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Major U-Turn in Crypto Markets Sends Bitcoin Back Below $87K

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Sunday’s Trump bump in crypto has mostly vanished nearly as quickly as it appeared.

In mid-afternoon U.S. action, bitcoin (BTC) is changing hands at $86,700, barely above its level prior to President Trump taking to social media Sunday to tout his plans for coming U.S. crypto reserve.

Ether is now actually beneath its pre-Trump level and at 0.025, the ETH/BTC ratio has touched a new five-year low.

Other tokens touted by Trump as part of the coming crypto reserve — Solana’s (SOL), Ripple’s (XRP) and Cardano’s (ADA) — have given up sizable amounts of their Sunday gains, though remain somewhat higher than prior to the president’s posting.

“Crypto vols are still relatively elevated with both majors still reflecting a Put Skew till end-March,” crypto trading firm QCP Capital wrote to their investors. “The VIX is also elevated, signaling broader market unease in risk assets overall, particularly after the recent tariff escalations from the U.S. administration.”

Crypto stocks have given up large chunks are early gains on Monday, with a number of them — Core Scientific (CORZ) and Bitdeer (BTDR) among them — now sporting sizable losses on the session.

Medical equipment maker Semler Scientific (SMLR) — perhaps better-known for its bitcoin treasury strategy — is off 7.3% today after a DOJ investigation for possible violations of a federal anti-fraud law related to its marketing of a product known as QuantaFlo, reported Stat News.

The broader stock market is also in the red, with the Nasdaq shedding 1.1% and S&P 500 0.8% ahead of Trump’s promised tariffs on Mexico, Canada and China. Chipmaking giant Nvidia (NVDA) is down 6.5% on news that Singapore has charged three men in a U.S. export controls breach case.

“Concerns over U.S. growth, and impending tariffs on China, Mexico, and Canada — set to take effect tomorrow — will be in focus, driving equities and rates,” said Jake Ostrovskis, OTC Trader at crypto market maker Wintermute.

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Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC

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Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.

June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.

COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.

The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.

Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.

The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.

Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.

Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.

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Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts

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Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.

Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.

The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.

The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.

Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.

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Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market

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XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.

One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.

Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.

On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.

XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.

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