Bitcoin hovered around $107,000 on Friday, as the cryptocurrency market paused for breath. Investors decided it was time to pocket some gains from XRP and Solana, despite the market’s overall bullish sentiment. XRP slid more than 4%, erasing its earlier-week rise, while Solana dipped 3%, testing the waters at a crucial $140 support level. Other crypto heavyweights like BNB, Dogecoin, Cardano, and Ether saw more modest reductions of under 2%.
Profit-Taking Amidst Macro Positivity
The retracement comes on the heels of a generally upbeat week for crypto majors. The winds of change blew favorably as inflation worries eased, geopolitical tensions simmered down, and Asia’s regulatory scene gave the industry a shot in the arm. Jeff Mei, COO at crypto exchange BTSE, shared his optimism: “We think that conditions are ripe for Bitcoin to surpass its previous all-time high of about $112,000,” he communicated via Telegram to CoinDesk. Mei’s enthusiasm is bolstered by the apparent resolution of the Iran-Israel conflict and potential tariff reductions by the Trump administration, both likely precursors to a rate cut by the Fed. This aligns with Bitcoin’s steady performance above $104K as traders anticipate a historically bullish second half.
Eugene Cheung, OSL’s chief commercial officer, echoed this sentiment. “As bitcoin hovers around $107K due to geopolitical uncertainty, institutions and investors keep a bullish perspective as crypto ETF inflows remain positive,” Cheung stated. He pointed to Hong Kong’s Policy Statement 2.0 as a catalyst, which could redefine the digital asset landscape by enabling the tokenization of real-world assets and stabilizing the regulatory environment.
A New Dawn for Crypto Regulations?
Hong Kong’s ambitions to establish itself as Asia’s digital asset hub are gaining momentum with the unveiling of Policy Statement 2.0 earlier this week. This framework provides a clearer runway for stablecoin issuers and tokenization firms to operate within a licensed environment—an approach that stands in stark contrast to the United States’ piecemeal regulatory stance. According to sources, the move is seen as a forward-thinking step that could attract more institutional interest to the region.
The broader market is also digesting signals of softening macroeconomic stress. U.S. inflation data has shown a pattern of deceleration, which, coupled with the possibility of tariff reductions, is providing a fertile ground for risk appetite to flourish. The S&P 500 has surged to a new high, while crypto ETF inflows remain robust—an encouraging sign of increasing institutional participation. This is further explored in our recent analysis of Bitcoin nearing $108K as traders eye Ether, Solana, and Cardano.
Forward-Looking Implications
With traditional and crypto markets reacting to these developments, the lingering question is whether this trend can sustain its momentum. Analysts are keenly watching how the Federal Reserve will respond, especially as pressure mounts on Chairman Powell. Will he opt for a rate cut, or could we see a change in leadership sooner than anticipated? The answer could have significant implications for market trajectories.
As June 2025 unfolds, investors and market watchers alike are waiting with bated breath to see if these positive undercurrents can propel Bitcoin and other crypto majors to new heights. The interplay of regulatory advancements, geopolitical shifts, and economic indicators will likely chart the course for what promises to be an intriguing year in the crypto world.
Source
This article is based on: XRP, Solana Lead Profit-Taking Among Crypto Majors Even as Bullish Mood Persists
Further Reading
Deepen your understanding with these related articles:
- Crypto Trader Sees Bitcoin Hitting $160K by Year-End; ETH, SOL, ADA to Gain on Middle East Truce
- Bitcoin Rebounds as Markets Price in ‘Short-Lived’ Iran Conflict
- Japan Proposes Crypto Reform to Allow Bitcoin ETFs and Slash Crypto Taxes
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
