This week in the crypto world was nothing short of eventful. From XRP’s surprising 70% crash despite Ripple’s positive strides to former President Donald Trump’s defense of his billion-dollar crypto income, the news was buzzing.
The SEC’s push to make the U.S. the “Crypto Capital of the World” also made headlines, as did the rapid adoption of stablecoin payment rails and the market’s “extreme fear,” causing leading cryptocurrencies to slide.
Let’s dive into the details.
XRP’s Unexpected Crash
Despite Ripple’s consistent institutional deals, regulatory victories, and ETF inflows, XRP experienced a shocking 70% crash from its peak of $3.65 in July 2025. This collapse occurred even as investors anticipated a regulatory reversal following Trump’s election, which had previously caused XRP to surge from $0.49 to $3.39 in just a few weeks.
Trump Defends His Crypto Income
Former President Donald Trump defended his billion-dollar cryptocurrency windfall, asserting there was nothing “illegal” or “wrong” about it. In an interview with CNBC, Trump emphasized the importance of cryptocurrency and reiterated his longstanding position that the U.S. must lead in the space or risk ceding dominance to China.
SEC’s Push For US Crypto Dominance
SEC Chair Paul Atkins announced that the agency is moving “purposely” to support Trump’s goal of making the U.S. the “Crypto Capital of the World.” Through Project Crypto, a joint regulatory initiative led by the SEC and the CFTC, the agency has taken “historic steps” to modernize regulations for on-chain markets.
Rapid Adoption Of Stablecoin Payment Rails
The Kobeissi Letter highlighted a significant spike in cryptocurrency card deposits, connecting the jump to growing stablecoin adoption. Cumulative card deposits exceeded $10 billion for the first time in June, an 82% increase year-to-date and more than tripled in a year.
Leading Cryptocurrencies Slide Amid Market Fear
Leading cryptocurrencies reversed course amid negative market sentiment. Bitcoin pulled back to about $58,000 after Monday’s surge, while Ethereum traded around the $1,500 level. XRP and Dogecoin also slipped modestly. Nearly $250 million was liquidated from the cryptocurrency market in the last 24 hours.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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