What Happened in Crypto This Week: Market Action and News You Missed
Several major developments happened in crypto this week, including the fallout of a potential war between Iran and Israel, a successful cloture vote for the GENIUS Act stablecoin bill, Ripple’s ambitious XRPL goals, and more.
Additionally, Coinbase listed three new assets, and the US CPI report showed rising inflation. All these developments and more are available at BeInCrypto.
Iran-Israel War Tension Bleeds the Crypto MarketGeopolitical developments can have a massive impact on crypto prices, as events in the last week have certainly reminded us. After Israel launched a surprise attack on Iran’s government leaders and nuclear sites yesterday, the crypto market lost more than $1 billion.
Today, Iran has been returning fire with drones and missiles, further escalating the crisis.
Missiles Strike Targets in Downtown Tel Aviv. Source: Sky News
Since this unprecedented escalation, Ethereum has fallen more than 10%. Solana, XRP, and Pi Network also saw significant losses.
However, a few altcoins bucked the bearish trend, and several US-related crypto stocks show mixed results. Global oil prices are already soaring, which may have an adverse impact on energy-intensive crypto sectors like the mining industry.
Meanwhile, the gold price surged due to rising FUD, leading analysts to position it again as a safer asset than Bitcoin.
BREAKING: Gold prices surge above $3450/oz and now stand less than 2% away from a new all time high.
Gold is currently up nearly 30% year-to-date.
Keep watching gold. pic.twitter.com/kCYYAUmZXd
Ultimately, it’s a very uncertain and volatile situation for the global financial markets, including crypto.
GENIUS Act Passes Cloture VoteThe GENIUS Act, a key piece of US crypto regulation, passed a cloture vote in the Senate this week. Although the bill has faced a few prominent obstacles, new amendments aimed at shoring up Democratic support.
An overwhelmingly successful cloture vote ensured that these amendments will be part of the final bill, which will likely become law soon.
GENIUS Act Passes Cloture Vote. Source: US Senate
Due to the byzantine nature of Senate procedure, it’s difficult to definitively claim when the GENIUS Act will advance.
Kirsten Gillibrand, a pro-crypto Democratic Senator, expressed serious reservations with President Trump’s involvement in the crypto industry, but ultimately argued that the bill is a benefit for the US.
Ripple Aims High With Ripple LedgerThis week in crypto, Ripple CEO Brad Garlinghouse expressed a bold vision at the XRP Ledger Apex 2025 in Singapore. Specifically, he claimed that the XRPL could capture 14% of SWIFT’s global liquidity in the next five years.
“SWIFT today has two components—messaging and liquidity,” Garlinghouse claimed. “Liquidity is owned by banks. I think less about the messaging and more about liquidity. If you’re driving all the liquidity, it’s good for XRP. So, in five years, I’d say 14%.”
This is an ambitious goal, but Garlinghouse sees integration with traditional finance institutions as the key.
Also this week, Ripple partnered with Circle to put USDC on the XRP Ledger, increasing crypto’s visibility and utility for a broad range of users.
Coinbase Lists Three TokensCoinbase, one of the world’s largest crypto exchanges, listed three new tokens this week. The assets in question, PancakeSwap (CAKE), Subsquid (SQD), and Fartcoin, all performed well afterward.
SQD reached a new all-time high after the listing announcement, potentially signaling new prominence:
Subsquid (SQD) Price Performance. Source: CoinGecko
This high performance demonstrates Coinbase’s continued ability to boost projects’ notoriety with token listings.
The three assets in question are largely unrelated, being a DEX, an AI agent token, and a meme coin, respectively, but all of them posted significant gains.
Coinbase also unveiled several new products at its Crypto Summit 2025. This includes a new credit card in partnership with American Express and the launch of perpetual futures trading in the US.
This is what the new Coinbase One Card looks like. Very cool – each one is metal and engraved with the genesis block.
It's also the first crypto credit card powered by American Express. With cashback paid in bitcoin, of course. https://t.co/n48YrD5zii pic.twitter.com/M9BrEEZ1Bo
Finally, a new CPI report came out this week, naturally impacting the crypto market. Inflation in the US slightly ticked upward, encouraging market greed and boosting the price of Bitcoin and other assets.
This signal could serve as a recession indicator, but Bitcoin is a store of value during these crises.
Economic experts are predicting trouble, tension is building between President Trump and Fed Chair Jerome Powell, and the forecast could get dicey soon.
As always, BeInCrypto will stand by to monitor any developments and keep its readers informed.
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