Weekly Update: 20th of June
What happened between the 13th and 20th of June?
- Israel-Iran conflict fuels market volatility. Bitcoin and altcoins decline amid risk-off sentiment and geopolitical tensions. Read more
- GENIUS Act boosts stablecoins with reserve rules and audits. Institutional investors view this as a leap toward regulated crypto infrastructure. Read more
- Coinbase launches 24/7 USDC payments via Shopify. Crypto becomes more viable for commerce, impacting traditional finance. Read more
- Tron’s IPO sparks controversy over Justin Sun’s legal past and Trump ties. Governance and compliance concerns mount. Read more
Israel‑Iran war escalation shocks markets
Since June 13, the Israel‑Iran conflict has escalated, with strikes in both countries and speculation about possible U.S. intervention. Financial markets reacted with surging oil prices, safe‑haven flows, and increased risk of hawkish Fed commentary. Crypto markets are feeling the effects as well: Bitcoin corrected from around $110,000 to $103,000 amid the escalation, while altcoins experienced even sharper declines. Analysts note that such geopolitical shocks typically trigger a temporary risk‑off sentiment, disproportionately affecting cryptos compared to traditional safe‑haven assets.
Senate approves GENIUS stablecoin regulation
On June 18, the U.S. Senate passed the GENIUS Act by a 63–30 vote, establishing a federal regulatory framework for stablecoins. Issuers like USDC are now required to hold full liquid reserves and undergo monthly audits and disclosures. Following the vote, Circle's stock surged by 16%. The bill is now awaiting consideration in the House and could be enacted by late summer. Analysts say this development legitimizes stablecoins as infrastructure, potentially benefiting Bitcoin and broader digital assets through enhanced trust and compliance.
Coinbase launches USDC Coinbase Payments Innovation
Coinbase introduced “Coinbase Payments,” enabling 24/7 USDC transactions via platforms like Shopify. Concurrently, investor confidence grew following the Senate’s GENIUS Act approval, contributing to a 16.3% stock price rise to $295.30. This innovation allows merchants to accept stablecoin payments without exposure to crypto volatility. Traditional payment providers, such as Visa and PayPal, experienced valuation pressure. Coinbase solidifies its position at the intersection of crypto, fintech, and commerce. For institutional players, this is a tangible illustration of regulatory and product synergies, demonstrating how crypto is moving into everyday payment infrastructures.
Tron IPO sparks controversy amid Sun & Trump links
On June 16, Justin Sun’s Tron announced its intention to go public as “Tron Inc.” through a reverse merger with Nasdaq‑listed SRM Entertainment. The deal includes a $210 million token injection and a $100 million PIPE, giving Sun’s father board control. The SEC charges from 2023 were paused under the current administration, possibly influenced by Trump‑aligned regulators. There is also controversy over a rumored role for Eric Trump—though he denies formal involvement. This mix of a controversial founder, lingering SEC issues, and political ties has ignited debate around corporate governance and compliance standards for institutional investors evaluating crypto IPOs.
In other digital assets news
- Coinbase is exploring tokenized stocks as part of its broader strategy to integrate traditional financial assets into blockchain infrastructure, potentially reshaping capital markets.
- Metaplanet, Japan’s ‘MicroStrategy,’ has now surpassed Coinbase in Bitcoin reserves, reflecting a growing trend of corporate BTC accumulation in Asia.
- Trump Media has formally filed for a Bitcoin and Ethereum ETF, intensifying the political narrative around crypto and signaling deeper institutional ambitions.
- Crypto.com and Deribit now accept BlackRock’s BUIDL fund as collateral, marking a pivotal moment in bridging tokenized real-world assets with crypto derivatives.
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