Bitcoin Goes Mainstream as Texas Adopts BTC Amid Global Turmoil – Crypto Markets React to US-Iran Conflict | Weekly Recap

Geopolitical shockwaves hit crypto as Texas makes history.

Bitcoin's price whipsawed after US military strikes in Iran sent traditional markets reeling—but the real story emerged from Austin. Texas officially became the first US state to add Bitcoin to its reserve assets, signaling institutional adoption reaches new heights even during global instability.

The Lone Star State's bold move couldn't stabilize markets though. Crypto traders faced brutal liquidations as the conflict triggered classic risk-off behavior. 'When the bombs drop, the charts flop' became the week's grim mantra among degen traders.

Silver lining? The dip brought out the true believers. 'Buy when there's blood in the streets—even if it's literal this time,' quipped one hedge fund manager while increasing his BTC allocation. Meanwhile, politicians debated whether Texas was pioneering sound money policy or just doing PR for their mining interests (why not both?).

As the dust settles, one truth emerges: crypto markets now react to geopolitics like any mature asset class—just with 3x the volatility and 10x the Twitter hot takes. Welcome to the big leagues.

Bitcoin, Ethereum and other tokens plummet

• The crypto market slumped over the weekend as geopolitical tensions escalated following President Trump’s order for U.S. forces to join Israel in bombing Iran’s nuclear sites.
• Trump claimed the strikes “completely and totally obliterated” the facilities, prompting Iran to vow retaliation.
• Over the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) fell by over 2.8% and 9%, respectively. Major altcoins like Virtuals Protocol, Celestia, AB, and Aptos dropped more than 9% in 24 hours.

Iran imposes curfew on domestic crypto exchanges

• Earlier in the week, the Central Bank of Iran restricted exchange operating hours to 10 a.m. to 8 p.m.
• The decision follows a politically motivated hack on Nobitex, the country’s largest trading platform, that led to losses exceeding $90 million.
• The June 18 attack drained and burned assets, rendering them unrecoverable.

Reddit considers iris scans

• Reddit is in talks to integrate Sam Altman’s World ID, a biometric verification system that scans irises without storing personal data, to address growing pressure from AI threats, age verification laws, and bot abuse.
• The partnership would help Reddit verify user identity and age while preserving anonymity—an increasingly critical balance as regulators and researchers ramp up scrutiny of online platforms.

Coinbase unveils end-to-end stablecoin payments infrastructure

• The solution, powered by Coinbase’s layer-2 network, Base, allows merchants to accept Circle’s stablecoin USDC without dealing with blockchain complexity.
• Shopify, the first major partner, has already integrated the system, enabling its vast merchant base to receive near-instant, low-cost USDC payments from customers worldwide.

Crypto VC funding remains resilient

• Last week, 18 crypto projects or startups secured a combined $159.5 million despite broader market volatility.
• The week was dominated by infrastructure and AI-focused ventures, with EigenLayer leading the pack through a $70 million round backed by a16z crypto—bringing its total funding to $234.5 million. Other notable raises included PrismaX, Sparkchain AI, Gradient Network, Ubyx, and Units Network, each attracting $10 million or more from prominent investors like Pantera, Lightspeed, Galaxy Digital, and Coinbase Ventures.
• The activity signals continued confidence in foundational crypto technologies and AI convergence, even as deal sizes concentrate around fewer, well-backed projects.

NFTs experience sharp drop

• NFT sales fell by 18.43% to $116.9 million, according to data from CryptoSlam.
• Despite the sales decline, market participation metrics show mixed results. NFT buyers remain flat at 1,061,348 (50.56% growth maintained).
• NFT sellers rise by 8.09% to 38,494. NFT transactions have decreased slightly by 0.63% to 1,709,086.

KindlyMD, Nakamoto merger update

• Utah-based telehealth provider KindlyMD is now channeling millions into Bitcoin via its expected merger with Nakamoto Holdings, the Bitcoin-focused investment firm founded by David Bailey.
• They have secured an additional $51.5 million in PIPE financing, bringing their total committed capital for Bitcoin treasury accumulation to $763 million.
• The latest round, priced at $5 per share in KindlyMD stock, was fully subscribed in under 72 hours, signaling strong institutional interest despite broader market uncertainty.

Texas Governor signs Bitcoin reserve bill

• Texas Governor Greg Abbott has signed Senate Bill 21, creating the Texas Strategic Bitcoin Reserve—a state-managed fund that will hold Bitcoin as a long-term financial asset.
• Operated independently from the general treasury, the reserve is designed to bolster financial resilience and hedge against inflation.
• Only assets with a market cap over $500 billion—currently just Bitcoin—qualify. The fund will be overseen by the Texas Comptroller and advised by a three-member crypto investment committee.

X makes good on ‘super app’ idea

• X, formerly Twitter, is expanding its push to become a “super app” by developing in-app investment and trading features, according to the Financial Times.
• Under Elon Musk’s ownership, the platform is evolving into an all-in-one financial hub, with CEO Linda Yaccarino confirming plans to integrate a wide range of financial services.
• The move builds on Musk’s crypto-friendly reputation and aims to position X as a central platform for both social and financial activity.