The past week in the world of finance and technology was nothing short of exciting. From the backing of a crypto-friendly startup bank by big names in tech to the stunning surge of Circle’s stock, there was no shortage of intriguing developments.
Here’s a quick recap of the top stories that made headlines.
, founder of defense technology startup , and , co-founder of , have reportedly invested in a cryptocurrency-friendly banking startup. The startup aims to provide stability to Silicon Valley and assist tech entrepreneurs in growing their businesses.
, the issuer behind the USD Coin, saw its stock surge by a whopping 540% since its IPO on June 5. The rally gained further momentum following the U.S. Senate’s passage of the GENIUS Act, a bill that would formally regulate dollar-backed stablecoins.
Leading cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, moved sideways as Federal Reserve Chair Jerome Powell signaled slower growth and hotter inflation. Bitcoin consolidated in the $104,000-$105,000 range.
Disclosure: 82% of retail CFD accounts lose money
Cryptocurrency analyst projected a 60% price move for once it breaks free from a symmetrical triangle pattern. This pattern typically indicates a period of consolidation in the market before a potential breakout or breakdown.
Sen. (D-Mass.) warned that stablecoin legislation could enable billionaires like Elon Musk and Jeff Bezos to exploit user data and engage in unfair trade practices. She argued that the GENIUS Act has a major loophole that allows Big Tech and major retailers to issue their own stablecoins.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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