Market Turmoil: Israel-Iran Conflict Triggers Sell-offs, Institutional Investments, Ripple IPO Rumors, and More News
Crypto's wild ride this week saw it plunging through various hurdles, from Israel's strike on Iran to the release of US CPI data, all while big institutions kept buying up crypto like there's no tomorrow. Let's dive into this rollercoaster week and catch up on the latest happenings in the market.
What Went Down in Crypto This Week?
Here's a rundown of the biggest news in the crypto world over the past week:
Israeli Conflict Causes Crypto Collapse
Israel's military strike on Iran sent ripples through global markets, with crypto not escaping the fallout. The news immediately sparked panic selling, pushing Bitcoin down to $103K and Ethereum losing its weekly gains as it dropped a whopping 11% to $2,472. In the frenzy, altcoins too bled as investors scrambled to de-risk, resulting in over $1.16 billion in liquidations.
Institutions Double Down on Crypto
Despite the market chaos, institutional investment in cryptocurrencies remained robust. Major corporations continued to jump into the crypto bandwagon. MicroStrategy, for instance, added another 1,045 Bitcoin to its hoard, bringing its total to a whopping 582,000 Bitcoin. Meanwhile, Japanese firms such as ANAP, Gumi, and Remixpoint expanded their crypto holdings, with Remixpoint investing ¥887 million in Bitcoin.
Elsewhere, Nasdaq-listed Trident Digital announced a $500 million XRP reserve plan, boosting confidence in Ripple's ecosystem. Meanwhile, SharpLink Gaming splurged $463 million on Ethereum, making it the largest corporate ETH holder.
The GENIUS Act Makes Progress
The GENIUS Act, a crucial bill aiming to provide clarity for stablecoin issuers, made headway this week, moving through legislative channels. With this advancement, the bill could spark broader crypto adoption in the country, provided it passes in the coming months.
Solana ETF Nudges Closer to Approval
The prospect of a spot Solana ETF grew stronger as Invesco and Galaxy Digital filed paperwork for one on June 13. Analysts suggested a 90% chance of approval given favorable regulatory trends and increased institutional interest in altcoins like Ethereum, Solana, and XRP.
Ukraine Eyeing Bitcoin Reserves
Following in the footsteps of other nations, Ukrainian lawmakers introduced a bill aimed at making Bitcoin and other cryptocurrencies part of the nation's strategic reserves. Passage of this bill could make Ukraine a frontrunner in state-level crypto adoption and set a precedent for other countries.
Crypto Tidbits You Might Have Missed
- Charles Hoskinson's Cardinal Protocol enables trustless Bitcoin DeFi on the Cardano network, promoting cross-chain lending and staking.
- Hackers breached Paraguay's president's X account to peddle a crypto scam claiming Bitcoin as legal tender.
- Ethereum's "digital oil" narrative sparked speculation of $740K per ETH powered by its DeFi dominance.
- A proposed Bitcoin Core update sparks a heated debate among developers.
- Circle's USDC went live on the XRP Ledger, boosting stablecoin access further following Worldcoin integration.
Buzz of the week: Ripple IPO Mulled Over
Ripple sent the crypto world abuzz with the announcement of a $700 million share buyback program. Despite Brad Garlinghouse dismissing 2025 IPO plans, the move cheered investors due to its potential implications on Ripple's long-term value. While the IPO remains a "maybe" for now, the buzz around it stirred excitement about Ripple's potential valuation and future prospects.
Insight: Meme Coin Market Crash
Despite meme coins garnering significant inflows in recent months, they experienced a massive reversal over the last month, losing $20 billion from their market cap. This dramatic decline mirrors the coins' extreme volatility, uncertain appeal, and waning popularity among retail investors.
- The military strike by Israel on Iran caused crypto markets to plummet, with Bitcoin dropping to $103K and Ethereum losing 11%, amounting to $2,472 each.
- Institutional investment in cryptocurrencies remained strong, despite market chaos, with corporations like MicroStrategy, ANAP, Gumi, Remixpoint, Trident Digital, and SharpLink Gaming making significant crypto purchases.
- The GENIUS Act, aimed at providing clarity for stablecoin issuers, made progress in legislative channels, potentially paving the way for broader crypto adoption.
- Invesco and Galaxy Digital have filed for a Solana ETF, with a 90% chance of approval due to favorable regulatory trends and increased institutional interest in altcoins.
- Ukraine's lawmakers are considering making Bitcoin and other cryptocurrencies part of the nation's strategic reserves, which could make Ukraine a frontrunner in state-level crypto adoption.
- Charles Hoskinson's Cardinal Protocol enables DeFi on the Cardano network, promoting cross-chain lending and staking.
- Ripple's $700 million share buyback program has sparked excitement about the long-term value and potential IPO of the company.
- Meme coins experienced a $20 billion loss in market cap over the last month due to their extreme volatility, uncertain appeal, and waning popularity among retail investors.
