The top 5 news stories of the past week, covering the period from June 22 to 29, show massive volatility in the cryptocurrency market, which was also triggered by some political news.
Speculation about the approval of the Solana ETF heats up
The possibility of a Solana exchange-traded (SOL) ETF has become a major topic of conversation this week. The odds of a Solana ETF being approved have risen significantly, with some predictions on Polymarket now at 92%. This rise in confidence is attributed to Solana’s legal clarity and strong institutional backing, in contrast to the ongoing legal battle over XRP’s ETF prospects.
Iran’s largest crypto exchange hacked for $90 million USD
In a politically motivated cyber attack, hackers with possible links to Israel have reportedly withdrawn over $90 million in various cryptocurrencies from Nobitex, Iran’s largest exchange.
The group known as “Predatory Sparrow” said the hack was a message against the Iranian government’s use of cryptocurrencies to circumvent sanctions. The stolen funds were transferred to wallets that effectively “burned” the assets, suggesting a political rather than a financial motive. The incident underscores the growing role of cryptocurrencies in geopolitical conflicts.
Bitcoin holds up well amid geopolitical volatility
The Bitcoin price has shown remarkable resilience this week, holding steadily above the key $100,000 mark, as reported by Coinidol.com.
Despite geopolitical tensions, including reports of attacks on Iran’s nuclear infrastructure, Bitcoin dipped briefly but quickly recovered. It traded in a narrow range between $103,000 and $108,000, with some sources reporting that it is approaching its all-time high of around $112,000.
Institutional demand through Bitcoin ETFs continues to be a key driver, with BlackRock and Fidelity alone seeing significant inflows.
Stablecoins overtake traditional means of payment, regulation comes into focus
Stablecoins are rapidly becoming the “standard settlement layer for the internet”,” and according to some reports, their on-chain transaction volume now exceeds traditional card networks such as Visa and Mastercard. This growing acceptance is also attracting the attention of regulators. This week, the US Senate passed the GENIUS Act, a bipartisan bill to regulate stablecoins.
Regulatory developments: Ripple vs SEC
There have been conflicting reports this week about the protracted legal battle. Some sources claim that Ripple and the SEC have agreed to drop their appeals against each other and end the five-year saga.
However, other sources say that a judge has denied a joint motion to end the case, leaving the judgment intact. This led to some confusion and volatility in the XRP price.
Coinidol.com reminds the need to review the price information of the news that may have a potential impact on the volatility of the cryptocurrency price or a decision to trade in the cryptocurrency market.
