From June 16 to 20, the virtual asset market showed mixed trends due to geopolitical risks arising from Israel's airstrikes around the Iranian capital, Tehran, and the U.S. Federal Reserve's fourth consecutive freeze on the benchmark interest rate. Experts have diagnosed that external variables are influencing market flows more than liquidity.
As of 4:30 p.m. on the 20th, the price of Bitcoin recorded $105,422. It rose to $108,000 on the 17th but fell back again. Compared to 24 hours ago, it is up 0.63% and has increased by 0.65% compared to a week ago, virtually remaining in place.
The price of Ethereum, the leading altcoin, was $2,541 around the same time, marking an increase of 0.48% from a week ago. However, among altcoins, Airdrome Finance surged 47.56% over the week, showing strong performance. Additionally, over the same period, AB recorded 33.54%, and Gito recorded 26.12%.
Experts predict that external variables will shake the virtual asset market for the time being. In particular, the possibility of U.S. military intervention has emerged as a factor exacerbating Middle Eastern risks. Furthermore, as the U.S. Federal Open Market Committee (FOMC) has been cautious by keeping the benchmark interest rate at 4.25% to 4.5% for four consecutive times, the prices of risk assets, including virtual assets, have remained unchanged.
Hwang Hyo-jun, a researcher at Jangled, noted, "This FOMC did not provide a clear direction to the market, and rather, it was a week where geopolitical and trade risks came to the forefront," interpreting that "currently, changes in external variables are the key factors influencing market flows, more than liquidity."
◇ U.S. Senate passes GENIUS Act with an overwhelming majority
On the 17th (local time), the U.S. Senate passed the stablecoin regulation bill titled "GENIUS Act" with an overwhelming majority. This bill marks the first institutional framework for federal-level stablecoin regulation, receiving evaluations that the U.S. is stepping up its digital dollar infrastructure development and securing leadership in the global payment market.
The bill contains provisions such as a 100% reserve requirement, mandatory annual external audits, registration requirements for foreign issuers, and guaranteed investor recovery rights in case of bankruptcy. More stringent audit standards will apply to large issuers with a market capitalization of over $50 billion.
In the virtual asset market, this bill is interpreted not just as simple regulation, but as a signal of a policy shift to establish stablecoins as a means of spreading the digital dollar and as the U.S.-centered global payment standard. After the bill's passage, the stock price of Circle, a stablecoin issuer, surged by 530% compared to its initial public offering price just two weeks post-listing. Additionally, with U.S. President Donald Trump's legislative urging, the possibility of passing in the House of Representatives is also expected to increase.
◇ Coinbase launches stablecoin payment infrastructure for e-commerce
U.S. cryptocurrency exchange Coinbase has officially launched the stablecoin-based payment infrastructure, Coinbase Payments. This service helps online stores worldwide integrate USDC payments without complex blockchain development. This indicates that virtual assets are being actively utilized in real economy transactions.
The global audio platform Spotify has already introduced this system and supports USDC payments. Coinbase plans to expand collaborations with global payment service providers starting from this. The virtual asset market is evaluating that the feasibility of blockchain-based global commerce is increasing.
☞ CrossAngle
provides essential operational solutions based on on-chain data and trust-based community building services to companies and foundations adopting Web3. It operates the crypto data intelligence platform Jangled, and the Jangled research team creates content to showcase trends in the virtual asset investment industry based on global virtual asset information and data.