BeInCrypto Global

Pi Network’s price has experienced significant volatility over the past few days, recovering losses briefly before today’s 11% drop. 

Despite the sharp fluctuations, the altcoin has remained under pressure, with uncertainty surrounding its price action, even as the Pi2Day event, a major milestone for the network, approaches in two days.

Pi Network Prepares For Pi2Day

The Relative Strength Index (RSI) for Pi Network shows that the broader market’s bullish momentum is strengthening. Investors are likely excited about the upcoming Pi2Day event, which has historically generated significant interest. This annual event is expected to bring key updates to the Pi Network, including a major AI announcement, which is buzzing in the community.

Nicolas Kokkalis, one of Pi’s founders, recently participated in a Generative AI panel at Consensus 2025, hinting that artificial intelligence may play a significant role in the Pi Network’s future. This potential integration of AI has added to the hype, with Pi2Day expected to showcase new features that could drive further investor interest in the platform.

Pi Network RSI. Source: TradingView

Pi Network’s correlation with Bitcoin is strong, with a 0.71 correlation coefficient, suggesting that Pi is likely to benefit from BTC’s upward momentum. Bitcoin is nearing the $108,000 price point, and this rise in BTC’s value could positively influence Pi’s price.

If BTC continues its upward trend, Pi Network could receive a boost in the short term, helping to support the altcoin’s recovery. But this is a double-edged sword, as any decline in the crypto king’s price could also trigger a correction for PI. Thus, investors should stay vigilant.

Pi Network Correlation With Bitcoin. Source: TradingView Will PI Price Rally Ahead Of The Event?

Pi Network’s price is currently down 11%, trading at $0.56. This drop comes after a 15% rise on Wednesday, which was not sustained. The decline highlights the volatility Pi Network has experienced lately, with the altcoin finding difficulty in maintaining upward momentum despite recent bullish signals.

At present, Pi Network is trading below the $0.57 resistance level, and the next support level to watch is $0.51. If the volatility continues leading up to Pi2Day, the altcoin may test this support level. The uncertainty surrounding market conditions could lead to further declines before the event.

Pi Network Price Analysis. Source: TradingView

However, if investors turn hyper-bullish and capitalize on the Pi2Day hype, Pi Network could bounce back. Successfully flipping $0.57 into support could pave the way for a rise past the $0.61 and $0.64 resistance levels. This would invalidate the current bearish outlook, signaling potential growth for Pi Network in the coming days.

Meme coins had a rough day today, even as the broader crypto market enjoyed gains. The collective value of these joke tokens fell by 4.4%, resulting in the meme coin market cap dropping to $55.37 billion. However, amidst this chaos, Joe Coin managed to make 31% gains.

BeInCrypto has analysed two other meme coins for the investors to watch that may have noted declines today but still have the potential to observe gains.

Popcat (POPCAT)

Launch Date – December 2023

Total Circulating Supply – 979.97 Million POPCAT

Maximum Supply – 979.97 Million POPCAT

Fully Diluted Valuation (FDV) – $258.85 Million

Contract Address – 7GCihgDB8fe6KNjn2MYtkzZcRjQy3t9GHdC8uHYmW2hr

POPCAT faced a tough 24 hours, dropping 11.5% to trade at $0.26. The altcoin failed to secure the $0.29 support level during this downturn. This price action suggests that POPCAT is struggling to find stability, and its future movement will depend on broader market conditions.

Despite the recent drop, the Ichimoku cloud indicates potential bullishness for POPCAT, although the momentum is fading. If the broader market improves, the meme coin could recover, potentially flipping $0.29 into support. This would signal a positive shift for POPCAT, offering the chance for price gains in the near future.

POPCAT Price Analysis. Source: TradingView

However, if the bearish trend persists, POPCAT risks falling below the $0.24 support level. A drop to $0.20 would invalidate the bullish thesis and suggest further downward movement. In this case, POPCAT could face greater selling pressure, weakening its price outlook.

Toshi (TOSHI)

Launch Date – August 2023

Total Circulating Supply – 420.69 Billion TOSHI

Maximum Supply – 420.69 Billion TOSHI

Fully Diluted Valuation (FDV) – $187.81 Million

Contract Address – 0xac1bd2486aaf3b5c0fc3fd868558b082a531b2b4

TOSHI has experienced a 7% decline over the last 24 hours, and the meme coin is now facing the potential loss of the $0.000425 support. This drop signals possible further downside for TOSHI, which could extend the recent bearish momentum unless key support levels are maintained in the coming days.

Despite the recent decline, the Ichimoku Cloud suggests potential bullishness for TOSHI. This bullish outlook will be confirmed if TOSHI successfully flips the $0.000488 resistance level into support. A successful move above this level could trigger a recovery, pushing the price toward $0.000575 and strengthening the altcoin’s momentum.

TOSHI Price Analysis. Source: TradingView

However, if TOSHI fails to maintain the $0.000425 support level, it could slide further to $0.000384. A drop to this level would invalidate the current bullish outlook, signaling a potential reversal in TOSHI’s price action. This would increase the risk of further declines for the meme coin.

Small Cap Corner – Joe Coin (JOE)

Launch Date – October 2023

Total Circulating Supply – 1 Billion JOE

Maximum Supply – 1 Billion JOE

Fully Diluted Valuation (FDV) – $60.28 Million

Contract Address – 0x76e222b07c53d28b89b0bac18602810fc22b49a8

JOE has seen a 34% rise over the last 24 hours, reaching $0.0606 and impressing its 9,070 holders. The meme coin has even managed to reach a near-all-time high today, showcasing strong upward momentum. This price surge indicates a potential for further growth in the near term.

Although JOE made efforts to push toward its all-time high of $0.0700 during the day, it did not succeed in breaching this level. However, the altcoin’s continued bullish momentum suggests that it could revisit and break this resistance in the coming days, further boosting investor confidence.

JOE Price Analysis. Source: TradingView

If JOE fails to hold the support levels of $0.0600 or $0.0500, the altcoin could face significant difficulty recovering. A drop below these levels would likely invalidate the current bullish thesis and send JOE towards the support of $0.0392.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee to read about Bitcoin mining wars. A sharp global Hashrate drop, tied to power outages and US strikes in Iran, has ignited fears of a new era: one where hash power becomes a geopolitical battleground.

Crypto News of the Day: Bitcoin’s Hashrate Plunge Sparks Geopolitical Alarm

Network data shows the global Bitcoin Hashrate has suffered its steepest decline in three years, falling more than 15% between June 15 and June 22.

BeInCrypto reported the recent dip, which sent Bitcoin’s Hashrate to an eight-month low. This sparked debate over whether the weakness signals a broader risk for miners or an opportunistic entry point for investors.

Just a week earlier, mining costs had surged more than 34% amid record highs in global Hashrate. The trend reversal suggests that miners pushed hardware limits despite narrowing profitability margins.

The sudden drop coincides with reports of US military strikes on Iranian infrastructure and widespread internet outages in the country. This has raised alarms over the rising geopolitical risks tied to Bitcoin mining.

Against this backdrop, BeInCrypto contacted Max Keiser for insights. The Bitcoin pioneer suggested ushering in a new consolidation phase and regional reshuffling.

“We might have entered an era where countries are bombing each other’s Bitcoin mining facilities as part of the global hash war I predicted in 2017,” Max Keiser told BeInCrypto.

Notably, Hashrate volatility is not unusual during seasonal power shifts. This is especially true in North America, where hydroelectric availability changes over the summer.

Notwithstanding, the timing of this particular disruption is notable. Iranian mining activity accounts for around 4% of global Bitcoin Hashrate, with analysts speculating that Iran’s energy-rich regions provide a haven for industrial-scale mining despite international sanctions.

Bitcoin mining pools distribution by country. Source: Hashrate Index

Meanwhile, the US accounts for 30%, and 47% for China. Keiser also warned that America’s mining hub in Texas could present “a strategic vulnerability” if hostilities escalate in cyberspace or on the ground.

The comments echo long-standing concerns among Bitcoin maximalists that hashpower would eventually become a matter of national security.

With military tensions rising and decentralized infrastructure increasingly entangled with national interests, Bitcoin mining may no longer be the apolitical industry it once aspired to be.

Meanwhile, it is worth mentioning that President Trump’s trade policies have also caused miner reshuffling. BeInCrypto reported that Chinese Bitcoin mining equipment makers are moving to the US to avoid tariffs. This means the distribution could change, potentially in favor of the US.

This report aligns with recent reports, indicated in a recent US Crypto News publication, that mining hash power has also become a geopolitical battleground, like the stock market.

Chart of the Day

Bitcoin Hashrate Drop. Source: Blockchain.com Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

Toncoin (TON), the native cryptocurrency of The Open Network (TON), stands out among altcoins thanks to its deep integration with Telegram, which boasts over a billion daily users. Despite this strategic advantage, TON has lost more than 60% of its value from its all-time high.

Data indicates that TON has struggled to regain user interest since the decline of the tap-to-earn trend.

Over 68% of TON Supply Held by Whales While Long-Term Holding Remains Low

According to CoinMarketCap, over 68% of the total Toncoin supply is held by whale wallets. This disproportionate distribution raises red flags, increasing the risk of price volatility caused by large-scale trades from major holders.

Toncoin (TON) Supply Distribution Structure. Source: CoinMarketCap.

Additionally, only under 20% of TON holders have kept their tokens for over a year. This low long-term holding rate suggests that most investors speculate on short- to medium-term price movements rather than committing to a long-term investment.

Such instability may deter new investors, who often prefer tokens with wider distribution, a strong base of long-term holders, and less exposure to whale-driven selling pressure.

Toncoin (TON) Price Performance. Source: BeInCrypto

Over the past year, TON’s price has plunged by more than 65%, dropping from $8.20 to $2.84. This suggests that the majority of investors who entered within the last 12 months are now underwater.

Whales May Be Accumulating Below $3, Data Suggests

Data from Glassnode’s Cost Basis Distribution indicates that most TON supply was accumulated at below $3. Combined with the whale concentration data from CoinMarketCap, this points to significant accumulation by large wallets before 2024, when TON was trading under $3.

Toncoin Cost Base Distribution. Source: Glassnode.

“Cost Basis Distribution for $TON reveals four key supply clusters:• $2.01–2.05 (1.32B TON)• $2.18–2.22 (535M TON)• $2.91–2.98 (863M TON)• $3.83–3.87 (261M TON)

These levels represent zones of investor cost concentration — potential support/resistance,” Glassnode reported.

If prices fall further, even whales could face losses. Conversely, current price levels near historical cost bases may provide a solid support zone for potential recovery.

Daily Active Wallets Hit Yearly Low, but Long-Term Outlook Remains Positive

Activity on The Open Network has been quite low. As of June 25, there were only 78,000 active wallets, the lowest level recorded this year. According to Artemis, this represents a decline of over 82% from a peak of more than 450,000 active wallets at the beginning of the year.

TON Daily Active Address. Source: Artemis.

Despite sluggish metrics following the tap-to-earn craze, some experts remain optimistic about TON’s long-term trajectory.

Tracy Jin, COO of the MEXC exchange, believes Toncoin could become the first blockchain used in daily life by 2027, driven by its deep integration with Telegram and focus on user experience.

“TON is betting on a completely different future — one that’s already unfolding inside Telegram. With over 900 million users globally, Telegram is the largest active social layer in crypto — and TON is the only blockchain natively embedded into it. This isn’t just about building dApps; it’s about making Web3 disappear into the UX in the best possible way.” – Jin mentioned to BeInCrypto.

New investors currently need to see a recovery in price and network activity despite the positive long-term predictions. Given the overall negative sentiment in the altcoin market, this presents a challenge for the project.

HBAR has seen a notable 12% rise this week, recovering slightly from a significant 25.8% decline in mid-June. Despite this upward movement, the altcoin is still grappling with investor skepticism. 

The market remains cautious, and HBAR faces challenges as it tries to regain previous price levels.

HBAR Traders Are Skeptical

Over the last two weeks, HBAR’s Open Interest (OI) has dropped by nearly $80 million, signaling rising skepticism among traders. Initially triggered by the altcoin’s sharp price decline, the OI drop has continued into this week. The OI has fallen from $272 million to $194 million, suggesting that traders are pulling their funds from HBAR due to ongoing uncertainty in the market.

This decline in Open Interest reflects a lack of confidence, as fewer traders are willing to keep their positions in HBAR. The pullback from investors highlights the caution prevailing in the market, and the decreased OI is adding to the bearish sentiment. 

HBAR Open Interest. Source: Coinglass

On a broader scale, technical indicators such as the Chaikin Money Flow (CMF) show a sharp spike this week, signaling an increase in inflows. The CMF’s rise suggests that there is renewed interest from investors, but it has not yet flipped the zero line into support. 

While the increase in CMF is a positive sign, it is not yet enough to confirm a full market reversal. For HBAR to break its current trend, the CMF would need to cross above the zero line, signaling that buying pressure has fully overtaken selling.

HBAR CMF. Source: TradingView HBAR Price May Not Move Sharply

HBAR is currently trading at $0.149, up nearly 12% this week. The altcoin is approaching the resistance level at $0.154, which will be critical in determining its short-term direction. If HBAR successfully flips this resistance into support, it could establish a strong foundation for further gains.

At the moment, support for HBAR remains mixed, and this uncertainty is likely to result in sideways movement. The altcoin could consolidate between $0.154 and $0.145, lacking the momentum to decisively break either level. 

HBAR Price Analysis. Source: TradingView

If bullish momentum continues, HBAR could breach $0.154 and flip into support. A successful push above this level would set the stage for a rise toward $0.163. Breaching this resistance would invalidate the current downtrend and also recover a portion of the 25.8% losses sustained earlier in the month, signaling a potential turnaround for HBAR.

US District Judge Analisa Torres ruled on June 26 that the court will not grant the parties’ request for an “indicative ruling.” The decision blocks attempts to dissolve the injunction against Ripple and to reduce the firm’s penalty by more than half.

Ripple and the SEC had asked the court to signal willingness to approve a negotiated resolution. That would have ended the dispute without proceeding through appeals. Instead, Judge Torres rejected the motion outright, ordering the clerk to terminate it.

The ruling keeps Ripple barred from selling XRP to institutional investors. It also preserves the original penalty amount imposed in the 2023 summary judgment, which the SEC argued could total nearly $200 million.

Judge Torres’ decision leaves the path forward unclear. Both sides had paused appeals in anticipation of a favorable ruling. With this motion denied, those appeals may now resume.

The next key date is August 15. The SEC must file a status report with the court outlining its next steps. Ripple could also respond or file a new motion before then.

If no resolution is reached, the case could return to the Second Circuit Court of Appeals. That would extend the legal process into late 2025 or beyond.

The underlying ruling from July 2023 remains in place. That judgment found Ripple’s programmatic XRP sales on exchanges were not securities, but sales to institutional buyers were.

For now, institutional XRP sales remain restricted, and the penalty against Ripple stands unresolved. The parties face a renewed legal fight unless they revise their agreement or reach a new settlement.

Layer-1 coin KAS is today’s crypto market’s top gainer, surging nearly 10% in the past 24 hours. The price rally is accompanied by an uptick in trading volume, signaling that the momentum is backed by strong buyer demand.

The bullish move has seen KAS price break above key resistance levels, hinting at an extended rally as Q2 nears its end.

Kaspa Clears 29-Day Barrier 

Readings from the KAS/USD one-day chart show the altcoin trading above its 20-day exponential moving average (EMA), a resistance level it had struggled to break for the past 29 days.

KAS 20-Day EMA. Source: TradingView

The 20-day EMA measures an asset’s average price over the past 20 trading days, giving more weight to recent prices. When an asset’s price trades above this key moving average, buying pressure exceeds selloffs, and the bias toward the asset turns positive.

Therefore, KAS’s successful breakout above this level suggests a bullish shift in market sentiment as the second quarter draws to a close.

Furthermore, the altcoin’s Moving Average Convergence Divergence (MACD) indicator has just recorded its first bullish crossover in several weeks, reinforcing signs of a bullish resurgence in the market. At press time, KAS’s MACD line (blue) rests above its signal line (orange), confirming the shift in momentum toward buyers.

KAS MACD. Source: TradingView

The MACD indicator identifies trends and momentum in its price movement. It helps traders spot potential buy or sell signals through crossovers between the MACD and signal lines. 

As with KAS, when the MACD line rests atop the signal line, it indicates bullish momentum, suggesting that the asset’s price may continue to rise. 

Kaspa Eyes $0.082—Can Bulls Keep Control?

At press time, KAS trades at $0.079. If demand continues to climb, the 20-day EMA could serve as a support floor, potentially pushing the token’s price above its next resistance at $0.082. A successful break above this level may open the door for further gains toward $0.091.

KAS Price Analysis. Source: TradingView

However, if sell-side pressure gains momentum, this bullish outlook would be invalidated. In that case, KAS’s price could face a pullback toward $0.069.

Growing inflationary pressures continue to strain economies worldwide, eroding purchasing power and threatening financial security. Mauricio Di Bartolomeo, co-founder and Chief Strategy Officer of Ledn, a leading digital asset lending platform, argues that inflation often hits the middle class the hardest, disrupting societal stability.

While Bitcoin is widely recognized as a store of value and a hedge against inflation, a sentiment Bartolomeo shares, he also highlighted an intriguing use case for BTC: Bitcoin-backed loans. In an exclusive interview with BeInCrypto, he affirmed that these loans serve as an ‘escape hatch’ for the middle class from currency devaluation.

How Bitcoin Protects Wealth Amid Hyperinflation

In recent years, hyperinflation has become a major concern in many countries like Venezuela, Argentina, Zimbabwe, and Nigeria. The rapid devaluation of their currencies has led to economic collapse and rising living costs.

“Zimbabwe’s Food Datum Line (FDL) for a single person rose by six percent to ZiG861.14 in January 2025, up from ZiG805.95 in December 2024,” local media reported.

Global Inflation Rates. Source: International Monetary Fund

Beyond its economic impact, hyperinflation also erodes social structures and exacerbates inequality. Bartolomeo explained that those with savings in dollars or foreign assets can maintain their wealth during such times. 

However, the majority watch as their local currencies and assets quickly lose value, leaving them financially vulnerable.

“Hyperinflation tends to wipe out the middle class because it exposes a key divide within it: those who were lucky enough to own international assets, and those relying on local assets or still saving toward them,” Bartolomeo told BeInCrypto.

In contrast, he highlighted that Bitcoin offers an alternative that is insulated from local economic fluctuations. Bartolomeo stressed that Bitcoin’s features make it uniquely suited for these situations. It is divisible, accessible, and resistant to censorship, making it an effective store of value.

Additionally, he pointed out that while Bitcoin has historically been volatile, it has become more stable over time. Meanwhile, fiat currencies continue to lose value in comparison. 

The Case for Bitcoin: Why It’s the Smart Choice Over Traditional Safe-Haven Assets

While all these characteristics make Bitcoin’s case compelling, a key question remains: Why would middle-class investors choose Bitcoin over traditional safe-haven assets like gold or real estate?

“Bitcoin can be bought in small fractions, meaning people can put $100 of their paycheque every month, allowing them to build wealth over time. They cannot buy fractions of a business or an investment property. It allows you to convert rapidly depreciating currency into a strong asset, one dollar at a time,” the executive said.

Bartolomeo elaborated that traditional investments like stocks and real estate are often heavily regulated. Moreover, these markets can be interrupted by stock exchange closures or legal or procedural hurdles. This, in turn, hinders access to liquid capital.

In addition, while gold remains strong in times of crisis, it presents challenges in storage, transport, and quick sale for emergency capital. According to him, Bitcoin counters these challenges. It’s easy to purchase, store, and transfer digitally without needing physical security or complicated transportation. 

“And importantly, it can be easily bought in fractions and does not have to be ‘melted’ into a new bar or weighed when paying or using it. We believe Bitcoin will overtake gold as the preferred hedge against currency debasement and inflation,” Bartolomeo remarked.

Bitcoin-Backed Loans: A Game-Changer in Global Finance

Beyond its function as a store of value, the co-founder of Ledn highlighted that Bitcoin also unlocks new opportunities in financial services through Bitcoin-backed loans. For context, Bitcoin-backed loans are loans that are secured by using Bitcoin as collateral.

Instead of traditional assets like real estate or stocks, borrowers can pledge their Bitcoin holdings to borrow fiat currency or other cryptocurrencies. Bartolomeo detailed that Bitcoin-backed loans provide unmatched access to global financial markets, which no other asset can provide.

“Bitcoin-backed lending also provides borrowers with access to global capital rates regardless of local economic conditions, which breaks the traditional geographic monopoly of regional lenders and creates financial opportunity in areas traditionally underserved by banking — effectively routing global capital into previously isolated markets, providing more money to support a larger middle class,” Bartolomeo mentioned to BeInCrypto.

He added that having access to stable capital enables individuals to invest in businesses, support their children’s education, and make long-term plans—opportunities that would be out of reach with a depreciating local currency.

But is borrowing against Bitcoin better than holding it? Well, according to the executive, the decision ultimately depends on individual needs.

He stressed that holding Bitcoin is often the easiest choice if an individual has readily available capital. Why? Because it involves no additional risks other than those tied to the investment itself.

On the other hand, for those needing funds for day-to-day expenses or to capitalize on an investment opportunity, a Bitcoin-backed loan provides a way to access capital while still benefiting from Bitcoin’s potential upside.

“We believe Bitcoin is the world’s most pristine collateral. It trades 24/7, it is deeply liquid, and transactions can be sent globally in real time,” he commented.

Bartolomeo also suggested that Bitcoin could gain traction in middle-class retirement strategies. This is particularly relevant in countries with unstable currencies or poorly designed retirement systems.

“Even in developed countries like the US, the traditional retirement playbook of heavy weighting towards bonds and equities is falling behind the pace of inflation and struggling under the current fiscal backdrop. Bitcoin offers an uncorrelated asset with significant growth potential that not only shields their passive savings but also transforms it into active capital without sacrificing ownership,” Bartolomeo stated. 

Thus, Bitcoin-backed loans, as championed by Mauricio Di Bartolomeo, offer a lifeline for individuals and economies battered by inflation and currency devaluation. By providing access to global capital, preserving wealth, and fostering financial inclusion, Bitcoin serves as more than just a speculative asset. It becomes a practical tool for rebuilding and sustaining the middle class. 

As economic pressures mount, Di Bartolomeo’s vision reinforces Bitcoin’s potential to bridge collapsing monetary systems with stable financial markets. This offers hope and opportunity in uncertain times.

Chinese state-backed brokerage Guotai Junan International has secured regulatory approval to offer cryptocurrency trading services in Hong Kong.

The news arrives just as the Hong Kong government unveiled its comprehensive LEAP framework. The new blueprint advances stablecoin licensing, real-world asset tokenization, and digital asset market infrastructure.

Guotai Junan’s Crypto License Marks Major Win for Hong Kong’s Digital Asset Strategy

On Wednesday, Guotai Junan announced that the Hong Kong Securities and Futures Commission (SFC) has upgraded its Type 1 license. It was previously restricted to traditional securities dealing, with the upgrade permitting cryptocurrency trading.

The brokerage said it will operate through an SFC-licensed crypto platform, allowing clients to trade digital assets compliantly.

The market responded with enthusiasm. Guotai Junan’s shares surged nearly 470%. It rose from HK$1.24 ($0.16) to HK$7.02 ($0.91) intraday on Wednesday. The stock is traded at HK$3.54 ($0.46) as of this writing.

Guotai Junan (1788) Price Performance. Source: TradingView

Despite the slight pullback, the stock remains above its pre-approval highs. This reflects investor optimism over the firm’s foray into digital assets.

Guotai Junan becomes one of the first traditional Chinese brokerages to receive regulatory approval for crypto trading in Hong Kong, amid growing interest from other mainland institutions.

Guotai Junan’s regulatory approval is a strategic win for Hong Kong. It reinforces its ambition to become a global digital finance hub. The brokerage, controlled by a Shanghai state-owned enterprise, went public in Hong Kong in 2010.

Therefore, the approval lends mainstream credibility to the city’s crypto push. According to the state-owned Securities Times, China Merchants Securities and Huatai International are also pursuing license upgrades to enter the crypto space.

Hong Kong Rolls Out LEAP Framework: Everything You Need to Know

The announcement coincides with Hong Kong’s release of its updated digital asset policy framework, known as LEAP (Legal clarity, Ecosystem expansion, Application focus, and People development).

The policy, unveiled Thursday by the Financial Services and the Treasury Bureau (FSTB) and other key regulators, builds on the city’s 2022 digital asset roadmap and outlines specific initiatives to further integrate crypto into mainstream finance.

Under the LEAP framework:

A new licensing regime for stablecoin issuers will launch on August 1, enabling regulated issuing and circulating fiat-backed stablecoins.

The government will regularly issue tokenized government bonds and promote tokenized ETFs, clarifying stamp duty treatment to support secondary market trading.

Broader tokenization efforts are planned across sectors, including precious metals and renewable energy assets like solar panels.

Hong Kong’s financial authorities also revealed plans to enable crypto derivatives trading for professional investors, building on recent approvals for spot crypto ETFs, futures products, and staking services.

Financial Secretary Paul Chan said the new framework aims to demonstrate the practical use of tokenization and build a flourishing digital assets ecosystem that will integrate the real economy with social life.

While mainland China maintains a strict ban on crypto trading, Hong Kong operates under a distinct legal and regulatory regime. It offers a regulatory sandbox for experimentation and institutional adoption.

As more Chinese brokerages seek to enter the space, with LEAP laying the groundwork for tokenized assets and stablecoin circulation, Hong Kong is quickly shaping up to be Asia’s most dynamic crypto and Web3 launchpad.

Following Polymarket, the prediction platform Kalshi has completed a $185 million funding round. The round was led by crypto venture capital firm Paradigm at a $2 billion valuation.

Amid Bitcoin hovering around $105,000 and a US stock market downturn, these developments underscore the potential of prediction markets. They also reflect the maturation of the crypto ecosystem.

Maturation in Prediction Markets

Kalshi allows users to predict and bet on future events such as sports outcomes, entertainment, or economic fluctuations. As CEO Tarek Mansour shared on X, the newly raised funds will be used to integrate additional brokers. This opens opportunities for scaling and enhancing legitimacy, as Kalshi is regulated by the CFTC (US Commodity Futures Trading Commission).

Meanwhile, Polymarket has gained prominence for its highly accurate predictions of the 2024 US election, attracting a large international user base, though it does not serve US customers.

As previously reported by BeInCrypto, Polymarket raised $200 million to achieve a valuation exceeding $1 billion, becoming the latest unicorn in the industry. With this funding round, Kalshi has emerged as the largest unicorn in the prediction market.

The dice in valuation and operational scope does not overshadow the fact that this industry is still nascent, with a combined value of $3 billion marking just the beginning of a potentially trillion-dollar asset class, as Matt Huang from Dragonfly Capital noted on X. Nonetheless, it highlights the growing maturity of the prediction market segment.

“Prediction markets remind me a lot of what crypto felt like a decade ago: a nascent asset class on a path to trillions,” Matt Huang emphasized on X.

The involvement of Paradigm, a fund known for investments in Uniswap and Arbitrum, alongside Sequoia and Multicoin in Kalshi’s funding round signals that major investors are betting on the future of prediction markets. This sector is likened to crypto a decade ago—a nascent but highly promising asset class.

Challenges Remain

Despite the promising outlook, challenges persist. Competition between Kalshi and Polymarket could lead to a price war. Meanwhile, stringent regulations from the SEC or CFTC could hinder growth, as seen with other crypto exchanges.

In summary, the funding rounds are Polymarket’s funding rounds, indicators of the maturing prediction and crypto markets. This is an opportunity for the industry to assert its value, but it comes with risks from competition and regulation.

In 2025, the correlation between NVDA stock and AI-related tokens in the crypto market has become increasingly tenuous. Despite NVDA’s recent rise to become the most valuable company in the world, investor enthusiasm for AI tokens remains muted.

This divergence raises a critical question: Is this a sign of the AI token sector’s decline or a signal of growing maturity in the AI crypto market? Here’s a closer look.

Nvidia Becomes the World’s Most Valuable Company—But AI Tokens Struggle

On June 26, NVDA stock surpassed $154, breaking past its previous peak at the end of 2024 and setting a new all-time high.

According to data from CompaniesMarketCap, NVDA’s market capitalization has exceeded $3.7 trillion. This surge is fueled by the persistent demand for graphics processing units (GPUs), essential for AI applications. As a result, Nvidia now ranks as the most valuable company globally, second only to gold in total market value.

Top Assets by Market Cap. Source: CompaniesMarketCap

In the past month, NVDA shares have climbed over 13.5%. In contrast, the AI token market—comprising cryptocurrencies tied to blockchain-based AI projects—has dropped more than 28% during the same period, according to CoinMarketCap.

AI Sector Capitalization in The Crypto Market. Source: CoinmarketCap

This sharp divergence casts doubt on the assumed connection between NVDA’s performance and the price movements of AI tokens. While a previous BeInCrypto report noted a weak correlation, recent developments suggest it may now be nearly nonexistent.

Historically, NVDA stock performance has often served as a bellwether for AI-related assets, including crypto tokens. Nvidia GPUs are crucial in training AI models, and the company’s earnings reports have previously triggered parallel movements in AI token prices.

For instance, in March, AI tokens surged with double-digit gains ahead of Nvidia’s Q4 earnings. By May, however, despite Nvidia reporting a 69% year-over-year increase in Q1 revenue, the AI token sector posted only a modest 0.6% gain.

This trend points to a gradual and noticeable weakening in the correlation between the two asset classes. The so-called “NVDA effect” on AI crypto appears to have faded.

AI Crypto Predictions Fail to Materialize

Analysts have identified several factors behind this divergence. Chief among them is the speculative nature of many AI crypto projects.

James Ross, founder of Mode Network, predicted in October 2024 that AI agents would account for over 80% of blockchain transactions within six to twelve months. Eight months later, this vision remains unfulfilled. Many AI agent projects have yet to demonstrate real-world utility.

Former Binance CEO Changpeng Zhao also weighed in during March 2025. He emphasized practical use over token creation:

“While crypto is the currency for AI, not every agent needs its own token… Launch a coin only if you have scale. Focus on utility, not tokens,” CZ said.

This sentiment reflects a broader shift toward fundamentals. Investors are now gravitating toward projects like Bittensor, NEAR, and Filecoin—platforms that offer practical applications such as decentralized AI model training, blockchain infrastructure, and decentralized storage.

The decoupling of NVDA and AI tokens may signal a maturing market. While NVDA continues to benefit from concrete demand for AI hardware, AI-related tokens must prove their real-world value to regain investor confidence.

Ripple has launched a permissioned decentralized exchange (DEX) feature on the XRP Ledger (XRPL).

The network aims to bridge the long-standing gap between institutional compliance and decentralized finance.

Ripple Unveils Permissioned DEX as XRPL Pushes for Institutional DeFi Relevance

The feature earned high praise from Yoshitaka Kitao, CEO of Japan’s SBI Group, a strong XRP advocate, particularly within the Japanese banking sector.

Ripple’s Permissioned DEX enables regulated institutions to trade or move value on XRPL’s native decentralized exchange. Meanwhile, it meets key compliance requirements like KYC and AML, which have historically kept banks and fintechs on the sidelines.

“Earlier this year, we outlined a vision for institutional DeFi on the XRP Ledger, one built on compliance-first infrastructure, real-world utility, and open access. The launch of a Permissioned DEX (decentralized exchange) is another significant step in that journey,” Ripple said in a blog post.

Ripple’s Permissioned DEX: What Users Need to Know

Traditional XRPL DEX order books are open to all participants. However, the new feature introduces permissioned domains, delivering controlled environments that allow only listed accounts with verified credentials to interact.

Accordingly, institutions can set up custom trading environments for permissionless assets like XRP or stablecoins. Notably, this is without deploying custom smart contracts or fragmenting liquidity across platforms.

Each permissioned DEX lives within its own domain and contains isolated order books. This means trades can only be executed between credentialed participants.

The proposal leverages two technical standards under review on XRPL: verifiable credentials and permissioned domains. Together, the standards support compliance-enforcing markets.

“Institutions can now create permissioned order books tied to verified credentials, ensuring that only authorized participants can interact with specific markets. This means any fintech or financial institution can start utilizing the XRPL DEX immediately, with compliance built in from day one,” Ripple emphasized.

A Compliance-First Pitch—But Where’s the Demand?

Despite Ripple’s institutional vision, activity on the XRPL DEX remains strikingly low. According to data on DefiLlama, 24-hour volume sits under $50,000, and total value locked (TVL) on XRPL is below $60 million.

XRPL DEX volume and TVL. Source: DefiLlama

For comparison, smaller Ethereum Layer-2 DEXs like Base routinely clear millions per day, DefiLlama data shows.

Yet Ripple’s new DEX functionality is clearly geared toward unlocking real-world use cases such as:

Stablecoin/Fiat FX Swaps across jurisdictions

Cross-border payroll payouts in local currency

B2B stablecoin payments and treasury conversions

Corporate crypto-to-fiat management

Ripple’s Institutional Gamble

The XRP Ledger is one of the oldest blockchains with built-in DEX functionality, operating since 2012. However, its limited traction in DeFi circles has raised questions about relevance.

The latest feature alludes to Ripple hoping that compliance-by-design innovations like the Permissioned DEX will attract institutions wary of the regulatory ambiguity in other ecosystems.

“A permissioned DEX solves this problem directly…without compromising on decentralization, cost efficiencies, or user control,” Ripple noted.

Will institutional flows materialize? Will the next wave of DeFi be permissioned? Time will tell.

“The next big wave in DeFi adoption will require us all to think proactively about how to engage on the topics of regulation and compliance. Permissioned DeFi may be one answer, but it’s not the end of the story,” Architect founder and CEO Brett Harrison foretold.

The cryptocurrency market is abuzz with news that GameStop has raised an additional $450 million through a convertible bond offering. This capital is likely to be used to acquire more Bitcoin (BTC).

In addition to GameStop, other public companies, such as Metaplanet, H100 Group AB, Nano Labs, and others, are making moves to include Bitcoin on their balance sheets.

GameStop & Metaplanet Continue to Ramp Up BTC Accumulation

According to SEC filings, with this latest bond issuance, GameStop has increased the total funds raised from its mid-June 2025 offering to $2.7 billion. The zero-interest bonds, maturing in 2032, are convertible into shares at a price 32.5% higher than the average on June 12.

This could create significant opportunities for GameStop to diversify its assets, including Bitcoin. This move comes as a close competitor in the BTC accumulation race, ProCap, recently claimed that they have surpassed GameStop in BTC holdings.

List of public companies holding BTC. Source: BitcoinTreasuries

As of now, data from BitcoinTreasuries shows GameStop holding approximately 4,710 BTC, ranking 14th. Asia’s “Strategy”, Metaplanet, has the 7th position with 12,345 BTC after recently purchasing an additional 1,234 BTC at an average price of $107,557.

“Supercycle wouldn’t be a supercycle without GameStop” An X user stated.

Bitcoin as the Future of Corporate Treasuries

In addition to GameStop, Metaplanet, and ProCap, many other public companies are intensifying their efforts to acquire and hold BTC.

Mega Matrix, a US-listed company, recently announced the purchase of 12 BTC. H100 Group AB increased its holdings to 200.21 BTC. Sixty Six Capital added 18.2 BTC and plans to raise more capital to buy additional amounts. Meanwhile, Unitronix, a real-world asset (RWA) tokenization company, committed to investing $2 million in Bitcoin.

Nano Labs raised 600 BTC through a $500 million issuance. KaJ Labs invested $160 million in Bitcoin to support AI infrastructure.

Strategy‘s participation has sparked a wave of Bitcoin investment among other companies. Data from BitcoinTreasuries indicates that Strategy currently holds the most BTC, 592,345 BTC, followed by MARA Holdings with 49,678 BTC. The involvement of these leading companies demonstrates that this model can enhance shareholder value.

However, price volatility risks and SEC regulations could impact their plans. With the July 2025 CPI set to be announced soon, GameStop’s and other companies’ decisions will be pivotal in shaping the future of Bitcoin in corporate treasuries.

Since closing high on Monday, XRP’s price appears to have entered a range-bound phase. This sideways movement reflects a cautious market.

Interestingly, this period of consolidation has sparked interest among long-term holders (LTHs), who now see it as a strategic buying opportunity. 

XRP Rally Stalls After 7% Surge 

The announcement of the Israel-Iran ceasefire on Monday triggered a bullish shift in broader market sentiment, pushing XRP’s value up by 7% that day.

However, this momentum has stalled over the past two days, with the altcoin trending sideways. Neither buyers nor sellers are gaining a decisive edge in the short term.

Key technical indicators confirm this standoff. For instance, XRP’s Relative Strength Index (RSI) has flattened since Tuesday, indicating a relative balance between buying and selling pressures. At press time, the RSI stands at 49.97, hovering around the neutral 50 mark since Tuesday.

XRP RSI. Source: TradingView

When an asset’s RSI flattens like this, it signals indecision in the market, with no clear directional bias.

Additionally, XRP’s Average True Range (ATR) has steadily declined during the review period. At press time, it is 0.101.

XRP ATR. Source: TradingView

The ATR measures the degree of price movement over a given period. When it trends downward like this, it typically indicates that price fluctuations are narrowing and overall momentum is weakening.

Long-Term Holders Show Resilience

Data from Glassnode shows a consistent drop in XRP’s Liveliness, even as the token continues to struggle amid the broader market’s weakness over the past few weeks.

This metric, which tracks the movement of previously dormant tokens, fell to a year-to-date low of 0.808 yesterday, indicating a notable decline in sell-offs among XRP’s LTHs.

XRP Liveliness. Source: Glassnode

Liveliness measures the movement of long-held tokens by calculating the ratio of coin days destroyed to the total coin days accumulated. When it climbs, it suggests that more dormant tokens are being moved or sold, often signaling profit-taking by long-term holders.

Converesly, when Liveliness declines, it indicates that LTHs are moving their assets off exchanges and opting to hold.

For XRP, this suggests that despite its recent sideways action, conviction among long-term holders remains strong. If this trend continues, it could set the stage for a bullish breakout once broader market sentiment improves.

XRP Eyes Breakout as Accumulation Rises 

A continued rise in LTH accumulation and a shift in broader crypto market sentiment toward risk assets could position XRP to break out of its current range and enter a sustained uptrend as Q3 commences.

An increase in demand could propel the token’s price above the resistance at $2.21 and push it toward $2.29.

XRP Price Analysis. Source: TradingView

However, XRP’s value could slip to $2.08 if profit-taking resumes. A failure by the bulls to defend this level may open the doors for a further decline toward $1.99.

Binance, the world’s leading cryptocurrency exchange by trading volume, has announced the delisting of five altcoins from its platform. 

The affected cryptocurrencies are Stella (ALPHA), Biswap (BSW), Komodo (KMD), LeverFi (LEVER), and LTO Network (LTO). The exchange will stop spot trading for these tokens on July 4, 2025, at 03:00 UTC. 

Binance To Delist ALPHA, BSW, KMD, LEVER, and LTO

According to the official statement, Binance’s decision to delist these tokens stems from its regular review of the assets on its platform. Key factors considered during the review include the project’s team commitment, development progress, trading volume, network security, community involvement, regulatory compliance, etc.

“When a coin or token no longer meets these standards or the industry landscape changes, we conduct a more in-depth review and potentially delist it. Our priority is to ensure the best services and protections for our users while continuing to adapt to evolving market dynamics,” the announcement read.

Deposits for ALPHA, BSW, KMD, LEVER, and LTO will cease on July 5 at 03:00 (UTC). Moreover, withdrawals will be halted on September 3. Binance services like Simple Earn, Dual Investment, and Gift Cards will also remove support for these tokens.

It is worth noting that while spot trading services for these tokens will stop, futures trading will remain unaffected.

“Contracts of the aforementioned token(s) trading is not affected and users may continue trading. In order to protect users and prevent potential risks in extremely volatile market conditions, Binance Futures may undertake additional protective measures toward the contracts of the aforementioned token(s) without further announcements,” the exchange added.

The delisting announcement sparked significant volatility in the market, with LTO and KMD experiencing the most severe impact. The latter saw the sharpest drop as its price dipped 50%. While it managed to recover from its low of $0.041 to $0.068 at press time, the price was still down 17%.

LTOs followed with a price decline of 42.8%. The altcoin, which has depreciated 82.8% over the past year, recovered slightly after. It minimized its losses and was down 15.4% when writing.

ALPHA, BSW, KMD, LEVER, and LTO Price Performance. Source: TradingView

Meanwhile, ALPHA and BSW also saw comparatively smaller yet double-digit declines of 17.6% and 15%, respectively. LEVER was impacted the least, experiencing a more modest dip of 7.8%.

Nonetheless, their recoveries were quite notable as they reversed these losses quickly. At the time of writing, ALPHA, BSW, and LEVER were up 14.7%, 28.6%, and 8.6%, respectively.

The pattern of declines is not uncommon. Binance delisting announcements frequently lead to similar market reactions, as seen in the past with many altcoins. This is because delistings reduce liquidity, visibility, and market access, often triggering panic selling and investor uncertainty, which amplifies the declines in token value.

Despite mounting geopolitical tensions and growing macroeconomic uncertainty, on-chain data suggests the Bitcoin bull cycle is far from over. 

Instead of signalling exhaustion, metrics that track investor behaviour reveal that BTC may still have significant room to run in this cycle. This analysis explores how. 

Whales Pile In, Retail Investors Exit

According to a recent report by pseudonymous CryptoQuant analyst IT Tech, BTC large holders — typically whales, institutions, and funds — have steadily increased their coin accumulation over the past year. This is in sharp divergence with the trend amongst retail investors who continue to offload their holdings. 

IT Tech found that the number of coins held by retail investors (wallets holding less than 1 BTC) has declined over the past year. These wallets currently hold 1.69 million BTC, representing a year-on-year drop of 54,500 BTC, with an average outflow of around 220 BTC daily. 

Bitcoin Retail Investor Holdings. Source: CryptoQuant

In contrast, larger holders with 1,000 BTC or more are aggressively accumulating the coin. This group of investors now controls 16.57 million BTC, an increase of 507,700 BTC over the past year. 

Bitcoin Large Investor Holdings. Source: CryptoQuant

Their average daily inflow stands at 1,460 BTC, highlighting the demand from institutional players even amid its recent price troubles. Also, this cohort shows a strong positive correlation with BTC’s price, at +0.86, suggesting that institutional accumulation intensifies as prices rise. 

Furthermore, the report stated that the current BTC cycle lacks retail-driven fear of missing out (FOMO). Unlike previous bull cycle tops, where retail investors piled into the market, the current cycle shows continued selling pressure from these small holders. IT Tech noted that this means “the bull run still has room.”

Will It Break Past the $109,000 Resistance?

Since the announcement of the Israel-Iran ceasefire on Monday, BTC’s price has been on a gradual uptrend. Trading at $107,698 at press time, its value has risen by 2% since the news broke.

Moreover, its rising Relative Strength Index (RSI) confirms the buy-side pressure supporting this rally. As of this writing, the RSI stands at 57.15 and climbing, signaling a steady increase in demand for the king coin.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

With the RSI at 57.15 and rising, BTC’s growing demand could push its price above the resistance at $109,267, potentially moving toward its all-time high of $111,968.

BTC Price Analysis. Source: TradingView

However, if demand weakens, BTC’s price could pull back to $106,295. A failure to hold this support may result in a further decline toward $103,952.

Ethereum has recently recovered from a monthly low, sparking renewed hope for profit. As a result, short-term holders (STH) are likely moving their holdings to exchanges to capitalize on Ethereum’s rise. 

This increase in selling activity has brought the potential for a Golden Cross into question, as the market shows signs of strain from growing selling pressure.

Are Ethereum Investors Cashing Out?

Active deposits on Ethereum’s network have seen a significant uptick over the last 24 hours, reaching a five-month high. This surge in deposits signals that investors, particularly short-term holders, are eager to book profits from Ethereum’s recent price increase. These are short-term holders likely capitalizing on the altcoin’s gains this week.

Despite the increase in potential selling activity from STHs, the long-term holders (LTHs) are not actively selling since the Coin Days Destroyed (CDD) metric does not note any uptick. This suggests that LTHs are holding onto their Ethereum, and the selling pressure is primarily coming from short-term investors.

Ethereum Active Deposits. Source: Santiment

Additionally, Ethereum is on the brink of a potential Golden Cross, a technical indicator often seen as a bullish signal. The altcoin has been closely monitored for this crossover, which typically indicates that the market is shifting toward a sustained uptrend. However, the recent surge in selling activity could delay or even jeopardize this Golden Cross, as selling pressure may undermine Ethereum’s upward trajectory.

The Golden Cross, which could signal the end of the prolonged Death Cross that has persisted for the last four months, may take longer to materialize if this selling activity continues. The market remains in a delicate balance, with the Death Cross still looming while Ethereum attempts to recover. 

Ethereum EMAs. Source: TradingView ETH Price Rise Under Threat

Ethereum’s price is currently up 11% this week, trading at $2,473 at the time of writing. The altcoin is attempting to flip the $2,476 resistance into support to solidify the recent gains. Securing this level would be critical for Ethereum to maintain its current upward trajectory and build investor confidence in the short term.

However, if the rising deposits from short-term holders turn into active selling, Ethereum could see a drawdown. A failure to maintain upward momentum could pull Ethereum back to $2,344 or even lower to $2,205. This potential decline would reverse the current gains and pose a significant threat to the altcoin’s bullish outlook.

ETH Price Analysis. Source: TradingView

On the other hand, if Ethereum successfully flips $2,476 into support and the selling pressure subsides, the altcoin could push past $2,606. A break above this level would set Ethereum on a course to test $2,681, which would help invalidate the bearish thesis and signal further price growth. This scenario could mark a strong recovery for Ethereum.

Bit Digital (BTBT), a publicly traded digital asset firm, has announced that it will wind down its Bitcoin (BTC) mining operations and transition into an Ethereum (ETH) staking and treasury management company.

This decision marks the end of an era for the firm, which has Bitcoin mining operations across the US, Canada, and Iceland. The shift reflects a growing recognition of Ethereum’s economic advantages.

Bit Digital Steps Away from Bitcoin, Shifts Entire Focus to Ethereum

According to the press release, Bit Digital’s strategic pivot also involves selling off its BTC holdings and redeploying the proceeds into Ethereum. The firm has gradually increased its Ethereum holdings and also operated staking infrastructure since 2022.

“As of March 31, 2025, the Company held 24,434.2 ETH and 417.6 BTC, valued at approximately $44.6 million and $34.5 million, respectively, as of that date. Bit Digital intends to convert its BTC holdings into ETH over time,” the firm noted.

As part of the transition, the firm has started evaluating strategic options for its Bitcoin mining operations. This may result in their sale or shutdown. Moreover, Bit Digital will invest any funds from this process into Ethereum.

That’s not all. The company announced a public offering of its ordinary shares in a separate press release. Bit Digital plans to use the funds to acquire Ethereum.

Nonetheless, the final terms and size of the offering are still uncertain. The decision comes amid rising Bitcoin mining costs and record-high hashrate. 

“Bitcoin mining is energy-intensive, hardware-dependent, and increasingly margin-constrained. Ethereum staking, by contrast, offers cleaner economics — yield without the expensive energy costs and rapidly depreciating assets. This is why I believe Bit Digital made this transition,” BTCS CEO Charles Allen wrote.

Recently, BeInCrypto reported that the cost of mining a single Bitcoin rose to $64,000 in Q1 2025, up 23% from $52,000 in Q4 2024. Furthermore, the production costs are projected to exceed $70,000 this quarter.

There is also increased competition, as evidenced by rising Bitcoin mining difficulty. It reached 126.98 trillion, fueled by a 14-day average hashrate of 913.54 EH/s. Despite this, transaction fees have remained low, constituting only 1.3% of block rewards in May and dropping to under 1% in June.

Allen explained that Bitcoin mining faces diminishing returns due to high costs and constant infrastructure investment. Miners often need to sell their Bitcoin to cover these expenses, reducing their exposure and adding volatility to their holdings. 

On the other hand, Bitcoin treasuries provide exposure to BTC but generate little to no revenue. According to him, an Ethereum-focused strategy presents a hybrid approach. 

It offers asset exposure and recurring yield without the high costs of mining equipment and depreciation.

“This is likely just the beginning. As the economic reality of proof-of-stake becomes more widely understood, more crypto-native companies — especially miners — will begin to rethink their strategies,” Allen added.

Meanwhile, Bit Digital’s move did not impact its stock prices positively. Google Finance data showed that BTBT was down 3.69% at the market close.

Bit Digital Stock Performance. Source: Google Finance 

The stock prices fell further by 3.83% in after-hours trading. Nevertheless, the decline is not new. BTBT has been in a prolonged downtrend, declining 29.4% over the past year.

The US Dollar Index (DXY) plunged to 97.2 on Thursday, marking its lowest since 2022. This has intensified market expectations for a major shift in capital flows toward Bitcoin (BTC) and crypto.

This extended weakness in the dollar comes as investors digest macroeconomic uncertainty and prepare for what some analysts call a generational rotation into digital assets.

Analysts Bet Big on Crypto As DXY Collapse Triggers Hunt for Growth

According to Barchart, the dollar lost more than 10% of its value in 2025. This marks its worst first half in almost 40 years.

DXY plunges to 97.2. Source: TradingView

The rapid depreciation is sparking comparisons to past market cycles, when a falling dollar triggered powerful rallies elsewhere. Jamie Coutts, lead crypto analyst at Real Vision, draws a historical parallel that is catching attention.

“If you remember 2002–2008, the last major dollar depreciation lit a fire under EM [emerging markets] equities and commodities. EM outperformed DM [developed markets] by 3x as capital chased high-growth, young economies — giving rise to BRICS. Crypto is today’s EM,” he said.

Coutts argues that today’s crypto market is similar to emerging markets two decades ago, attracting inflows from investors seeking higher returns amid structural change.

With fiat currencies weakening globally, digital assets are increasingly viewed as the next frontier for growth.

In the same tone, crypto analysts like Mister Crypto point to the falling dollar and plateauing Bitcoin dominance as signals that altcoin season could be near.

Chainbull echoed this view, noting that dollar weakness and rising Bitcoin dominance signal a pivotal shift.

However, while capital may rotate into crypto, Bitcoin is the main beneficiary relative to altcoins. BeInCrypto reported that Bitcoin dominance recently hit a new yearly high, leading some to believe that enthusiasm for altcoins may be premature.

However, that may change fast as traders increasingly anticipate a dollar-driven rotation into smaller-cap tokens.

The broader crypto market tends to respond inversely to the dollar’s strength. A weaker DXY typically lowers the cost of borrowing, boosts liquidity, and encourages risk-taking, which are ideal conditions for digital assets to outperform.

If the current trend holds, capital could flood into crypto just as it did with emerging markets during the early 2000s.

Emerging markets’ golden era. Source: Jamie Coutts on X

With macro forces, historical analogs, and real-time on-chain signals aligning, the stage may be set for a major crypto rally.

“Capital is moving where the energy is. Fiat is fading,” Coutts added.

Whether this means a sustained rise for altcoins or renewed strength for Bitcoin, the dollar’s decline is reshaping investor risk, and crypto may benefit.

After securing approval from the Central Bank of Ireland, Kraken has joined the growing list of global crypto exchanges with a MiCA (Markets in Crypto-Assets) license.

The move marks a pivotal moment in Kraken’s European expansion and comes only days after Coinbase’s MiCA license in Luxembourg.

Kraken Gets MiCA License for EU Operations: What It Means for Crypto

The license grants the Kraken exchange authority to offer regulated crypto services across all 30 European Economic Area (EEA) countries. This mandate positions the firm as a frontrunner in the race to serve Europe’s deepening digital asset market.

In its blog, Kraken said the MiCA approval is a game-changer for EU crypto, citing a direct result of a surge in euro-denominated trading volumes.

The firm emphasized that the license slashes friction (one license, all EEA) and enables it to serve retail and institutional clients under a unified regulatory framework.

This move comes as Europe’s MiCA regulation attracts institutional players and positions the region as a more stable jurisdiction.

“…institutional players are eyeing Europe as safer ground versus the US regulatory grind,” read an excerpt in the blog.

More closely, Kraken sees the MiCA license as a catalyst for its long-term growth, especially as the company eyes a potential IPO.

Arjun Sethi, co-CEO of Kraken, framed the license as a powerful signal of Kraken’s commitment to expanding the crypto ecosystem through responsible innovation.

“Being the first major global crypto platform to receive authorization from the CBI affirms Kraken’s commitment to building for the long term… This license reflects that effort and places us in a strong position to expand our product offering,” the blog stated, citing Sethi.

Kraken Deepens Euro Market Leadership Across the EEA

Meanwhile, Kraken’s footprint in Europe is already significant. The exchange holds Virtual Asset Service Provider (VASP) registrations in several major EU markets, including France, Italy, Spain, and the Netherlands.

It also introduced the first BTC/EUR trading pair in 2013, and today operates what it describes as the “most liquid and trusted” platform for euro-denominated crypto trading.

With MiCA now in place, alongside MiFID and EMI licenses already held by the Kraken group, the company is ready to scale up regulated offerings across spot, derivatives, and payment services.

According to the exchange, MiCA adds stronger consumer protections, increased transparency, and oversight. Kraken says this aligns the market under a shared European regulatory standard.

Kraken’s license approval comes just days after market peer Coinbase secured MiCA clearance in the EU.

Meanwhile, the European Commission is now exploring loosening certain MiCA rules, even as the European Central Bank (ECB) warns against watering down regulatory safeguards.

Nevertheless, ECB President Christine Lagarde says accelerating progress towards a digital euro is a key priority, positioning it as essential to maintaining Europe’s financial autonomy.