The Blockchain Bulletin, June 14: Tehran Strikes Trigger Crypto Selloff
Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we provide you with the significant developments that took place in the crypto world over the last 24 hours. The market went into a tailspin following the attacks on Tehran. Explosions rocked early Friday after Israel launched airstrikes on Iranian nuclear and military sites.
Israeli Defence Minister Israel Katz declared a national emergency, citing the strikes as preemptive. Iran is expected to respond with missile or drone retaliation. With the tension between Israel and Iran escalating, the cryptocurrency market experienced a drastic downfall, with Bitcoin dropping 2% instantly and Ethereum plunging by 4.4%. Moreover, over 246,000 traders were liquidated as panic rippled across exchanges
CFTC’s Pham Slams Brakes on Crypto Rule-Bending
Acting CFTC Chair Caroline Pham gave crypto firms a sobering wake-up call at the Coinbase Summit. In her no-nonsense tone, she declared that being pro-innovation doesn’t mean giving criminals a free pass. Pham made it clear that shortcuts won’t fly, even under a pro-growth Trump administration. Her words were sharp: “There is no easy street for anybody, and regulators aren’t easy.”
Regulatory Updates
On the regulatory front, the U.S. Securities and Exchange Commission has withdrawn several key proposals introduced under former Chair Gary Gensler. These rules targeted DeFi platforms and aimed to change the definition of a securities exchange. A particularly controversial amendment to Exchange Act Rule 3b-16, which would have subjected DeFi to traditional regulatory structures, has now been dropped.
Institutional Moves
Cardano founder Charles Hoskinson announced a bold new plan to strengthen DeFi on Cardano by proposing to convert $100 million worth of ADA into a mix of stablecoins and Bitcoin. Hoskinson highlighted Cardano’s weak stablecoin-to-TVL ratio and suggested allocating funds across USDA, USDM, IiUSD, and even Bitcoin to support upcoming Bitcoin DeFi ventures.
Polkadot is considering a major shift by converting 500,000 DOT into tBTC through Hydration’s rolling DCA system. This tactic aims to broaden its treasury and improve liquidity. The automated system will make weekly purchases of 0.005 tBTC, gradually injecting it into Polkadot’s DeFi ecosystem, marking a unique approach to decentralized asset management.
On June 12, Invesco and Galaxy Digital filed paperwork for the Invesco Galaxy Solana ETF in Delaware. The ETF, now registered as a statutory trust, could pave the way for institutional access to Solana. If approved, it may trigger very high adoption by traditional financial players.
Retail titans Walmart and Amazon are reportedly exploring the launch of their own U.S. dollar-backed stablecoins. Sources say the goal is to lower transaction costs and boost payment efficiency. Though neither company has officially confirmed, the move could revolutionize customer payment flows, especially as the GENIUS Act gains traction in Congress.
Related: Conflux Price Prediction 2025-35: Will It Hit $30 by 2035?
Market Overview
Despite geopolitical turmoil and liquidation waves, Bitcoin and Ethereum ended the day with gains. Bitcoin rose 1.41% to $105,346.90, reaching a $2.09 trillion market cap. Ethereum jumped 1.93% to $2,553.53, with a market cap of $308.26 billion. Both assets recorded strong fundamentals, even as daily trading volumes plunged by 19.52% for BTC and 32.04% for ETH. Despite market turmoil, the giants show strong fundamentals, highlighting investor confidence.
