Crypto Market Recap: Tech Billionaires Launch Crypto-Focused Bank, Coinbase Acquires Liquifi

Bitcoin and Ethereum price update

Bitcoin (BTC) is priced at US$107,699, up 1.6 percent in the last 24 hours. The day’s range for the cryptocurrency brought a low of US$105,402 and a high of US$107,968 at the opening bell.

Bitcoin price performance, July 2, 2025.

Chart via TradingView

Bitcoin’s price gain was driven by a calm in Middle East tensions and growing optimism after the Fed signaled a dovish tilt, both factors boosted investor risk appetite. . Additionally, continued inflows into US spot Bitcoin ETFs and favorable regulation expectations helped sustain the upward momentum.

Ethereum (ETH) is priced at US$2,450.40, up by 2.1 percent over the past 24 hours. Its lowest valuation on Wednesday was US$2,393.31 and its highest was US$2,467.66.

Altcoin price update

• Solana (SOL) was priced at US$149.40, up by 2.2 percent over 24 hours. Its highest valuation as of Wednesday was US$150.29, and its lowest was US$145.46.

• XRP was trading for US$2.18, up by 0.7 percent in 24 hours. The cryptocurrency’s lowest valuation was US$2.15 and its highest was US$2.20.

• Sui (SUI) is trading at US$2.74, showing an increaseof 4.7 percent over the past 24 hours. Its lowest valuation was US$2.67, and its highest valuation was US$2.82.

• Cardano (ADA) is priced at US$0.5576, up by 4.7 percent in the last 24 hours and its highest valuation of the day. Its lowest valuation as of Wednesday was US$0.538.

Today’s crypto news to know

Tech billionaires launch Erebor, a crypto-focused bank to fill SVB void

A group of prominent tech investors, including Anduril’s Palmer Luckey, Peter Thiel’s Founders Fund, and Palantir co-founder Joe Lonsdale, are backing a new US-based crypto bank called Erebor, according to the Financial Times.

Erebor has applied for a national banking charter and plans to serve technology-driven sectors like AI, defense, and crypto, as well as individuals working in these fields. The digital-only bank will be headquartered in Columbus, Ohio, with an additional office in New York.

Erebor intends to hold stablecoins on its balance sheet, offering a stable value backed by reserves. The bank is led by Owen Rapaport and Jacob Hirshman, a former Circle adviser.

Erebor’s mission is to address the gap left by the collapse of Silicon Valley Bank, which had been a critical channel for startups and venture investors until its 2023 failure.

Coinbase buys Liquifi in undisclosed deal

Coinbase has acquired Liquifi, a startup that builds token management platforms for crypto projects, continuing its busy M&A streak in 2025.

Liquifi, backed in its 2022 seed round by Dragonfly and investors like Balaji Srinivasan, helps projects track token vesting, manage crypto cap tables, and handle tax requirements.

Coinbase declined to disclose the purchase price but said Liquifi will help streamline token launches and distribution. This puts Coinbase closer to an “end-to-end” model, similar to Binance’s launchpad, which supports crypto creation from early stages.

Liquifi has been locked in a legal fight with competitor Toku over alleged business document theft, claims which it denies, and Coinbase said it will stand by Liquifi’s defense.

The deal follows other Coinbase acquisitions this year, including Spindl, Iron Fish’s team, and the record-breaking US$2.9 billion Deribit buy.

China considers Stablecoins to reinforce cross-border payment strategy

Policy advisers in China are pressing Beijing to explore stablecoins for cross-border payments, even as the country’s broad crypto ban remains in place, Bloomberg reported.

People’s Bank of China Governor Pan Gongsheng noted that stablecoins could make international finance more resilient to geopolitical disruptions, a view echoed by other senior officials.

Former PBOC governor Zhou Xiaochuan suggested dollar-linked stablecoins might even accelerate dollarization, while others see a case for yuan-backed coins to support China’s long-term currency goals.

The momentum comes after the US Senate passed a stablecoin bill in June, advancing President Trump’s digital currency agenda.

Stablecoin supply is projected to reach US$3.7 trillion by 2030, driven by cheaper, faster settlement options compared to traditional banking.