SwapSpace Weekly Recap: Banks, bans, and BTC volatility

A major French bank is launching its own U.S. dollar stablecoin. Meanwhile, the UK surprised everyone by flipping its stance on retail crypto rules. Bitcoin took a quick dip but recovered fast as global tensions picked up.

Here’s a look at the key stories, the market’s response, and what could be coming next.

Last week’s highlights

• Societe Generale launching dollar-backed stablecoin

On June 10, French banking giant Societe Generale announced it will launch USD ConVertible, a new U.S. dollar–pegged stablecoin built on Ethereum and Solana. Launching in July, this coin will be used for cross-border payments, trading, forex, and as collateral, all backed by U.S. Treasury assets and supported by BNY Mellon.

• Crypto-torture case shocks NY & Kentucky

On June 11, 2025, federal and local law enforcement—including the ATF, NYPD, and Kentucky State Police—raided a $1 million mansion in Smithland, Kentucky owned by two alleged scamsters, John Woeltz and William Duplessie, accused of kidnapping and torturing a man in New York to gain access to his $28 million Bitcoin wallet. The disturbing case, which involved chainsaws, tequila-driven flame torture, and pistol-whipping, has ignited renewed concerns about how wealthy crypto holders may become targets.

• Bitcoin dips on Mideast tensions

Bitcoin plunged below $103,000  early this week as tensions flared in the Middle East. Safe-haven demand shifted toward gold, challenging BTC’s status as digital gold. However, the price recovered to around $105,000 by the weekend, with whales and institutions stepping in.

• UK lifts retail crypto ETP ban

On June 9, the UK’s Financial Conduct Authority surprised many by lifting its 2021 ban on retail investors buying crypto exchange-traded products like ETNs and ETPs. The FCA says this move aims to boost growth and competitiveness in the UK, letting everyday investors access regulated crypto funds on exchanges, while still keeping key risk warnings and excluding crypto derivatives

• SEC withdraws 14 Biden-era proposals

On June 14, the SEC, now under a Republican-led commission, formally withdrew 14 rule changes proposed during the Biden era, including stricter crypto platform oversight and stock-trading reforms. This move signals a regulatory pivot toward more industry-friendly policies and reduced enforcement.

Last week’s stats 

Top gainers

• Subsquid (SQD) +4458%
• Gout (GOUT) +1685%
• Sentre Protocol (SNTR) +1383%

Top losers 

• TURBO BOME -99,87%
• Snowy Owl (SWOL) -98,68%
• PEPE TRUMP -97,68% 

Key pairs

• BTC/USD: $ 105,136
• ETH/USD: $ 2,541
• BTC/ETH: 41.38

What’s coming next

• Crypto Valley Conference – June 18–19, 2025 | Stockholm, Sweden

This event gathers leading experts in blockchain to discuss the future direction of decentralized technology. If you’re curious about innovation in crypto, this is one to watch.

• Nordic Blockchain Conference – June 18–19, 2025 | Stockholm, Sweden

Also in Stockholm, this conference dives into the latest in blockchain, DeFi, and crypto regulations. Expect some big conversations about what’s next for the space.

• International Matchmaking Symposium ADTCA – June 18, 2025 | Online

This online event looks at how data technologies, including blockchain, can help tackle big health issues like antimicrobial resistance. It’s especially relevant for anyone curious about how blockchain and healthcare connect.

• Price under pressure—yet stable

Bitcoin and Ethereum experienced some volatility amid news from the Middle East but showed solid support around key levels — roughly $104K for Bitcoin and $2.5K for Ethereum. These price points will be important to watch as they could signal the market’s next moves. 

This week showed two sides of crypto: getting closer to traditional finance, but also facing more real-world risks. Regulators are stepping in more often, which can make things tricky but also opens up new possibilities. Since the market moves quickly, staying aware and prepared is really important.

If you want to follow market trends, check out our Price Prediction page for the latest updates.