Crypto Market Recap: Bitcoin Price Stalls as Fed Holds Rates Steady, Circle Shares Jump

By Giann Liguid and Meagen Seatter
June 20, 2025 | 01:05 PM PST

The cryptocurrency market experienced a notable pause in momentum on June 20, as Bitcoin (BTC) prices stalled following the U.S. Federal Reserve’s decision to maintain interest rates amid ongoing economic and geopolitical concerns. Simultaneously, shares of Circle, a leading stablecoin issuer, surged as a Senate-approved bill to regulate stablecoins raised investor optimism.

Bitcoin and Ethereum Price Update

As of Friday, Bitcoin was priced at $103,366, registering a slight decrease of 0.9% in the past 24 hours. The cryptocurrency experienced a trading range between $102,624 and $106,042 as market activity unfolded. Following an upward trajectory that peaked at approximately $106,500, Bitcoin’s price retreated below the $104,000 mark, coinciding with the expiration of options and futures contracts valued at $6.8 trillion on U.S. stock indexes.

On June 18, the U.S. Federal Reserve had decided to hold interest rates steady, but indications from Christopher Waller, a member of the Federal Reserve Board of Governors, suggested that a rate cut could be possible next month, contingent on continued control of inflation. Such cuts typically serve as a catalyst for risk assets like Bitcoin, which could see increased demand if the U.S. dollar weakens further.

Ethereum (ETH) also faced a decline, trading at $2,415.98, down 3.5% over the same timeframe. Its price fluctuated between a low of $2,396.50 and a high of $2,556.46 throughout the trading day.

Altcoin Performance

Several altcoins mirrored Bitcoin and Ethereum’s downturn:

• Solana (SOL): Priced at $139.45, down 4.1% with a trading range between $136.98 and $147.68.
• XRP: Fell 2.1% to trade at $2.12, after touching an opening high of $2.17 and dipping to $2.09.
• Sui (SUI): Closed at $2.72, a 3.9% decrease with oscillations between $2.66 and $2.85.
• Cardano (ADA): Currently valued at $0.5783, a decrease of 3.6%, with its lowest price reaching $0.5636.

Key Developments in the Crypto Space

Coinbase Launches Stablecoin Payments Platform

Coinbase Global has introduced a new product called Coinbase Payments, aimed at facilitating online retailers’ acceptance of stablecoins such as USDC. The platform intends to provide a seamless experience for merchants, mirroring traditional card infrastructure, making it easier for small to medium businesses to accept cryptocurrency while minimizing transaction costs.

Shopify has emerged as the first to integrate this payment system, enabling its merchants to accept USDC payments through Coinbase’s Layer 2 Base network.

Circle Shares Surge After Senate Passes Stablecoin Bill

Circle’s shares experienced a significant boost, climbing 11% following a 34% surge the previous day. This uptick is attributed to a bipartisan Senate-approved bill aimed at regulating stablecoins, known as the GENIUS Act. The bill, which still requires House approval and a signature from President Donald Trump, has generated enthusiasm among investors regarding the legal clarity it would provide to stablecoin issuers like Circle, responsible for the USDC token.

Following these developments, Circle’s shares have increased to $221, a remarkable rise from the initial public offering price of $31.

South Korea’s Central Bank Insights on Stablecoins

Bank of Korea Governor Rhee Chang-yong remarked on potential won-based stablecoins, expressing that while the central bank does not oppose such an initiative, it has reservations about managing foreign exchange implications. The Democratic Party in South Korea has proposed the Digital Asset Basic Act, which aims to establish a regulatory framework for the issuance of won-denominated stablecoins.

Parataxis to Launch Institutional Bitcoin Treasury Company

Parataxis Holdings announced its strategic move to acquire a controlling interest in biotech company Bridge Biotherapeutics for approximately $18.5 million. This will transform Parataxis into Parataxis Korea, focusing on institutional Bitcoin exposure in South Korea, which they believe is crucial for the evolving market of BTC adoption.

Kraken Introduces Bitcoin Staking

Kraken, a major cryptocurrency exchange, has partnered with the Bitcoin staking protocol Babylon to launch a new product that allows users to earn interest on their Bitcoin holdings easily and securely. This innovation aims to simplify the earning process without the need for complex technical maneuvers.

Arizona Moves Towards Bitcoin Reserve

In state news, Arizona’s Senate has passed House Bill 2324, which would authorize the state to hold abandoned digital assets as unclaimed property and establish a Bitcoin and digital assets reserve fund. If finalized, Arizona would join New Hampshire as one of the few states to formalize a Bitcoin reserve.

As the crypto landscape continues to evolve, market participants remain vigilant, navigating both the opportunities and challenges presented by the regulatory environment and market dynamics.

For the latest updates, follow us on Twitter and LinkedIn.

Disclaimer: The authors hold no direct investment interest in any company mentioned in this article.