Crypto Market Update: Pro-Crypto Climate Fuels Massive Jump in BTC Millionaires

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$118,643, down by 0.5 percent over the last 24 hours. The highest valuation today was US$120,222, while its lowest valuation was US$117,979.

Bitcoin price performance, July 23, 2025.

Chart via TradingView

Ethereum (ETH) was priced at US$3,677.59, down by 0.8 percent over the past 24 hours. Its lowest valuation as of Wednesday was US$3,650, and its highest was US$3,758.05.

Altcoin price update

• Solana (SOL) was priced at US$196.95, down by 1.4 percent over 24 hours. Its lowest valuation on Wednesday was US$197.05 as the markets opened for the day, and its highest was US$205.29.

• XRP was trading for US$3.44, down 2.0 percent in the past 24 hours and its lowest valuation of the day so far. Its highest valuation was US$3.57.

• Sui (SUI) is trading at US$3.90, trading flat over the past 24 hours. Its lowest valuation of the day was US$3.87 and its highest was US$4.02.

• Cardano (ADA) was trading at US$0.8596, down by 2.1 percent over 24 hours. Its lowest valuation on Wednesday was US$0.8572 and its highest was US$0.9028.

Today’s crypto news to know

Bitcoin millionaires surge by 16,000 in 2025, according to report

Nearly 16,000 new Bitcoin wallets have crossed the million-dollar threshold since Donald Trump assumed office in January 2025, according to a Finbold report.

The number of Bitcoin millionaires rose from 132,842 in November 2024 to 192,205 by July 20, marking a 45 percent increase in just eight months. Large holders with over US$10 million in BTC also saw gains exceeding 16 percent in the same period.

The surge is linked to renewed investor optimism following Trump’s reelection, along with clear signals of regulatory support and clarity for digital assets.

A significant boost came this week when the US House passed the “Genius Act,” the first federal stablecoin law in the country.

The legislation, expected to streamline compliance for institutions, is widely seen as the most comprehensive federal crypto framework to date.

The rapidly changing policy environment has encouraged capital inflows and bolstered confidence in US-based crypto markets, with the resulting daily average tallying to 88 new Bitcoin millionaires in 2025 alone.

South Korea warns fund managers to reduce exposure to crypto stocks

South Korea’s Financial Supervisory Service (FSS) has issued informal warnings to asset managers over their exposure to crypto-related stocks and ETFs.

According to the Korea Herald, firms with significant holdings in US-listed crypto companies such as Coinbase and Strategy (NASDAQ:MSTR) were reportedly told to scale back.

The directive follows the FSS’s longstanding 2017 stance prohibiting direct investment in virtual assets by financial institutions, despite recent global shifts in crypto regulation. While the agency has been reviewing possible easing of crypto rules, officials reportedly said that licensed entities must continue observing current guidelines.

The FSS has not yet issued a formal statement regarding the report.

PayPal unveils cross-border wallet platform

PayPal (NASDAQ:PYPL) has launched “PayPal World,” a cross-border payments network that integrates several of the world’s largest digital wallets, aiming to simplify international commerce for billions.

The platform’s initial partners include India’s UPI (via NPCI International), China’s Weixin Pay (via Tenpay Global), and PayPal’s own services including Venmo. A memorandum of understanding has also been signed with Mercado Pago in Latin America.

According to PayPal CEO Alex Chriss, the initiative allows users to pay with their native wallets regardless of location. Chriss called it a potential “game changer” for frictionless payments in travel and e-commerce.

“The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses,’ Chriss said a recent press release.