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The cryptocurrency market faced a turbulent week, culminating in a sharp downturn as key tokens like Bitcoin and Ethereum experienced significant price drops. This followed heightened geopolitical tensions spurred by U.S. airstrikes on Iran’s nuclear facilities. Alongside the market slump, non-fungible tokens (NFTs) saw a decline, but crypto venture funding displayed resilience, and Reddit explored biometric solutions to address identity challenges.

Bitcoin and Ethereum Lead Market Decline

Over the weekend, the crypto market witnessed a noticeable downturn as geopolitical tensions escalated. U.S. forces joined Israel in conducting airstrikes on Iran’s nuclear sites, an action ordered by then-President Donald Trump. Iran responded with threats of retaliation, further fueling market uncertainty.

In the past 24 hours, Bitcoin dropped by 2.8%, while Ethereum recorded an 8.9% decline. Major altcoins such as Virtuals Protocol, Celestia, AB, and Aptos also fell by more than 9%, reflecting widespread unease in the market.

Iran Restricts Domestic Crypto Exchange Hours

Earlier in the week, the Central Bank of Iran introduced new restrictions on crypto exchange operating hours, limiting activity to 10 a.m. to 8 p.m. This decision followed a politically motivated cyberattack on Nobitex, Iran’s largest trading platform. The hack resulted in over $90 million in losses, as assets were drained and rendered unrecoverable.

Reddit Explores Iris Scanning for Identity Verification

Reddit is considering the integration of World ID, a biometric verification system developed by Sam Altman. This technology uses iris scans to verify user identity without storing personal data. The move aims to address growing concerns over AI-driven threats, age verification laws, and bot abuse. This partnership could help Reddit strike a balance between maintaining user anonymity and complying with regulatory demands.

Coinbase Launches Stablecoin Payment Infrastructure

Coinbase recently introduced a new end-to-end payment solution powered by its layer-2 network, Base. This system enables merchants to accept Circle’s stablecoin, USDC, without dealing with the complexities of blockchain technology. Shopify has already adopted the solution, allowing its extensive merchant network to process near-instant, low-cost USDC transactions from customers worldwide.

Crypto Venture Funding Defies Market Volatility

Despite the broader market downturn, crypto venture capital funding remained strong. Last week, 18 projects raised a combined $159.5 million, with a significant focus on infrastructure and AI-driven solutions. EigenLayer led with a $70 million funding 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 securing $10 million or more from prominent investors.

This activity underscores continued confidence in foundational crypto technologies and the convergence of blockchain with AI, even as funding concentrates around fewer, well-supported initiatives.

NFT Market Records Notable Decline

NFT sales dropped by 18.43% to $116.9 million, according to recent data. While the sales value declined, market participation metrics revealed mixed results. The number of NFT buyers remained steady at 1,061,348, reflecting a 50.56% growth trend. Meanwhile, NFT sellers increased by 8.09%, reaching 38,494. Despite these changes, the total number of NFT transactions declined slightly by 0.63% to 1,709,086.

KindlyMD and Nakamoto Holdings Merger Fuels Bitcoin Investment

Utah-based telehealth provider KindlyMD is moving forward with its merger with Nakamoto Holdings, a Bitcoin-focused investment firm. The company raised an additional $51.5 million in PIPE financing, bringing its total committed capital for Bitcoin treasury investments to $763 million. The latest funding round, priced at $5 per share, was fully subscribed in under 72 hours, highlighting strong institutional interest in Bitcoin despite broader market challenges.

Texas Governor Establishes Bitcoin Reserve

Texas Governor Greg Abbott recently signed Senate Bill 21, creating the Texas Strategic Bitcoin Reserve. This state-managed fund will hold Bitcoin as a long-term financial asset. The reserve is designed to bolster financial resilience and hedge against inflation. Only assets with a market capitalization exceeding $500 billion—currently limited to Bitcoin—qualify for inclusion. The fund will be managed by the Texas Comptroller, with guidance from a three-member crypto investment committee.

X Moves Closer to Becoming a Financial Hub

Under Elon Musk’s leadership, X (formerly Twitter) is advancing its vision of becoming a “super app.” The platform is reportedly developing in-app investment and trading features, aiming to integrate a variety of financial services. CEO Linda Yaccarino confirmed these plans, positioning X as a central hub for both social and financial activities. This aligns with Musk’s history of supporting cryptocurrency adoption and innovation.

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