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The crypto market is once again filled with speculation over whether Bitcoin has reached its cycle bottom. Recent exchange shutdowns have been fueling a popular narrative that such failures are a sign of a market turning point.
Wedson said only nine crypto exchanges and trading platforms have announced or completed shutdowns so far in 2026. This makes it the lowest annual total recorded in at least eight years and significantly below the number seen during the previous market cycle. According to the Alphractal founder, this directly contradicts claims that the recent closures point to a major Bitcoin bottom.
Wedson’s comments came as several high-profile trading platforms, including BitMEX, AscendEX, and BitMart, announced plans to wind down operations in recent weeks. The closures have gone beyond a handful of well-known exchanges. Odos will end its operations on July 30, while Dango, known as the “Endgame Exchange,” is set to discontinue its Layer 1 blockchain on August 13.
In a separate development, decentralized cloud storage company Storj Labs voluntarily sought Chapter 11 bankruptcy protection in the US Bankruptcy Court. These developments have prompted some market participants to argue that the closures resemble conditions typically seen near the end of a bear market.
Fundstrat co-founder Tom Lee, for instance, said such events tend to happen at the bottom of a market cycle. Moonrock Capital founder Simon Dedi described the shutdown of centralized exchanges as a bullish sign, while arguing that weaker business models fail during a bear market and leave room for a healthier market. Ivan Liljeqvist, better known as Ivan on Tech, also tweeted, “old has to die for new to grow.”
Back when FTX collapsed in 2022, Bitcoin fell to roughly $16,000, which ended up dragging the entire market lower. In contrast, the recent announcements have had little impact on price action as it trades near $63,500.
The market remains divided. But Grayscale is among those believing that the bottom may already be in. The asset manager recently said that Bitcoin has matured beyond the traditional four-year cycle and is now influenced more by macroeconomic factors such as economic growth, real interest rates, and expectations surrounding US Federal Reserve policy.
Meanwhile, analysts including Doctor Profit and Ali Martinez believe the current market presents an attractive accumulation opportunity. Doctor Profit has repeatedly pointed to the $54,000-$64,000 range as a historically strong buying zone, while emphasizing that building an average entry is more important than catching the exact bottom.
Martinez also echoed the bullish accumulation view after identifying that Bitcoin’s Sharpe ratio has fallen to levels that previously coincided with seller exhaustion and the final stages of past bear markets.
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Maharashtra has advanced plans for a blockchain-based legal framework to tokenize immovable property, with Chief Minister Devendra Fadnavis directing officials to prepare draft legislation that could make the state the first in India to introduce such a law.
According to a statement shared by Maharashtra Chief Minister Devendra Fadnavis on X, the state government has begun work on the proposed Maharashtra Digitisation and Exchange of Land Token Asset Act (DELTA Act), which is intended to create a legal framework for digitizing and exchanging tokenized interests linked to immovable property through blockchain technology.
Fadnavis said he chaired a meeting in Mumbai to review the draft legislation and instructed officials to prepare the proposal as Maharashtra pursues its target of becoming a $1 trillion economy by 2030. He said developing new sources of revenue would be important in reaching that goal and described property tokenization as a way to unlock the value embedded in land and real estate assets for public benefit.
Under the proposal described by Fadnavis, immovable properties would be tokenized on a blockchain-enabled digital framework, with transactions conducted through tokens linked to the value of those assets. He also directed officials to study international laws, regulatory models and industry practices while drafting the legislation.
Earlier this year, India’s Financial Intelligence Unit instructed major cryptocurrency exchanges to preserve records of over-the-counter cryptocurrency transactions exceeding $10,000 from January 2026 onward. According to reports, the directive requires exchanges to retain information on beneficial ownership, source of funds and destination wallets as authorities expand anti-money laundering supervision.
Separate FIU guidance issued in January also introduced stricter customer verification requirements, including live selfie verification, geolocation checks and periodic updates of customer records based on risk profiles.
While India’s approach to cryptocurrencies remains unresolved at the national level, discussions surrounding blockchain applications have continued in parallel. Asset tokenization, particularly for real estate, has increasingly been examined as a separate policy area with potential uses beyond cryptocurrency trading.Internationally, jurisdictions including the United Arab Emirates, Singapore, Hong Kong, Germany and the United States have already introduced or tested regulated frameworks for tokenized real-world assets and fractional ownership. Fadnavis said Maharashtra’s proposed legislation would draw from global regulatory models and best practices as officials prepare the state’s draft law.
The proposal now moves into the legislative drafting stage, where the expert committee will be responsible for developing the legal framework before any bill is introduced for consideration.
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Bitcoin [$BTC] has spent days consolidating at the time of writing and was on the edge of a decisive move. The asset has failed to reclaim the $64K level for a third consecutive time, and the momentum behind each attempt has weakened.
Bitcoin will need far stronger momentum to force a rally, and several factors will decide whether that happens. Among them, the role of miners cannot be dismissed, since their actions tend to shape market direction.
Bitcoin miners, responsible for securing the network, have traded underwater for weeks. Notably, over the past month alone, the Artemis Theme Tracker recorded a 10% decline across these Bitcoin mining stocks.
The tracker follows eleven Bitcoin mining stocks currently valued at $102.9 billion. Iris Energy [IREN] and Applied Digital [APLD] have absorbed the steepest losses over the past month, down 20.1% and 20%, respectively, while Hut 8 Mining and Hive Digital Technologies have slipped 3.3% and 4.3%.
Cipher Mining [CIFR] stood as the only name in the category to hold net positive, rising 5.2% over the same period and outperforming the S&P 500, which gained 1.5% across the month.
The question is whether miners will offload their $BTC, particularly as mining costs climb; paired with Bitcoin’s underperformance, that pressure could build further.
Miners have kept their Bitcoin positions steady despite the growing threat of selling in the market. At press time, the Bitcoin Miners’ Position Index (MPI) reflected near‑term confidence with a reading of -1.1, with miners continuing to accumulate.
The metric measures the ratio of total miner outflows in USD to their one-year moving average, and a reading below that average typically signals that miners are holding their assets.
Miners remain central to Bitcoin’s price performance, as their decision to sell or hold can steer direction.
The group controls roughly 1.1933 million Bitcoin, just over 5% of the total supply in the market, and any move to sell could weigh on the asset and drag it lower.
Currently, though, this group is doing the opposite despite the decline in Bitcoin’s price over the past weeks. Their holdings have edged up to 1.1938 million, one of the highest levels since early May.
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Celestia Labs, a blockchain company, has acquired Sovereign Labs, a blockchain infrastructure company focused on application-specific networks. The deal will allow Celestia to offer companies a wider range of blockchain development services, from L1 infrastructure to execution and application layers.
Sovereign Labs was founded in 2021 and has become one of the main projects in the Celestia ecosystem. Its Sovereign SDK is used to build high-performance custom blockchains. The technology powers a bridge Relay and a perpetual exchange Bullet.
As part of the acquisition, Sovereign Labs co-founder Preston Evans will become CTO of Celestia Labs.
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Ethereum has stabilized after its sharp correction from the $2.4K May highs, with the price attempting to build momentum beneath major resistance. Both the daily and 4-hour charts suggest buyers are gradually regaining control, although confirmation will require a decisive breakout above the current supply zone. The futures market’s aggressive positioning is also pointing to an interesting situation.
On the daily timeframe, $ETH continues to recover after breaking out of the long-term descending channel that had capped the price action for several months. Following the breakout, the market experienced a deep retracement toward the $1.5K demand region before buyers stepped back in aggressively.
The rebound has brought $ETH back into the $1.85K resistance zone, which now serves as the first major obstacle. This area also aligns closely with the higher channel resistance, creating a strong technical confluence that explains the recent consolidation.
The 100-day and 200-day moving averages remain overhead near the $2K to $2.2K region, indicating that the broader trend has not fully shifted bullish yet. Until those averages are reclaimed, the recovery should still be viewed as a corrective move within a larger neutral-to-bearish structure.
Momentum has improved noticeably, with the RSI recovering above 50 after rebounding from oversold conditions. However, the indicator remains below overbought territory, suggesting there is still room for continuation if buyers can overcome current resistance.
A successful breakout above $1.85K could expose the next resistance zone around $2K to $2.2K, where both major moving averages converge. On the downside, losing the $1.5K support would likely lead to a prolonged bearish trend.
The Taker Buy Sell Ratio remains below the neutral 1.0 threshold, indicating that aggressive sellers continue to slightly outweigh aggressive buyers across futures exchanges. Historically, readings below one reflect cautious market sentiment and reduced conviction from bulls.
However, the 30-day moving average of the ratio has turned higher after recovering from recent lows, suggesting selling pressure has gradually eased. Although buyers have not yet established clear dominance, the improving trend points to strengthening demand beneath the surface.
If the ratio continues climbing toward and eventually above 1.0 while $ETH breaks above the $1.85K resistance area, it would provide additional confirmation that buyers are regaining control. Until then, the sentiment data supports a cautiously optimistic outlook rather than signaling a fully confirmed bullish trend.
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A rough-and-ready approach pulled from after stepping into blow-up traps. It helped a lot of followers roll small accounts into bigger ones. Even people who have been hit hard by losses rely on it to recover.
First, eliminate the junk coins that are in a streak of consecutive declines. On the monthly chart, only keep the ones that just formed a fresh MACD golden cross. Don’t hold old golden crosses just to make up numbers.
Wait for the price to pull back to the key moving averages. If the trading volume suddenly surges, enter decisively. Hold the position online; cut it immediately offline. Scale out by batches. If the price breaks the line that day, no matter how much you’re losing, clear out immediately.$ETHU.ETF
The stupid method is actually the most effective. The people who spend every day picking apart complicated indicators—the “smart” ones—are more likely to blow up their accounts first.
I’m putting it plainly today: people who strictly follow this simple method earn at least three times more than the smart ones who spend all day studying complicated indicators.

Non-fungible token ($NFT) project Pudgy Penguins has expanded the retail reach of its trading card game through a nationwide rollout at Target stores in the United States.
According to a press release sent to Cointelegraph, the launch of Vibes Series 3 marks the game's biggest retail expansion to date and brings the total number of circulated cards to 15 million. The new set includes additional gameplay mechanics, original artwork and appearances from characters in the Moonbirds collection.
The rollout shows how Pudgy Penguins is extending its $NFT-born intellectual property into mainstream consumer products as it aims to build a broader entertainment franchise beyond digital assets.
Pudgy Penguins developed Vibes in partnership with Orange Cap Games, with Series 3 following two earlier releases. The digital collectible project is the fourth-largest $NFT collection by market capitalization, according to data tracker $NFT Price Floor.
The project has also expanded into toys, gaming, licensing and other consumer products.
The project’s licensing model also allows $NFT holders to receive 5% of net revenue from physical products featuring their individual penguins.
The franchise has pursued a similar expansion through gaming. In 2025, Pudgy Penguins launched the skill-based Pengu Clash game on The Open Network. At the time, Netz described gaming as a vehicle for bringing the project’s intellectual property to wider audiences.
It also launched a mobile game called Pudgy Party in August 2025. According to Pudgy Penguins, the game's downloads exceeded 1 million. However, the project said on Monday that it would halt further development of the game and focus its resources on a browser-based game called Pudgy World.
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Custodia Bank, a Wyoming-based crypto bank, has officially filed a certiorari petition with the Supreme Court. The petition questions whether regional Federal Reserve Banks have the authority to deny eligible state-chartered banks access to master accounts, a pivotal element in banking operations. This development was reported by Eleanor Terrett on Twitter, highlighting Custodia’s challenge to existing regulatory frameworks.
The broader crypto market is witnessing mixed signals, yet Custodia Bank’s recent actions are drawing attention. The bank has raised significant legal questions by targeting the Federal Reserve’s discretion in granting master accounts, which are crucial for banks to operate effectively. This move indicates a strategic push for greater access and fairness in banking regulations, potentially reshaping the landscape for state-chartered banks. The implications of this case could resonate widely, affecting how state banks operate within the federal banking system.
Despite the lack of immediate market data, the legal implications of Custodia Bank’s petition could influence the operational framework for state-chartered banks. If successful, this challenge may encourage more state-chartered banks to enter the crypto space, thus increasing competition and innovation within the sector. The broader regulatory environment is at a critical juncture, with stakeholders closely monitoring these developments.
Custodia Bank is part of a growing movement advocating for clearer regulations within the crypto banking sector. Historically, regional Federal Reserve Banks have had significant discretion over banking operations, which has led to inconsistencies in how state-chartered banks can access essential financial services. Custodia’s challenge could pave the way for more equitable treatment of such banks, fostering a more collaborative regulatory environment.
What traders and stakeholders should watch next includes the Supreme Court’s response to Custodia’s petition. The legal proceedings could unfold over the coming months, determining whether state-chartered banks will gain more robust access to essential banking infrastructure. As the legal landscape evolves, the potential for increased institutional interest and participation in the crypto market remains a critical point of focus.
This article is for informational purposes only and does not constitute financial advice.
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Wallet in Telegram is bringing SK Hynix’s Nasdaq debut into its ecosystem through xStocks, giving eligible users tokenized exposure to one of the largest AI chip listings of the year.
SK Hynix priced 177.9 million American depositary receipts at $149 each, raising $26.5 billion in the biggest ever first share sale in the U.S. by a foreign company. The ADRs opened Friday at $170 on Nasdaq as demand for AI memory chips continued to drive investor interest.
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The listing gives U.S. investors a direct way to buy into SK Hynix, one of the main suppliers of high bandwidth memory used in AI chips. Reuters reported that the company launched the sale to ride global demand for AI related stocks, with its Seoul listed shares up about 260% this year before the debut
Wallet in Telegram adds a tokenized layer to that listing. xStocks has already brought tokenized equities to the TON ecosystem, allowing users to buy, hold and transfer tokenized versions of stocks and ETFs through wallets connected to Telegram.
The SK Hynix offering extends that model to a major AI market event. Instead of routing only through traditional brokerages, eligible Wallet in Telegram users can receive tokenized SK Hynix exposure based on the final listing price.
The move also shows how tokenized equities are shifting from a crypto side product into a distribution channel for high demand listings. xStocks says its products are issued by Backed Assets and are not available in the United States or to U.S. persons, meaning the access is aimed at eligible users outside the U.S. rather than the domestic market.
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LONDON —⁠Britain’s Prime Minister Keir Starmer suffered a fresh blow on Thursday after Secretary of Defense John Healey resigned after ‌a disagreement with the prime minister about defence spending.
In a letter addressed to Keir Starmer and posted on X on Thursday, Healey accused the prime minister of failing to commit the resources needed to defend the country
Starmer, whose government’s popularity has collapsed just two years after a landslide general election victory, has been under pressure recently from within his own party.
Britain’s defence and finance ministries have been locked in talks for months over how to meet rising demands to expand military spending, delaying the country’s Defence Investment Plan since last year.
Healey said the financial settlement he received on Monday “falls well short of what is required for defence and the country at this dangerous time,” rising only to 2.68 percent of gross domestic product (GDP) in 2030 at a time when he argued a firm 3 percent headmark by that year was essential.
Healey’s resignation comes ahead of the government’s announcement on how it will fund a much-needed overhaul of Britain’s defenses, expected before a NATO summit next week. Publication of those plans has been postponed multiple times amid deep disagreements within the government.
You have been unable, and the Treasury has been unwilling, to commit the resources that the nation needs to defend the country at this time of rising
The loss of another Cabinet member is worrying news for Starmer, who was already fighting to keep his job. Many in his governing Labour Party have called for him to quit following disastrous results in last month’s local elections.
While no formal leadership bid has been launched, this could change after next week’s key by-election in Makerfield, northwest England, in which Starmer’s arch-rival, Manchester Mayor Andy Burnham, is running. Should he win that, Burnham is widely expected to challenge Starmer.
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Stablecoins are becoming an increasingly common tool in financial markets, viewed as faster, cheaper, and more globally accessible than traditional settlement systems. Coinbase reinforced this perspective on Aug. 19, 2025, posting on social media platform X:
The message was in response to Bullish’s announcement that it had completed a $1.15 billion initial public offering (IPO) and elected to receive the proceeds in multiple stablecoins rather than conventional cash settlement.
The proceeds were distributed across a wide range of stablecoins. The majority were settled in USD Coin (USDC) and EUR Coin (EURC). Additional allocations included USD Coinvertible (USDCV) and EUR Coinvertible (EURCV) issued by Societe Generale-FORGE, Global Dollar (USDG) from Paxos, Paypal USD (PYUSD) from Paxos, Ripple USD (RLUSD) on the XRP Ledger, USD1 from World Liberty Financial, Agora Dollar (AUSD) from Agora, and EURAU from Allunity.
Most of these tokens were minted on the Solana blockchain. Jefferies coordinated the minting, conversion, and delivery as the IPO’s billing and delivery agent. Bullish CFO David Bonanno described the strategy:
He also emphasized their operational benefits: “We leverage them for rapid and secure global fund transfers, especially on the Solana network.”
Industry figures underscored the broader significance of the settlement model. Lily Liu, President of the Solana Foundation, stated: “ Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails.” Coinbase executive Greg Tusar described the transaction as “a historic moment” that showcases stablecoins’ role in modernizing financial systems, particularly as regulatory clarity improves.
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