The U.S. House of Representatives passed a stablecoin bill, and cryptocurrencies surged; 160,000 people were liquidated.

On July 17th local time, the stablecoin regulatory bill in the United States passed through the House of Representatives, with only President Trump's signature needed for it to officially take effect. As a result of this news, the entire cryptocurrency market surged, with Ethereum breaking through $3600 per coin, reaching a new high since January this year. XRP, Dogecoin, Cardano, and other cryptocurrencies all rose by more than 10%. According to Coinglass data, nearly 160,000 people were liquidated in the cryptocurrency market in the past 24 hours, with a total liquidation amount of $5.87 billion.