This week witnessed several major developments in the cryptocurrency sector, each with varying impacts on the global financial landscape. From geopolitical tensions between Iran and Israel to regulatory progress in the United States and strategic moves by key players in the crypto industry, the market experienced both volatility and innovation.

The conflict between Iran and Israel sent shockwaves through the crypto market, resulting in a loss exceeding $1 billion within a day. Following Israel's preemptive strike against Iran's leadership and nuclear facilities, Iran retaliated with drone and missile attacks, intensifying the geopolitical crisis. This unprecedented escalation caused Ethereum to plummet by over 10%, while Solana, XRP, and Pi Network also recorded substantial declines. However, some altcoins managed to resist the downward pressure, and certain US-based crypto stocks exhibited mixed performance. Rising global oil prices, driven by the ongoing tensions, could negatively affect energy-intensive sectors such as mining. Meanwhile, the price of gold surged amid heightened fear, uncertainty, and doubt (FUD), positioning it once again as a perceived safe haven compared to Bitcoin.

In regulatory news, the GENIUS Act, a significant piece of US crypto legislation, successfully passed a cloture vote in the Senate. Despite facing challenges, the bill received amendments designed to garner Democratic backing. The overwhelming success of the cloture vote ensures that these revisions will be included in the final version of the bill, which is expected to become law shortly. Due to the complex nature of Senate procedures, it remains unclear precisely when the GENIUS Act will proceed further. Kirsten Gillibrand, a pro-crypto Democratic senator, voiced concerns about former President Trump's involvement in the crypto space but ultimately supported the bill, emphasizing its benefits for the US.

Ripple made headlines this week with ambitious goals outlined by its CEO, Brad Garlinghouse, at the XRP Ledger Apex 2025 event in Singapore. He stated that the XRPL could capture 14% of SWIFT's global liquidity within the next five years, an ambitious target achieved through integration with traditional financial institutions. Ripple also announced a partnership with Circle to introduce USDC on the XRP Ledger, enhancing the ledger's accessibility and utility for a wider user base.

Coinbase, one of the leading crypto exchanges globally, added three new tokens to its platform this week: PancakeSwap (CAKE), Subsquid (SQD), and Fartcoin. These assets performed admirably post-listing, with SQD reaching a new all-time high. This success highlights Coinbase's capacity to elevate project visibility through token listings. The trio of assets—DEX, AI agent token, and meme coin—are unrelated but collectively demonstrated impressive gains. Additionally, Coinbase introduced new products at its Crypto Summit 2025, including a collaboration with American Express for a new credit card and the debut of perpetual futures trading in the US.

The US Consumer Price Index (CPI) report released this week had its usual effect on the crypto market. A slight uptick in inflation fueled market optimism, driving the price of Bitcoin and other assets higher. While this could indicate potential economic difficulties ahead, Bitcoin remains a preferred store of value during times of crisis. Economic analysts predict mounting challenges, and tensions are escalating between President Trump and Federal Reserve Chair Jerome Powell, casting uncertainty over future economic policies.

BeInCrypto remains committed to monitoring these developments and keeping its audience updated on all relevant news affecting the crypto ecosystem.

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