XRP and ADA Lead Crypto Declines Amid Caution in Markets
Crypto markets faced a downturn, with altcoins declining more than Bitcoin, which remained above $105,000. Key movements include:
- XRP fell 3.4% to $2.16
- Cardano's ADA lost 4%
- Ether dropped 2.5% to over $2,500
- BNB slid 0.5%
- Solana's SOL decreased by 2.6%
- Hyperliquid's HYPE plunged over 8%
Market caution is attributed to rising oil prices and geopolitical tensions following U.S. President Trump's comments regarding Iran. Bitcoin displayed limited movement despite these events.
On-chain data indicates long-term holders are inactive, suggesting no significant profit-taking is occurring. This might support ongoing market consolidation before a potential breakout in Q3.
The U.S. Senate passed the GENIUS Act, establishing a regulatory framework for banks to issue stablecoins backed by Treasury bills. This legislation could enhance institutional adoption of stablecoin payments across various industries.
Nick Ruck from LVRG Research noted that the bill may accelerate adoption of stablecoin systems for instant transactions, marking a step towards integrating crypto payments into mainstream business operations.