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DOGE, ADA Nosedive 7% as Crypto Traders Digest ‘Recession’ Sentiment

Dogecoin DOGE and Cardano’s ADA ADA led the declines on Friday as crypto traders digested mixed macro data and recession concerns sparked by an escalating feud between President Donald Trump and tech titan Elon Musk.
DOGE tumbled nearly 7% in 24 hours, while ADA slid 6.5% to reflect a risk-off shift among crypto traders.
Bitcoin BTC bounced above $102,000 in Asian morning hours after falling to near $101,000 on Thursday night, with ether ETH, XRP XRP, BNB Chain’s BNB BNB and Solana’s SOL SOL down between 2%-5%.
The spat between Musk and Trump rattled confidence, with Musk warning that the U.S. is likely headed for a technical recession this year — a concern that weighed heavily on speculative assets.
“The quarrels between Elon Musk and President Trump exposes divides that could hinder plans to reform the US economy, which is why cryptocurrencies as a whole dropped overnight,” said Jeff Mei, COO at BTSE, in a Telegram message to CoinDesk.
“However, we are still positive on the long-term viability of crypto markets, and given the success of Circle’s IPO yesterday, it’s clear that there are still many institutional investors who feel the same way,” Mei added.
Some analysts pointed to the growing risk that political infighting could spill over into markets.
“While recent US macroeconomic reports influenced the sell-off, the negative outlook has been mostly driven by the escalating tensions between President Trump and Elon Musk,” said Nick Ruck, director at LVRG Research, told CoinDesk.
“Investors fear their feud could spill over into the markets. We remain optimistic for the long term as institutions continue to build within the greater crypto ecosystem,” Ruck added.
Traders remain cautious as the market awaits clarity on the debt ceiling debate and the potential impact of Trump’s proposed “One Big Beautiful Act” on fiscal policy.
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Circle Valuation Is ‘Outside Our Comfort Zone,’ Initiate at Underweight: JPMorgan

Wall Street heavyweight JPMorgan (JPM) initiated coverage of stablecoin issuer Circle (CRCL) with an underweight rating and an underwhelming $80 price target.
The shares were trading 4.5% higher at around $189 at publication time.
Circle is well positioned, the bank said, and its USDC stablecoin has an «early-mover advantage,» with growing use cases in payments.
«We think highly of the Circle management team and are confident in the outlook for outsized stablecoin and USDC growth,» analysts led by Kenneth Worthington wrote.
Still, the analysts see the company’s market capitalization as elevated, and initiated coverage with an underweight rating. The stock priced at $31 a share in its initial public offering (IPO), and hit a record high of $299 last Monday.
Other Wall Street analysts were not as bearish. Broker Bernstein initiated coverage with an outperform rating and a $230 price target, saying Circle was an «investor must-hold.»
«CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart and marquee distribution partnerships,» analysts led by Gautam Chhugani wrote.
Bernstein is also bullish about the wider stablecoin market, and expects total market cap to reach around $4 trillion in the next decade from $225 billion today.
Rival broker Canaccord Genuity started coverage of Circle with a buy rating and a $247 price target.
The firm’s analysts view the issuer of USDC as «having many of the key attributes that could make it a long-term winner in this potentially very large and new market for truly digital money.»
Read more: Circle Mania Grips South Korea as Retail Investors Pile Into Stablecoin Play
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Popular Financial Advisor Ric Edelman Says Investors Should Allocate Up to 40% of Wealth to Crypto

Prominent financial advisor Ric Edelman says investors should consider putting as much as 40% of their wealth into cryptocurrency, a bold recommendation that reflects how far digital assets have come in recent years.
“Today I am saying 40%, that’s astonishing,” Edelman told CNBC’s Crypto World on Friday. “No one has ever said such a thing.”
Edelman, founder of the Digital Assets Council of Financial Professionals, has been active in crypto for over a decade. He first urged investors to allocate part of their portfolios to bitcoin BTC in 2018. In his 2021 book “The Truth About Crypto,” he described even a 1% crypto allocation as “reasonable” for most people.
Now, Edelman believes the case for crypto exposure is far stronger, pointing to what he called a “massive change” in the industry over the past four years. In particular, he highlighted growing political support for digital assets, especially following the election of U.S. President Donald Trump.
“Today, all those questions have been resolved,” Edelman said, referring to regulatory uncertainty and institutional hesitation. “It’s radically changed and is now a mainstream asset.”
Edelman’s firm, Edelman Financial Engines, manages nearly $300 billion in assets. Though traditionally known for retirement planning and wealth management, the firm’s growing attention to digital assets mirrors a broader trend among financial institutions embracing crypto as a legitimate asset class.
Even though Edelman described crypto as the “best investment opportunity of the decade,” he acknowledged that a 40% allocation may not suit everyone, suggesting a more conservative 10% for those with lower risk tolerance.
Edelman’s recommendation marks one of the most aggressive calls from a mainstream financial figure to date. Most financial advisors in the U.S. are currently recommending well under 5% to their clients.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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BitMine Immersion Stock Triples as It Raises $250M for Ether Treasury, Adds Thomas Lee to Board

BitMine Immersion Technologies (BMNR) has secured $250 million via a private placement of common stock and will use the funds to launch an ether (ETH) treasury.
When the deal closes, expected July 3, the Las Vegas-based miner said it will rank among the largest publicly traded holders of ETH.
The financing, priced at $4.50 a share, brought together investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity placed the deal.
BitMine justified its choice of ether as a primary reserve asset saying Ethereum currently leads in stablecoin payments, tokenized assets, and decentralized financial applications.
“By having a direcT ETH treasury position, the company has access to native protocol-level activities, such as staking and decentralized finance mechanisms, on the Ethereum network,” the company wrote.
The move also reshapes BitMine’s leadership. Fundstrat founder Thomas Lee, long known on Wall Street for his crypto research and bullishness, was newly appointed Chairman of the Board of Directors.
Lee said the round reflects “the rapid and continued convergence of traditional financial services and crypto” and set a new key performance metric for the company: ether per share.
SharpLink Gaming (SBET) is one of the few other publicly traded companies creating and ether treasury, having recently boosted it to 188,478 ETH. Most other companies creating crypto treasuries focus on bitcoin (BTC).
BitMine’s shares have more than tripled in premarket action to nearly $14.
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