Crypto Market Faces Turmoil Amid Geopolitical Tensions
The crypto market took a hit this week as Bitcoin and Ethereum prices fell sharply. The decline 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, wiht some losing more than 9% in value.
Iran responded by imposing a curfew on domestic crypto exchanges, restricting operations from 10 a.m. to 8 p.m. This move came after a $90 million hack on Nobitex, Iran’s largest trading platform.Despite the market downturn, crypto venture funding remained strong, with 18 projects securing $159.5 million.
Simultaneously occurring, Reddit is exploring iris-scanning technology to tackle identity issues in the AI age.The platform is in talks with Sam Altman’s World ID to verify user identity without storing personal data. This partnership aims to address AI threats and bot abuse while preserving user anonymity.
Coinbase unveiled a new stablecoin payments infrastructure, allowing merchants to accept USDC easily.Shopify has already integrated this system, enabling merchants to receive low-cost USDC payments.
NFT sales saw an 18.43% drop to $116.9 million. However, buyer numbers remained stable, showing resilience in the face of challenges.
KindlyMD, a telehealth provider, is merging with Nakamoto Holdings, committing $763 million to Bitcoin. Texas Governor Greg Abbott signed a bill creating the Texas strategic Bitcoin Reserve, a state-managed fund to hold Bitcoin as a financial asset. X, formerly Twitter, is developing in-app investment features, aiming to become a “super app” under Elon Musk’s leadership. The KindlyMD-Nakamoto merger secured $51.5 million in financing, signaling strong institutional interest.texas is establishing a Bitcoin reserve to hedge against inflation. X, formerly Twitter, plans to integrate financial services, positioning itself as a financial hub. These developments highlight the ongoing evolution and adaptation within the crypto space, showcasing its potential for growth and integration into everyday financial activities.
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