Crypto News Roundup (July 24–25, 2025): Bitcoin Nears $120K, U.S. Stablecoin Law Signed, Exchange Hacks & More
Bitcoin briefly spiked to $120,000, retraced about 2%, and triggered liquidations of over 176,000 positions totaling more than $500 million in losses. On July 18, 2025, President Donald Trump signed the GENIUS Act, creating the first federal framework for stablecoins and requiring issuers to obtain federal or qualifying state licenses with reserve and monthly disclosure standards. CoinShares became the first European crypto firm to secure a MiCA license from France’s AMF, enabling passporting across all 27 EU countries. Kitabo Inc. added Bitcoin to its balance sheet as a strategic reserve asset. Coinbase announced on July 22, 2025 that BankrCoin (BNKR),