Bitcoin dropped 3% as Israel’s airstrikes on Iran triggered a market selloff, with over $1B in crypto liquidations. Meanwhile, Sharplink Gaming’s stock plunged 73% amid confusion over its $1B Ethereum treasury plan. Galaxy Digital’s Mike Novogratz predicted Bitcoin could hit $1M, citing institutional adoption and scarcity. Mercurity Fintech announced an $800M Bitcoin reserve plan, while Foundation Devices unveiled Passport Prime, a next-gen hardware wallet. The SEC scrapped Gary Gensler-era crypto rules, signaling a softer stance. Trump pledged clearer crypto policies, and Ant International sought stablecoin licenses in Hong Kong and Singapore.
Key Takeaways:
Bitcoin Tumbles as Geopolitical Tensions Escalate
Bitcoin faced a sharp selloff Friday morning, dipping below $103,000 after Israel launched airstrikes on Iran. The escalation sent shockwaves through global markets, with investors fleeing to traditional safe havens like gold and Treasuries. Ethereum (ETH) fell even harder, shedding 7.6% at one point.
Caroline Mauron of Orbit Markets noted, “Crypto is reacting like other risk assets—liquidity trumps narrative during military conflicts.” Over $1 billion in leveraged crypto positions were liquidated in 24 hours, per Coinglass data. Analysts warn volatility could worsen if tensions persist.
Sharplink Gaming’s Ethereum Gamble: Misunderstanding or Masterstroke?
Sharplink Gaming (SBET) saw its stock plummet 73% after filing to register 58.7 million shares for potential resale—sparking fears of a mass sell-off. However, CEO Joseph Lubin (also head of Consensys) called it a “standard post-PIPE procedure” and confirmed no shares were sold.
The filing ties into Sharplink’s plan to buy $1 billion worth of Ethereum as part of a new treasury strategy. BTCS Inc. CEO Charles Allen speculated that an official ETH purchase announcement could “reignite the stock”—hinting at a possible rebound play.
Mike Novogratz’s Bold Prediction: Bitcoin to Hit $1 Million
Galaxy Digital CEO Mike Novogratz doubled down on Bitcoin’s long-term potential, telling CNBC it could replace gold and reach $1 million per coin. His reasoning?
- Scarcity: “More Bitcoins have been lost than will ever be mined again.”
- Institutional Adoption: BlackRock and others now treat Bitcoin as a macro asset.
- Dollar Weakness: Global shifts away from the USD could boost crypto demand.
Novogratz argues Bitcoin’s market cap would need to grow 10x to match gold—a plausible scenario if institutional inflows continue.
Mercurity Fintech’s $800M Bitcoin Treasury Plan
Nasdaq-listed Mercurity Fintech (MFH) announced an $800 million fundraising effort to build a Bitcoin reserve. If successful, the firm would hold ~7,433 BTC—leapfrogging GameStop to become the 11th-largest corporate holder.
CEO Shi Qiu framed the move as positioning for “the future of financial infrastructure.” The timing aligns with Mercurity’s upgrade to the Russell 2000 Index, which could attract more institutional interest.
Passport Prime: A Hardware Wallet for the Masses?
Foundation Devices’ Passport Prime (launching Q3 2025) aims to solve crypto security’s biggest hurdle: usability. Unlike clunky predecessors, it features:
- A credit-card-sized touchscreen with NFC/Bluetooth support.
- Sandboxed apps (e.g., 2FA, seed vault) powered by a custom OS (KeyOS).
- Open-source development to encourage third-party integrations.
CEO Zach Herbert noted only 2.5% of crypto users use hardware wallets—a gap Passport Prime hopes to close by blending security with smartphone-like ease.
Ant International Eyes Stablecoin Licenses in Asia
Ant International, the global arm of Jack Ma’s Ant Group, is gearing up to enter the stablecoin space by pursuing licenses in Hong Kong and Singapore. With Hong Kong’s new regulatory framework set to launch in August, the move signals Ant’s broader ambition to tap into the digital finance sector beyond China. While details are still emerging, the company’s interest in stablecoins—seen as a bridge between traditional finance and crypto—highlights how tech giants are preparing to compete globally in regulated digital assets.
Regulatory Reversals: SEC Drops Gensler-Era Crypto Rules
The SEC formally scrapped two contentious proposals:
- DeFi Regulation: A 2023 plan to treat decentralized exchanges like traditional ones.
- Strict Crypto Custody Rules: Would’ve forced advisors to use “qualified custodians.”
The rollback signals a pro-market shift under Acting Chair Mark Uyeda, with Paradigm policy experts praising the move as a chance for “genuine engagement with DeFi.”
Trump’s Crypto Push & Ant’s Stablecoin Plans
Donald Trump reaffirmed his pro-crypto stance at Coinbase’s summit, vowing “clear frameworks” and referencing the GENIUS Act for stablecoins. Meanwhile, Ant International (Alipay’s parent) is seeking stablecoin licenses in Hong Kong and Singapore, per Bloomberg—a sign of growing institutional interest in tokenized payments.
Final Thoughts
From Bitcoin’s reaction to Middle East tensions to Novogratz’s million-dollar prophecy, this week underscored crypto’s macro relevance. Corporate bets (like Mercurity’s and Sharplink’s) and regulatory pivots add layers to the story—proving that in crypto, the only constant is change.
