On firm footing
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 12th June 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Crypto Gets A Boost
Risk assets are ticking higher on signs of a potential U.S.-Iran peace deal and some anticipated rotation effects in the wake of today's SpaceX IPO.
Bitcoin as of 10:20 a.m. (EST) traded near $63.5K and is now positive (+2%) over the past week, according to CoinGecko.
Some big altcoins, including Solana and XRP, are back on firmer footing after seven days of slippage. The latter had fallen to as low as $1.06 but the coin closely associated with Ripple is now fully reacquainted with $1.13 which is just below a key support level.
Meanwhile, Velvet, the high-flying pre-IPO perpetual futures platform, flew even higher. Its native VELVET token doubled to $1.60. VELVET has rocketed 1,700% over the past fortnight.
What's down
Peace Deal (Again) Seems Close
U.S. crude oil futures for July delivery fell 2.8% to $85.26 per barrel after Iranian state media reported that the draft version of the Iran-U.S. "memorandum of understanding" includes a commitment from the U.S. to lift oil sanctions as well as a commitment from Iran to reopen the Strait of Hormuz.
An actual peace deal could be signed in Switzerland as soon as Sunday, reported Bloomberg, citing people familiar with the negotiations. Investors have heard this kind of chatter before only to see negotiations stall.
What's next
Blockbuster Or Bust?
Traders are watching SpaceX as it makes its debut on the Nasdaq today. Implications are potentially vast for risk assets, including Bitcoin.
As of 10:40 a.m. (EST), the first trade had not yet occurred but the order book is set. At some point today, SPCX shares will begin public life with a fixed price of $135 per share. More than half a billion shares are set to be sold. That amounts to a capital raise of $75 billion — triple the size of Alibaba’s record-setting $22 billion IPO in 2014 — and gives Elon Musk’s rocket company a whopping valuation of $1.77 trillion.
SpaceX fever has siphoned some crypto liquidity, but a strong opening day could rotate profits back into the sector, analysts told Decrypt.
Perpetual futures tied to the event suggest the stock will pop about 25%-30% after its debut.
“Retail and institutional money has been moving out of risk assets to secure SpaceX allocation, and that pressure does not disappear the moment trading opens,” said Adam Morgan McCarthy, a researcher at LoTech, a digital asset liquidity firm. “The open is when you find out whether the overhang was already priced in or whether there is another leg down.”
Looking at the previous five largest IPOs — Alibaba, Saudi Aramco, SoftBank, NTT Mobile Communication Network and Visa — all of them (except for NTT Mobile) happened near major, or interim, tops in the S&P 500, according to CoinDesk.
If the pattern repeats, stocks could face renewed selling pressure. Negative sentiment could spill over into crypto.
“The largest IPOs in history tend to arrive when optimism and euphoria is extreme,” said social media pundit Doctor Profit. In these moments, he explained, “investors are willing to pay almost any price."
