Bitcoin Tops $108K Following JPMorgan Crypto Filing; XRP Rallies on ETF News
By Tom Carreras and Krisztian Sandor | Edited by Nikhilesh De
Published June 16, 2025, 9:23 p.m.
The cryptocurrency market experienced a notable rally today, with Bitcoin (BTC) pushing beyond the $108,000 mark, driven by positive institutional news. Bitcoin’s price rose by 3.1% to $108,600, inching closer to its all-time high, while the broader CoinDesk 20 index, which tracks the top 20 cryptocurrencies, surged by 4.3%. Among the gainers were XRP, which climbed around 6-7%, and Chainlink’s LINK, indicating robust performance across various altcoins.
Institutional Developments Fuel Market Optimism
Today’s significant price movements in the cryptocurrency market coincided with key developments from major financial players. JPMorgan announced a new trademark application aimed at offering a range of digital asset services, including trading and payment solutions. This filing has sparked increased confidence among investors, who see it as a signal of growing institutional interest in cryptocurrency.
Additionally, there is excitement surrounding the upcoming launch of a spot XRP exchange-traded fund (ETF) by the asset manager Purpose in Canada. As the market continues to show momentum for altcoin-focused ETFs, this news adds to the positive sentiment currently driving crypto prices.
Crypto Stocks Following the Rally
The rise in cryptocurrency prices was mirrored in the performance of crypto-related stocks. Major companies such as Coinbase (COIN) and Circle (CRCL) reported robust gains of 7.7% and 13%, respectively. Bitcoin mining firms also benefited; Bitdeer (BTDR) increased by 6.9%, and Hut 8 (HUT) saw a 5.6% uptick. However, some equities faced minor setbacks, notably Strategy (MSTR), which fell nearly 0.2%. In contrast, rival firms like Metaplanet saw a significant boost of 25% on the Japanese stock market.
The Broader Market Context
While the cryptocurrency rally unfolded, traditional markets displayed a strong risk appetite as well. The S&P 500 and Nasdaq indexes rose by 0.9% and 1.4%, respectively, while the price of gold dipped by 1.5%, indicating a shift away from safe-haven assets amid decreasing geopolitical tensions related to recent missile exchanges between Israel and Iran.
Market Analysts Provide Insight
Market analysts remain cautious, however, emphasizing that Bitcoin continues to lead the market. Nansen research analyst Nicolai Søndergaard noted that while the performance of altcoins like XRP has improved, it is largely Bitcoin’s movements that trigger similar behavior across the market. "BTC breaks an ATH? The market likes that," he remarked, suggesting that previous patterns indicate when Bitcoin reaches new heights, altcoins often benefit.
Amid this backdrop, analysts from Bitfinex pointed out that Bitcoin’s strong recovery from recent lows might indicate a potential market shift. They noted that the Fear and Greed Index dipped into "Fear" territory last week, coupled with aggressive selling patterns and liquidations that often correlate with market bottoms.
Focus on the Federal Reserve
As the crypto landscape evolves, investors are closely monitoring the Federal Reserve’s upcoming decisions. With expectations that the Fed will maintain current benchmark interest rates during the Federal Open Market Committee meeting, the spotlight will be on Fed Chair Jerome Powell’s insights regarding inflation and job market conditions. According to digital asset analytics firm Swissblock, Powell’s remarks will be pivotal in determining market volatility across risk assets, commodities, and yields.
As Bitcoin and other cryptocurrencies continue to gain traction, the interplay between regulatory developments, institutional interest, and macroeconomic factors will remain critical in shaping the next chapter for digital assets.
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