Ubyx raises $10M to standardize stablecoin redemption and drive adoption

Despite its massive popularity, XRP has remained largely absent from decentralized finance (DeFi) because of the technical limitations of the XRP Ledger (XRPL).

XRPFi, a DeFi ecosystem centered on XRP, aims to narrow that gap. It leverages Flare Network’s bridging and smart contract technology to bring XRP into the realm of programmable finance.

Flare Network, a full-stack layer-1 blockchain designed for data-intensive applications, serves as a crucial bridge connecting non-smart-contract assets like XRP to the DeFi ecosystem.

At the heart of Flare’s infrastructure is FAssets, a system that creates fully collateralized representations of these assets. One notable example is FXRP, a wrapped version of XRP that enables holders to deploy their XRP in DeFi protocols within Flare’s network.

Bitcoin’s recent price activity has been characterized by sharp swings as global uncertainties persist, particularly following the escalation of tensions between Israel and Iran. After plunging by nearly 5% amid the rising geopolitical strain, Bitcoin managed to recover, bouncing back above $105,000 and currently trading around $106,800.

The past 24 hours have been highlighted by Bitcoin recovering toward $108,000 briefly again, but with escalating tensions in the Middle East, there’s a good chance it could crash soon. This aligns with an outlook from a crypto analyst, who noted that Bitcoin might crash toward $100,000.

Resistance Band Faces Test For Bitcoin

According to crypto analyst Pejman_Zwin on the TradingView platform, Bitcoin is hovering within a confluence of resistance and short liquidation zones, stretching from $105,330 to $107,120. This range, he notes, is not only a structural resistance zone but also corresponds with the cumulative short liquidation leverage area.

Basically, this means there’s a high possibility of an intensified price volatility if this zone is challenged or broken. The charts also reveal the presence of a possible contracting triangle pattern, which is a bearish continuation setup in the context of a larger correction.

According to the analyst, if Bitcoin fails to reclaim $106,600 convincingly, the structure could shift from a corrective triangle to a five-wave downward impulse. This would cause a deeper retracement, especially as the price is already forming lower highs within the triangle. As such, the longer Bitcoin lingers in this resistance range without a breakout, the higher the likelihood of a rapid downward move.

Bearish And Bull Targets

If Bitcoin were to confirm this breakdown, the analyst noted the first major target around the lower boundary of the support zone, which lies between $105,330 and $103,162. This zone is reinforced by the monthly pivot point and also overlaps with the cumulative long liquidation leverage region. The 1-hour candlestick timeframe chart further highlighted a potential short setup from the reversal zone near $107,100 and a projected target close to $104,300.

Further downside could pull the price toward the next support band around $102,600 or even down to $101,000, should liquidation pressure persist. Pejman, on the other hand, pointed out that a sustained breakout above the $107,120 resistance line could initiate a bullish reversal and push Bitcoin back towards the heavy resistance cluster above $108,000. A strong daily close above $108,000 could cancel the bearish outlook. However, failure to break above here could lead to a rejection and another downside move.

Although Bitcoin is starting to show some signs of bullishness, its price action is still vulnerable to a quick pullback, especially if the tensions in the Middle East continue to unfold. At the time of writing, Bitcoin is trading at $106,638, down 0.02% in the past 24 hours. This subdued price action shows its current consolidation nature.

The supply of staked Ether reached an all-time high this week, signaling growing investor confidence and a squeeze on the liquid supply of the world’s second-largest cryptocurrency.

Over 35 million Ether coins are now staked under the Ethereum blockchain’s proof-of-stake consensus model, according to data from Dune Analytics.

Over 28.3% of the total Ether supply is now locked into smart contracts and is unsellable for a pre-determined time in exchange for generating passive income for investors.

A growing staked supply also indicates that a large percentage of investors are preparing to hold their ETH instead of selling at current prices.

Over 500,000 ETH has been staked in the first half of June, signaling “rising confidence and a continued drop in liquid supply,” said pseudonymous CryptoQuant author Onchainschool in a Tuesday post.

Ether accumulation addresses, or holders with no history of selling, have also reached an all-time high of 22.8 million in ETH holdings, signaling that Ethereum is among the “strongest crypto assets in terms of long-term fundamentals and investor conviction,” the analyst said.

Dogecoin long position traders have again been stunned as a 514% liquidation hit the meme coin’s market space. Notably, after DOGE flashed rebound signals, some traders bet on sustained momentum, but volatility turned the tide.

Dogecoin longs take hit as $6.33 million wiped out

According to CoinGlass data, in the last 24 hours, Dogecoin’s total liquidation stood at $7.36 million. Out of this amount, long position traders saw $6.33 million wiped out as price action shifted, resulting in losses. These investors were betting on a sustained recovery as prices lifted, but the volatility of the crypto space prevented it from materializing.

Short position traders recorded about one-sixth of the losses suffered by those betting long on DOGE. A total of $1.03 million was liquidated from short position traders, signaling less exposure on the market.

As of press time, Dogecoin remains in the red zone, declining by 2.74% to trade at $0.1711 in the last 24 hours, according to CoinMarketCap.

Nonetheless, trading volume has witnessed an uptick of 28.23% to $1.25 billion within the same time frame. This suggests that investors use the price dip to accumulate more of the meme coin at a reduced rate.

It remains unclear if DOGE whales are behind the current spike in volume. However, investors hope that the sustained increase could trigger a reversal in the price outlook. In the past week, Dogecoin whales were active, transacting over $23 billion worth of DOGE within 24 hours.

DOGE loses market cap ground to Tron

There are lingering concerns in the Dogecoin community as the meme coin faces pressure on the broader crypto market. As U.Today predicted, Dogecoin recently lost the eighth position ranking per market capitalization to Tron .

Dogecoin was ahead of Tron by about $580 million, but slow price growth caused it to lose against Tron. The only consolation amid the current market setup is that Bitcoin is also experiencing a price decline. Dogecoin investors can only hope that if the leading digital currency rebounds, DOGE might mirror it.

Fold Holdings (ticker FLD), the parent company behind the Fold Bitcoin wallet and app, has secured a $250 million equity purchase facility to expand its Bitcoin treasury, according to an announcement on Tuesday. 

The firm says it has “entered into an agreement” to sell up to $250 million worth of newly issued shares to fund its Bitcoin acquisition strategy.

“The Company is not required to use the Facility and controls the timing and amount of any drawdown,” the announcement reads, implying no coins have been purchased as of the date of its filing with the U.S. Securities and Exchange Commission. 

Like many recent crypto corporate treasury firms — such as 21 Capital and Nakamoto, both of which took cues from Michael Saylor’s BTC acquisition vehicle, Strategy — Fold is funding its purchase through private placements, which effectively turn its stock into a leveraged play on the price of Bitcoin. 

Fold, launched in 2019, began as a wallet company and has since expanded into broader financial services, including the Fold Card — a debit card offering Bitcoin cashback rewards — and a Bitcoin treasury strategy. It has entered into at least one other convertible note agreement to purchase 475 BTC.

According to Bitcoin Treasuries, Fold holds approximately 1,488 BTC worth some $157.23 million, making it one of the larger publicly traded Bitcoin treasury firms. 

Fold went public in 2024 through a SPAC merger with Nasdaq-traded FTAC Emerald Acquisition Corp., at a pre-money valuation of $365 million. At the time, it held an estimated 1,000 BTC.

FLD was trading at $4.71 on Tuesday, up 0.43% from around $4.31 at market open, according to The Block’s price data. 

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 a fresh development in the Ripple-SEC lawsuit, both parties have requested that the Second Circuit continue to hold the appeals in abeyance, pending a motion for an indicative ruling. The SEC is now expected to file a status update by Aug. 15, 2025.

In the past week, Ripple and the SEC renewed their request for an indicative ruling after Judge Torres's initial denial of the motion in May.

With the next SEC update filing due by mid-August, the XRP community is in a holding pattern. Speculation is growing about whether Judge Torres might alter any part of her ruling and what the outcome of the motion for the indicative ruling would be.

"I really would be baffled if she rejects the refile," one XRP supporter said on X, "Do you think we should tell people that if things go south and one or both proceed with their respective appeals, the case will get kicked back to Torres?"

Marc Fagel, former SEC regional director, joined the conversation with a measured response. "I don't think there's any way to predict whether she will modify her order. I could see it going either way," Fagel said.

What's next?

Ripple and SEC are winding down the case that began in December 2020, centered on XRP sales as alleged unregistered securities.

Going forward, Judge Torres would need to provide an indicative ruling as to whether the court would dissolve the injunction and release the escrow, with $50 million going to the SEC and $75 million returned to Ripple.

After the injunction is dissolved, the funds distributed and the SEC’s appeal and Ripple’s cross-appeal dismissed, the case would finally be over.