Crypto Chaos: Why Your Wallet Might Be Crying Right Now! 💸😱

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Well now, gather ’round, folks, for the crypto market has taken a tumble that would make a cat on a hot tin roof look like it’s just lounging in the sun. Bitcoin (BTC), that old rascal, has dipped down to a low of $103,567, as if it were trying to hide from the world. But lo and behold, it has clawed its way back to $105,000, trading at a current level of $105,490. It’s down nearly 2% over the past 24 hours, but who’s counting? 🤷‍♂️

Meanwhile, Ethereum (ETH) is doing its best impression of a sinking ship, down nearly 2% and struggling to keep its head above water at around $2,538. Ripple (XRP) is down over 3%, and Solana (SOL) has taken a nosedive below the $150 mark, trading around $148. Even Dogecoin (DOGE) is feeling the pinch, down 1.30%, while Cardano (ADA) is down 2.32%, trading around $0.618. It seems like the whole gang is in a bit of a pickle! 🥒

Dow Jones Takes a Dive as Hopes for Peace Fade

In a twist that would make a soap opera writer proud, the Dow Jones and other US stock indices have taken a hit as hopes for a quick resolution to the Israel-Iran conflict have evaporated like a mirage in the desert. The Dow Jones fell 130 points on July 17, with healthcare firms leading the charge downwards. Meanwhile, the S&P 500 dropped 0.44%, and the tech-heavy Nasdaq lost 0.50%. It all started when President Trump decided to play the role of the tough guy, calling for the evacuation of Tehran. Talk about escalating tensions! 😬

Oil prices have also spiked 3%, as investors fret over the possibility of a prolonged conflict impacting the region’s oil production. Israel has already taken a swing at major oil facilities in Iran, and the latter is considering closing the Strait of Hormuz. It’s a real nail-biter, folks! 🛢️

BBVA Tells Clients to Dive into Crypto

In a surprising twist, BBVA (Banco Bilbao Vizcaya Argentaria), Spain’s second-largest bank, has advised its wealthy clients to dip their toes into the crypto waters. They’re suggesting a modest 3% to 7% of their portfolio be allocated to crypto and Bitcoin (BTC), depending on how much risk they’re willing to dance with. Philippe Meyer, the head honcho of digital and blockchain solutions at BBVA Switzerland, said at a conference in London,

“With private customers, since September last year, we started advising on Bitcoin.”

He claims that clients have been quite receptive to this advice, dismissing concerns that BTC and other crypto assets are too risky. Well, isn’t that a refreshing take? 🤑

Thailand Says No to Capital Gains Tax on Crypto for Five Years

In a move that would make any tax-averse individual do a little jig, Thailand has announced it will exempt capital gains taxes on cryptocurrency sales through locally licensed crypto asset service providers for five years. The Ministry of Finance confirmed this delightful news on Tuesday, stating that capital gains taxes will be waived on crypto transactions between January 1, 2025, and December 31, 2029. It seems they’re trying to attract crypto investors like moths to a flame! 🔥

US Senate Passes GENIUS Act

In a rare moment of bipartisan agreement, the US Senate has passed the GENIUS Act, paving the way for a regulatory framework for US dollar-pegged crypto-tokens known as stablecoins. The bill passed with a 68-30 vote, which is about as close to a miracle as you can get in politics these days. Andrew Olmen, a managing partner at Mayer Brown, called it a major milestone, stating,

“It is a major milestone. It establishes, for the first time, a regulatory regime for stablecoins, a rapidly developing financial product and industry.”

If signed into law, the bill will require all stablecoins to be backed by liquid assets like the US Dollar. Sounds like a plan, right? 🤔

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) has made a bit of a comeback during the ongoing session, up nearly 1%. After a rollercoaster ride, it has reclaimed $105,000, but not without a few bumps along the way. The market sentiment took a nosedive thanks to escalating tensions in the Middle East, and BTC saw a sharp drop on Monday. President Trump’s call for evacuations didn’t help matters either. It’s like watching a soap opera unfold! 📺

Bitfinex analysts believe BTC must hold above $102,000 to stay on course for a potential rebound. They say if it stays above that level, it suggests the markets are absorbing the selling pressure effectively. But with all this macroeconomic volatility, it’s a wild ride! 🎢

Ethereum (ETH) Price Analysis

Ethereum (ETH) is dragging its feet this week, failing to establish itself above $2,600. After reaching a high of $2,878, it seems to have lost its spark, plunging to a low of $2,441 before recovering to $2,500. It’s like watching a turtle trying to outrun a hare! 🐢

Solana (SOL) Price Analysis

Solana (SOL) has taken a hit, dipping below $150 to a low of $145. Even the news of VanEck’s Solana ETF getting a DTCC listing couldn’t lift the spirits. It’s like trying to cheer up a sad puppy! 🐶

Uniswap (UNI) Price Analysis

Uniswap (UNI) had a wild ride, crossing the 20-day SMA and settling at $6.35, only to end the weekend in the red at $6.32. It’s been a week of ups and downs, like a seesaw at the playground! 🎠

Celestia (TIA) Price Analysis

Celestia (TIA) has been on a downward spiral since last week, currently trading around $1.65. It’s like watching a balloon slowly deflate! 🎈

Bittensor (TAO) Price Analysis

Bittensor (TAO) started the weekend strong but lost momentum, dropping to $345. It’s been a rollercoaster of emotions for TAO, and it seems the ride isn’t over yet! 🎢

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2025-06-18 16:05