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Weekly Recap: Markets Dive as Middle East Tensions Flare

Happy weekend Defiers!

Crypto markets had another volatile week, fueled by rising geopolitical tensions as Israel attacked Iran and the latter retaliated, sparking fears of a wider conflict.

Bitcoin is on track to end the week around $105,000 after trading as low as $102,800 on Thursday. Most major altcoins are relatively unchanged over the past seven days.

DeFi tokens rallied after the SEC signaled support for the sector, with SEC chair Paul Atkins revealing that the agency is working on an ‘innovation exemption’ for DeFi.

Tether-backed blockchain Plasma had no trouble pulling in $1 billion for its ICO, showcasing the massive demand for stablecoin exposure after Circle’s successful IPO.

Meanwhile, Stripe is diving deeper into crypto with the acquisition of Privy, a developer of embedded wallets.

Plus, Coinbase users will soon be able to trade Base tokens directly through the app.

Enjoy!

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Top stories this week

Crypto Markets Plunge as Middle East Tensions Trigger Global Selloff

Bitcoin dipped under $103,000 on Thursday night after Israel launched a major attack on Iran, sparking fears of a wider conflict. Leveraged liquidations topped $1.1 billion — the highest since February.

SEC Considers ‘Innovation Exemption’ for DeFi Projects

The SEC’s DeFi roundtable on June 9 featured promising comments from the new SEC Chairman, Paul Atkins, who revealed that the agency is working on “a conditional exemptive relief framework or ‘innovation exemption’ that would expeditiously allow registrants and non-registrants to bring on-chain products and services to market.”

“The right to have self-custody of one’s private property is a foundational American value that should not disappear when one logs onto the internet,” Atkins said.

Stablecoin Blockchain Plasma Fills $500 Million ICO Instantly

Tether-backed Layer 1 blockchain Plasma showcased the massive demand for exposure to the stablecoin sector this week, filling a $500 million initial coin offering (ICO) deposit vault in a matter of minutes.

The deposit cap was raised to $1 billion later in the week and filled in just 30 minutes.

Payments Giant Stripe Acquires Crypto Wallet Developer Privy

Payment processor Stripe has agreed to acquire crypto wallet developer Privy, which helps companies embed wallets into their apps for a smooth user experience.

“Money has to reside somewhere, and Privy builds the world's best programmable vaults,” said Stripe CEO Patrick Collison.

Coinbase to Integrate Base DEXs on its Main App

Coinbase announced a flurry of new features this week, including perpetual swaps, a BTC rewards credit card, and access to assets trading on Ethereum Layer 2 Base, directly through the Coinbase app.

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