Bitcoin bloodbath: $1B liquidated fast

June 13, 2025

Reading time: 5 minutes

Bitcoin slides below $104K as Israel-Iran conflict triggers $1B crypto market rout

Key points:

  • Bitcoin keeled over to $103K after Israel’s airstrikes on Iran, sparking over $1.1B in crypto liquidations.

  • Technical indicators point to weakening buying momentum, with RSI dipping below neutral and MACD flashing bearish signals.

News - Bitcoin’s price plunged to as low as $103,051 on Thursday night, down nearly 5% in 24 hours, as geopolitical tensions escalated after Israel launched airstrikes on Iran’s nuclear and military sites. The conflict, described by Israel as a “precise, preemptive strike,” has spooked global markets, triggering a wave of risk-off sentiment.

The sharp drop resulted in over $1.1 billion in crypto liquidations, including $427 million in Bitcoin long positions. Altcoins suffered even steeper losses, with Ethereum falling 9.3% and Solana dropping 10%. Meanwhile, gold surged 1.2%, and crude oil rose over 10%, a classic rotation toward traditional safe-haven assets.

Bears tighten grip on Bitcoin - Technical indicators underscore the bearish mood. Bitcoin’s Relative Strength Index (RSI) dropped below the neutral 50 mark, signaling declining buyer strength. At the same time, the MACD indicator showed a bearish crossover, suggesting continued sell-side pressure. BTC now faces strong support at $103,060, with further downside risk toward $101,611 if buyers don’t return soon.

Is Bitcoin still “digital gold”? - Market reactions have reignited debates over Bitcoin’s role as a safe-haven asset. Critics like Peter Schiff argued that BTC’s failure to rally, unlike gold, signals its risk-asset nature. Others, like Anthony Pompliano, cited past conflicts where Bitcoin rebounded faster than traditional assets. A recent BlackRock report supports this view, noting that Bitcoin has historically outperformed gold and equities within 60 days of geopolitical shocks.

Retail titans eye stablecoins: Amazon, Walmart prep for crypto payments

Key points:

  • Walmart and Amazon are exploring U.S. dollar-backed stablecoins to cut card fees and enhance settlement speeds.

  • Their plans hinge on the GENIUS Act’s passage, which could unlock stablecoin adoption across the U.S. economy.

News - Amazon and Walmart are reportedly preparing to issue their own U.S. dollar-pegged stablecoins, signaling a major shift in how digital assets could reshape retail payments. According to sources cited by the Wall Street Journal, both companies are in early-stage discussions to launch branded stablecoins aimed at cutting credit card processing fees and improving cross-border transaction efficiency.

The two firms have not yet confirmed the move publicly. However, the strategy could eventually sideline traditional financial institutions by reducing reliance on banks and legacy payment networks like Visa and Mastercard, both of which saw their stock dip amid the news.

A stablecoin rollout from either company would only be possible under clear legal guidelines, and that may be arriving soon.

GENIUS Act could be the trigger - At the heart of the matter is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The bill recently passed a crucial Senate hurdle with a 68–30 vote and is now headed for further debate and reconciliation with a House counterpart.

If passed, the GENIUS Act would create a federal framework governing stablecoin issuance, collateral requirements, and AML compliance, laying the legal groundwork for retail giants to go crypto-native.

Stablecoin race heats up across industries - Amazon and Walmart join a growing list of corporations exploring fiat-backed digital currencies. Shopify has already integrated USDC, while banks like Deutsche Bank and Santander are weighing their own stablecoin launches. With the stablecoin market already surpassing $250 billion and estimates pushing toward $2 trillion by 2028, the race to modernize financial rails is well underway.

Shopify rolls out USDC payments on Coinbase’s Base, eyes global crypto checkout future

Key points:

  • Shopify has launched early access to USDC payments via Coinbase’s Base network, with a full rollout planned later this year.

  • Merchants will receive local currency settlements by default, with optional USDC payouts and cashback perks up to 1%.

News - Shopify has officially begun rolling out early access to USD Coin (USDC) payments via Coinbase’s Ethereum Layer-2 network, Base, marking a major push toward crypto-native infrastructure for global e-commerce. The pilot began on June 12 for select U.S. and European merchants, with broader availability expected later this year for all users of Shopify Payments and Shop Pay.

Powered by a new smart contract payment protocol co-developed with Coinbase, the new integration allows customers to pay in USDC directly from hundreds of supported crypto wallets. Merchants, meanwhile, will be settled in local currency with no foreign exchange fees, though they can also opt to receive payouts in USDC.

As part of its incentive program, Shopify plans to offer cashback rewards of up to 1% for buyers and 0.5% for merchants in eligible regions, aiming to accelerate adoption of stablecoin-based checkouts.

Why Base and USDC? - Base was chosen for its low-cost, fast, and secure transaction environment. It currently accounts for 6% of USDC’s total $61 billion supply, making it the fourth-largest network for the stablecoin. According to Coinbase and Shopify, the payment protocol supports features like delayed capture, tax calculation, and refund processing—mirroring traditional payment flows.

Unlike volatile cryptocurrencies, USDC is pegged 1:1 to the U.S. dollar and backed by fiat reserves, providing price stability for merchants and customers alike.

Broader context and legacy - Though this is Shopify’s first native stablecoin integration, the platform has supported crypto since 2013 through third-party gateways like BitPay and Solana Pay. The company also collaborated with Coinbase in the past via Meta’s now-defunct Diem project. This latest move underscores Shopify’s vision for borderless, frictionless commerce, aligning with rising stablecoin adoption across firms like PayPal, Grab, and Stripe.

Bitcoin’s next big whale? Anthony Pompliano’s $750M Bitcoin plan

Key points:

  • Anthony Pompliano is reportedly set to lead ProCapBTC, a new Bitcoin-focused investment firm targeting a $750 million capital raise.

  • The initiative, still under discussion, would merge with SPAC Columbus Circle Capital 1 and mirror Michael Saylor’s Bitcoin treasury strategy.

News - Crypto evangelist and entrepreneur Anthony Pompliano may soon helm one of the largest corporate Bitcoin treasury plays yet. According to the Financial Times, Pompliano is in talks to become CEO of ProCapBTC, a firm aiming to raise $750 million to buy Bitcoin through a merger with the blank-check company Columbus Circle Capital 1.

The proposed deal involves $500 million in equity and $250 million in convertible debt, potentially launching ProCapBTC into the top 15 corporate BTC holders globally. The SPAC, backed by investment bank Cohen & Company, previously raised $250 million in a May IPO.

If finalized, ProCapBTC would join the growing list of Bitcoin-holding public companies, following in the footsteps of Strategy, Metaplanet, and others capitalizing on crypto’s resurgence under the Trump administration.

Why it matters - The move signals a renewed bullish wave in the Bitcoin treasury trend. With over 820,000 BTC now held by 126 public companies, ProCapBTC could significantly alter the leaderboard if the deal closes. The timing also echoes Michael Saylor’s early strategy, combining public capital markets with aggressive Bitcoin accumulation.

SPACs, politics, and timing - The news comes amid a broader crypto IPO revival. Circle recently surged 168% on debut, Bullish is eyeing a listing, and Gemini has filed for an IPO. Much of the momentum stems from President Donald Trump’s pro-crypto stance, with relaxed regulation accelerating market entries.

Pompliano, who recently launched a separate SPAC, ProCap Acquisition Corp, is already a major player in this space. While it's unclear how this earlier entity ties into ProCapBTC, his leadership would bring brand recognition and investor attention.

Though neither Pompliano nor Cohen & Company has confirmed the deal, its announcement could arrive as early as next week.

Crypto scams uncovered

  • $302M lost to scams and exploits in May 2025: Crypto investors lost more than $300 million last month, predominantly due to a $225 million exploit of the Cetus Protocol, marking a dramatic rise in code-vulnerability attacks, which made up nearly 75% of total losses.

  • $4.6B in AI-driven crypto scams in 2024: Fraudsters used AI deepfakes in nearly 40% of major crypto scams last year, resulting in a total haul of about $4.6 billion, a 24% YoY surge in AI-powered crypto fraud.

  • RICO charges target $263 M Genesis-related theft: The U.S. Department of Justice indicted 12 individuals under RICO laws for orchestrating a $263 million crypto theft tied to a Genesis creditor, highlighting the rise of organized social-engineering scams in crypto.

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Top 3 coins of the day

AB (AB)

Key points:

  • At press time, AB was trading at $0.0121, up 5.39% over the last 24 hours.

  • The token maintained its breakout above the Bollinger Band basis, while the Squeeze Momentum indicator printed strong green bars.

What you should know:

AB extended its recent rally with a solid 5.39% daily gain, pushing above the $0.012 resistance level. The asset has now climbed nearly 80% from its late-May lows, indicating sustained accumulation interest. Notably, AB held above the Bollinger Band midline (basis), reinforcing bullish structure as price hugged the upper band. The token’s surge followed its June 7 listing on Binance Alpha and a 115 million AB token airdrop, which significantly boosted demand and pushed 24-hour trading volume up by over 46%. These catalysts aligned with rising DeFi sentiment, aided by favorable commentary from the SEC, and helped AB outperform despite broader market weakness. The Squeeze Momentum indicator flashed strong bullish momentum with a deep green histogram, its brightest since late March, suggesting room for further upside. If the bullish trend continues, AB may test resistance at $0.0132. However, if the price slips below $0.0115, the next key support lies near $0.0105. Investors are also watching to see whether $0.0122 can hold as new support following the airdrop.

Pax Gold (PAXG)

Key points:

  • At press time, PAXG was trading at $3,451, up 1.27% over the last 24 hours.

  • The RSI hovered above 65, signaling increasing bullish momentum.

What you should know:

PAXG saw a notable breakout above the $3,400 structure zone, supported by a visible bullish order block and a recent bullish Break of Structure (BOS) on the Smart Money Concepts indicator. The upward move came with a surge in volume, suggesting participation from institutional or high-cap players. The RSI climbed toward overbought territory but remained below the extreme 70 mark, hinting at still-manageable upward pressure. Geopolitical tensions in the Middle East and rising demand for safe-haven assets have further fueled interest in PAXG, mirroring gains in physical gold. The token's 24-hour trading volume spiked by over 190% to nearly $200 million, with investors seeking a crypto-native hedge against market volatility. The recent launch of PAXG perpetual futures on Coinbase also added to its institutional appeal. With price action clearing the $3,420–$3,440 resistance range, the next level to monitor is the psychological barrier near $3,500. Sustained momentum above this level could pave the way toward a retest of $3,600. However, if profit-taking sets in, immediate demand zones lie between $3,300 and $3,320, which previously acted as bullish mitigation blocks.

Dogecoin (DOGE)

Key points:

  • At press time, DOGE was trading at $0.173, down 4.33% over the last 24 hours.

  • The Supertrend indicator continued to flash a sell signal, while the MACD confirmed strong bearish momentum.

What you should know:

Dogecoin extended its downtrend following another sharp daily drop, breaching the $0.18 support level. The Supertrend indicator remained firmly bearish as the price traded below the trend line, suggesting persistent selling pressure. This came on the back of a failed attempt to reclaim the $0.22 resistance zone, which previously triggered a sell signal. The broader decline was accelerated by the U.S. SEC’s June 13 decision to delay approval for three altcoin ETFs, including Bitwise’s DOGE proposal. This triggered a wave of sell-offs, sending DOGE tumbling by over 8.8% intraday and wiping out $2.9 billion in market cap. Geopolitical panic, sparked by Israel’s strike on Iranian nuclear facilities, further deepened the market’s risk-off sentiment, contributing to $1.14 billion in crypto liquidations, with DOGE's trading volume spiking over 26%. Technically, the MACD histogram deepened in the red, while the MACD and signal lines diverged further in negative territory, reinforcing downside momentum. If DOGE fails to reclaim the $0.18–$0.19 region soon, a continued pullback toward the $0.16–$0.165 support zone is likely. However, if buyers stage a recovery, reclaiming $0.19 could set the stage for a retest of the $0.21–$0.22 resistance area.

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