Morning Crypto Market Overview: Ripple enters the Japanese market, stablecoin MIM loses its peg, and Kalshi is valued at $40 billion
The digital asset market greets the morning of June 25 with mixed sentiment. While Bitcoin and Ethereum are showing sideways movement, events are unfolding in the industry that could fundamentally change the balance of power. I am analyzing the key trends and events of the last few hours.
Market Dynamics: BTC and ETH in a Consolidation Phase
Bitcoin (BTC) started the day with minimal changes, trading around the $60,799 mark. Over the past 24 hours, the asset has fluctuated in a range from $59,029 to $63,097, indicating a temporary equilibrium between buyers and sellers. Ethereum (ETH) is also stuck in a sideways trend, holding near $1,616.
Among the top cryptocurrencies by market cap, Hyperliquid stands out, gaining 3.44% over the day. Tron shows the best weekly performance (+2.17%). At the same time, Dogecoin continues to suffer losses: -3.55% over 24 hours and -10.27% over seven days, which may indicate a decline in interest in meme tokens amid a search for more fundamental assets.
In the top 100 by market cap, Aave became the leader in daily growth (+14.93%), while DeXe strengthened by 67.89% over the week. The biggest drop is shown by MemeCore — the asset lost 73.80% in a day and 74.38% over the week, confirming the high volatility and risks of meme tokens.
Ripple Launches Stablecoin RLUSD in Japan
Ripple has officially launched its dollar-pegged stablecoin RLUSD on the Japanese market, having received approval from the local regulator, the FSA. The token, backed by reserves in US dollars and short-term government bonds at a 1:1 ratio, became available through the SBI VC Trade platform — the cryptocurrency division of the financial giant SBI Holdings. The market cap of RLUSD has already reached $1.6 billion.
The Japanese regulator classified RLUSD as a new type of electronic payment instrument, opening access for Ripple to institutional and retail users in one of the most regulated jurisdictions in the world. This is a strategic move that could strengthen Ripple's position in the Asia-Pacific region.
Kalshi Attracts $40 Billion: A New Turn in the Prediction Industry
The prediction market platform Kalshi is negotiating a new funding round with a valuation of $40 billion — almost double the May valuation of $22 billion. The deal could close as early as the third quarter of this year. If successful, the company's value would increase eightfold in less than a year, significantly outpacing its competitor Polymarket, which is valued at $15 billion.
Let me remind you that in May, Kalshi raised $1 billion in a Series F round with participation from giants such as Coatue, Andreessen Horowitz, Sequoia, Morgan Stanley, and Ark Invest. The platform's monthly turnover in May was $17.9 billion compared to $7.1 billion for Polymarket, confirming Kalshi's leadership in trading volumes.
Stablecoin MIM from Abracadabra Loses Peg: Liquidity Crisis
The DeFi platform Abracadabra has faced serious problems: its stablecoin Magic Internet Money (MIM) crashed 50% below its dollar peg. The token, backed by collateral in yield-bearing assets, dropped to 49 cents after a brief recovery to 89 cents.
The Abracadabra team is urgently raising interest rates, trying to stimulate debt repayment and reduce the amount of MIM in circulation. However, the key problem lies in the deep liquidity pools on Curve Finance — they turned out to be thin and unbalanced, which intensified selling pressure. This incident clearly demonstrates that even over-collateralized stablecoins are vulnerable when liquidity is weak.
Analytical Commentary: The launch of RLUSD in Japan is a signal that Ripple is aiming for serious expansion in the institutional sector. However, the collapse of MIM reminds us that DeFi protocols with collateralized stablecoins are still not immune to liquidity crises. Investors should closely monitor the balances of pools on Curve — this is an indicator of the ecosystem's health.