Russian President Vladimir Putin signed a landmark law legalizing and regulating cryptocurrency trading. The legislation aims to bring crypto out of the shadow economy and facilitate cross-border trade amid Western sanctions.
The US and Japan conducted a rare coordinated currency market intervention, with Japan buying yen to counter excessive volatility. Both nations signaled readiness for further action if needed, as Japan also cut its economic growth outlook due to high oil prices and a weaker yen.
The Indian Rupee opened weaker against the US dollar on Wednesday, trading at 95.15 and falling to 95.16. This decline is attributed to rising crude oil prices and a strengthening US dollar following fresh military actions involving the US and Iran. A weak opening in domestic stock markets also contributed to the currency's dip.
The CLARITY Act, aiming to regulate cryptocurrencies, faces an uncertain path in the US Congress due to President Trump's veto threats and impending summer breaks, despite Senate committee approvals.
XRP has retreated toward $1, testing a critical support level amid a market-wide selloff, with leveraged positions disappearing, derivatives activity contracting, and investors increasingly selling at a loss.
Cryptocurrency markets lost ~$80 billion in 24 hours after US military strikes on Iran, with Bitcoin falling 3.5% to a six-week low of $72,646 and Ether dropping below $2,000 amid heightened geopolitical risk.
Vietnam plans to launch its regulated crypto asset market by Q3 2026, with five local companies shortlisted to operate the country's first regulated crypto exchange, aligning with its digital economy strategy targeting 30% GDP by 2030.
Japan has reportedly intervened with $35 billion to support the yen, aiming to curb weakness driven by a wide interest rate gap with the U.S. While the move caused a short-term dollar decline, analysts warn that the carry trade remains a risk to assets like Bitcoin.
Asian markets showed mixed performance on Friday as investors remained cautious amid Iran conflict uncertainty. MSCI's Asia-Pacific index rose 0.3% with a weekly gain of 0.8%, while Japan's Nikkei gained 0.45%. South Korea, China and Hong Kong declined. Oil prices climbed over 1% to $106.21 for Brent, adding to market anxiety. The yen hovered near 160-per-dollar, raising intervention concerns.
