Here’s a quick recap of the crypto landscape for Wednesday (July 16) as of 9:00 a.m. UTC.
Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.
Bitcoin and Ethereum price update
Bitcoin (BTC) was priced at US$118,712, up by 0.8 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$116,094 and a high of US$119,248.
Bitcoin price performance, July 16, 2025.
Chart via TradingView
Bitcoin’s price resurgence came after US lawmakers faced a setback in passing key ‘Crypto Week’ bills, but renewed hope emerged when President Trump signaled support, suggesting the GENIUS Act could pass imminently
Institutional demand also fueled the rally, as Bitcoin spot ETFs continued to attract significant capital, marking sustained interest from both large and retail investors alike.
Ethereum (ETH) was priced at US$3,163.97, up by 5.2 percent over the past 24 hours. Its lowest valuation on Wednesday was US$2,979.70 and its highest was US$3,179.69.
Altcoin price update
- Solana (SOL) was priced at US$165.29, up by 3.9 percent over 24 hours. Its lowest valuation on Wednesday was US$157.97, and its highest was US$167.37.
- XRP was trading for US$2.96, up 2.3 percent in the past 24 hours. The cryptocurrency’s lowest valuation was US$2.85, and its highest was US$2.98.
- Sui (SUI) is trading at US$4.03, up by 1.0 percent over the past 24 hours. Its lowest valuation was US$3.91, and its highest was US$4.10.
- Cardano (ADA) deviated from the trend, up by 2.3 percent to US$0.7516. Its lowest violation sits at US$0.7151 while its highest valuation as of Wednesday was US$0.7536.
Today’s crypto news to know
Tether’s acquires US$600 million farmland in Stablecoin push
Tether, the issuer of the USDT stablecoin, has acquired 70 percent of Adecoagro, a major South American agricultural producer, for around US$600 million.
Reuters reported that the move represents a new strategy to connect stablecoin payments with physical commodities like rice, sugar, and ethanol. Tether aims to embed its dollar-pegged digital currency into global trade flows, allowing cross-border payments to settle in seconds instead of days and at significantly lower costs.
The company believes controlling hard assets can provide inflation-resistant revenue and bolster confidence in USDT’s reserve backing. Adecoagro operates across Argentina, Uruguay, and Brazil, producing food and energy-related commodities critical to trade in the region.
Tether’s broader plan appears to be building a vertically integrated ecosystem where crypto finance and traditional supply chains converge. With US$149 billion in reserves and US$143 billion in USDT in circulation, the company is using its financial heft to push deeper into real-world infrastructure.
Executives say the long-term goal is for USDT to become a settlement layer in markets traditionally dominated by fiat and slow payment rails.
Citigroup CEO says bank exploring launch of its own Stablecoin
Citigroup is weighing the launch of a proprietary stablecoin as part of its broader push into blockchain infrastructure, CEO Jane Fraser confirmed during the bank’s Q2 2025 earnings call.
While tokenized deposits remain the bank’s immediate priority, Fraser said a Citi-backed digital dollar could play a key role in future client solutions for cross-border transactions. The bank’s digital asset strategy centers on four pillars: tokenized fiat deposits, reserve management for stablecoins, custodial services for digital assets, and fiat-to-crypto on- and off-ramps.
Citi’s interest comes amid broader momentum for stablecoins in 2025, with the market expected to reach US$3.7 trillion by 2030 according to internal projections.
Fraser emphasized that these innovations aim to modernize banking infrastructure and serve client demand for 24/7, multi-currency, compliant payment systems. The potential Citi stablecoin would likely be dollar-pegged and integrated into corporate treasury services.
Citi joins a list of traditional finance heavyweights, even rival and formerly crypto skeptic JPMorgan, now exploring blockchain-based products as regulation for stablecoins gains clarity.
Polymarket cleared by DOJ and CFTC after years of scrutiny
Federal authorities have ended their investigations into Polymarket, a blockchain-based prediction market platform, effectively closing a multi-year regulatory saga.
The US Department of Justice and the Commodity Futures Trading Commission (CFTC) notified the company this week that it will face no further enforcement actions. This follows a dramatic period in late 2024 when FBI agents raided the Manhattan penthouse of Polymarket’s CEO, Shayne Coplan, seizing devices amid suspicions of continued US user access.
The company had previously settled with the CFTC in 2022 for US$1.4 million after being accused of offering unregistered event-based options.
Despite the settlement, regulators remained concerned Polymarket had violated terms by still allowing US residents to place bets.
The closure of the case comes amid shifting regulatory winds, as the White House advances more structured digital asset legislation under President Trump’s administration.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
