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Ahmed Barakat
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Bitcoin price is also reeling as the battles over the Clarity Act, MiCA, and the Trump CBDC heat up the market. Not all of them, according to the WSJ, wallets linked to Iran, are said to be moving and spending money on the Coinex channel to avoid punishment.
Last night, crypto experienced another big dip, although it felt different, it was raw and fast. Analysts are drawing tight lines, analysts are revealing trends, and one viral Reddit post reminded us that stocks still move markets.
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Bitcoin Price Returns To Lower After Heavy Deletion
Bitcoin price is now recovering at $61,800 after retesting the 20-month low below $60K. Coinglass’ data shows that it is about to expire, and millions have been wiped out in the last 24 hours, and the longer it takes the more time it takes. The data confirms that $ 1 billion was liquidated last night, looking at the long position of $ 780 million.
However, the pain will not go away. China’s largest Bitcoin miner called for a bottom between $42k–$44k by the end of 2026. Jiang Zhuoer, the founder of the Chinese Bitcoin mining pool BTC.top based his prediction on long-term trends with Strategy’s (MicroStrategy) mNAV approaching the bottom of 2022. Arthur Hayes fired with his usual swagger, saying that AI-driven investments could send the price of Bitcoin to $1 million.
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Iran Coinex Under WSJ Spotlight as Clarity Act Enters Final Comment
The WSJ reported that entities linked to Iran have moved $3.84 billion through CoinEx since 2019 to bypass sanctions. On-chain content and TRM Labs classified it as a major illegal site, believed to belong to the IRGC and Russian-sanctioned organizations.
CoinEx has emerged as one of Iran’s main gateways to global crypto markets, allowing the government to exchange and move money around while bypassing US sanctions. Investigators revealed suspicious activity earlier this year related to two wallets tied to the Central Bank of Iran, which received funds returned from the Bybit fraud of $1.5 billion by North Korean actors.
Also according to the report, the assets were laundered through very complex chains before reaching CoinEx. There are also reports of direct transactions between CoinEx-hosted wallets and major US accounts linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). Although CoinEx has yet to face new US sanctions, the revelations are putting the exchange under new pressure.
More on regulatory issues, Senator Lummis opened the final window for the Clarity Act as the DOJ pushes back against allegations of wrongdoing. Progress on the Clarity Act is moving faster than expected.
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MiCA is Coming, and Only 10% of Companies Are Next While Trump’s CBDC War Is Lost in the House Bill
Moving to Europe, next week’s deadline for MiCA is forcing a restructuring of the industry. As of today, only 210 of the 3,000 crypto companies have cleared the deadline. After July 1, all unlicensed platforms will lose access to the 450 million EU users without extensions. Coinbase opened a headquarters in Luxembourg. Binance wants another approval. MiCA’s execution is brutal but may be necessary.
Back in America, President Trump abruptly canceled the planned signing of the 21st Century ROAD to Housing Act. The bill is also a major bill that passed the House 358-32 and the Senate 85-5. The bill aims to boost housing availability and affordability by cutting regulations and encouraging new construction. However, the bill also includes a provision that would prevent the Federal Reserve from issuing central bank deposits (CBDC) until 2030.
Trump posted on Truth Social that he will not sign the House bill until Congress passes the SAVE America Act, his election integrity and voter ID laws, which he called a “National Emergency.”
Trump’s actions have left the housing bill in limbo despite bipartisan support. While the CBDC ban was the most important item being pushed by Republicans, Trump’s decision to keep the entire package is intended to force action on the SAVE Act. This creates short-term uncertainty but is good for crypto as the anti-CBDC language remains alive as a catalyst.
Meanwhile, Reddit’s WallStreetBets turned Wendy’s into a meme stock, shares jumped more than 40% after writing “Save Wendy’s before it’s too late” spread from a 20-year low. It shows that the retailer still has teeth. The liquidations and flushing out weak self-sufficiency. Each shake paves the way. The price of Bitcoin has survived a lot.
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