The crypto market witnessed a significant decline on Wednesday, with altcoins experiencing notable price drops, while Bitcoin remained stable, trading above the $105,000 level.

$XRP and Cardano ($ADA ) saw price declines of 3.4% and 4% respectively, while Ethereum ($ETH ) fell by 2.5%, reaching approximately $2,500.

Other cryptocurrencies, including BNB, Solana, and Hyperliquid, also faced bearish pressure.

This downturn was driven by global political tensions and rising oil prices, fostering caution among investors. The ongoing military conflict between Israel and Iran particularly created a risk-averse atmosphere in the market.

A statement from U.S. President Donald Trump targeting Iran’s Supreme Leader further impacted the market.

However, Bitcoin has not yet acted as a traditional risk asset or safe haven, showing no clear direction amid the current global situation.

On-chain data indicates that long-term Bitcoin holders have not sold their assets, suggesting the market may be in a consolidation phase before a potential major move in the third quarter.

On the other hand, the U.S. Senate passed the GENIUS Act, providing a regulatory framework for stablecoins.

This law allows banks to issue stablecoins backed by Treasury bills and other standard assets, which is expected to boost institutional adoption.

The approval of this law will facilitate the integration of cryptocurrency payments into traditional industries and promote the widespread use of stablecoins.

This step is seen as a significant achievement in the crypto industry, potentially driving further adoption of cryptocurrencies in the future.

Overall, global political and economic conditions have impacted the crypto market, but Bitcoin’s stable position and U.S. legislation raise hopes for potential improvements in the crypto space.

BOTSLASH: Crypto Urdu and English News, Education, and Analysis

This is news; this is analysis.

This post is not financial advice from the author. If you wish to invest in the crypto market, conduct thorough research before making any purchases. 😊

#GENIUSActPass #DAOBaseAIBinanceTGE #FOMCMeeting #BinanceAlphaAlert #SparkBinanceHODLerAirdrop