Amidst significant global political upheaval, Bitcoin's value remains robust, climbing from $98,000 to $108,000 - here's a summary of the recent crypto week.

Wild Week in Crypto Markets: A Rollercoaster Ride for Traders

The past week was a thrill ride for both crypto and traditional markets. Here's a breakdown of the chaos that unfolded.

Even though Bitcoin remains fairly stagnant on a weekly basis, the past seven days were far from quiet. The recent geopolitical tensions between Iran and Israel triggered the market volatility we saw.

On June 23rd, BTC dropped below $100,000 for the first time since early May, causing a wave of panic and leading to over $1 billion in liquidated positions. The sell-off was primarily due to the announcement that the US would join Israel in attacking strategic Iranian nuclear sites.

The turmoil didn't end there. The following day, the situation began to de-escalate, as many believe that Iran's alleged retaliation against a US base in Qatar was staged, causing only minor damage.

President Trump soon announced a ceasefire, and markets breathed a collective sigh of relief. Bitcoin rallied from the sub-$100,000 region to a high of around $108,000.

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Today, Bitcoin is trading at $107,000, but the majority of altcoins, as shown in the heatmap below, have taken a substantial hit. Many are down between 4% and 10%, showcasing Bitcoin's dominance in the market over the past few months.

In other news, Chainlink made headlines this week after Mastercard, a leading global payment processing firm, announced a partnership. The goal is to enable Mastercard's 3 billion users to effortlessly buy cryptocurrencies. This is a prime example of increased adoption in the crypto space.

elsewhere, the legal battle between the US SEC and Ripple is ongoing. Although many expected the case to be settled this week, the judge declined the parties' motion for an indicative ruling, causing the case to drag on for another few months. The outcome largely depends on Ripple now.

Overall, the market performed remarkably well amid growing geopolitical tensions and economic instability. However, it's fascinating to see how the landscape will evolve in the weeks to come.

Market Data

Market Cap: $3.384T | 24H Vol: $84B | BTC Dominance: 62.7%

BTC: $106,693 (+0.6%) | ETH: $2,426 (-5%) | XRP: $2.08 (-4%)

Intriguing Developments in the Crypto World

Huge Amount of BTC Snapped Up by Buyers Amid Market Turmoil. Over the past couple of weeks, approximately 720,000 BTC were sold, with the majority of it offloaded by relatively new holders. Remarkably, the market managed to absorb this large amount without a catastrophic crash.

Previous Bitcoin Behavior Indicates a Possible $100K to $200K Rally. The LTH/STH ratio is gradually increasing, which is typically a positive on-chain metric that has preceded significant bull runs, such as the one from $28K to $60K and from $60K to $100,000. While history doesn't repeat itself, it may provide some insight into what's to come.

Top Cryptos to Watch: These Coins Could Experience a Breakout, According to Data. This week, Santiment released an interesting report highlighting some promising coins to watch as we enter the third quarter of the year. Some of the coins might catch you off guard.

Chainlink Teams Up with Mastercard, Allowing 3 Billion Mastercard Holders to Easily Purchase Crypto. Chainlink, a leading oracle provider, has partnered with Mastercard, a major payment network company. The collaboration aims to enable Mastercard cardholders worldwide to buy cryptocurrencies seamlessly, breaking down barriers between fiat payments and crypto utilities.

XRP Prices Drop Following Ripple's Latest Setback in SEC Legal Battle. Unfortunately for XRP holders, the judge did not grant the parties' motion for an indicative ruling, pushing the Ripple v. SEC case to potentially continue for another few months. Ripple now faces a choice: either continue with the appeal or abandon it entirely.

Circle Cracks $66B Valuation, Surpassing USDC Supply. Circle, one of the world's largest stablecoin issuers, has achieved a valuation of over $66 billion following increased share values. The company now trails Coinbase after a highly successful initial public offering.

Charts

This week, we've analyzed Ethereum, Ripple, Cardano, Solana, and Hype - view the complete analysis here.

Despite Bitcoin's relative stability, the past week in the crypto markets was characterized by significant volatility, with Bitcoin dropping below $100,000 on June 23rd due to geopolitical tensions between Iran and Israel.
As the market continues to perform well amidst economic instability, altcoins have taken a substantial hit, with many down between 4% and 10%.
The recent partnership between Chainlink and Mastercard is a testament to increased crypto adoption, as Mastercard's 3 billion users will now be able to easily purchase cryptocurrencies.
The ongoing legal battle between the US SEC and Ripple is causing uncertainty, with the case dragging on and potentially continuing for another few months.

Amidst significant global political upheaval, Bitcoin's value remains robust, climbing from $98,000 to $108,000 - here's a summary of the recent crypto week.