The cryptocurrency market is experiencing a mix of stability and volatility this week, as detailed in the Coinidol.com news digest dated June 21, 2025. Bitcoin has shown resilience, fluctuating within the range of USD 104,000 to 106,000, despite some recent declines after peaking above USD 110,000. Notably, Bitcoin’s price has remained supported by the 50-day Simple Moving Average (SMA), which has successfully halted bearish trends on two occasions. Analysts suggest that Bitcoin could face a further decline to USD 92,000 if this support level fails.
In a significant development, the US Senate has approved the GENIUS Act, a bipartisan bill aimed at regulating stablecoins. This legislation sets forth federal standards including consumer protections and transparency requirements, and will now move to the House of Representatives for potential amendments. Importantly, the bill also includes a clause restricting Congress members and their families from profiting from stablecoin investments.
In related news, Coinbase has launched Coinbase Payments, a platform that facilitates online merchants in accepting payments in stablecoins like USDC with ease. Early adopter Shopify has already integrated this service, allowing its merchants to accept USDC transactions through Coinbase’s Layer 2 Base network.
Furthermore, the U.S. Attorney’s Office has initiated efforts to seize over $225 million in cryptocurrency linked to investment fraud schemes, marking a record seizure in Secret Service history. Tether has played a crucial role in supporting this investigation.
Overall, while challenges remain in the cryptocurrency landscape, developments such as regulatory advancements and innovative payment solutions from major players like Coinbase provide a pathway for growth and increased legitimacy in the market.