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Circle’s public debut has drawn criticism from high-profile investors, especially over how early employees may have missed out on nearly $3 billion in unrealized gains.

Billionaire venture capitalist Chamath Palihapitiya noted that Circle insiders sold 14.4 million shares at the Initial Public Offering (IPO) price of $31 each, securing roughly $446 million. However, with the stock now trading above $240, the same shares would currently be worth around $3.45 billion.

Circle IPO Leaves Billions on the Table for Early Employees

The difference marks a nearly $3 billion gap, which Palihapitiya described as a costly misstep caused by the choice of a traditional IPO route.

He noted that underwriters purchased the insider shares and redistributed them to select clients, leaving original shareholders with limited upside.

In his view, the employees essentially handed over billions in value to outside investors who had no role in Circle’s success.

“In this case, it was a $3 billion gift from the employees and investors of Circle to people they don’t know, will never know and have nothing to do with their journey,” Palihapitiya said.

Palihapitiya argued that the situation might have played out differently if Circle had chosen a special purpose acquisition company (SPAC) merger or a direct listing.

These alternative routes often give insiders more control over pricing, timing, and disclosures, helping them retain more value during a public transition.

He added that SPACs and direct listings disclose valuation dynamics more clearly and can be structured to benefit both sellers and buyers.

“To be clear, this method of value transfer doesn’t happen via a direct listing or SPAC – the benefits in SPACs and DLs are disclosed very explicitly up front. They can be negotiated, minimized etc to the benefit of selling shareholders and buying shareholders,” he added.

Circle had previously planned to go public via a SPAC merger with Concord Acquisition Corp, but canceled the deal in 2022. The company later pursued a traditional IPO, which, while successful, appears to have left early stakeholders with regrets.

CRCL Surges as Stablecoin Confidence Grows

Despite the controversy, Circle’s performance in public markets has been remarkable.

Its stock, now trading under the ticker CRCL, has surged more than 675% since its $31 debut, reaching a peak of $248 per share on June 20. That puts the company’s market capitalization at around $58 billion, signaling strong investor confidence in the firm’s future.

Jon Ma, CEO of blockchain analytics firm Artemis, noted that Circle is trading at valuation multiples well above those of Coinbase and Robinhood, despite those firms reporting higher net income.

“Circle now trades for: 24.2x [its] Q1’25 revenue run rate, 60.7x Q1’25 gross profit run rate [and] 216x Q1’25 net income run rate,” Ma pointed out.

Circle’s Stock Performance vs Other US Crypto Firms. Source: X/Jon Ma

According to him, the premium likely reflects investor belief in Circle’s future growth and potential regulatory advantage.

A key factor behind that optimism is the recent passage of the GENIUS Act in the Senate—a bipartisan bill designed to bring stablecoin clarity to the US market. The legislation, backed by President Donald Trump, still needs approval from the House and a final signature.

If passed, it could solidify Circle’s regulatory footing, reinforcing its dominance in the stablecoin sector and helping justify its soaring stock price.

As Q2 nears its end, the XRP price action might be setting up for a surprising breakout. The altcoin has been stuck below the $2.50 mark for over a month now, but new technical indicators show brewing optimism.

While the broader crypto market drifts sideways, XRP quietly builds bullish momentum beneath the surface. This analysis has the details.

Traders Eye XRP Rally

XRP’s liquidation heatmap shows a notable concentration of liquidity around the $2.20 price zone. At press time, the token trades at $2.14, placing it just 2.8% below this liquidity cluster. 

XRP Liquidation Heatmap. Source: Coinglass

Liquidation heatmaps are visual tools traders use to identify price levels where large clusters of leveraged positions are likely to be liquidated. These maps highlight areas of high liquidity, often color-coded to show intensity, with brighter zones representing larger liquidation potential.

These liquidity zones act like magnets for price action, as markets naturally move toward them to trigger stop orders and open new positions.

In XRP’s case, the liquidity cluster around the $2.20 level highlights strong trader interest in buying or closing short positions at that price. If bullish momentum builds, this setup increases the likelihood of a near-term rally.

Further, the decline in XRP’s Network Realized Profit/Loss (NPL) supports this bullish outlook. On a 30-day moving average, it sits at 70.27 million, falling by 11% over the past week.

XRP NPL. Source: Santiment

The NPL measures the total profit or loss investors realize when they move their coins. When NPL dips into negative territory, it indicates that more holders are moving their tokens at a loss rather than a gain.

Historically, this trend reduces selling pressure, as investors are generally reluctant to part with their assets while underwater. In XRP’s case, the recent NPL decline suggests that most holders are holding out for a rebound rather than locking in losses.

XRP Eyes Breakout as Bulls Target $2.29 

At press time, XRP trades at $2.13. If buying pressure climbs and the altcoin breaks out of its sideways trend, it could rally toward $2.29. 

A successful breach of this price mark could set XRP up for a rally toward $2.45.

XRP Price Analysis. Source: TradingView

However, if sell-side pressure surges, the XRP token price could extend its lackluster performance and fall to $2.08. If demand remains low at this point, the altcoin could dip further to $1.99.

Solana continues to build momentum in 2025, with the blockchain recording over $1 billion in application revenue for two consecutive quarters.

The Solana Foundation’s latest Network Health Report, published on June 20, highlights the blockchain’s accelerating economic performance. According to the report, improvements in protocol efficiency, developer engagement, and validator incentives support this growth.

Solana Quietly Becomes a Top-Grossing Blockchain Thanks to Meme Coins

The report showed that Solana app revenue reached its highest point in January 2025, generating over $806 million in a single month.

This was followed by $376 million in February, pushing the network’s total app revenue for that quarter past the billion-dollar mark.

A significant factor behind this surge is that the blockchain network has become a hub for meme coin trading. Meme coin launchpad platforms like Pump.fun have emerged as dominant forces within the ecosystem.

Beyond that, the launch of viral political tokens such as the Trump and Melania meme coins helped drive user activity and fees across the network.

Solana Applications Revenue. Source: Solana Foundation

According to the report, these tokens didn’t just trend socially—they spurred real fees, contributing significantly to the network’s GDP-style app revenue metric.

Considering this, the fees from decentralized exchanges and other on-chain services have become a core indicator of Solana’s economic activity.

This growing revenue incentivizes developers to stay on Solana. It also enables the network to reinvest in critical infrastructure, allowing the ecosystem to evolve with user needs.

Solana Outpaces Ethereum by 7,000% in TPS

The report also highlighted the blockchain’s dominance in developer attraction.

In 2024, it was the top blockchain for new developers, maintaining over 3,200 monthly active contributors and posting an 83% year-over-year growth in developer engagement.

Solana’s stability has played a key role in driving this trend. The network has maintained 100% uptime for over 16 consecutive months. This includes the period of record-setting daily trading volume, which reached $39 billion in January 2025.

Meanwhile, the network’s key technical enhancements have also reduced average relay times to under 400 milliseconds, a significant leap from previous years.

Transaction throughput remains a standout metric, with Solana processing around 1,100 transactions per second—far outpacing Ethereum’s average of 14 TPS.

Solana Vs. Other Blockchain Networks. Source: Solana Foundation

Validator rewards have followed suit, with real economic value (REV) hitting a record $56.9 million on January 19.

The average quarterly REV now stands at $800 million, while the break-even staking threshold has dropped from 50,000 SOL in 2022 to just 16,000 SOL this year.

Overall, Solana’s steady gains in performance, developer retention, and revenue generation point to a network on the rise. Together, these improvements suggest it is evolving into one of the most sustainable ecosystems in the industry.

Texas Governor Greg Abbott has yet to sign Senate Bill (SB) 21, which would establish a Strategic Bitcoin Reserve (SBR) for the state.

On June 20, Abbott signed 306 bills from the 89th Regular Legislative Session, including 15 considered high-priority. One of those measures mandates efficiency audits across state agencies to tighten government accountability.

Legal Groundwork for a Permanent Texas Bitcoin Reserve

However, SB 21 was notably absent from the list, despite its potential to make Texas one of the first US states to hold Bitcoin as a reserve asset.

SB 21 would allow the state comptroller to allocate surplus General Revenue toward purchasing Bitcoin, using transparency and oversight guidelines similar to those already in place for gold holdings in the Texas Bullion Depository.

To maintain asset stability, the bill only permits assets with a market capitalization above $600 billion for two consecutive years. Currently, only Bitcoin meets that standard.

Governor Abbott’s office stated that he is still reviewing over 1,200 bills sent to his desk this session. That includes SB 21, which remains under consideration just days before the automatic enactment deadline.

Still, Julian Fahrer, founder of Bitcoin Laws, noted the missed opportunity for a symbolic signing event, citing similar ceremonies held for other high-profile bills.

“It’s a bit odd he missed the last weekday opportunity to hold a press conference and make a show of it – as he’s done for other high priority bills,” Fahrer said.

However, Fahrer explained that the Bitcoin bill could become law even without his signature on June 22. Under Texas law, any bill not vetoed or signed within 20 days of the legislative session’s adjournment automatically goes into effect.

“It’s in the Texas constitution. 20 days after adjournment, unsigned bills become law,” he stated.

Moreover, the Bitcoin advocate pointed out that Abbott did sign House Bill 4488, which may relate indirectly to SB 21.

That legislation secures certain state-managed funds—possibly including the proposed Bitcoin reserve—by designating them as permanent. These funds could be stored inside or outside the state treasury, based on future legislative direction.

Meanwhile, the Governor’s lack of action on SB 21 has stirred curiosity, particularly given his past support for crypto.

Just weeks ago, Abbott shared news of the bill on his official X account, signaling enthusiasm for blockchain innovation in Texas. He has also backed legislation promoting crypto mining as a tool for economic growth and grid resilience.

On June 20, a key on-chain metric tracking the behavior of ETH’s long-term holders (LTHs) closed at its all-time high, signaling mounting selling pressure from this cohort. 

This comes at a time when broader market momentum has cooled significantly. With demand for ETH weakening and investors largely sidelined amid a persistent market lull, bearish sentiment is growing.

Ethereum Liveliness Hits Record High

According to Glassnode, ETH’s Liveliness spiked to an all-time high of 0.69 during Friday’s trading session. This metric tracks the movement of long-held/dormant tokens. It does this by measuring the ratio of an asset’s coin days destroyed to the total coin days accumulated. 

ETH Liveliness. Source: Glassnode

When this metric falls, the LTHs of an asset are moving their assets off exchanges, a move seen as a signal of accumulation. On the other hand, as with ETH, when it climbs, LTHs are moving their coins to exchanges to sell them.

This spike in ETH’s Liveliness to 0.69 suggests that its LTHs are increasingly liquidating their positions as uncertainty grows. It reflects the growing lack of confidence in the coin’s near-term price recovery. 

Additional confirmation of this bearish trend can be found on ETH’s daily chart, where the coin’s Chaikin Money Flow (CMF) is negative and is trending downward. As of this writing, ETH’s CMF stands at -0.08, indicating a drop in capital inflows. 

ETH CMF. Source: TradingView

The CMF indicator measures the flow of money into and out of an asset. When its value is negative, it signals low buying interest and validates the shift toward distribution rather than accumulation.

ETH Eyes Drop to May Lows

Persistent offloading by ETH’s long-term holders, combined with falling market-wide demand for the coin, could cause it to see a deeper correction in the near term. 

At press time, the leading altcoin trades at $2,429.  If selloffs persist among ETH’s seasoned holders, the coin could drop toward $2,185. If this price floor fails to hold, the coin could dip further to $2,027, a low it last reached in May.

ETH Price Analysis. Source: TradingView

Conversely, a resurgence in new demand for the altcoin will invalidate this bearish outlook. In that scenario, its price could reverse its downtrend and climb toward $2,745.

As geopolitical tensions intensify and investor sentiment deteriorates, bearish pressure has continued spreading across Bitcoin’s spot and derivatives markets. 

The uncertainty surrounding global macroeconomic stability has led many market participants to take a risk-off approach, with the coin showing signs of vulnerability as the second quarter draws to a close.

Bitcoin Futures Turn Bearish

With the coin struggling to rally momentum around the $103,000 price mark, Bitcoin futures traders have increasingly positioned against the coin. 

According to Coinglass, the coin’s long/short ratio — a key measure of trader sentiment — has tilted heavily toward shorts since June 17, indicating a growing belief that BTC’s recent rally may be losing momentum. At press time, the ratio is 0.95, indicating more traders are betting against the altcoin. 

BTC Long/Short Ratio. Source: Coinglass

This ratio compares the number of long and short positions in a market. When an asset’s long/short ratio is above 1, there are more long than short positions, indicating that traders are predominantly betting on a price increase.

Conversely, as seen with BTC, a ratio below one indicates that most traders are positioning for a price drop. This reflects heightened bearish sentiment and growing expectations of continued downside movements in the short term.

Moreover, daily chart readings from BTC’s BBTrend indicator reinforce the bearish outlook. As BTC’s price momentum weakens, the green histogram bars on the indicator have steadily fallen in size, signaling a decline in buying pressure and a loss of bullish strength.

BTC BBTrend. Source: TradingView

The BBTrend is used to gauge the strength and direction of price trends. It appears as histogram bars — green when the trend is bullish and red when bearish.

When the BBTrend turns negative or the green bars shrink, upward momentum is fading, and the asset may be entering a consolidation phase or facing a reversal. 

A consistently negative BBTrend suggests that selling pressure is dominating, increasing the likelihood of an extended price correction for BTC.

BTC Slips to Two-Week Low: Will Support at $102,000 Hold?

Yesterday, BTC’s price fell to a 15-day low of $102,345. Although it rebounded and closed at $103,297, bearish pressure remains, with the coin still down 2% over the past 24 hours.

If new demand continues to be limited, BTC’s price could extend its dip toward $101,520. Should the bulls fail to defend this critical support level, the asset could plunge further to $97,658.

Bitcoin Price Analysis. Source: TradingView

On the other hand, if buying pressure strengthens, BTC could rebound and attempt a break above $103,952. A successful move past this level may open the door for a rally toward $106,295.

Crypto data provider CoinMarketCap has recovered from a brief security lapse. The incident exposed website visitors to a deceptive pop-up urging them to connect their crypto wallets.

The June 20 incident disrupted the platform’s front-end interface for a few hours before the team took corrective action.

CoinMarketCap’s Breach Traced to Malicious Doodle

According to the company, the breach involved an unexpected pop-up on its homepage, instructing users to verify their wallets to access full account features.

“We’re aware that a malicious pop-up prompting users to ‘Verify Wallet’ has appeared on our site. Do NOT connect your wallet,” the data aggregator warned.

While the message mimicked legitimate functionality, security analysts quickly warned that the request was malicious and likely intended to compromise user wallets.

The Malicious Pop-Up Message on CoinMarketCap Homepage. Source: X/Jameson Lopp

In a follow-up update, CoinMarketCap revealed that the issue stemmed from a doodle image embedded on its homepage. The image was linked to an external call that triggered unauthorized JavaScript, resulting in the suspicious wallet prompt.

“On June 20, 2025, our security team identified a vulnerability related to a doodle image displayed on our homepage. This doodle image contained a link that triggered malicious code through an API call, resulting in an unexpected pop-up for some users when visited our homepage,” CoinMarketCap explained.

Investigators found that the breach may have originated from a compromised third-party service, likely an ad network. This service injected malicious code into the platform’s display system.

Meanwhile, CoinMarketCap clarified that external dependencies used to serve content—not its internal infrastructure—caused the issue.

The platform confirmed that all affected scripts and assets had been removed, and new safeguards were introduced to prevent similar exploits. It also assured users that the situation was under control and that visiting the site is now safe.

“We’re actively monitoring user feedback and our support team is standing by to ensure all inquiries are promptly addressed. We are committed to maintaining the highest standards of security and transparency, and we thank you for the continued trust of our community,” it added.

CoinMarketCap, owned by Binance, continues to serve millions of users who track real-time crypto prices and market data.

However, this episode reminds us that even the most established platforms must remain proactive in protecting users from increasing threats.

Due to this, security experts have urged crypto wallet users to always take precautions by constantly reviewing recent activity and avoiding connecting to unknown dApps or prompts.

So far this year, hackers have aggressively targeted vulnerabilities across even the most reputable platforms. Combined, these breaches have led to over $2 billion in stolen assets, including a massive $1.4 billion exploit on Bybit.

What happened this week in crypto? It was a highly eventful week, as the Senate passed the GENIUS Act, France’s crypto kidnapping wave continues, and Israel-backed hackers targeted Iran’s crypto industry.

Canada also became the world’s second nation to approve an XRP ETF, and delays continue for an SEC v Ripple resolution. Find out all these stories and more at BeInCrypto.

GENIUS Act Passes Senate Vote

This week, a major event for crypto regulation took place as the GENIUS Act passed through the US Senate.

This new stablecoin framework had several major setbacks in recent months, but fresh amendments helped generate bipartisan support. By the time of this final vote, political support was overwhelming.

Senate Vote on the GENIUS Act. Source: Senate.Gov

Now that the bill has passed the Senate, it will become law after President Trump signs it. Trump plans for stablecoins to promote dollar dominance, and his support is certain.

From there, it’ll open many new possibilities: for example, major banks are considering stablecoin launches. This industry sector seems guaranteed to keep growing.

Iran-Israel War Leads to Major Crypto Hack

The new war between Iran and Israel has been impacting the crypto market all week, but that’s natural for any geopolitical turmoil.

However, the conflict now takes place directly over the blockchain. Israeli-backed hackers breached Nobitex, an Iranian crypto exchange, stealing and then burning $90 million in tokens.

Gonjeshke Darande (Predatory Sparrow) has been active for several years, disrupting Iranian economic activities on behalf of Israel. Nonetheless, this crypto hack represents a major escalation.

Crypto has funded war, and governments have created crypto hacking groups. Never before, however, have state-backed hackers targeted another country’s crypto industry.

This precedent could spell worrying things for the industry’s future. So far, this war hasn’t been particularly painful for crypto, at least compared to other recent events. If multimillion-dollar token burns become a feature of future wars, it’ll traumatize markets worldwide.

France Shocked By Another Crypto Kidnapping

Another landmark event this week was a crypto kidnapping in Paris’ suburbs. This marks the tenth such incident in France this year, all the more shocking because authorities vowed to tighten security.

A 23-year-old man was abducted, and his loved ones were extorted for €5,000 and his Ledger key.

Before this incident, police believed that a single gang was behind the majority of these attacks. Thanks to cooperation with Morocco, several purported ringleaders were arrested in North Africa earlier in June.

However, this clearly hasn’t stopped the kidnappings. Either the gang is still active, or copycats are adopting the practice. Both possibilities are terrifying.

No Resolution for SEC v Ripple

Although the SEC v Ripple case is a topic of major interest for the crypto industry, it wasn’t resolved this week. The two parties have been jointly filing to settle the last cross-appeal, but Judge Torres is not cooperating.

Both parties are attempting to pause the appeals process, but lawyers are becoming skeptical that they’ll win a favorable decision.

In short, the biggest problem is that a crypto-friendly SEC can’t unilaterally reverse policies from the Gensler era.

It may be unfair that Ripple is forbidden from selling securities to retail investors, but Atkins’ Commission needs to prove that in court. Although the community remains hopeful, this setback may impact Ripple’s business for the foreseeable future.

Canada Gets the XRP ETF

In another memorable crypto development, Canada finally approved the XRP ETF this week. This makes Canada the second nation to offer such a product, following Brazil’s approval in April.

Purpose Investments, which offered the first crypto ETF in North America, is a fitting company to issue this product.

“The OSC’s granting of a receipt for the Purpose XRP ETF prospectus reinforces Canada’s global leadership in building a regulated digital asset ecosystem. We’re proud to continue pushing the boundaries of what’s possible in the space,” claimed Vlad Tasevski, Purpose’s Chief Innovation Officer.

Hopefully, these developments will encourage Canada’s southern neighbor to follow suit. Prominent ETF analysts in the US recently claimed that an XRP ETF has a 95% chance of approval, but it hasn’t happened yet.

Additionally, the Zebec Network announced a new reward program for XRP holders, and Pi Network drew community criticism after a lackluster domain update.

This week has been very eventful for crypto, but BeInCrypto is here to keep you informed about all of it.

Pi Network will mark its annual Pi2Day event on June 28, 2025, amid heightened speculation around ecosystem progress and potential exchange listings. The date, stylized as 6.28, doubles the symbolic Pi Day (3.14) and serves as a checkpoint for network development.

This year, the event centers around the launch of a KYC sync feature, renewed ecosystem engagement, and broader expectations for Mainnet migration.

What is Pi2Day?

Pi2Day is Pi Network’s mid-year celebration, held annually on June 28. The date references the mathematical constant Pi (π ≈ 3.14) and its multiple (2π ≈ 6.28).

The event allows the Core Team to highlight ecosystem updates, user growth, and infrastructure milestones. It also serves to rally its global user base, now numbering over 47 million participants.

The most significant development ahead of Pi2Day is the release of a new Know Your Customer (KYC) sync feature. This update connects Pi Browser and the main Pi App, allowing users to reconcile identity verification data.

Millions of users stuck in “pending” or “tentative” KYC status may now finalize migration to the open Mainnet. This change could lead to a surge in Mainnet activity after Pi2Day.

The feature has been rolled out gradually. Many users report updates to their status within 48 hours of sync.

What Pi2Day Means for Pi Network

This year’s Pi2Day arrives at a critical time for Pi Network. The project has faced growing pressure to deliver on ecosystem promises.Since Open Mainnet launched, dozens of dApps, the .pi domain system, and events like PiFest have emerged. New updates could drive usage even further.

A successful rollout of the KYC sync tool would bring more users into the network’s functional phase. This would improve validator distribution and increase application testing.

Additionally, the community anticipates announcements around new applications or developer tools. Any signs of real-world utility could shift the narrative from speculative mining to actual use.

Rumors of a Pi token listing on major exchanges, including Binance, have intensified ahead of the event. Community polls show strong belief in a new listing.

A confirmed Binance listing could bring liquidity and price discovery. But premature trading without full migration risks harming network integrity.

What Happens Afterwards

After June 28, attention will shift to how many users complete KYC and migrate to Mainnet. This number directly impacts decentralization and transaction capacity.

Ecosystem developers may also begin rolling out new dApps or integrations, especially if the Core Team signals greenlights during the Pi2Day broadcast or blog updates. 

Also, the Core Team may provide updated timelines for future features or governance.

Will Pi’s Price Be Impacted?

Pi’s price has hovered around $0.53–$0.56. The altcoin has dropped over 35% in the past week, and buying pressure is currently near an all-time low.

If Pi2Day triggers increased ecosystem activity, it may drive higher perceived value. A new exchange listing, if it happens, would introduce price discovery and liquidity.

Conversely, a lack of major updates could lead to community disappointment and selloffs on unofficial platforms.

Two prominent industry analysts have turned very bullish on altcoin ETFs, predicting that eight different applications have 90-95% odds of SEC approval.

The assets in question include Litecoin, Solana, XRP, Dogecoin, Cardano, Polkadot, HBAR, and Avalanche. They’re also bullish on a basket ETF but believe that SUI only has 60% odds.

Altcoin Season for ETF Approvals?

Since the Bitcoin ETFs first hit the scene, crypto has irrevocably changed. This first offering was a long and difficult battle, but enthusiasts hoped that Bitcoin would open the floodgates.

New SEC management has inspired a torrent of altcoin ETF applications, and two Bloomberg analysts believe that many of them are practically certain to succeed:

Their top altcoin ETF picks include all the classic contenders like Solana and XRP. The analysts in question, James Seyffart and Eric Balchunas, have been following this race for months.

They previously picked Litecoin as the top candidate, but it’s now a three-way race between these assets.

Five more altcoins are only slightly less likely to win approval. They gave Sui 60% odds due to its uncertain status as a commodity, and didn’t rank Tron. Commentators inquired about several other filings, but they only considered proposals with active Form 19b-4 filings.

So, why are they so optimistic? After all, the SEC has been postponing altcoin ETF applications on all fronts. The important thing to remember is that the Commission is meaningfully engaging with these proposals.

A hostile SEC under Gary Gensler tried to ignore filings for as long as possible, but today’s Commission acknowledges them promptly.

Even if it’s unable to move as quickly as the industry might like, the SEC is still showing encouraging signs. Seyffart theorized that final approval could happen as soon as July or as late as October. Either way, he thinks it’ll happen in 2025.

Luckily, the community has been understanding of these setbacks. For example, popular belief in a successful XRP ETF spiked to 98% earlier this month despite an SEC delay.

It seems now that industry professionals are taking a similarly rosy view of altcoin ETFs. Hopefully, the first approvals will start going through in the near future.

Still, these bullish predictions might not immediately translate into lucrative investment opportunities. As of June 2025, Bitcoin ETFs take up 90% of the sector. Even if all eight of these altcoin ETFs win approval, BTC might continue dominating market share.

Wyoming is planning to launch the WYST stablecoin this summer and has released a list of 11 final candidates. One of these blockchain firms will power this milestone achievement in state government crypto acceptance.

The top candidates are Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Optimism, Sei, Stellar, Solana, and Sui. So far, only Aptos and Sei have acknowledged their advancement.

Blockchains That Can Potentially Host the First Government Stablecoin

Wyoming has long been a national hub for crypto-friendly regulation, thanks in part to Senator Lummis, one of the industry’s biggest allies in Congress.

Three months ago, the state announced plans to launch a stablecoin, WYST, in August. Wyoming must make a final decision for a stablecoin partner by July 17 and has prepared a list of 11 final candidates:

The full report has not been released to the public, but a few sources described the scores.

Aptos tied with Solana to win 32 points on Wyoming’s assessment, and Sei came in an upset third place with 30 points. It outperformed major other contenders like Ethereum and Sui in doing so.

Sei is the only other firm to publicly acknowledge its win; Solana showed enthusiasm in the last round but hasn’t yet commented on today’s update.

Aptos, for its part, had a strange reaction to being one of Wyoming’s stablecoin finalists. Its APT token’s price has been hectic recently, but today’s major drop seems inexplicable. Indeed, it might be totally unrelated.

Aptos Price Performance. Source: CoinGecko

After Wyoming makes its choice, the favored blockchain firm will help power its WYST stablecoin. Regardless of which firm becomes a partner, Wyoming will employ LayerZero, an interoperability protocol, to ensure maximum utility.

WYST will be backed by the US dollar, and impending stablecoin regulation might help realize these plans.

Still, not everyone is pleased with Wyoming’s stablecoin assessment. Prominent community analysts identified inconsistencies in the state’s methodology, disputing its ultimate conclusions.

Users alleged that scores for finality, low transaction costs, and smart contract support were not consistent from chain to chain.

Nonetheless, this development is still very exciting. Wyoming could become the first state in the US to launch a stablecoin.

If WYST goes into circulation as planned, it could become a major breakthrough for government acceptance of crypto.

The crypto market continues to exhibit volatility as June approaches, with several ‘made in USA coins’ posting significant gains. One standout is Sei, which is currently rising due to its selection as the blockchain candidate for WYST, a USD-backed stablecoin.

BeInCrypto has analyzed two other Made-in-USA crypto tokens that are making waves this week.

Sei (SEI)

SEI has emerged as one of the top-performing Made in USA coins, surging by 15% over the last 24 hours. Trading at $0.208, the altcoin is currently above the key support level of $0.197. The recent upward movement signals growing investor confidence in the cryptocurrency.

The recent announcement of the Wyoming Stable Token Commission selecting Sei as the blockchain for the WYST USD-backed stablecoin has driven the altcoin’s rise.

The RSI has also climbed above the neutral mark, signaling a shift into the bullish zone. This technical indicator suggests continued momentum for SEI in the near term.

SEI Price Analysis. Source: TradingView

Given the current momentum, SEI is likely to continue its growth toward the resistance at $0.225 in the coming days. However, if the altcoin loses momentum and falls through the $0.197 support, it could drop to $0.183. Such a move would invalidate the current bullish outlook for SEI.

Helium (HNT)

HNT has shifted from bearish to bullish for the first time since the beginning of the month. The altcoin is up by 17%, currently trading at $2.67. This marks a significant change in momentum, with HNT looking to continue its positive price movement in the near future.

The Parabolic SAR is now positioned below the candlesticks, signaling a strong uptrend for HNT. This shift ends a month-and-a-half streak of downtrend, suggesting that the altcoin could break through $2.75 and reach the $3.00 mark.

HNT Price Analysis. Source: TradingView

However, if HNT fails to breach the $2.75 resistance, it could experience a decline. A fall to $2.41 would suggest weakening momentum, and a break below $2.27 would invalidate the current bullish outlook. This scenario could result in further losses for HNT holders.

Bitcoin Cash (BCH)

BCH is currently priced at $490, having risen by 15.6% over the past week. The altcoin has benefited from Bitcoin’s rally, bringing it closer to the $500 mark. Investors are closely watching this level as BCH continues to show resilience following Bitcoin’s recent performance.

The key resistance level for BCH is $501, a price it hasn’t surpassed since December 2024. The Ichimoku Cloud is indicating strong bullish momentum, suggesting BCH could break this resistance.

If it does, the price may rise further, potentially reaching $529 and beyond, with more upside possible.

BCH Price Analysis. Source: TradingView

However, if market sentiment turns negative and selling pressure intensifies, BCH might struggle to surpass $501. In this case, the price could retreat to $446, invalidating the current bullish outlook.

A loss of momentum could lead to a price reversal in the short term.

Amid escalating geopolitical tensions in the Middle East, the crypto market has experienced a sharp spike in volatility this week. 

However, large-scale holders—commonly referred to as crypto whales—have remained active, carefully accumulating select tokens with strong upside potential. Some of the top picks include Ethereum, Bitcoin Cash, and Litecoin. 

Ethereum (ETH)

Despite its muted price performance this week, top altcoin ETH is one of the assets that crypto whales have bought this week as the market navigates the raging volatility. This is evidenced by its large holders’ netflow, up over 7000% in the past seven days, per IntoTheBlock. 

ETH Large Holders Netflow. Source: IntoTheBlock

The large holders’ netflow measures the difference between the amount of tokens that whales buy and sell over a specified period. When it grows like this, it indicates strong accumulation by whales, suggesting growing confidence or a bullish outlook on the asset.

If this continues, the altcoin could initiate a new rally phase, breaking above the $2,500 price region.

Bitcoin Cash (BCH)

BCH is another asset that crypto whales are acquiring amid the geopolitical unrest in the Middle East. 

Data from Santiment shows a rise in the coin holding of wallet addresses holding between 1,000 and 10,000 BCH tokens. During the week in review, this cohort of BCH holders acquired 40,000 tokens valued at over $19 million at current market prices. 

BCH Supply Distribution. Source: Santiment

The altcoin now trades at $485.76, up by 5% over the past day amid growing bullish sentiment across the crypto market.

Dogecoin (DOGE)

Top meme coin DOGE has also drawn increased attention from crypto whales this week. On-chain data from Santiment reveals a surge in accumulation by large holders holding between 100 million and 1 billion DOGE. 

Over the past week, this group has collectively purchased 140 million DOGE, with the total value of these buys exceeding $24 million.

DOGE Supply Distribution. Source: Santiment

This surge in whale accumulation is a bullish signal for DOGE’s near-term outlook. If momentum builds, this wave of accumulation could lay the groundwork for a short-term recovery or even a breakout from current price levels.

Coinbase just acquired a coveted MiCA license in Luxembourg, allowing the exchange to operate fully across the European Union. It’s also opening a field office in the country to further coordinate expansion plans.

The company’s stock rose more than 4% after this announcement. Coinbase called this a “pivotal moment,” as it can turn into a major business expansion.

Coinbase Acquires MiCA License

Markets in Crypto Assets (MiCA) is a landmark piece of crypto regulation in the EU, bringing significant changes to the regional industry.

Major crypto firms have already left the market bloc, creating setbacks and opportunities alike. Today, Coinbase announced that it acquired a MiCA license, freeing it up to “offer a full suite of products and services.”

In its press release, the world’s second-largest exchange described how monumental this licensing is. MiCA registration will let Coinbase access 450 million customers, which is its biggest competitor, Binance, can’t.

Already, the exchange’s stock price has risen over 4% since the announcement:

Coinbase Price Performance. Source: Google Finance

By operating a new regional office in Luxembourg, the exchange signifies its long-term commitment to developing relationships in the region.

Other CEXs have made similar moves in the past, creating local physical infrastructure to better interface with regulators.

Case in point: Coinbase has been trying to meet MiCA compliance for several months now. Some EU member states have developed reputations for quick and easy license approval, but Luxembourg is not one of them.

Coinbase is setting up operations in a nation bordering the EU’s biggest financial powerhouses, preparing for real integration with the market.

“By choosing Luxembourg, we’re positioning ourselves in a jurisdiction that understands the needs of the crypto industry and excels in regulatory clarity. This new hub represents a landmark step forward. Coinbase has worked closely with regulators across Europe, [and] with MiCA, we’re uniting these efforts under a single framework,” the firm stated.

Over the past few months, Coinbase has been increasingly expanding outside of the US crypto market. Earlier this year, it achieved a regulatory license in Argentina.

However, with MICA, Europe would likely be Coinbase’s biggest expansion outside the American market.

Overall, the exchange has a significant opportunity to dominate the CEX market across an entire continent. With a clear vision and clever maneuvering, Coinbase could deliver a substantial victory.

France saw its 10th crypto kidnapping this year as a man was abducted for €5,000 and his Ledger key. It’s unclear how many tokens were in his hard wallet, but the attackers have not been arrested yet.

Law enforcement has been taking this horrifying pattern very seriously, arresting gang ringleaders in Morocco earlier this month. Either the gang is still active, or unrelated copycats are at work. Both scenarios are ominous.

France Sees Another Crypto Kidnapping

The crypto industry has always had a seedier element, but today’s crime wave is a whole new level of violence. Crypto kidnappings have taken place on multiple continents, but France is seeing an especially dark period.

According to local reports, the nation witnessed another incident, which is the tenth such attack this year.

So far, France’s law enforcement agencies have only provided rough details on the kidnapping victim.

A 23-year-old man was abducted in Maisons-Alfort, a suburb of Paris, and his romantic partner was forced to hand over 5,000 euros and his wallet password. Police have not disclosed how much money was in this wallet or whether the victim ran a business in the industry.

This last question is especially concerning. The authorities vowed to pass new measures protecting France’s crypto entrepreneurs from kidnapping.

Web3 CEOs, founders, and their relatives have been targeted in this spree of violence, creating a climate of fear in the nation’s crypto community.

Earlier this month, France cooperated with Morocco to arrest key kidnapping ringleaders, but some of the suspects remained at large. Moreover, these men routinely hired or enticed local muscle to carry out the violence without even setting foot in France.

In other words, these imprisoned ringleaders might not have anything to do with today’s incident. A single organized gang began the crime spree, but it’s international news right now. For all we know, today’s attackers could’ve been copycats.

Both of these possibilities are very scary for France, especially because today’s kidnapping was ostensibly successful. The perpetrators knew about the victim’s hard wallet, obtained it, and haven’t been arrested yet.

Apparently, the government’s efforts to prevent this sensational crime wave have been insufficient so far.

Reddit is reportedly in discussions to integrate Sam Altman’s Worldcoin Orb technology to verify users through biometric identity, according to multiple social media sources.

The rumors, though unconfirmed by either party, hint at a potential partnership where Reddit could leverage the iris-scanning device to combat fake accounts and bots. 

If accurate, the move would mark a major step in linking decentralized identity with mainstream social platforms.

While neither Reddit nor Tools for Humanity has issued a formal comment, the speculative nature of the reports has drawn significant attention from the crypto community. 

Some users view it as a response to rising concerns around generative AI and misinformation online.

Meanwhile, the price of Worldcoin’s WLD token showed signs of recovery following the circulation of the rumor. 

Worldcoin Price Chart. Source: TradingView

The chart reflects a sharp rebound after dipping below $0.91, suggesting that traders may be positioning for a potential price breakout if the news solidifies.

Still, without confirmation, the partnership remains speculative. Even a limited pilot or verification test could signal broader adoption of the World ID infrastructure in social media.

This is a developing story. More details are expected as the situation unfolds.

The global crypto market is showing early signs of recovery today, with top assets like Bitcoin and Ethereum posting modest gains over the past 24 hours. 

Retail interest in Nigeria, where local traders continue to drive significant search and social activity around emerging tokens, is also picking up. Based on online engagement over the last 24 hours, here are the top three trending cryptocurrencies in the region.

Notcoin (NOT)

Telegram-linked altcoin NOT is one of the most searched assets in Nigeria today. At press time, the token trades at $0.0019, down 1% over the past day.

During this period, NOT’s trading volume has declined by over 30%, showing a notable drop in market demand, even as the broader crypto market attempts a modest recovery.

A simultaneous decrease in an asset’s price and trading volume signals waning interest or consolidation. It suggests that buyers are stepping back, and momentum is fading.

If this continues, the altcoin risks plunging toward $0.0018.

NOT Price Analysis. Source: TradingView

On the other hand, if buying pressure rises, the token’s price could climb to $0.0021.

Hamster Kombat (HMSTR)

Since peaking at an intraday high of $0.0025 on June 9, HMSTR, one of the altcoins trending in Nigeria today, has lost 60% of its value. At press time, the meme coin trades at $0.00080, down 2% over the past day.

On the daily chart, the token’s BBTrend confirms the bearish trend. Since May 30, this momentum indicator has posted only red histogram bars, highlighting the prolonged sell-side pressure.  At press time, it stands at -24.82.

The BBTrend measures the strength and direction of a trend based on the expansion and contraction of Bollinger Bands. 

When it returns red bars, it signals strong bearish momentum, indicating that the price is consistently closing near or below the lower Bollinger Band. This suggests sustained downward pressure and a lack of bullish reversal signals in the short term for HMSTR.

In this case, its price could fall to revisit its all-time low of $0.00076.

HMSTR Price Analysis. Source: TradingView

However, if HMSTR sees a surge in demand, it could rebound toward $0.00094.

Zen AI (ZENAI)

ZENAI is another altcoin trending in Nigeria today. Down 27%, it exchanges hands at $0.0013 at the time of writing. 

The ZENAI token, which launched on June 3, 2025, through Pump.fun, captured market attention as its holder count and trading volume surged. By June 8, it had soared to an all-time high of $0.00042. 

However, following the rally, a wave of profit-taking triggered a sharp correction, with the token now down more than 60% from its peak.

If selloffs continue, ZENAI could drop to $0.000093.

ZENAI Price Analysis. Source: TradingView

Conversely, if the market sentiments shift and demand rises, the token’s value could climb to $0.0016.

Popular altcoin Solana is up 2% over the past 24 hours, as the broader crypto market shows signs of resilience. 

However, beyond the general market recovery, SOL’s upward move is driven by a hint at renewed institutional interest in the coin and its ecosystem.

Solana Primed for Rally? Nasdaq Filing Fuel Momentum

According to a Form 40-F filing dated June 18, Canadian asset manager Sol Strategies, a firm focused exclusively on the Solana ecosystem, filed compliance documents with the US Securities and Exchange Commission (SEC), signaling its intent to list on the Nasdaq. 

While still awaiting approval, the filing represents a bold step toward offering institutional investors direct exposure to Solana-based assets via traditional markets. This development has triggered a renewed wave of cautious optimism among SOL hodlers, driving up its price today.

Also, the timing of this filing aligns with increasingly bullish on-chain signals such as the coin’s Liquidation Heatmaps, which show a dense cluster of liquidity has formed around the $160 level.

SOL Liquidation Heatmap. Source: Coinglass

Liquidation heatmaps are visual tools traders use to identify price levels where large clusters of leveraged positions are likely to be liquidated. These maps highlight areas of high liquidity, often color-coded to show intensity, with brighter zones representing larger liquidation potential.

Usually, these price zones are magnets for price action, as the market moves toward these areas to trigger liquidations and open fresh positions.

Therefore, for SOL, the dense liquidity cluster around the $160 level suggests strong trader interest in buying or covering short positions at that price. This sets the stage for a near-term rally toward that zone.

Furthermore, SOL’s open interest (OI) has climbed 3% over the past day, indicating increased leveraged participation in SOL futures. 

SOL Futures Open Interest. Source: Coinglass

A rising OI suggests that more capital is flowing into the coin’s derivatives markets, reflecting growing conviction among traders about SOL’s potential upward price movement. 

Can Fresh Demand Spark a Breakout Above $160?

Since early June, SOL has traded within a tight range, facing resistance at $153.59 and finding support at $142.59. A potential push toward $160 would require a decisive breakout above this resistance, which can only happen if fresh demand enters the market.

Without renewed buying pressure, current momentum may stall. If buyers begin to show signs of exhaustion, SOL risks reversing its recent gains and retesting support at $142.59. 

SOL Price Analysis. Source: TradingView

A breakdown below this level could open the door for a deeper correction in the SOL coin’s price toward $134.68 as Q2 draws to a close.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee and settle in—because the next phase of crypto tokenization may not come from where you expect. While stablecoins have dominated the narrative, a quieter shift is underway as institutions eye more complex, illiquid assets like private equity and commodities as the real drivers of future on-chain growth.

Crypto News of the Day: Private Equity and Commodities to Lead Tokenization, Standard Chartered Says

Standard Chartered has identified private equity and illiquid commodities as key growth areas for the next wave of crypto tokenization.

The bank acknowledges that the market for tokenization of real-world assets (RWA) has been dominated so far by stablecoins, digital assets pegged to the USD or other fiat currencies.

Based on this, it urges the industry to move beyond stablecoins and address regulatory challenges that have limited adoption in non-stablecoin RWA markets so far.

“Growth in non-stablecoin RWA tokenization has lagged significantly. At $23 billion, this market is currently only around 10% the size of the stablecoin market,” said Geoff Kendrick, Head of Digital Asset Research at Standard Chartered.

While stablecoins have led the charge in bringing real-world assets on-chain, Kendrick believes that more complex and traditionally illiquid asset classes represent the next frontier.

The Standard Chartered executive cited private equity and commodities. He argued that tokenization in these areas could drive meaningful efficiency gains, provided the right conditions are in place.

“Non-stablecoin RWA tokenization has lagged stablecoin growth for a number of reasons – regulatory uncertainty and focus on wrong areas being amongst them. However, I think that as regulatory clarity emerges and if tokenizers focus on the right areas, where being on-chain adds value, then growth will come,” Kendrick added.

Drawing from recent advancements in tokenized private credit, Kendrick sees similar success unfolding in other less-liquid markets.

“Lessons from the success of tokenized private credit tell me that the next successes will come from private equity and otherwise illiquid commodities,” he said.

In line with the lessons learned so far, Kendrick expects private equity and liquid off-chain commodities to be the next growth areas for non-stablecoin tokenization.

Regulatory Clarity Remains Key to Unlocking Non-Stablecoin Tokenization

However, Kendrick stressed that regulatory reform is still a prerequisite for unlocking the full potential of non-stablecoin tokenization.

While some jurisdictions, such as Singapore, Switzerland, the EU, and Jersey, are making headway, he warned that the broader regulatory playing field is fragmented, particularly around Know Your Customer (KYC) compliance.

“To unlock growth potential, we believe tokenization efforts need to focus on on-chain assets that are cheaper and/or more liquid than their off-chain equivalents, with shorter settlement times, as borne out by early success in the private credit space, or that solve an on-chain need, as in the case of tokenized T-bills,” Kendrick said.

This aligns with a recent US Crypto News publication, which highlighted stablecoin issuers using T-bills (treasury bills) to buy Bitcoin for free.  

He added that some tokenization projects have failed to deliver value because they focused on assets already functioning efficiently off-chain.

“Some current tokenization efforts, for example, for already liquid off-chain products like gold and US equities, have struggled because the on-chain asset does not add value in these ways,” Kendrick explained.

As institutional interest in digital assets matures, Standard Chartered’s analysis offers a strategic lens through which traditional finance (TradFi) can assess long-term opportunities in tokenization, grounded in utility rather than hype.

With regulatory momentum and targeted innovation, non-stablecoins are making headway in RWA markets, which could be poised for a breakout phase in the next cycle.

Chart of the Day

Real-World Assets On-Chain. Source: Standard Chartered.

This chart illustrates the significant growth of real-world assets (RWA) on-chain from January 2021 to January 2025. It also highlights contributions from private credit, commodities, stocks, and other asset categories.

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

The crypto market had a volatile week with many coins rising and many others crashing. Amongst them were the likes of Maple Finance (SYRUP), which even managed to post a new all-time high.

Thus, BeInCrypto has analyzed three such altcoins for investors to watch this weekend as they appear to be on track for a rally.

Maple Finance (SYRUP)

SYRUP reached a new all-time high of $0.55 this week before experiencing a slight drop to $0.49. This price point is a key resistance level, and successfully breaching it is crucial for continuing the uptrend. Holding above $0.49 will provide SYRUP with the momentum needed for further gains.

The broader market sentiment is currently bullish, which bodes well for SYRUP’s growth. If the altcoin manages to break through the $0.55 resistance, it could move towards $0.60 and form new all-time highs.

SYRUP Price Analysis. Source: TradingView

However, if investor sentiment turns bearish and selling pressure increases, SYRUP could drop to the support level of $0.43. A break below this support would invalidate the current bullish outlook and suggest that the upward momentum has stalled.

Bitcoin Cash (BCH)

BCH is currently trading at $490, having gained 15.6% over the past week. The altcoin has benefited from Bitcoin’s rally, pushing it closer to the $500 mark. Investors are closely watching this price level as BCH continues to show strength following BTC’s recent performance.

The next critical resistance level for BCH is $501, a level it hasn’t breached since December 2024. The Ichimoku Cloud indicator is showing strong bullish momentum, suggesting that BCH could push past this resistance. If the altcoin successfully breaks through $501, it may continue to $529, with further gains possible.

BCH Price Analysis. Source: TradingView

However, if investor sentiment shifts and selling pressure increases, BCH could fail to break the $501 resistance. In this scenario, the altcoin’s price may fall back to $446, invalidating the current bullish outlook. A failure to maintain momentum could signal a reversal for BCH’s price in the short term.

Joe Coin (JOE)

JOE has seen impressive growth this week, rising by 97%, and is currently trading at $0.055. The altcoin is attempting to secure the $0.050 support level, a critical price point for maintaining its bullish momentum. This recent performance highlights the altcoin’s potential for further growth.

If JOE successfully holds the $0.050 support, it could push toward the next resistance level at $0.060. The Parabolic SAR indicator is currently positioned below the candlesticks, signaling an ongoing uptrend. This technical setup increases the likelihood of continued upward movement in the coming days, drawing further investor interest.

JOE Price Analysis. Source: TradingView

However, if JOE faces increased selling pressure over the weekend, it may fail to secure the $0.050 support. In this case, the price could fall to $0.039 or even $0.033, invalidating the current bullish outlook. A sharp drop would signal a shift in sentiment, potentially leading to further declines.