Crypto Market Update: Prices Dip as U.S. Senate Passes Stablecoin Bill

Introduction

The cryptocurrency market faced a notable downturn on June 21, 2025, with major digital assets like Bitcoin and Ethereum experiencing significant price declines. This correction coincides with important regulatory developments in the United States, which could shape the future of the crypto industry, particularly for U.S. traders. This article provides an overview of the latest market trends, price actions, and key news, optimized with relevant keywords for better visibility.

Crypto Market Overview

The crypto market appears to have entered a bearish phase, with the total market capitalization dropping by approximately 2%, according to data from Coin market cap. 

Social media discussions on X, with most altcoins and meme coins declining. The global crypto market cap was reported at around $3.16 trillion, reflecting a 1.36% decrease over the last 24 hours.

Price Action Analysis

Bitcoin (BTC)

Bitcoin, the leading cryptocurrency by market cap, fell to $101,271 on June 21, 2025, down from highs near $103,000 earlier in the day. This represents a roughly 2% decline over 24 hours, as noted in X posts and price data. The price action suggests a market correction, with Bitcoin struggling to maintain its recent bullish momentum.

Ethereum (ETH)

Ethereum experienced a more pronounced drop, with its price settling at $2,239.88, a decrease of about 5% from its daily high of around $2,400. This volatility aligns with broader altcoin trends, as Ethereum's price action often amplifies market movements. The decline was highlighted in posts on X, with users noting Ethereum trading around $2,420 earlier in the day.

Other Major Cryptocurrencies

Other notable cryptocurrencies also faced declines:

Solana (SOL): Reportedly down 4.86%, as mentioned in an X post by @nftepml.

XRP: Trading at approximately $2.14, with a 1.36% decrease, according to Coinbase.

Meme Coin Price Action

Meme coins, known for their high volatility, were significantly impacted by the market downturn. The total meme coin market cap dropped by 10.9%, reaching $51.8 billion, as reported by CoinGecko. Key meme coin prices include:

Coin

Dogecoin (DOGE)

$0.1526

-10.9%

Shiba Inu (SHIB)

$0.00001075

-10.9%

Pepe (PEPE)

$0.0000059076

-9.25%

Official Trump (TRUMP)

$8.84

-10.9%

Bonk (BONK)

$0.00001248

-10.9%

SPX6900 (SPX)

$0.9949

-10.9%

The steep declines in meme coins underscore their speculative nature, with Pepe notably mentioned in an X post as dropping 9.25%.

Regulatory Developments

U.S. Senate Passes GENIUS Act

On June 17, 2025, the U.S. Senate passed the GENIUS Act, a landmark bill establishing a federal regulatory framework for stablecoins, as reported by Reuters. This legislation requires stablecoin issuers to back their tokens with safe assets, such as U.S. dollars or Treasury securities, to enhance stability and consumer protection. The bill, described as a "milestone for the crypto industry," could increase trust in stablecoins, which have seen their market cap surge to a record high (Reuters).

Key provisions of the GENIUS Act include:

Mandating $1 reserves for stablecoins.

Consumer protection safeguards.

Restrictions on tech companies issuing stablecoins .

A ban on members of Congress and their families profiting from stablecoins .

This regulatory clarity is likely to impact U.S. traders by fostering a more stable environment for stablecoin transactions, potentially boosting adoption.

Potential SEC Approval of Crypto ETFs

There is growing speculation that the U.S. Securities and Exchange Commission (SEC) may approve exchange-traded funds (ETFs) for cryptocurrencies beyond Bitcoin, which saw ETF approvals in January 2024 (SEC). Bloomberg analysts estimate a 90% or higher likelihood of approvals for assets like Solana and XRP, as reported by Cointelegraph. An X post by @Eat_Joe_ also mentioned the SEC’s potential move, suggesting it could act as a macro catalyst for the market. If approved, these ETFs could further integrate cryptocurrencies into traditional financial markets, attracting institutional investors.

Security Incident at CoinMarketCap

On June 21, 2025, CoinMarketCap, a leading cryptocurrency data platform, experienced a security breach involving a malicious wallet verification popup, as reported by Coin telegraph and Coingape. The incident involved hackers injecting malicious code, potentially through a doodle image on the homepage (Ainvest). The issue has been resolved, with CoinMarketCap removing the malicious code, but users are advised to exercise caution when accessing crypto-related websites. This event underscores the importance of cybersecurity in the crypto space, particularly for U.S. traders relying on such platforms for market data.

Conclusion

The crypto market’s downturn on June 21, 2025, reflects the inherent volatility of digital assets, influenced by both market dynamics and regulatory developments. The U.S. Senate’s passage of the GENIUS Act marks a significant step toward legitimizing stablecoins, potentially boosting investor confidence. Meanwhile, the anticipation of new crypto ETF approvals and the resolution of the CoinMarketCap security issue highlight the evolving landscape of the crypto industry. U.S. traders are advised to stay informed and cautious as they navigate these changes.