Last week was filled with severe setbacks in the cryptocurrency market caused by geopolitical conflicts and macroeconomic changes. The sharp sell-off was catalyzed by the strike of Israel against Iran, with U.S. CPI data also being released. Despite this, there were several developments, with institutional investors still making crypto purchases, as their interest is growing, contrary to the market sentiment. In the section below, we will discuss the crypto weekly market wrap in deeper detail.
Israel’s Strike on Iran Crashes Crypto Markets
The military actions of Israel against Iran caused a domino effect in the international markets, especially cryptocurrencies. Bitcoin (BTC) dropped significantly, reaching the level of $103K, and Ethereum (ETH) lost more than 10%, reaching the level of $2,470. The vigor of geopolitical tensions caused panic among the investors, and the liquidation of over $1.16 billion occurred. Some chose to diminish their positions, which was part of a wider risk-off mood as anxiety rose over the risk of further escalation in the Middle East.
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GENIUS Act (Stablecoin Bill) Moves Forward
Last week, the U.S. Senate took a step forward towards the adoption of the GENIUS Act, which has become a vital initiative to control stablecoins. In a bid to offer clarity and stability to issuers of stablecoins, the bill has the potential to enhance innovation and consumer protection. The market is taking this development as a positive since it sees stablecoins as a gateway between traditional finance and the crypto world. The bill cleared a bipartisan vote and advanced to a final vote, making crypto regulation in the U.S. a topic for discussion.
🚨JUST IN: The Senate will vote on the final passage of the GENIUS Act on Tuesday, time TBD. pic.twitter.com/D9E8wiv4CA
— Eleanor Terrett (@EleanorTerrett) June 12, 2025
The Senate voted 68-30 to invoke cloture to put a stop to a continuing debate and indicate that the bill will be subject to a final vote. The bill was supported by both major parties, with the lead sponsors including Senator Tim Scott. The senator expressed his vote on the bill as a triumph in terms of innovation and national security.
Ukrainian Lawmakers Introduce Bitcoin Reserve Bill
Ukraine is following a worldwide trend of recognizing the importance of Bitcoin by drafting a bill to make it the fourth point in the strategic reserve of the country. The essence of the proposed change is to diversify the reserves that the National Bank of Ukraine (NBU) holds. It will include Bitcoin and other cryptocurrencies along with traditional assets such as gold and foreign currencies.
The law presented in the 13th session of the Verkhovna Rada region portrays the ongoing effort to modernize the Ukrainian financial system amid the current hostilities with Russia. Upon its passing, Ukraine would be the first country in Europe to incorporate Bitcoin into national reserves.
With nations looking into the possibility of digital assets as safe-haven assets, especially during periods of economic turmoil, the initiative is drawing sessions. The bill is now being reviewed by the economic policy committee of the Verkhovna Rada and a process of public hearings may be expected.
Philippines Enforces New Crypto Rules
The Philippines has established a complete regulatory regime for cryptocurrencies with the Securities and Exchange Commission (SEC). The new rules enforced on June 12 demand that cryptocurrency asset service providers (CASPs) register as legal entities of the country. They should have a paid-in capital of at least 100 million pesos ($1.8 million) and should have a physical office. Moreover, service providers will be obliged to conduct Know Your Customer (KYC) procedures, monitor transactions, and locally store customer data.
These laws arrive as the Philippines further develops its policy with regard to cryptocurrency and blockchain so that the industry is regulated in legal dynamics that cater to both risks and innovation. The new regulations will help guard consumers and facilitate sustainable growth in the crypto industry.
Binance Helps US & Taiwan Authorities Bust Major Darknet Drug Market
Binance was instrumental in helping U.S. and Taiwanese officials take down an extensive darknet drug marketplace called Incognito Market. The market had an accumulated transaction value of over 100 million. Consequently, this was employed to distribute the drugs illegally, including fentanyl laced goods. The financial intelligence unit of Binance assisted in determining the principal operators. This helped the authorities trace the money-laundering channels and unveil illegal operations.
Crypto’s not the problem; it’s part of the solution. 💡#Binance helped take down Incognito Market – a notorious darknet ring hiding behind digital anonymity!
Here’s how 👉 https://t.co/idSUefYkep pic.twitter.com/FWI60ojEvR
— Binance (@binance) June 10, 2025
As a result of this operation, 270 people were arrested and an amount of more than 200 million in cash and cryptocurrencies was seized. It also led to the seizure of 144 kilograms of drugs and 180 guns. The efficiency of this operation demonstrates the increasing role of crypto exchanges in fighting against unlawful practices and serving law enforcement authorities.
Singapore Law Pushes Unlicensed Crypto Exchanges to Exit Market
The Monetary Authority of Singapore (MAS) has been very strict on unlicensed cryptocurrency exchanges. Under new rules, all exchanges that fail to obtain the necessary license and operate for overseas customers must cease operations by June 30. This order affects exchanges such as Bitget and Bybit. The exchanges are currently considering the move of their activities to other jurisdictions that have a more favorable regulatory structure, like Dubai and Hong Kong.
This decision taken by MAS can be described as the broader effort to retain a safe and controlled crypto environment in Singapore. The move shows how the government is determined to make sure only compliant establishments operate in the nation. Consequently, this will create a safer climate for users and the larger financial structure.
Hong Kong Government to Issue 2nd Virtual Asset Policy Declaration
A Second Virtual Asset Policy Declaration is to be issued in Hong Kong in 2025. This initiative intends to merge the benefits of the traditional financial system with the new environment of virtual resources. During the Caixin Summer Summit, Acting Secretary of Financial Services and the Treasury, Chen Haolian, made an announcement. He stated that the government would detail how to make virtual assets more secure and flexible and encourage their application in the real economy.
This announcement will complement the current stablecoin regulatory framework in Hong Kong that is expected to come into action in August. Due to the ongoing government support of virtual asset development, the city has plans to become a global leader in its digital assets.
Japanese PM Plans to Raise North Korea’s Crypto Theft at G7 Summit
Japanese Prime Minister Ishiba Shigeru is planning to bring up the issue of North Korean participation in cryptocurrency hacking at the ongoing G7 Summit in Canada. North Korea is suspected of using stolen crypto resources to finance its weaponry research and development. It will be the first official mention of the problem of cryptocurrency theft by North Korea during a G7 summit.
Japanese Prime Minister Shigeru Ishiba plans to propose cracking down on North Korea's theft of cryptocurrency at the G7 Summit.#Bitcoin $BTC
— Bpay News (@bpaynews) June 12, 2025
The move of Prime Minister Ishiba reflects the increase in global interest in the use of digital assets in criminal activities and the need to coordinate world solutions to enhance cybersecurity. Japan is urging a concerted effort to counter this menace and stem the funds being used by North Korea.
SEC Postpones Verdict on Polkadot, Hedera ETFs
The U.S Securities and Exchange Commission (SEC) put on hold the decisions regarding various cryptocurrency ETF proposals. This includes those of Polkadot (DOT) and Hedera (HBAR). The SEC has given reasons to use more time to consider the proposals and to get the views of people before coming up with the final decision.
This delay portrays the conservative nature of the regulator when considering cryptocurrency-based financial products. As the market awaits the ruling of the SEC, the long review durations of such ETFs are indicative of the difficulties in the realization of crypto assets into popular financial products.
Trump Media Bitcoin Treasury Deal Declared Effective By SEC
The U.S. Securities and Exchange Commission (SEC) approved Trump Media and Technology Group’s Bitcoin treasury deal, which has an estimated value of $2.3 billion. This approval paves the way for Trump Media to use Bitcoin as a key part of its corporate strategy. In addition, it expands its social media, streaming, and fintech services. The Trump Media bitcoin treasury deal is official as the SEC affirmed in its declaration of effectiveness.
The decision to use Bitcoin in its operations is also in line with the overall company approach of addressing the increasing need for digital assets. Trump Media CEO Devin Nunes expressed confidence that the company’s decision to hold Bitcoin would position it as a leader in the emerging “Patriot Economy.”
Hackers Target Paraguayan President’s X Account in Bitcoin Legal Tender Scam
A hacking attempt led to a fake post on the personal X account of Paraguayan President Santiago Pea. This misleading post said that Paraguay had made Bitcoin legal tender and had established a $5 million Bitcoin reserve. The post contained a wallet address to which investors were to transfer their funds. The Paraguayan government immediately clarified that the post was brought about by a hack and asked the public to ignore the information. The event demonstrated the dangers linked to online platforms and the need to have good cybersecurity systems to avoid these attacks.
Coinbase Teams Up With Amex for First Bitcoin Rewards Credit Card
Coinbase partnered with American Express to launch the Coinbase One Card. Users can receive a 4% Bitcoin reward when they use the card to make purchases. The introduction marked a major step in the way of the adoption of cryptocurrency into the daily spending solutions at Coinbase. This card, which is issued by First Electronic Bank, also provides its USDC stablecoin holders with a boost in rewards, as well as increased staking yields.
Coinbase One Card is coming this fall.
Sign up for early access. ↓https://t.co/5tcQYhWvik— Coinbase 🛡️ (@coinbase) June 13, 2025
By seeking to improve the cryptocurrency ecosystem, Coinbase responds to the need to offer a smooth payment experience and encourages its users to integrate crypto in everyday purchases. American Express also underscored its devotion to crypto innovation and safe and smooth transactions in its network.
XRP Ledger to Roll Out Ethereum-Compatible EVM Sidechain in Q2 2025
In Q2 2025, an Ethereum-compatible side chain will be released in the XRP Ledger (XRPL). This sidechain is going to allow Ethereum smart contracts and decentralized applications (dApps) to run in the XRP ecosystem. This is meant to increase the capabilities of the XRPL, enabling it to utilize more diverse applications without compromising its primary benefit, which is low-cost transactions.
The initiative is a significant step forward in the integration of a well-established ecosystem of Ethereum with the efficient ecosystem of XRP. Furthermore, developers will be able to use the best of both worlds. They will take advantage of Ethereum-based tools and enjoy the speed and cost-efficiency of the XRP Ledger.
Charles Hoskinson Unveils ‘Cardinal’: Cardano’s First Trustless Bitcoin DeFi Protocol
Charles Hoskinson, the founder of Cardano, proposed the introduction of Cardinal. This is a new protocol that introduces Bitcoin to decentralized finance (DeFi) using a trustless cross-chain solution. The protocol allows the holder of Bitcoins to wrap their Bitcoins. Moreover, it allows them to have access to the Cardano DeFi ecosystem without the need for custodians or federations.
🧵1/ Introducing Cardinal Protocol 🟧
A new primitive for Bitcoin:
→ Wrap any BTC UTXO
→ Find DeFi yield with it: lending, staking, borrowing
→ Trust-minimized (1-of-n honest operator)We made history with the 1st cross-chain Ordinal wrap!
— Romain Pellerin🇫🇷🇺🇸 (@rom1_pellerin) June 9, 2025
The new strategy seeks to connect the liquidity of Bitcoin to the advanced Cardano DeFi infrastructure. Consequently, this will open opportunities to Bitcoin holders to lend, stake, and borrow in the ecosystem of Cardano. In addition, the non-custodial design and cross-chain compatibility of Cardinal offer a trusted and decentralized means for Bitcoin to interact with the field of DeFi.
Circle USDC is Now Live on the Ripple XRP Ledger
The USDC stablecoin issued by Circle is now available on the XRP Ledger (XRPL). This means that developers and companies can use the USDC in a variety of ways. These involve cross-border payment, DeFi provisioning of liquidity, and financial plumbing. This USDC integration on XRPL presents a quick and inexpensive option for making digital payments. The introduction of USDC to XRPL will further expand the utility of both the stablecoin and the XRP Ledger. Consequently, this will open new possibilities for businesses in the form of smooth crypto transactions. This integration positions USDC as a key player in the broader digital asset ecosystem.
Shopify Launches Early Access to USDC Stablecoin Payments on Base
Shopify launched an early access program for USDC stablecoin payments through Coinbase’s Base network. The new payment option allows merchants to accept USDC as payment for goods and services. Furthermore, there are future plans to offer cashback incentives for buyers. This move represents a significant step in bringing cryptocurrency payments to mainstream e-commerce platforms. With Base offering fast, secure, and low-cost transactions, Shopify is positioning itself at the forefront of the crypto payment revolution.
Digital Asset Investment Products Market Overview
Digital assets proved to be more resilient amid geopolitics, with $1.9 billion inflows into investment products last week. This is a new record of 9 straight weeks of positive inflows. Additionally, it makes this year a total inflow of 13.2 billion. Notably, Bitcoin experienced a major recovery of 1.3 billion in inflows. In addition, Ethereum received 583 million, the best performance since February.
📈 Digital assets defy geopolitical tensions with further Inflows of US$1.9B
Digital asset investment products saw inflows of US$1.9B last week. @Bitcoin and @ethereum saw inflows of US$1.3B and US$583M respectively. @Ripple’s $XRP also saw inflows of US$11.8M as well as… pic.twitter.com/dWK8U6P0I5
— CoinShares (@CoinSharesCo) June 16, 2025
The U.S., which contributed $1.9 billion, led the way and other positive but smaller contributions included Switzerland, Germany, and Canada. Hong Kong and Brazil, on the other hand, experienced outflows. XRP and Sui also gained new interest amongst investors, with $11.8 million and $3.5 million, respectively.
Bitcoin Price Performance
The largest asset, Bitcoin, dropped by 4% as its price declined below the $103k mark. Bitcoin’s decline was mainly due to the ongoing war between Israel and Iran. However, currently, the price is recovering toward the resistance at $110k at $106,800. Moreover, its market cap and trading volume have surged to $2.12 trillion and $43 billion, respectively.
Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) display a bullish outlook despite the recent pullback. The RSI currently hovers around 64 indexes below the overbought region. Moreover, the MACD indicator has remained positive despite losing steam. The MACD line is hovering above the signal line, indicating increased buying pressure.
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