Ethereum Price Could Rally To $10,000 If This Major Resistance Is Broke

Without a doubt, some XRP devotees were ecstatic when Uphold said at the end of last month it was exploring ways to let users stake and earn yield on the token.

Uphold CEO Simon McLoughlin expressed optimism about the possibility during a recent interview with The Block, saying the XRP staking appears both “feasible and promising.”

But there’s a catch: “[It’s] challenging because XRP isn’t a proof-of-stake network,” McLoughlin said. “There’s not a staking mechanism you can rely on.”

Staking refers to earning yield by locking up tokens to support a proof-of-stake network. Because XRP doesn’t operate that way, Uphold is eyeing a workaround.

Uphold is considering working with Flare — a growing DeFi ecosystem that McLoughlin praised as “thriving” — could be the solution.

"Flare allows you to create a wrapped version of XRP on the Flare network," he said

Under the proposed model, once a user opts to stake XRP, Uphold would lock that amount in its own XRP reserve. Then, "through a function, we would send a calculation of the value across to the Flare blockchain and create a wrapped version of XRP, but it's a Flare asset, it's FXRP," he said.

XRP staking beta test

McLoughlin said the depth of liquidity on Flare is making an XRP staking beta test viable.

"There's a depth of liquidity in those liquidity pools that makes it viable for us, for the first time, to look at offering a beta test for a number of users," he said.

Uphold has over 10 million users in over 140 countries, the company has said. The company recently announced a new debit card and direct deposit bonus plan in the United States, which will allow users there to earn a 4% XRP cash-back-style bonus.

While launching an XRP staking program in the U.S. wouldn't hurt efforts of Uphold nabbing new customers there, sorting out the legalities could take time as the company will need to ensure the wrapping of XRP isn't “inadvertently” creating a security and running afoul of the Howey Test, said McLoughlin.

The Howey Test is designed to determine if a transaction constitutes an investment contract. McLoughlin said the SEC saying at the end of last month staking doesn't violate security's law is a positive sign.

"We've just got to make sure that by wrapping XRP and putting it on a different network, there's not an interpretation that says, well, actually, you Uphold are manufacturing a security that creates an expectation of profit," he said.

McLoughlin admits its a bit more complex in the U.S. and that might alter Uphold's plans, but elsewhere, he doesn't expect such hurdles.

"We are confident that in certain parts of the world we're going to be able to go that wrapped XRP route," he said.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In the early hours of Friday, June 13th, the cryptocurrency market faced intense downward pressure following a surprise military strike by Israel on Iran.

The geopolitical shock sent global risk assets tumbling, with Ethereum (ETH) experiencing a sharp drop below the crucial $2,600 support level.Geopolitical Shock

According to the latest analysis shared by CryptoQuant, this sudden plunge triggered a cascade of long liquidations on Binance, where data from liquidation heatmaps revealed concentrated wipeouts in the $2,650-$2,430 range.

Many traders had opened long positions at around $2,800, expecting continued upside, only to be caught off guard by the sell-off. As prices fell through key levels, stop-losses and liquidation orders were triggered en masse, which resulted in a rapid flush of overleveraged positions.

Bitcoin also felt the impact, as Binance’s funding rates for BTC perpetual contracts fell to deeply negative levels not seen since June 8. This drop in funding rates reflects a market-wide shift in sentiment, which means that traders are now heavily shorting BTC amid fears of continued downside.

The panic-driven trading behavior suggests extreme caution across crypto markets, and derivatives data are pointing to increased bearish expectations. However, the aggressive liquidation of ETH longs and the return of negative BTC funding rates may indicate an overly pessimistic market stance. Such conditions often precede a potential price rebound, as excessive leverage is cleared out and markets stabilize.

While uncertainty remains high due to the geopolitical backdrop, the removal of speculative build-up could create a healthier setup for recovery.Flight to Safety Grips Markets

In a note released Friday, QCP Capital also echoed these concerns and stated that the digital asset complex remains tightly tethered to geopolitical tail risks, and markets now appear to be poised to trade “headline to headline.” Bitcoin fell around 3% while Ethereum posted a sharper 9% drop, as risk sentiment evaporated across Asia and safe-haven assets like oil and gold surged.

Interestingly, crypto volatility spiked, with front-end BTC risk reversals flipping decisively in favor of puts, which indicated a sharp rise in demand for downside protection. While over $1 billion in long liquidations rattled major crypto assets, Bitcoin’s relatively muted decline indicated underlying institutional support.

However, the firm warned that any escalation in theIsrael-Iran conflictcould threaten oil supply corridors and add to inflationary pressure, thereby complicating the Fed’s rate trajectory.

Exacerbating the uncertainty, a widespread internet outage involving Google Cloud and Cloudflare added further stress to equities and tech-linked crypto sentiment. With Tehran’s response pending, the outlook for crypto remains fragile, which is currently not shaped by fundamentals but by geopolitical volatility and macro headline flow.

Coinbase used its 2025 State of Crypto summit in New York City to double down on a familiar message.

The company rolled out a sweeping set of announcements that, according to one Wall Street analyst, reinforces the U.S. crypto exchange's evolution "from being a cyclical cryptocurrency exchange to being a mission-critical infrastructure layer of crypto."

The company unveiled a new payments protocol that Shopify will adopt, a native payments product powered by USDC, a treasury management platform for businesses, and the upcoming launch of the Coinbase One Card with Bitcoin rewards. All payments activity will settle on Base, Coinbase's Layer 2, which Cantor Fitzgerald analysts say will drive incremental revenue and boost USDC demand.

On the trading front, Coinbase is preparing to integrate Base-based DEXs like Aerodrome directly into its core app — effectively making any onchain asset accessible from one platform.

The company also announced plans to launch CFTC-compliant U.S. perpetual futures and integrate crypto derivatives giant Deribit into Coinbase Prime, though analysts cautioned that user experience must be preserved. Coinbase last month agreed to acquire Deribit in a $2.9 billion deal.

"[O]ver the long term, we believe what COIN is doing on the trading side will allow it to increase its market share, and what it is doing outside of trading will materially alter how investors view COIN," Cantor Fitzgerald analysts led by Brett Knoblauch wrote Friday in a note to clients.

While second-quarter trading volumes are tracking below expectations — $230–250 billion versus a prior estimate of $357 billion— the company's long-term story is improving. Cantor Fitzgerald cut revenue estimates by about 4%, but reiterated an "overweight" rating on COIN, citing a stronger multiple on 2026 earnings. The analysts raised their 12-month price target from $253 to $292.

"We don't expect material upside from these new products in 2025," the note reads, "but by 2H26 and into 2027, the shift in investor perception could be profound."

Coinbase's stock trades around $240.50 per share at publication time, according to The Block's COIN price data. The stock is down about 6% in the year-to-date period.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

It's Friday! Bitcoin briefly fell 5% to below $104,000, and Ethereum slid 10% under $2,500 overnight after Israel launched airstrikes on Iran, escalating regional conflict and sparking a flight from risk assets.

In today's newsletter, GameStop upsizes its private offering to $2.25 billion despite yesterday's stock slump, Walmart and Amazon consider issuing stablecoins, the U.S. Senate schedules a final GENIUS Act vote for June 17, and more.

Meanwhile, Coinbase sees a bullish crypto outlook for 2025 but flags longer-term "systemic risks" from leveraged corporate bitcoin bets.

Let's get started.

GameStop upsizes offering to $2.25 billion amid bitcoin treasury plans

GameStop announced the pricing of its private offering of zero-coupon convertible senior notes late Thursday, upsizing the deal from $1.75 billion to $2.25 billion.

• The company also granted initial buyers a 13-day option to purchase up to an additional $450 million in notes, with the sale expected to close on June 17.
• GameStop expects to raise around $2.23 billion in net proceeds from the offering — or $2.68 billion if the full overallotment option is exercised — after deducting fees, commissions, and expenses.
• The struggling video game retailer intends to use the proceeds for general corporate purposes, including potential acquisitions aligned with its investment policy.
• In March, GameStop updated that policy to include bitcoin as a treasury reserve asset, then raised $1.5 billion through convertible notes in April.
• On May 28, GameStop disclosed it held 4,710 BTC (currently worth nearly $500 million) following its first set of bitcoin purchases.
• The initial $1.75 billion plan, announced late Wednesday, did not seem to go down well with investors, as GameStop's stock plunged 25% at one point on Thursday.
• GME is currently trading up 3.3% on Friday, according to TradingView.

Walmart and Amazon become latest firms to consider issuing stablecoins

Walmart and Amazon are reportedly weighing U.S. dollar-backed stablecoin launches to reduce payment friction, speed up settlement, and lower costs tied to traditional financial rails, according to the WSJ.

• However, their plans hinge on regulatory clarity, with the GENIUS Act stablecoin bill nearing a final Senate vote as part of President Trump's push for crypto legislation by August.
• The multinational companies join a slew of Big Tech firms, including Apple, X, Airbnb, Google, and Uber, in exploring stablecoin adoption, while Stripe, Visa, and Mastercard are at more advanced stages of integrating the technology.
• The stablecoin market recently topped $250 billion, with Treasury Secretary Scott Bessent projecting it could hit $2 trillion by 2028 if legislation passes.

US Senate schedules final GENIUS Act vote for June 17

The U.S. Senate is scheduled to hold a final vote on the GENIUS Act next Tuesday to decide the federal framework for stablecoins and their issuers.

• The bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandating annual audits for issuers with more than $50 billion in market capitalization.
• If passed, the GENIUS Act will head to the House of Representatives for further voting, which is also advancing its own stablecoin legislation, the STABLE Act.
• Both the Senate and House must reach a consensus on their respective bills, which currently differ on issues such as state and federal regulation of stablecoin issuers, as well as the oversight of foreign issuers like Tether.

SharpLink buys $463 million in ETH despite sharp share price drop

Nasdaq-listed affiliate marketing firm SharpLink Gaming announced Friday it had bought 176,270.69 ETH ($463 million), making it the second-largest known holder after the Ethereum Foundation.

• The purchase was funded by a $425 million private investment in public equity offering led by Consensys, with backing from Pantera, Galaxy, and Electric Capital, alongside an additional $79 million raised through its $1 billion ATM equity program as of June 12.
• The news follows a more than 70% plunge in SharpLink shares during Thursday's after-hours trading after it filed an S-3 registration with the SEC to allow the potential resale of millions of common shares, spooking investors.
• Ethereum co-founder, Consensys CEO, and SharpLink Chairman Joseph Lubin called the filing routine and not a signal of immediate selling, blaming the market panic on a misunderstanding.
• Nevertheless, SharpLink shares remain down around 68% on Friday, per TradingView.

SEC officially scraps Gary Gensler-era DeFi exchange, custody rule proposals

The SEC formally scrapped several Gensler-era proposals late Thursday that would have imposed stricter regulations on the crypto industry.

• Withdrawn rules included a plan to broaden the definition of exchanges to cover DeFi and an extended crypto custody rule that risked pushing banks further from the sector.
• Under new Chair Paul Atkins, the agency is taking a more crypto-friendly stance compared to the "regulation by enforcement" approach of his predecessor, with calls to uphold self-custody as a core American right.

Looking ahead to next week

• UK and Eurozone CPI inflation data are out on Wednesday, followed by the U.S. Federal Reserve's latest interest rate decision. The Bank of England announces its interest rate decision on Thursday.
• An FOMC press conference is scheduled for Wednesday.
• BTC Prague kicks off on Thursday.
• Starknet, Sei, Arbitrum, ApeCoin, EigenLayer, and Sonic are among the crypto projects set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

“Men lie, women lie, but charts and numbers do not lie,” EGRAG CRYPTO stated in a recent post on X, as he highlighted the importance of the Fib 0.5 level in XRP Dominance. According to him, this level has historically served as a major resistance zone. It acted as a key barrier in October 2019 and November 2020, both instances marking the onset of bear markets. In the current cycle, the Fib 0.5 level has once again proven significant, as it has rejected price advances in January and March 2025.

The Knocking On The Door Analogy For XRP

To drive his point home, EGRAG CRYPTO introduced what he called the “Knocking on the Door” analogy, a simple yet powerful metaphor to explain how resistance levels work in technical analysis. He stated that resistance is like a door; each time it is tested or “knocked on,” the likelihood of it eventually opening increases.

EGRAG pointed out that XRP Dominance has now tested this macro resistance level four separate times. These repeated tests are not just coincidences; they indicate building pressure at that level. Traders and analysts often interpret such repeated encounters as signs that the asset is preparing for a significant move, as momentum continues to build with each attempt to break through resistance.

Looking ahead, EGRAG suggested that the fifth “knock” on this resistance level might be the one that finally breaks it. If this happens, XRP Dominance could form a bullish Bull Flag pattern, a technical formation that often precedes upward moves. According to EGRAG, this breakout could propel XRP Dominance to around 27%, marking a major shift in its market strength and possibly setting the stage for a broader bullish trend.

Market Cap Projection & Future Potential

The analyst unveiled a compelling projection that has stirred excitement within the XRP community: if XRP reaches a price of $27 with a 27% market dominance, this could push the total market capitalization to $5.5 trillion. This bold forecast reflects not only the possible future strength of XRP but also envisions a significant expansion of the broader crypto market.

He further explained that with a $5.5 trillion total market cap, XRP claiming 27% of that share would result in a market capitalization of approximately $1.485 trillion. Such a figure would further solidify its status as a key player in the blockchain space.

He maintained that XRP could still reach $27 while maintaining 27% market dominance, especially if the overall market experiences a strong bullish cycle. In his view, $1.485 trillion is not just a dream but a viable target that highlights XRP’s massive growth potential.