Coinbase Expands ADA Utility with cbADA Launch Amid Market Struggles

Despite strategic partnerships and new exchange support, Cardano's ADA token continues to face downward pressure. In June 2025, Cardano founder Charles Hoskinson announced full integration with the XRP ecosystem on June 14, aiming to boost cross-chain liquidity. Just eleven days later, Coinbase launched cbADA, a wrapped version of ADA on its Base network, enhancing the token's utility within its ecosystem. However, market data indicates persistent weakness for ADA, highlighting the challenges it faces despite these developments.

Cardano's ADA Struggles Despite Strategic Partnerships and Exchange Support

Cardano's ADA token continues to face downward pressure despite two significant developments in June. Founder Charles Hoskinson announced full integration with the XRP ecosystem on June 14, aiming to enhance cross-chain liquidity. Eleven days later, Coinbase launched cbADA, a wrapped version of ADA on its Base network, expanding utility within the exchange's ecosystem.

Market data reveals persistent weakness. CoinGlass reports weekly outflows from ADA spot markets since February, culminating in $182.1 million withdrawn in June alone. The sustained capital flight suggests eroding investor confidence, with sell orders consistently outpacing demand.

Technical indicators mirror this bearish sentiment. The absence of meaningful price reaction to positive fundamentals implies market participants remain skeptical about near-term recovery prospects. Analysts note that without substantial buying pressure, ADA may struggle to establish reliable support levels.

Supreme Court Denies Review of IRS Coinbase Data Case, Upholding Tax Agency's Access to Crypto Records

The U.S. Supreme Court has declined to hear a challenge to the IRS's authority to obtain cryptocurrency transaction data from exchanges like Coinbase. The decision leaves intact a lower court ruling that rejected a user's Fourth Amendment claim against the tax agency's 'John Doe' summons practice.

James Harper's lawsuit argued the IRS violated constitutional protections against unlawful searches when it acquired his trading history from Coinbase. The case originated from a 2020 dispute over the agency's broad data request targeting unidentified users. With the Supreme Court's refusal to intervene, the precedent favoring tax enforcement over privacy concerns in crypto transactions remains binding.

Coinbase had filed an amicus brief supporting the petition, highlighting the exchange's ongoing tension between regulatory compliance and user privacy. The outcome reinforces the IRS's position in ongoing efforts to track crypto-related tax obligations across major trading platforms.

Ark Invest Takes Profits as Crypto Stock Rally Shows Signs of Cooling

Ark Invest has offloaded significant holdings in Coinbase and Circle, signaling a potential shift in sentiment toward crypto-related equities. The fund sold $43.8 million worth of Coinbase shares on June 30, following a $12.5 million transaction days earlier. Circle saw even larger divestments, with over 410,000 shares sold since June 24, netting more than $110 million.

These moves come amid spectacular runs for both stocks. Coinbase surged 43% in June alone, while Circle's shares have skyrocketed nearly 490% since its public debut. The sell-offs suggest Ark may be locking in gains as JPMorgan Chase downgrades Circle to 'underweight,' forecasting a potential decline to $80 by 2026.

Despite the profit-taking, 10x Research notes 2025 as a landmark year for crypto stocks, with the sector posting 119% aggregate gains. The stablecoin growth narrative continues to drive performance, even as institutional players appear to be rotating positions.

American Express System Upgrade Fuels Ripple Integration Speculation

American Express clients are experiencing cross-border payment delays amid a system overhaul tied to Federal Reserve updates. The lack of technical details has reignited speculation about potential Ripple integration, given the companies' existing partnership in cross-border solutions.

The timing coincides with Amex's largest-ever card refresh and new crypto rewards via Coinbase, further fueling XRP adoption rumors. Despite market buzz, XRP's price movement remains muted with only a slight uptick.

Industry commentators highlight the modernization push as a potential inflection point. "When legacy finance upgrades infrastructure, blockchain solutions often follow," noted one analyst, referencing Amex's historical openness to fintech partnerships.

USDC Gains Ground as Key Liquidity Provider for Bitcoin Trading Pairs

Circle's USDC stablecoin is reshaping Bitcoin market dynamics, now supporting 25% of the 1% liquidity depth for BTC trading pairs. The regulated dollar-pegged asset has seen its share of BTC liquidity nearly double since January 2025, climbing from 15% to 24% of total market depth.

While Tether's USDT maintains dominance in overall stablecoin volume, USDC's structural advantages are becoming apparent in liquidity provision. The stablecoin's resurgence comes as its circulating supply returns to 2023 levels, erasing bear market losses and signaling renewed institutional confidence.

Coinbase's influence continues to drive USD-denominated BTC trading, accounting for 19% of daily volumes. However, USDC's 10.5% volume share understates its growing role as a market maker's tool - liquidity pools are deepening even as spot activity fluctuates.