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Bitcoin Sinks as Israel Escalates Iran Standoff With Airstrikes

Bitcoin and other cryptocurrencies sank after Israel launched airstrikes on Iran in a major escalation.

The largest digital asset slid as much as 3% on Friday morning in Singapore to dip below $103,000 before paring losses, according to data compiled by Bloomberg. Second-ranked token Ether had at one point shed about 7.6% of its value.

The selloff came after explosions were heard in Tehran, according to local media. Israeli Defense Minister Israel Katz said he’s declaring a special state of emergency due to Israel’s “preemptive strike against Iran.” Israel is anticipating a retaliatory drone and missile attack, Katz said.

Crypto Shares sank in overnight trading. Bakkt Holdings, MARA, TeraWulf down nearly 4%; Riot Platforms, CleanSpark, Coinbase fell about 3%; Canaan, Bit Digital, Strategy fell over 2%.

Ant International Seeks Stablecoin Permits in Hong Kong, Singapore

Jack Ma-backed Ant Group Co.’s international unit is planning to apply for stablecoin licenses in Singapore and Hong Kong, according to people familiar with the matter.

Singapore-based Ant International will apply for the stablecoin issuer’s license in Hong Kong as soon as the city’s Stablecoins Ordinance goes into effect in August, the people said, asking not to be identified because the matter is private. The company is also planning to seek a related permit in Luxembourg, they added.

The move is designed to bolster the fintech firm’s blockchain operation underpinning its cross-border payment and treasury management services, the people said. Ant processed more than $1 trillion of global transactions last year, a third of which were handled by its blockchain-based Whale platform, they said.

Singapore’s Unlicensed Crypto Exchanges to Weigh Exit

A final warning from Singapore’s regulator has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit.

Bitget and Bybit — two top-10 exchange operators by volume with a presence in Singapore but no local license — plan to reorganize their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential.

Singapore is among Asia’s foremost crypto hubs and a regional base for major global players such as Coinbase and Crypto.com. But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licenses, authorities in the city-state have warned consumers against trading cryptocurrencies and restricted related advertisements.

Bessent Says $2 Trillion Reasonable for Dollar Stablecoin Market

Treasury Secretary Scott Bessent said that dollar-linked stablecoins could hit $2 trillion or even more as he reiterated the potential for these digital assets to strengthen the greenback’s position in the global financial system.

History is peppered with episodes when the dollar’s status comes into question, only to for such fears to be repudiated as new dynamics provide the US currency with fresh impetus, Bessent, who specialized in foreign exchange during his hedge-fund career, said Wednesday.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday (June 12) was $86.31 million. The total net asset value of Bitcoin spot ETFs is $130.26 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.18%.

The Bitcoin spot ETF with the highest net inflow on June 12 was IBIT, with a net inflow of $288.33 million. The highest net outflow was seen on IBIT, with a total volume of $197.19 million.