The crypto market has seen a mixed bag this week. Coinidol.com weekly news digest on June 21, 2025.
Cryptocurrency market subject to fluctuations and corrections
While Bitcoin has generally held steady in the USD 104,000 to 106,000 range, experiencing some slight setbacks after earlier rises above USD 110,000, several altcoins have seen deeper corrections.
Coinidol.com reported earlier that BTCÂ recovered after the 50-day SMA halted the bearish momentum twice. Bitcoin’s price would have fallen to $100,000 if the bears had broken the 50-day SMA support. Bearish momentum will continue to decline to $92,000.Â
Stablecoin regulation moves forward in the US Senate
An important development this week was the US Senate’s passage of the GENIUS Act, a bipartisan bill to regulate stablecoins. This legislation, which establishes federal guardrails, consumer protections and transparency requirements, will now be presented to the House of Representatives for possible revision. In particular, the bill includes a provision prohibiting members of Congress and their families from profiting from stablecoins.
Coinbase launches stablecoin payment platform
Coinbase unveiled Coinbase Payments, a new product designed to help online merchants accept stablecoins like USDC with minimal friction. Shopify is an early adopter that has integrated the system to allow merchants to accept USDC payments through Coinbase’s Layer 2 Base network, which mirrors the traditional card infrastructure.
Major crypto seizure by US Secret Service
The U.S. Attorney’s Office filed a civil forfeiture complaint seeking the seizure of more than $225 million in cryptocurrency related to widespread investment fraud schemes, making it the largest crypto seizure in Secret Service history. Tether reportedly assisted in the investigation.
