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Picknexo · Review
Published June 25, 2026
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Updated: June 25, 2026 | PickNexo
Crypto remains under pressure from spot Bitcoin ETF outflows, a stronger US dollar, a more hawkish Federal Reserve and thin demand. Unlike earlier in June, the market is no longer being driven mainly by oil prices or geopolitical headlines. The weakness now looks more crypto-specific.
At the same time, stablecoins became the biggest theme of the day. Abracadabra’s Magic Internet Money lost more than half of its dollar peg, Ripple’s RLUSD received regulatory approval in Japan, US credit unions began testing stablecoin infrastructure, and Binance faced fresh pressure under Europe’s MiCA framework.
Bitcoin dropped to around $59,200 before recovering back above $60,000. According to CoinDesk, traders are now watching $59,000 more closely than the round $60,000 level because BTC has bounced from that area more than once this month.
That makes $59,000 the key support zone for bulls.
If Bitcoin can continue to hold that level, the market may attempt another short-term recovery. But if the level breaks, analysts warn that the next major downside target could be closer to $55,000.
The immediate macro trigger is the US core PCE inflation report. A hotter reading could strengthen the dollar further and increase pressure on risk assets, including crypto. A softer reading could give Bitcoin room to bounce.
One of the most important signals today is that crypto did not strongly follow the rebound in AI-related stocks.
Micron jumped after a strong sales forecast, Nasdaq futures rose and oil prices continued to ease. In a healthier risk-on environment, Bitcoin and major altcoins might normally respond more aggressively. Instead, the crypto rebound stayed weak.
Bitcoin remains down on the week, while Ether, XRP, Solana, Dogecoin and Hyperliquid’s HYPE have all posted deeper weekly losses.
The reason is that crypto now faces its own set of pressures. US spot Bitcoin ETF outflows, a hawkish Fed and a stronger dollar are weighing on demand. This suggests the market is not simply reacting to stocks anymore. It is dealing with liquidity problems inside crypto itself.
Magic Internet Money, also known as MIM, fell more than 50% below its $1 peg, trading around $0.49 at one point. Abracadabra responded by launching emergency measures, including raising interest rates across its Cauldrons to encourage borrowers to repay debt and reduce the outstanding MIM supply.
MIM is a crypto-collateralized stablecoin created through Abracadabra’s lending system. Users borrow MIM against yield-bearing assets, and the system depends on collateral value and deep liquidity pools to keep the token close to $1.
The problem is that stablecoins backed by crypto collateral can become fragile when liquidity is thin. If sellers overwhelm pools and buyers step away, the peg can break quickly.
The MIM depeg is a reminder that not all stablecoins carry the same risk. Fiat-backed stablecoins, crypto-collateralized stablecoins and algorithmic models all behave differently under stress.
While MIM struggled, Ripple’s RLUSD received a major regulatory win in Japan.
Japan’s Financial Services Agency approved RLUSD as an electronic payment instrument under the country’s Payment Services Act. The stablecoin will be offered through SBI VC Trade to both institutional and retail customers.
This is important because Japan has one of the strictest stablecoin frameworks in the world. Approval in that market gives RLUSD regulatory credibility, even though it remains much smaller than USDT and USDC.
Ripple has positioned RLUSD as a regulated dollar stablecoin for payments, tokenization and collateral management. Its Japan launch also builds on Ripple’s long relationship with SBI, which dates back to 2016.
The bigger trend is clear: stablecoins are becoming a regulated financial product, not just a crypto trading tool.
Stablecoin adoption is also moving deeper into the US financial system.
Stablecore, Circuit and Curql launched an early-access program for US credit unions to test stablecoin and digital asset services. Participating institutions manage around $25 billion in combined assets.
The pilot includes stablecoin payments, tokenized deposits, Bitcoin access, crypto on- and off-ramps and staking capabilities.
This matters because credit unions are a major part of the US financial system, serving millions of members across thousands of institutions. If smaller lenders begin testing stablecoin rails, the technology could move beyond crypto exchanges and into everyday financial services.
For now, this is still a pilot. But it shows that stablecoin infrastructure is becoming part of the banking conversation.
President Donald Trump delayed signing the 21st Century ROAD to Housing Act, a bill that included a ban on the Federal Reserve creating or issuing a central bank digital currency through the end of 2030.
The bill had already passed the Senate with broad bipartisan support. The CBDC provision included an exception for certain dollar-denominated stablecoins, which would have helped draw a clearer line between private stablecoins and a Fed-issued digital dollar.
Trump said he would not sign the legislation until Congress passes the SAVE America Act.
This delay raises questions about other crypto-related legislation, including the CLARITY Act. For the market, the message is mixed: lawmakers are moving toward clearer crypto rules, but the political process remains unpredictable.
In Europe, Binance is facing a different kind of regulatory pressure.
The exchange withdrew its MiCA application in Greece just days before the July 1 deadline for crypto firms operating in the European Union. Binance said it still plans to remain in Europe and will seek authorization in another EU member state.
MiCA is designed to create a unified regulatory framework for crypto asset service providers across the EU. But firms that fail to obtain authorization may need to wind down activities in the bloc.
For Binance, the issue is not only licensing. Regulators have reportedly raised concerns about past money-laundering penalties, corporate structure and risk culture.
This development highlights the new reality for global exchanges: access to major markets now depends on regulatory approval, not only user demand and trading volume.
DeFi continues to face pressure from both market weakness and security concerns.
According to Cointelegraph, total value locked in DeFi has fallen by about 39% in 2026, dropping from roughly $115 billion in January to just over $70 billion. That means around $45 billion in value has left DeFi protocols this year.
The decline followed the broader market correction after Bitcoin’s October 2025 peak above $122,000. Deleveraging, lower risk appetite and major exploits all contributed to the drawdown.
Security remains a major problem. In 2026 so far, there have been 121 crypto hacks with roughly $942 million in losses. The Kelp DAO exploit alone reportedly triggered large withdrawals from Aave and accelerated DeFi outflows.
The important point is that DeFi is not only dealing with lower token prices. It is also dealing with trust damage.
Prediction markets remain one of the more active areas of crypto-adjacent finance.
Kalshi is reportedly seeking funding at a valuation of around $40 billion, almost double its last raise. At the same time, the company is fighting legal restrictions in Illinois, where new rules could limit prediction market operations.
This matters because prediction markets sit at the intersection of trading, data, politics, sports, regulation and crypto infrastructure. Even when they are not fully on-chain, they often attract the same users and investors who follow crypto markets.
The broader takeaway is that markets for event outcomes are becoming more mainstream, but regulation will decide how fast they can grow.
Another important regulatory theme comes from AI.
House Democrats are asking the SEC for answers about AI investment advisers, as automated financial tools and agentic commerce become more common.
This connects to crypto because AI agents are increasingly being discussed as future users of stablecoins, wallets and on-chain settlement systems. If autonomous software begins making financial decisions, regulators will want clear rules around accountability, conflicts of interest and investor protection.
The overlap between AI and crypto is still early, but it is no longer theoretical.
The first level to watch is Bitcoin’s $59,000 support. A strong defense could stabilize the market, but a clean break may open the door toward $55,000.
The second factor is the US inflation data. If core PCE comes in hotter than expected, the dollar could strengthen and risk assets may face more pressure.
The third area is stablecoins. MIM’s depeg, RLUSD’s Japan approval and US credit union pilots all point to the same conclusion: stablecoins are becoming one of the most important battlefields in crypto.
Finally, investors should keep watching regulation. The US, Japan and Europe are all moving in different ways, but the direction is clear. Crypto is being pulled deeper into formal financial rules.
Today’s crypto market is weak, but not quiet.
Bitcoin is fighting to hold $59,000. DeFi is under pressure from falling TVL and repeated hacks. Stablecoins are split between stress and adoption, with MIM losing its peg while RLUSD gains approval in Japan and US credit unions begin testing new infrastructure.
The market is no longer just asking whether prices will go up. It is asking which systems are liquid, regulated and trustworthy enough to survive the next phase.
For PickNexo readers, the key takeaway is simple: crypto’s next chapter will be shaped by stablecoins, regulation and risk management as much as by Bitcoin price action.
Disclaimer: This article is for informational purposes only and should not be considered financial advice.
CoinDesk: Bitcoin has a new line in the sand. Thursday’s core PCE could stress test it.
https://www.coindesk.com/markets/2026/06/25/bitcoin-has-a-new-line-in-the-sand-thursday-s-core-pce-could-stress-test-it
CoinDesk: Bitcoin back above $60,000, ETH, SOL recoup losses as AI stocks stage rebound
https://www.coindesk.com/markets/2026/06/25/bitcoin-back-above-usd60-000-eth-sol-recoup-losses-as-ai-stocks-stage-rebound
Cointelegraph: Abracadabra takes emergency action as MIM stablecoin depeg worsens
https://cointelegraph.com/news/abracadabra-takes-emergency-measures-as-magic-internet-money-depeg-worsens
CoinDesk: Ripple’s RLUSD stablecoin goes live in Japan after regulatory approval
https://www.coindesk.com/markets/2026/06/25/ripple-s-rlusd-stablecoin-goes-live-in-japan-after-regulatory-approval
Cointelegraph: Credit unions managing $25B in assets join stablecoin infrastructure program
https://cointelegraph.com/news/credit-unions-join-stablecoin-infrastructure-program
Cointelegraph: Trump cancels signing of housing bill with CBDC ban
https://cointelegraph.com/news/what-happened-in-crypto-today
Cointelegraph: Binance withdraws Greece-filed MiCA application
https://cointelegraph.com/news/binance-eu-license-greece-mica-setback
Cointelegraph: DeFi TVL drops 39% in 2026 amid market downturn and record hack activity
https://cointelegraph.com/news/defi-tvl-falls-39-2026-erases-45b-value
Cointelegraph: Latest crypto news
https://cointelegraph.com/category/latest-news
