crypto market Faces Sharp Decline Amid Geopolitical tensions
The crypto market took a hit this week as Bitcoin and Ethereum prices fell sharply. The downturn was triggered by U.S. airstrikes on Iran’s nuclear sites, ordered by President Trump.Bitcoin dropped by over 2.8%, while Ethereum fell by 9%. Major altcoins also suffered, with some losing more than 9% in value.
Iran responded by imposing a curfew on domestic crypto exchanges, following a $90 million hack on the country’s largest trading platform. Despite the volatility, crypto venture funding remained strong, with 18 projects securing $159.5 million. Notable investments included EigenLayer’s $70 million round.
NFT sales declined by 18.43%, but market participation remained steady.
Reddit is exploring iris-scanning technology to tackle identity challenges. The platform is in talks with Sam Altman’s World ID to verify user identity and age while preserving anonymity. This move comes as regulators scrutinize online platforms.
coinbase unveiled a stablecoin payments infrastructure, allowing merchants to accept USDC without blockchain complexity. Shopify has already integrated the system, enabling merchants to receive low-cost USDC payments.
KindlyMD, a telehealth provider, is channeling millions into Bitcoin through its merger with Nakamoto Holdings. The company secured $51.5 million in PIPE financing, bringing its total committed capital to $763 million. Texas Governor Greg Abbott signed a bill creating the Texas Strategic Bitcoin Reserve, a state-managed fund holding Bitcoin as a financial asset. The fund will be overseen by the Texas Comptroller and a crypto investment committee.
X, formerly Twitter, is developing in-app investment and trading features, aiming to become a “super app.” The platform is evolving into a financial hub under Elon Musk’s ownership.
Texas is also making strides in the crypto space. The state will hold Bitcoin as a long-term asset to hedge against inflation.
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