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Bitcoin Price Rises as Israel-Iran Ceasefire Begins, and Senate Unveils Major Crypto Bill

Crypto prices, including bitcoin, rose on Tuesday after President Trump announced a ceasefire between Iran and Israel.

By afternoon Tuesday, bitcoin had passed the $106,000 level. 

The risk-on action in the markets, which also saw stocks rally on the Mideast de-escalation, wasn’t the only source of momentum, as Republican senators unveiled a major bill to set the rules of the road for crypto. Specifically, the legislation would define when crypto is a commodity or a security, allow crypto exchanges to register with the Commodity Futures Trading Commission, and reduce the Securities and Exchange Commission’s regulation of digital assets — a big reversal from the plans of President Biden’s SEC Chair Gary Gensler to closely regulate the crypto industry.

Coinbase Stock Soars 12% on MiCA Approval, Ark Support

Coinbase stock surged over 12% on Tuesday following the approval of a MiCA license from Luxembourg, allowing it to operate across all EU member states.

Institutional support, particularly from Ark Invest, has bolstered confidence in Coinbase, with significant increases in their holdings.

The company's application to the SEC for tokenized stocks and bonds has further fueled its stock rally, contributing to a nearly 30% gain over four sessions.

Coinbase's recent performance indicates a strong rebound from previous lows, positioning it as a leader in the evolving landscape of crypto and traditional finance.

Circle Stock Plunges 15%, Analysts Predict Bearish Pressure from Key Long-Term Headwinds

USDC issuer Circle's stock took a hit on Tuesday, retracing 15% from its previous daily close of $263, with its market capitalization dropping below $50 billion.

The decline was likely fueled by sell-offs from major shareholders, including Cathie Wood's Ark Invest, which offloaded 415,844 of its Circle shares for roughly $110M on Monday.

Several analysts predict that CRCL could see a reversal in the long term due to potential interest rate reductions and rising competition.

NYSE Files for Rule Change to List Trump Bitcoin Ethereum ETF

On Tuesday, the New York Stock Exchange filed a proposed rule change to allow the listing of an ETF from Trump Media & Technology Group, which would track Bitcoin and Ethereum, according to an SEC filing.

The application comes just eight days after Trump Media, through a partnership with Yorkville America, filed a prospectus for the Truth Social Bitcoin and Ethereum ETF, which would feature a 75% Bitcoin and 25% Ethereum holdings ratio. 

The Truth Social BTC and ETH fund furthers Trump Media’s increasing entwinement with crypto.

Nano Labs' $1 Billion Investment in BNB Leads to Surge in Stock Price

Nano Labs, a blockchain infrastructure firm, announced plans to buy $1 billion worth of BNB in the near future.

Ultimately, the company says, it wants to buy up to $9.4 billion worth of the Binance-linked cryptocurrency.

Upon news of the treasury plans, which will be funded by sales of convertible notes, Nano's stock once nearly tripled in value and then closed up 36%.

Bitcoin Miner Hut 8 Doubles Coinbase Credit Facility to $130 Million

Bitcoin mining firm Hut 8 said on Tuesday that it expanded its bitcoin-backed credit facility with Coinbase Credit to $130 million, up from $65 million.

The amended agreement also comes with a fixed interest rate of 9% versus the previous floating rate of between 10.5% and 11.5%. The maturity of the facility was extended to July 16, 2026.

“This facility has been an efficient source of capital on our balance sheet,” said Sean Glennan, Hut 8’s chief financial officer. “The combination of improved terms and collateral and borrower protections reflects our conviction that risk discipline is essential to building a resilient and efficient capital structure.”

SharpLink Gaming Boosts Treasury With $30 Million in ETH, Showing Confidence in Ethereum's Utility

SharpLink Gaming, the Minneapolis-based gambling marketing firm turned Ethereum treasury company, added more than $30 million in ETH to its treasury, the firm announced on Tuesday. 

The publicly traded firm acquired 12,207 ETH at an average price of $2,513 during the four-day span of June 16-20, bumping its treasury holdings to 188,478 ETH—or about $461 million worth, based on the current price of Ethereum. 

As of June 20, the firm says it has placed 100% of its ETH holdings into staking platforms, resulting in 120 ETH in rewards and an ETH-per-share growth rate of 18.97%. 

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $588.55 million. The total net asset value of Bitcoin spot ETFs is $130.28 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.18%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net inflow on June 24 was iShares Bitcoin Trust ETF (IBIT), with a net inflow of $436.32 million. Following that was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of 85.16 million, according to SoSoValue.

Source: SoSoValue