85 trillion.

Various memorable quotes from industry figures and predictions for Stellar’s XLM have also marked the week. Notably, Stellar’s XLM appears set for a 35% price rally, mirroring XRP’s recent surge.

However, the week also saw its share of concerns, such as the imprisonment of a former UK officer for Bitcoin theft during the Silk Road 2.0 probe and the mounting lawsuits against Michael Saylor’s company, Strategy. Furthermore, the IMF reported that El Salvador hasn’t purchased any new Bitcoin since signing a loan agreement in December 2024.

The post Stellar XLM Set to Soar, Trump Embraces Crypto, and More: Crypto News Roundup, July 13-19 appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Portnoy started his crypto journey with a coin inspired by a participant in the Spanish reality program, La Isla De Las Tentaciones, named “Montoya por favor.” Portnoy excitedly announced his entry into the crypto world on X Friday, stating, “Uh oh. Davey learned how to trade shitcoin and is already up a billion percent on my 1st one!!!!!!” The token soared to an almost $14 million market cap before plummeting to a mere $1 million.

Portnoy also invested in a memecoin named after Buffalo Bills quarterback Josh Allen, known as the “Josh Allen MVP coin.” He cautioned his followers, “Buy at your own risk. I just bought it. I’m gonna sell it. Don’t buy what ya can’t lose.” The memecoin rapidly reached a market cap of over $12 million, only to crash to about $58,000.

Criticism followed Portnoy’s trades, with accusations of dumping on his followers. However, Portnoy defended his actions as transparent. In a series of videos, he defended his actions, stating, “I turned like 10 grand total into like 75 grand…I don’t even know what I’m doing with my life,” questioning, “Do you go to jail for this? Can I not do this?”

The following day, Portnoy continued his crypto journey by endorsing the “JAILSTOOL” token. He wrote, “I may dump it eventually but I’ll let all you righteous losers dump on each other first,” warning his followers not to invest more than they could afford to lose.

Portnoy has previously promoted cryptocurrencies, like Safemoon, whose founders faced SEC accusations of market manipulation and fraud. He has humorously remarked, “Im only guy who loses all his money in [Safemoon] and gets sued for it.”

In 2020, Portnoy was live-streaming his day trading activities in cryptocurrencies. He commented, “The thing I like about pump and dumps in crypto is it’s encouraged,” contrasting it with the stock market where such practices are regulated.

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