🪖 The US strikes over Iran Also Hit the Crypto Market, What’s Next?

Hello dear subscribers! Today we are diving into the Big Cap Index and $SOL technical anlysis for the mid term, but there’s more.

In today’s bulletin, we are covering:

* Surfing the Market, with The big Cap Index and $SOL analysis
* Don’t miss the News about $1B crypto liquidations and Texas’ Bitcoin reserve.
* PWR Chain is under the spotlight.
* A short article about Circle debuting on Wall Street.

The Iran war news hit the market with no mercy. The Big Caps Index lost the local uptrend support to take a dive into the key $650 range. Which so far has been defended. The reaction here will be key to determine the strength of the macro structure:

If for example we focus on $SOL we can see how it fully round tripped from the key breakout back in April. Unable to breach the main downtrend resistance it retraced to the $125 support. As in the previous case, managed to bounce with strength and now will face a key decision momentum on the final squeeze against the downtrend:

### Geopolitical Shock Sparks $1B Crypto Liquidations, Bitcoin Slips Under $100K

Global markets sold off sharply after U.S. airstrikes on Iran’s nuclear facilities, triggering over $1 billion in liquidations within 24 hours and driving Bitcoin below the $100,000 threshold.

**Highlights**

* Massive Liquidations: More than $1.03 billion of positions were forcibly closed in a single day.
* Trader Liquidations: Roughly 240,000 leveraged traders saw their positions wiped out amid the sell-off.
* Bitcoin’s Dip: $BTC plunged to just above $99,300, breaking beneath the psychologically key $100,000 mark.
* Ethereum’s Fall: ETH slid to its weakest point since May as margin calls intensified.
* Solana’s Slide: $SOL dropped over 8%, testing critical support around $120–$125 on renewed oil price concerns.

### Texas Becomes First State to Back Bitcoin Reserve with Public Funds

Texas lawmakers approved SB 21, creating a dedicated Bitcoin reserve fund managed by the state comptroller and financed with public money, pending Governor Abbott’s signature.

**Highlights**

* Standalone Reserve Structure: Establishes a separate fund under the comptroller’s office to hold digital assets apart from the general treasury.
* Market-Cap Requirement: Restricts investments to cryptocurrencies with at least a $500 billion market cap over the previous 12 months, currently only Bitcoin.
* Strategic Asset Role: Positions $BTC as a long-term hedge against fiat inflation, treating it as “digital gold” alongside conventional reserves.
* Bipartisan Approval: SB 21 cleared both chambers of the Texas legislature, reflecting cross-party support for crypto diversification.
* Awaiting Signature: The bill will take effect once signed by Governor Greg Abbott, officially allowing state funds to flow into the Bitcoin reserve.

### PWR Chain

#### The Origins:

**PWR Chain is a modular Layer 0 blockchain infrastructure** designed to connect traditional Web2 apps directly to decentralized systems. Built by PWR Labs, its mission is to eliminate developer friction by supporting familiar programming environments alongside crypto-native ones.

PWR Chain aims to make blockchain usable by default; without protocol-specific constraints or steep technical barriers.

#### The Operative:

**PWR Chain separates consensus and execution**, allowing decentralized processing units to run multiple environments in parallel; including EVM, SVM, MoveVM, and traditional Web2 apps.

* Its core componets include:
* Proof of Power (PoP): A decentralized consensus without centralized sequencers.
* Quantum-Resistant Cryptography: Using Multi-Hash Based Signatures (MHBS).
* Composable Architecture: Supports Layer 1s, rollups, and hybrid Web2/3 deployments.

One of PWR’s key components is **VIDA (Verified Identity and Data Aggregator)**. It acts as an on-chain data orchestrator that **validates off-chain activity, enabling verifiable, cross-platform user data.** Making possible to run Web2-like services with Web3 guarantees; such as social recovery, identity graphs, and zero-knowledge reputation.

#### Funding & Competitors:

**PWR Chain raised ~$6M** in 2024, led by Tim Draper.

The **native token, $PWR**, has not yet launched. And the project is running an airdrop campaing. Once live, $PWR will be used for transaction fees, validator staking, and ecosystem participation.

PWR Chain operates in the modular and Layer 0 space, with indirect **competitors such as Cosmos; Polkadot, Celestia, Avalanche, among others.**

**As the demand for scalable, interoperable, and developer-friendly infrastructure** grows, modular base layers and identity-driven architectures are redefining the future of Web3. The convergence of customizable execution environments, zero-knowledge technologies, and seamless Web2/Web3 integration signals a **shift toward a more open, composable internet.** This evolution positions Layer 0 frameworks and decentralized data protocols at the core of the next wave of blockchain innovation.

### Circle debuts on Wall Street: from stablecoin pioneer to the trading floor.

Circle, the company behind USDC, has officially gone public. After years of playing a key role in the crypto ecosystem, it now steps into the spotlight of Wall Street, marking a milestone that could reshape the relationship between traditional finance and digital assets.

#### A bit of history

Founded in 2013 by Jeremy Allaire and Sean Neville, Circle started as a platform focused on digital payments using blockchain technology. In its early years, it offered a variety of services, from Bitcoin wallets to trading, but eventually refined its mission toward a bigger goal: **building the infrastructure for a global digital economy rooted in trust and regulation**.

**In 2018, Circle launched USD Coin (USDC) in partnership with Coinbase**. Unlike other stablecoins at the time, USDC was built with a strong regulatory mindset. Every token was to be backed 1:1 with dollars or equivalent assets held in audited accounts. The vision was clear: create a trustworthy, transparent stablecoin tailored for institutional adoption.

#### The rise of USDC

As DeFi, on-chain payments, and crypto/fiat bridges exploded in relevance, USDC quickly found product-market fit. It became one of the most widely used stablecoins, operating across multiple blockchains like Ethereum, Solana, Avalanche, and Arbitrum.

What set Circle apart was its proactive regulatory approach. While other issuers were under fire for opaque reserves or questionable structures, **Circle leaned into transparency**, releasing audit reports, collaborating with regulators, and partnering with major financial institutions. This earned it a reputation as the “clean” stablecoin, trusted by companies, protocols, and policymakers alike.

By 2024, USDC had reached over $30 billion in market cap, powering trillions in transaction volume. Giants like Visa and BlackRock explored integrations or invested directly.

#### The road to the stock market

Circle first attempted to go public in 2021 via a SPAC merger, but the deal fell through. The company didn’t abandon the idea, though, instead, it doubled down on growth, global expansion, and diversifying its revenue streams, especially through interest earned on USDC reserves during the Fed’s high-rate cycle.

Finally, in 2025, Circle achieved its long-awaited public listing, **becoming the first regulated stablecoin issuer to trade on the open markets**. This isn’t just about capital or visibility, it’s also about increased scrutiny and accountability, as USDC operations are now subject to public market standards.

#### A boost from Washington

Circle’s debut comes just weeks after (coincidence?) the U.S. Senate passed a stablecoin bill, setting clearer regulatory guidelines for issuers like Circle. The new legislation supports stablecoins that are 100% backed, audited, and issued under strict oversight, effectively validating Circle’s long-standing compliance strategy. This legal clarity could open the door for even broader adoption in both the U.S. and global markets.

#### Final thoughts

Circle’s public listing isn’t just a business milestone, it’s a symbolic one for the entire crypto space. **It represents the institutionalization of stablecoins and a maturing infrastructure that’s bridging digital finance with the traditional world.** The circle is now complete… and trading!

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