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Crypto Market Roars: Bitcoin Surges, X Eyes Finance, South Korea Probes Fees

by Crypto Hobby

Updated June 26, 2025

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Crypto markets experienced significant volatility and notable developments recently. Bitcoin saw a surge past $100,000, leading to massive liquidations of short positions. Meanwhile, Elon Musk's X platform announced plans for a 2025 launch of financial services, and South Korea's financial regulator initiated a probe into crypto exchange fees.

Crypto Market Surges and Short Squeezes

The cryptocurrency market witnessed a substantial rally, adding over $130 billion to its total value. Bitcoin, for the first time in two months, surpassed the $100,000 mark, reaching as high as $104,000 before a slight retracement. This surge triggered a massive liquidation event, with $873 million worth of short positions wiped out across the market.

Bitcoin shorts accounted for $329 million of the liquidations.
Ethereum's 20% leap following its Pectra upgrade led to $305 million in short position liquidations.

This price action is seen by some analysts as a "full-on narrative reset," cementing Bitcoin's role as a macro asset in institutional portfolios, with smart money having prepared for this all year.

X's Foray into Financial Services

Elon Musk's social media platform, X, is set to expand into financial services, with a reported 2025 launch for its payments and investment features. X CEO Linda Yaccarino stated that the platform's 600 million users will eventually be able to "transact their whole life on the platform."

The company is considering an X-branded credit or debit card for later this year.
Beta testing for the X Money payment and banking app is already underway.
The initial launch of X Money is planned for the US, aiming to create a "whole commerce ecosystem and a financial ecosystem."

Musk has emphasized the need for "extreme care" during the pilot phase, acknowledging that "people's savings are involved."

South Korea Probes Crypto Exchange Fees

South Korea's financial regulator announced plans to investigate transaction fees charged by domestic cryptocurrency exchanges. This initiative aims to reduce trading costs for users and is part of the newly elected president Lee Jae-myung's pro-crypto agenda.

The Financial Services Commission (FSC) will survey exchanges on their current fee systems, charging methods, and collected amounts.
The probe seeks to determine if current fees are an "excessive burden on consumers" compared to overseas cases.
The FSC has not yet set a target commission rate but plans to establish policy standards based on comparative analysis and user preferences.