XRP, ADA Lead Crypto Majors Slide While Bitcoin Watchers Target Return to Highs in Q3
Jun 18, 2025, 5:00 a.m.
What to know:
- The U.S. Senate passed the GENIUS Act, providing a regulatory framework for stablecoins, potentially boosting institutional adoption.
Crypto markets slipped across the board Wednesday, with altcoins leading the decline and Bitcoin continuing to trade in a tight band just above $105,000.
XRP
fell 3.4% to $2.16, Cardano's ADA
lost 4%, and ether
dropped 2.5% to just over $2,500. Meanwhile, BNB Chain’s BNB
slid 0.5%, Solana’s SOL
fell 2.6%, while Hyperliquid’s HYPE
dove more than 8%.
Broad risk aversion and rising oil prices, triggered by continued military escalation between Israel and Iran, kept traders cautious. The sell-off came as U.S. President Donald Trump threatened to eliminate Iran's supreme leader amid the Middle East clash, calling him an "easy target."
Bitcoin
, which has historically traded as both a risk asset and a hedge depending on context, showed little direction despite global tensions and a weakening dollar.
“Bitcoin hasn’t acted as a classic risk-on or risk-off asset lately—even as global tensions flare,” said Alex Kuptsikevich, chief market analyst at FxPro.
On-chain data shows long-term holders remain inactive, indicating no widespread profit-taking despite recent gains. “That positioning could reinforce the current consolidation phase before a potential breakout in Q3,” Kuptsikevich added.
But beyond the day’s volatility, the market continues to process what may become a structural pivot toward institutional adoption and regulated stablecoin infrastructure.
The U.S. Senate passed the GENIUS Act on Tuesday, a bipartisan bill that provides banks with a regulatory framework for issuing stablecoins backed by Treasury bills and other high-quality liquid assets. The legislation could precede enterprise adoption and normalize stablecoin payments across traditional industries.
“The bill can potentially accelerate adoption by enabling American companies across various industries to incorporate stablecoin payment systems for instant transactions or other processes that we see in the DeFi sector,” said Nick Ruck, director at LVRG Research, in a Telegram message.
The GENIUS Act is being framed by some banks as the most comprehensive and legislation for stablecoins to date, paving the way for tokenized dollars to transition from crypto exchanges into mainstream corporate infrastructure.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
