Bitcoin continues to trade within the 116,500–120,000 channel, showing solid volatility. Ethereum, however, is performing significantly worse following a recent decline in spot ETF inflows.

Meanwhile, yesterday Tether CEO Paolo Ardoino announced in an interview that the stablecoin issuer is confidently moving toward entering the US market. This news comes less than a week after President Donald Trump signed the GENIUS Act into law, establishing a regulatory framework for stablecoins in the US. "We are successfully progressing in the implementation of our domestic strategy in the US," said Ardoino.

This statement undoubtedly marks a major milestone for Tether, the dominant player in the stablecoin market. The company's efforts to gain a foothold in the United States, despite a strict regulatory environment, reflect its confidence in operational resilience and legal compliance. The GENIUS Act, designed to provide clear rules for issuing and circulating stablecoins, presents both challenges and opportunities for Tether.

Entering the US market will require Tether to make substantial investments in compliance, infrastructure, and regulatory engagement. The company will need to demonstrate the transparency of its reserves, the reliability of its backing mechanisms, and the adequacy of consumer protections. Success in the US could further solidify Tether's market leadership and enhance confidence in stablecoins more broadly. At the same time, competition in the US crypto market is intensifying, with both established players and new startups actively developing their own stablecoins in pursuit of market share. Tether will need to prove its competitiveness and offer distinct advantages to users.

Back in April, Ardoino revealed that the stablecoin issuer planned to launch a new US-based stablecoin tailored specifically for institutional clients. As previously mentioned, Tether's USDT is the world's largest stablecoin, with a total market capitalization of $162 billion. The new coin will be aimed at institutions seeking faster settlement solutions.

It is worth noting that Tether has consistently come under scrutiny for its lack of a full independent audit of its stablecoin reserves, instead publishing quarterly attestations signed by BDO Italia. Last month, the company appointed Simon McWilliams as its new chief financial officer to lead efforts toward securing a full audit. Ardoino also stated that obtaining an audit from one of the "Big Four" firms—Deloitte, EY, PwC, or KPMG—is a "top priority."

Trading Recommendations:

BTC buyers are now targeting a return to the $119,200 level, which opens a clear path to $120,700 and brings the $123,500 level within close reach. The ultimate upside target lies near $124,500; a breakout above this level would confirm a strengthening bull market. On the downside, support is expected at $117,600. A return below this area could quickly push BTC down toward $116,300, with the deepest support seen at $114,900.

As for Ethereum, a confirmed breakout above $3,589 opens the way to $3,654. The ultimate upside target lies near the $3,729 high, a break of which would signal renewed buyer interest. If ETH declines, buyers are expected to step in near $3,512. A return below this level could accelerate losses toward $3,445, with the lowest target in the $3,380 area.

What we see on the chart:

• Red line represents support and resistance zones, which are expected to either slow price movement or trigger strong price reactions.
• Green line is the 50-day moving average.
• Blue line is the 100-day moving average.
• Light green line is the 200-day moving average.

Crosses or tests of these moving averages typically act as either a pause point or an impulse trigger for the market.