Market Signal Briefing

Expected Support Test
Given recent low volatility, a pullback to test support near the 10-day average at $4,282 and rising, before a decisive advance, wouldn’t be surprising. Resistance has been seen near the completion of a 100% measured move at $4,356, which matches the price advance in the first measured move as marked on the chart. A failure of the 20-day average could see a test of support near the 20-day average, now at $4,234.

Upside Breakout Requirements
If the short-term trend high from this week can be exceeded, then a breakout to a new record high above $4,381 becomes a possibility. A 127.2% measured move projection first targets $4,454. Then, a 127.2% extension of the more recent bearish correction in October points to a potential initial upside target of $4,516. The extension target carries more weight as it is derived from a larger pattern.

Weekly Perspective
On the weekly timeframe, a weekly breakout triggered this week above last week’s high of $4,353, but it will not confirm today as the weekly close will likely be below that weekly high. This is consistent with the lack of bullish momentum and sideways movement recently, showing a lack of strong conviction from buyers.

Outlook
Gold’s multi-week uptrend stays intact above rising averages and trendlines, but persistent low volatility and an unconfirmed weekly breakout highlight absent buyer conviction. Expect a likely dip to the 10-day $4,282 or 20-day $4,234 before resolution; clearance of $4,375–$4,381 unlocks $4,454–$4,516, while loss of the 10-day raises short-term seller risk.

For a look at all of today’s economic events, check out our economic calendar.

Breaking

By

Paul Squire

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Delaware's Supreme Court sided with Elon Musk's appeal to get his multibillion-dollar pay package.

AP Photo/Evan Vucci, File

2025-12-19T21:50:41.567Z

Elon Musk is entitled to his $55.8 billion Tesla pay package from 2018, Delaware's Supreme Court ruled.

A Delaware Chancery Court judge struck down the compensation package last year after a Tesla shareholder sued over the massive payday, which was tied to a series of growth goalposts for the EV company.

The Delaware Supreme Court's ruling overturns that decision, saying it was too extreme a remedy.

How Elon Musk makes and spends his billions

Tesla shareholders recently approved an even bigger pay package of up to $1 trillion for Musk if Tesla achieves further sales and growth goals.

This story is developing. Please check back for updates.

Read next

December 19, 2025 16:52 ET

 | Source:

Quantum BioPharma

TORONTO, Dec. 19, 2025 (GLOBE NEWSWIRE) -- Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (“Quantum BioPharma”), understands that Quantum BioPharma shareholder Paul Durkacz has filed a class action lawsuit alleging that investors in Quantum BioPharma were the victims of stock manipulation. The suit alleges that between January 6, 2021, and October 15, 2025, shareholders who sold securities of Quantum Biopharma Ltd., formerly known as FSD Pharma Inc., were significantly and materially harmed.

A link to this complaint can be found here.

Quantum Biopharma intends to seek appointment as a lead plaintiff in this class action in order to assist in protecting its shareholders.

For more information visit: www.quantumbiopharma.com and https://www.quantumbiopharma.com/quantum-biopharma-vs-banks

Quantum Biopharma Ltd. has renewed the services of LWM for one month starting December 22, 2025.

About Quantum BioPharma Ltd.

Quantum BioPharma (NASDAQ: QNTM) is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), Quantum BioPharma is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum BioPharma invented unbuzzd™ and spun out its OTC version to a company, Celly Nutrition Corp. (“Celly Nutrition”), now Unbuzzd Wellness Inc., led by industry veterans. Quantum BioPharma retains ownership of 19.86% as of September 30, 2025 of Unbuzzd Wellness Inc. at www.unbuzzd.com. The agreement with Unbuzzd Wellness Inc. also includes royalty payments of 7% of sales from unbuzzd™ until payments to Quantum BioPharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum BioPharma retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses. Quantum BioPharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property. For more information visit www.quantumbiopharma.com.

Forward-Looking Information

This press release contains certain "forward-looking statements" within the meaning of applicable securities law. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “hopes”, “alleges”, “pending”, “further”, or variations of such words and phrases or statements that certain actions events or results “may”, “could”, “which”, or “will” and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information herein includes, but is not limited to, statements regarding: the Company’s ongoing litigation against major financial institutions; the potential outcome or judgment value; expectations regarding whistleblower submissions and related rewards; continued market integrity initiatives; future business performance and possible acquisitions.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation: the ability to obtain and validate whistleblower evidence; the timing and outcome of legal proceedings; resolution of ongoing litigation on favourable terms, availability and sufficiency of litigation funding; continued regulatory compliance and market stability for the Company’s operations.

The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the adverse outcome of legal actions; the receipt and credibility of whistleblower disclosures; changes in applicable laws and regulations; the actions of third parties involved in alleged manipulation; evolving market dynamics; the sufficiency of future litigation proceeds to fund the Company’s whistleblower reward; the continued ability to obtain sufficient litigation funding; limited future growth opportunities, and reliance on key personnel.

Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.

The reader is urged to refer to additional information relating to Quantum BioPharma, including its annual information form, can be located on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC's website at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

Contacts:

Quantum BioPharma Ltd.
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board
Email: [email protected]  
Telephone: (833) 571-1811

Investor Relations
Investor Relations: [email protected]
General Inquiries: [email protected]

Medtronic will own at least 80.1% of the voting stock for MiniMed once the IPO is complete.

Q2: 2025-12-19 Earnings SummaryEPS of $1.26 beats by $0.03

 |

Revenue of

$1.56B

(18.28% Y/Y)

beats by $4.60M

Paychex, Inc. (PAYX) Q2 2026 Earnings Call December 19, 2025 9:30 AM EST

Company Participants

Robert Schrader - Senior VP & CFO
John Gibson - President, CEO & Director

Conference Call Participants

Mark Marcon - Robert W. Baird & Co. Incorporated, Research Division
Bryan Bergin - TD Cowen, Research Division
Bryan Keane - Citigroup Inc., Research Division
Tien-Tsin Huang - JPMorgan Chase & Co, Research Division
Andrew Nicholas - William Blair & Company L.L.C., Research Division
James Faucette - Morgan Stanley, Research Division
Samad Samana - Jefferies LLC, Research Division
William Qi - RBC Capital Markets, Research Division
Kartik Mehta - Northcoast Research Partners, LLC
Scott Wurtzel - Wolfe Research, LLC
Jason Kupferberg - Wells Fargo Securities, LLC, Research Division

Presentation

Operator

Good morning, and welcome to Paychex Second Quarter Fiscal 2026 Earnings Call. Participating on the call today are John Gibson and Bob Schrader. [Operator Instructions] As a reminder, this conference is being recorded, and your participation implies consent to our recording of this call. I would now like to turn the call over to Bob Schrader, Paychex' Chief Financial Officer.

Robert Schrader
Senior VP & CFO

Thank you for joining us to discuss Paychex Second Quarter Fiscal 2026 results. Our earnings release and presentation are available on our Investor Relations website. We plan to file our Form 10-Q with the SEC within a couple of business days. This call is being webcast live and will be available for replay on our Investor Relations portal.

Today's call includes forward-looking statements that refer to future events and involve some risk. We encourage you to review our filings with the SEC for additional information on factors that could cause actual results to differ from our current expectations. We will also reference non-GAAP financial measures. A description of these items along with the reconciliation of the non-GAAP measures can be found in our earnings

Bitcoin continues to struggle below the $90,000 level as volatility remains elevated and market conviction weakens. Short-term price swings have failed to establish a clear directional bias, reinforcing a broader sense of uncertainty among traders and investors. While price remains historically high, internal market conditions suggest that underlying stress is building beneath the surface, particularly within the mining sector.

A recent analysis by Axel Adler highlights growing pressure on Bitcoin miners using the Miner Financial Health Index, a composite metric that assesses mining profitability relative to price. Readings above 80% historically signal excessive profitability and late-cycle conditions, while levels below 20% indicate financial strain and elevated risk for miners.

Currently, the index sits near 22%, once again approaching the Alert zone. This places miner profitability near one of its weakest levels since 2022, despite Bitcoin trading well above its summer 2022 price range. Similar conditions have typically appeared during post-correction phases or shortly after halving events, when revenue compression collides with high network difficulty.

This divergence between elevated price levels and deteriorating miner fundamentals raises important questions about the sustainability of Bitcoin’s current structure as the market searches for its next equilibrium.

Miner Economics Signal Growing Stress Beneath Bitcoin’s Price
Adler’s analysis further examines the demand–supply balance within Bitcoin’s mining economics, offering deeper insight into why miner profitability continues to deteriorate. This index tracks the ratio of transaction fee revenue relative to new coin issuance, effectively measuring how much users are willing to pay for blockspace compared to the rate of supply expansion. Historically, readings above 70% indicate strong demand and a risk-on environment, while levels below 30% reflect structural weakness.

Bitcoin Miner Demand-Supply Balance | Source: CryptoQuant
Currently, the demand–supply balance sits near 38% on a 30-day average. While not yet in outright stress territory, the metric has declined steadily from local highs above 60%, placing it firmly in a neutral-weak zone.

This trend suggests that organic demand for blockspace remains subdued, with users showing little urgency to outbid one another through higher fees. For a clear improvement in conditions, Adler notes that the index would need to reclaim levels above 50%, likely requiring a surge in transaction activity or a meaningful on-chain catalyst.

This weakness is mirrored in absolute miner revenue. Bitcoin miner revenue, measured in US dollars and smoothed over seven days, has fallen to roughly $40 million after a recent peak. Although consistent with 2025 averages, this level remains well below revenue spikes seen during periods of heightened network activity.

With difficulty remaining elevated, declining revenues amplify pressure on less efficient miners, reinforcing the stress signaled by both profitability and demand metrics.

Bitcoin’s price action on the daily chart reflects a market struggling to regain structural strength after a sharp corrective phase. BTC is currently trading around the $88,000 area following a rebound from recent lows, but the broader trend remains fragile. The selloff from the $120,000–$125,000 region marked a clear break in momentum, with price slicing below the short-term moving averages and triggering accelerated downside pressure.

BTC consolidates around key support level | Source: BTCUSDT chart on TradingView
Notably, Bitcoin lost the daily 50-day and 100-day moving averages during the decline, confirming a shift toward a bearish short-term structure. While the 200-day moving average continues to trend higher and remains intact, price is now consolidating just below it, turning this level into a critical zone of resistance. As long as BTC fails to reclaim and hold above this long-term trend line, upside attempts are likely to face selling pressure.

The sharp increase in sell volume during the breakdown contrasts with relatively muted buying volume on the rebound, suggesting that recent upside moves are corrective rather than impulsive. Structurally, Bitcoin is forming a lower-high pattern, which keeps downside risk elevated if support near $85,000–$86,000 fails.

For bulls to regain control, BTC must reclaim the 200-day moving average and establish higher highs. Until then, the chart favors consolidation or further volatility rather than a sustained recovery.

Featured image from ChatGPT, chart from TradingView.com

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New reports have revealed that a billionaire Shiba Inu investor has transferred billions of SHIB tokens to a crypto exchange, setting the stage for possible market shifts. Typically, large exchange inflows of this size precede heightened market volatility as traders assess whether the move signals a distribution or a strategic repositioning. The outcome of this large-scale transfer could also influence Shiba Inu’s near-term price, which has been trending down for months.

Billionaire Shiba Inu Whale Moves 469 Billion SHIB
Blockchain analyst EmberCN was the first to report the large-scale movement on X this Thursday, highlighting that a top whale had transferred a significant amount of SHIB tokens to a centralized exchange. Fresh on-chain data from Arkham Intelligence shows that more than 48 hours ago, the anonymous whale had moved 469 billion SHIB, worth approximately $3.64 million, to OKX.

The transfer was reportedly split into two transactions: one for 468.982 billion SHIB and the other for just 5 million tokens. Following this, Arkham Intelligence revealed that the whale had executed another substantial transfer of 464.308 billion SHIB and 550,066 SHIB to OKX the next day. At the time, the value of these coins was about $3.48 million and $4.12 million, respectively. 

In his post, EmberCN referenced a 2023 disclosure revisiting an initial 2020 transaction by the same whale, which resulted in massive unrealized gains at the top. The blockchain analyst revealed that the whale had initially acquired 1.03 trillion SHIB in 2020 using just 37.8 ETH valued at around $13,700 at the time. This purchase represented roughly 17.4% of the total SHIB supply, making it one of the most profitable Shiba Inu trades ever recorded. 

Source: Chart from EmberCN on X
At the peak of the 2021 bull market, the whale’s 1.03 trillion SHIB was valued at roughly $9.1 billion. Despite the explosive price rally, the investor largely maintained the position and avoided selling most of the holdings in the years that followed. Even after the SHIB price crash earlier this year, there were no official reports of whales moving funds to take profits. 

Current data indicates that despite its most recent 469 billion SHIB transfer, the whale still controls up to 96.22 trillion SHIB, accounting for about 16.4% of the total supply. At present market prices, these holdings are valued at roughly $707.3 million, underscoring the sheer magnitude of this whale’s holdings. EmberCN notes that the anonymous whale’s address history is fully visible on Arkham Intelligence, offering detailed insights into past transactions. 

Is The Whale Selling Or Repositioning?
Currently, it’s unclear whether the anonymous 469 billion- and 464.3 billion SHIB transfers were sold or simply repositioned. In most cases, transfers from a private wallet to exchanges are viewed as early signs of potential selling activity, especially when the volume is large. For transactions of this size, liquidating the tokens could influence Shiba Inu’s price dynamics.

The meme coin is already trading at $0.0000073, down 13.04% over the past week. So far, the market has yet to show a clear reaction to the whale’s transfer. Nevertheless, a potential market sell-off could have drastic effects on SHIB’s already weak market.

SHIB trading at $0.0000073 on the 1D chart | Source: SHIBUSDT on Tradingview.com
Featured image from Sketchfab chart from Tradingview.com

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Regulation

Senate to Review Crypto CLARITY Act in January, Says Sacks

TLDR: The digital asset industry in the United States is set to witness an unprecedented regulatory milestone. David Sacks, the White House AI and Crypto

Companies

Bitwise Seeks Approval for Spot SUI ETF Amid Rising Crypto Fund Rivalry

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flash news

Bitcoin Reacts Fast to US CPI Drop, Inflation at 2021 Lows

Bitcoin reacted with sharp volatility to the U.S. inflation data but ended without a clear direction. After the initial impact of the November CPI release,

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TL;DR Capital is rotating from Bitcoin and Ethereum into XRP ETFs, as highlighted by CNBC, reflecting a shift in institutional allocation strategies. XRP-focused ETFs show

According to the data provided by WhaleAlert, a pre-mine address containing a total of 2,000 ETH ($5.9 million) was recently activated after more than 10 years of inactivity. Initially, the tokens in question were worth only $620.

In the first 14 days of the 2014 sale, the price was fixed at 2,000 ETH for 1 BTC.

That investor paid exactly 1 Bitcoin (approx. $600 at the time) for that wallet.

HOT Stories

Other notable activations Over the past two months, there has been a notable cluster of "sleeping giant" Ethereum wallets waking up.

On Dec. 1, an address with 40,000 ETH (roughly $120 million) emerged from dormancy after more than 10 years of inactivity. This entity transferred their funds to a new wallet and staked the entire amount on the Ethereum Beacon Chain. Instead of cashing out a 9,600x return, the owner chose to earn yield.

card

On Dec. 10, a whale sold a total of 850 ETH on Coinbase for roughly $2.8 million. The initial value in 2015 was roughly $263. The reactivation realized a gain of approximately 10,684%.

Smaller transfers to exchanges generally create short-term bearish sentiment due to fear of "OG" dumping. However, this group is shrinking. According to some estimates, only about 600 of these original Genesis wallets remain completely dormant (never touched). Every time you see a "Whale Alert" about transfers of long-dormnat ETH to exchanges, that number drops.

As for staking, the Pectra upgrade has introduced MaxEB (Maximum Effective Balance), which raises the maximum limit for a single validator from 32 ETH to 2,048 ETH. Whales are likely moving funds now for the sake of consolidation. 

Bitcoin rebounded to $88,000 on Friday as markets digested a fall in volatility, boosting risk assets.

CryptocurrencyTickerPriceBitcoin(CRYPTO: BTC)$87,822.17Ethereum(CRYPTO: ETH)$2,988.23Solana(CRYPTO: SOL)$126.27XRP(CRYPTO: XRP)$1.91Dogecoin(CRYPTO: DOGE)$0.1329Shiba Inu(CRYPTO: SHIB)$0.057612Notable Statistics:

Coinglass data shows 121,778 traders were liquidated in the past 24 hours for $ $408.07 million.       
In the past 24 hours, top gainers include Zcash, UNUS SED LEO and Bitcoin Cash.
Notable Developments:

Binance Founder Says Crypto Payments Are A ‘Problem’ As Reddit Post Exposes How USDC Transfers Reveal Entire Wallet Histories
Senate Confirms Trump’s Crypto-Friendly Nominees Mike Selig And Travis Hil To Lead CFTC, FDIC
Coinbase Warns Of ‘Immediate And Irreparable’ Harm As It Sues Three US States Over Prediction Market Regulation
XRP Below $2 Is An Opportunity, But It Better Not Follow This Cardano Pattern, Trader Warns
Bitcoin To Hit $1.4 Million By 2035 Due To Three-Pillar ‘Asymmetric Risk Profile’
Trader Notes: CoinDesk senior analyst James Van Straten said Bitcoin is likely to remain range-bound between $85,000 and $90,000 until options expiry, citing a potential "gamma flush."

Roughly $415 million, or about 67%, of dealer gamma exposure is set to expire over the next eight days.

Once that overhang clears, Van Straten said, the market could see a sharp release of upward pressure, potentially reopening a path toward $100,000.

CryptoUB outlined key weekend levels for Bitcoin, expecting continued consolidation in the near term.

Moves above $88,000 offer poor risk-reward for long positions, while a reclaim of $90,000 would provide stronger confirmation. On the downside, the $85,700 level must hold to support any intraday long setups.

Lark Davis said Bitcoin's recent underperformance does not invalidate the broader bull thesis.

Instead, he argued the shift reflects a change in market structure, with institutions now exerting greater influence and treating Bitcoin as a managed macro asset rather than a high-beta speculative trade.

That dynamic, he said, tends to suppress volatility and cap upside as large players hedge and sell into strength.

Bitcoin remains stuck in a transitional phase, moving from a speculative asset toward a global monetary instrument.

Such periods are often marked by choppy, range-bound price action and are typically resolved only after positioning and sentiment fully reset.

Read Next:

Bitcoin Pops To $88,000 But Don’t Get Too Excited: On-Chain Data Says ‘Dead-Cat Bounce’
Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Fresh US economic data is sending a clear but nuanced signal to markets. Inflation pressures are easing, but consumers remain under strain. 

For Bitcoin and the broader crypto market, that mix points to improving macro conditions, tempered by near-term volatility.

Why Inflation Expectations Matter More Than SentimentUS consumer sentiment edged up to 52.9 in December, slightly higher than November but still nearly 30% lower than a year ago, according to the University of Michigan. 

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At the same time, inflation expectations continued to fall. Short-term expectations dropped to 4.2%, while long-term expectations eased to 3.2%.

For markets, those inflation expectations matter more than confidence levels.

Consumer sentiment measures how people feel about their finances and the economy. Inflation expectations measure what they think prices will do next. Central banks care far more about the latter.

Falling short- and long-term inflation expectations suggest households believe price pressures are easing and will stay contained. 

That supports the Federal Reserve’s goal of cooling inflation without keeping policy restrictive for too long.

This data follows November’s CPI report, which showed inflation cooling faster than expected. Together, the two reports reinforce the same message: inflation is losing momentum.

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Who do you believe:

A. University of Michigan consumer confidence below COVID April 2020 and Lehman September 2008 levels.

B. CPI inflation data, skewed by bogus OER? pic.twitter.com/FFEWj0I7OE

— Lawrence McDonald (@Convertbond) December 19, 2025
What This Means for Interest Rates and LiquidityLower inflation expectations reduce the need for high interest rates. Markets tend to respond by pricing in earlier or deeper rate cuts, even if economic growth remains slow.

For risk assets, including crypto, this matters because:

Lower rates reduce returns on cash and bonds

Real yields tend to fall

Financial conditions gradually loosen
Bitcoin has historically responded more to liquidity conditions than to consumer confidence or economic growth.

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Why Weak Confidence Does Not Hurt Crypto as MuchLow consumer confidence reflects cost-of-living pressures, not collapsing demand. People still feel stretched, but they are less worried about prices rising sharply from here.

Crypto markets do not rely on consumer spending in the same way equities do. Instead, they react to:

Interest rate expectations

Dollar strength

Global liquidity

That makes falling inflation expectations supportive for Bitcoin, even when confidence remains weak.

Why Volatility Is Likely to ContinueThis environment favors risk assets over time, but not in a straight line.

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Weak confidence means growth remains fragile. That keeps markets sensitive to data releases, positioning, and short-term flows. As seen after the CPI report, even bullish macro data can trigger sharp reversals when leverage is high.

For Bitcoin, that typically results in:

Strong reactions to macro news

Choppy price action

Rallies driven by liquidity rather than conviction

Looking Ahead to January 2026Taken together, the data points to a constructive macro backdrop for crypto heading into early 2026. Inflation pressures are easing, policy constraints are loosening, and liquidity conditions are improving.

At the same time, weak confidence explains why markets remain volatile and prone to sudden selloffs.

The key takeaway is simple: macro conditions are improving for Bitcoin, but price action will continue to be shaped by flows, leverage, and timing rather than optimism alone.

Summarize this article with:

Until December 30, 2025, the MiCA-regulated platform offers a welcome bonus to new European users. Full breakdown.

In Brief

Bybit EU offers 50 USDC to new European users until December 31, 2025.
Simply deposit €100 and use Bybit Earn for 7 days to be eligible.
The platform is MiCA regulated and operates legally throughout the European Union.

The key points of the Bybit EU offer for December 2025
The Bybit EU exchange platform is launching a Christmas promotional campaign exclusively for new European users. The principle is simple: deposit 100 euros (or equivalent), subscribe to the Bybit Earn product for at least 7 days, and receive an airdrop of 50 USDC as a reward.

This promotion runs from December 1 to December 31, 2025 and is part of Bybit’s European expansion strategy, which obtained its MiCA license last May. An interesting opportunity to discover the ecosystem of services offered by this global crypto trading giant.

Step 1: Create an account and complete identity verification
To participate, you first need to open an account on Bybit EU (bybit.eu) and complete the KYC (Know Your Customer) procedure. This identity verification is mandatory to comply with the European regulatory requirements imposed by the MiCA framework.

The procedure usually takes a few minutes and requires a valid ID document.

Step 2: Register for the offer via the dedicated page
Important point: the user must mandatorily click the “Register” button located on the promotion page to become eligible. Without this action, no reward will be allocated, even if other conditions are met.

Step 3: Deposit at least 100 dollars
Accepted deposit methods include One-Click Buy (direct card purchase), fiat deposit (bank transfer), and crypto deposit from an external wallet. Bonuses, coupons, or transfers between Bybit accounts are not counted as eligible deposits.

Step 4: Allocate funds to Bybit Earn for 7 days
Once funds are deposited, they must be placed in a Bybit Earn product for at least 7 consecutive days. This step generates passive yields while validating eligibility for the promotion.

What is Bybit Earn and what returns can be expected?
Bybit Earn includes several crypto savings products that allow you to grow your digital assets without active trading. The platform offers two main investment types.

Flexible Savings
With the flexible product, the user can stake and withdraw their cryptocurrencies at any time. Yields are calculated daily using the formula: number of staked tokens multiplied by the APY rate divided by 365. Interests are credited each day to the Funding account.

This option suits investors who want to keep immediate liquidity while generating passive income.

Fixed-term Savings
Fixed-duration products (usually from 2 to 90 days) offer higher returns in exchange for temporarily locking assets. The APY rate and duration are set at subscription. Capital and interest are automatically distributed at maturity.

Supported cryptocurrencies include BTC, ETH, USDC, and other popular assets. Rates vary according to market conditions but remain competitive compared to other sector platforms.

Bybit EU: a trusted regulated partner in Europe
MiCA license obtained from the Austrian regulator
In May 2025, Bybit reached a decisive milestone by obtaining its MiCAR license (Markets in Crypto-Assets Regulation) issued by the Austrian Financial Market Authority (FMA). This certification, registered under commercial number 636180i, authorizes Bybit EU to operate as a crypto-asset service provider (PSCA) throughout the European Economic Area, meaning 29 countries and nearly 500 million potential consumers.

This license is the most demanding credential for legally operating in the European Union. It imposes strict standards on transparency, consumer protection, and anti-money laundering.

A European headquarters established in Vienna
To anchor its European commitment, Bybit established its continental headquarters in Vienna, Austria. The platform announced the recruitment of over 100 employees on site, reflecting a willingness to invest sustainably in this market.

“Obtaining the MiCAR license demonstrates our compliance-first approach. We actively collaborate with regulators and seek licenses worldwide.”

Ben Zhou, co-founder and CEO of Bybit
An exemplary crisis management after the February 2025 hack
In February 2025, Bybit suffered a major cyberattack orchestrated by the Lazarus group (affiliated with North Korea), resulting in the theft of $1.46 billion in ETH and associated tokens. This incident, the largest in cryptocurrency history, could have been fatal for a less solid platform.

Bybit’s response was remarkable on several fronts. First, user withdrawals were never suspended. The platform mobilized considerable resources, borrowing notably 40,000 ETH from Bitget (repaid in just 3 days) and buying heavily in the market to replenish its reserves.

Within less than a week, Ben Zhou announced that Bybit had covered the entire gap and restored a 1:1 reserve ratio on customer assets. A Proof of Reserve audit confirmed this restoration. Since then, the platform has strengthened its security protocols, obtained ISO/IEC 27001 certification, and formed a partnership with Zodia Custody (supported by Standard Chartered) for institutional custody.

Services available on Bybit EU
Beyond spot trading, Bybit EU offers a comprehensive ecosystem designed to make cryptocurrencies accessible daily.

The Bybit Card: spend your cryptos everywhere
Launched in September 2025 in Europe, the Bybit Card is a Mastercard debit card enabling payments in cryptocurrencies or euros at over 40 million merchants accepting this network. Compatible with Apple Pay, Google Pay, and Samsung Pay, it offers frictionless use.

The cashback program (up to 10% depending on VIP level) and reimbursement of certain subscriptions (Netflix, Spotify, ChatGPT, TradingView) make this card particularly attractive. No annual fees apply.

Bybit Earn: generate passive income
As detailed earlier, Bybit Earn allows placing cryptos to earn yields. The platform handles technical aspects (gas fees, rewards distribution) for a simplified experience.

Spot trading and fiat-crypto conversion
Bybit EU allows buying, selling, and trading cryptocurrencies against euros or other currencies. Fees remain competitive relative to market standards.

An attractive offer to discover Bybit EU
The Bybit EU Christmas promotion represents an interesting opportunity for new users eager to explore the crypto world with a starting bonus. The 50 USDC offered allow testing Bybit Earn’s features while getting a financial boost.

The financial strength demonstrated during the February 2025 crisis, combined with obtaining the MiCA license and establishing a European headquarters, positions Bybit EU as a credible player for investors mindful of regulatory compliance.

For European users seeking a platform combining trading, crypto savings, and payment card, Bybit EU deserves consideration.

FAQ: Frequently Asked Questions about the Bybit EU offer

Can I participate if I already have a Bybit account?
No, this promotion is reserved for new Bybit EU users. If you have an account on Bybit.com (international version), you will need to check your eligibility according to specific conditions.

When will I receive my 50 USDC?
The first 25 USDC (after validated KYC and a deposit of €100) will be credited within 3 to 7 days maximum after the first deposit. The additional 25 USDC will be credited after having allocated a value of €100 in Earn for 7 days, with a maximum delay of 3 days after the end of these 7 days.

Are the 50 USDC immediately withdrawable?
The withdrawal conditions for bonuses may vary. Refer to the terms and conditions of the offer for exact details.

Is Bybit EU safe for the French?
Bybit EU GmbH is licensed as a crypto asset service provider (PSCA) under Austrian law and MiCA regulation. This license allows it to operate legally throughout the EU, including France.

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The Cointribune editorial team unites its voices to address topics related to cryptocurrencies, investment, the metaverse, and NFTs, while striving to answer your questions as best as possible.

TLDR: 

ONDO controls 53% of tokenized equity markets with nearly $2 billion in total value locked.
Three revenue channels remain inactive pending regulatory clarity and institutional adoption.
Monthly trading volumes exceed $1 billion despite trading fees not yet being enabled on the platform.
The platform secured EU approval and Binance integration, reaching 280 million potential users.

ONDO token currently trades at $0.39, down 75% over the past year despite significant growth in underlying fundamentals and market adoption. 

The digital asset has generated controversy among investors as traditional valuation metrics appear disconnected from price performance. Market observers note the token controls 53% of tokenized equity markets while total value locked approaches $2 billion. 

A detailed analysis shared by crypto analyst Sarosh examines the disconnect between infrastructure development and token valuation across digital asset markets.

🚨 ONDO: The Most Hated Winner in Crypto (Read This Before You Sell) 🚨

Guys, every time I mention $ONDO, the comments section turns into a riot.

And I get it — the token is down 75% in a year while fundamentals keep ripping higher.

So let’s answer the ONLY question that… pic.twitter.com/8XbbVudPjx

— Sarosh (@SaroshQ2022) December 18, 2025

Revenue Models and Market Position
The ONDO platform has established three distinct revenue channels that remain largely inactive under current regulatory frameworks. Trading fees and swap routing mechanisms exist but have not been enabled despite substantial trading volumes exceeding $1 billion monthly. 

Treasury bill products generate revenue today, though distribution to token holders awaits regulatory clarity through proposed legislation. 

Institutional settlement infrastructure represents the third revenue stream, positioning ONDO as a bridge for traditional financial institutions entering tokenized markets.

According to the analysis, major financial institutions, including JPMorgan, Citibank, HSBC, BlackRock, and Franklin Templeton, may require settlement infrastructure as tokenization expands. 

The platform has secured European Union regulatory approval and submitted documentation to the Securities and Exchange Commission. 

Recent integrations include Binance Wallet, providing access to 280 million users, and the 1inch decentralized exchange protocol. Tokenized stock volumes have increased 30 to 40 times recent baseline measurements.

The analyst draws parallels to Amazon’s early development phase when infrastructure preceded profitability. 

ONDO maintains dominant market share in tokenized equities while competitors remain fragmented. Total value locked across ONDO protocols has reached nearly $2 billion, surpassing combined competitor holdings. 

Monthly trading volumes consistently exceed $1 billion across platform products.

Market Dynamics and Recovery Timeline
The 2025 market decline affected alternative cryptocurrencies broadly, with many assets dropping 70% to 90% from peak valuations. 

Macroeconomic indicators remained stable throughout the period, as quantitative tightening concluded and overnight lending rates stayed subdued. 

Market participants cite tariff policies, geopolitical tensions, bond market volatility, and regulatory uncertainty as primary factors. The analyst characterizes the downturn as sentiment-driven rather than fundamentally rooted.

Recovery depends on three converging factors, according to the analysis shared on social media platform X. Liquidity conditions must improve as treasury general account balances decline and dealer capacity expands. 

Platform utility requires broader recognition as tokenized asset adoption accelerates across institutional participants. Market narrative must shift from skepticism to acknowledgment of established infrastructure value.

The analyst references historical precedents, including Solana at $8, Ethereum at $90, and Chainlink at $1 during previous market cycles. 

Traditional equities experienced similar patterns, with Amazon trading at $6 and Apple facing bankruptcy before subsequent recoveries. Price discovery in infrastructure projects typically lags operational development, according to the analysis. 

The assessment suggests repricing occurs rapidly rather than gradually when market conditions align with fundamental development.

Token holders face a decision point as fundamental metrics strengthen while price remains depressed. The platform controls the majority of market share in its sector, with regulatory approvals advancing and institutional integrations expanding. 

Infrastructure projects historically appreciate after utility becomes undeniable and liquidity conditions improve.

Journalist

Posted: December 20, 2025

After being rejected at $50 a month ago, Hyperliquid [HYPE] has continued to trade within a descending channel, reaching a low of $22. At press time, HYPE was priced at $23.2, up 1.24% on the daily chart but down 17.7% over the week.

This sustained downtrend has led to significant losses for HYPE traders, particularly in the futures market.

Hyperliquid whale sits on a $22.5M loss!
While HYPE struggled on its price charts, investors, especially whales, have dominated the futures market. Futures Average Order Size data from CryptoQuant showed Big Whale Orders for two consecutive months. 

A sustained period of such orders indicated increased participation, either taking shorts or long positions. 

Source: CryptoQuant

According to Lookonchain, a whale opened a 10x long position on 207,497 HYPE, valued at $4.72 million, with a liquidation price set at $13.68.

Meanwhile, Onchain Lens reported another whale whose 5x long position has turned into losses, with a floating deficit of more than $22.5 million. Despite the mounting pressure, this whale continues to hold, with liquidation looming at $20.66.

Such behavior often reflects strong conviction and confidence in a potential market reversal, as whales endure short‑term pain in hopes of securing significant future gains.

Liquidation rate spikes
As observed above, whales have been aggressively betting for a price rebound. However, this is not an isolated case, as most participants have taken long positions.

According to CoinGlass data, Hyperliquid’s Long Short Ratio jumped to 1.03, at press time, where 50.81% accounted for longs while 49% accounted for short positions.

Source: CoinGlass

Therefore, most market participants are bullish and expect prices to jump again. Sadly, these sentiments have continued to lead to more liquidations of long positions.

In fact, between the 18th and 19th of December, more than $70 million worth of long positions were liquidated. Over the same period, only $0.54 million worth of short positions were liquidated.

Source: CoinGlass

Such market conditions indicate bullish leverage is being wiped out as the market fluctuates to the downside.

HYPE bears dominate the market
Despite whale demand for longs, bearish pressure has overwhelmed the market, leading to most of these longs being liquidated. As such, bullish leverage failed to boost the market, leaving it on the brink of further losses.

At the time of writing, Hyperliquid’s Relative Strength Index (RSI) sat within oversold territory at 29, indicating seller dominance.

Likewise, the altcoin sat below short-term Moving Averages (MA), MA9 and MA21, reflecting intense short-term bearish pressure.

Source: TradingView

Current market conditions point to strong downward momentum and a high probability of continued weakness. 

If this trend persists, HYPE could break below the $22 support and fall toward $20, potentially triggering a whale liquidation.

On the other hand, a bullish reversal requires a decisive close above the MA9 at $26 and the MA21 at $29. Only then could the market outlook shift in favor of buyers.

Final Thoughts

Hyperliquid whale sits on a $22 million floating loss, as longs liquidation surge to $70 million.
HYPE is under intense bearish pressure and could drop to $20 if bulls fail to flip MA9 and MA21.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Given the heightened volatility in the broader cryptocurrency market, Bitcoin has fallen below the pivotal $90,000 level, while Ethereum has dropped below the $3,000 price mark. Following the recent pullback, a key divergence has been spotted between the two leading cryptocurrency assets, which could shape the market dynamics.

A Growing Divide Between Bitcoin And Ethereum
As volatility in the cryptocurrency market grows, a crucial divergence between Bitcoin and Ethereum is gaining strength, attracting attention in the sector. The report states that the long-running comparison between Bitcoin and Ethereum is about to reach a new stage.

On-chain data indicates a growing supply disparity between the two biggest cryptocurrencies by market cap. This divergence is a sign that Ethereum’s supply dynamics are changing more dramatically as a result of things like network activity, staking, and fee burning, whereas Bitcoin’s issuance and holder behavior remain consistent.

It is worth noting that this marks the second time in this current cycle that the development is taking place. In the coming months, investors may be compelled to reassess their positions in Bitcoin and Ethereum due to this growing disparity, which is beginning to alter market narratives.

BTC and ETH expanding supply imbalance | Source: Chart from CryptoQuant on X
Mignolet noted that buying liquidity is currently drying up. Meanwhile, the remaining liquidity is just moving around the market instead of growing. What this simply implies is that liquidity is slowing down, and in the absence of fresh inflows of new capital, the supply imbalance between Bitcoin and Ethereum cannot be fixed.

During past scenarios, this BTC and ETH supply imbalance has been corrected only through declines in the price of both assets. Interestingly, this is precisely what transpired when BTC was trading above the $100,000 mark. As seen on the chart, the same pattern is currently resurfacing, hinting at a potential shift in market dynamics and direction.

Mignolet claims that if fresh liquidity does not enter the crypto market, it may experience an extended period of consolidation or brief bounces. However, such moves would be pointless bounces, likely followed by further downward moves in the end.

BTC And ETH Set TO See Massive Rotation
Recent supply dynamics and capital flows are starting to align in a way that signals an impending massive rotation between Bitcoin and Ethereum. After examining the ETH/BTC chart, Melijn The Trader revealed that the pair is poised to experience its largest rotation in 8 years.

This rotation has the potential to completely change how capital flows between the two largest assets in the market over the next few months. According to the expert, the last time this rotation occurred, Ethereum saw a notable 50x upward move.

With the same trend resurfacing in addition to deeper liquidity and institutional firepower, a similar price explosion could repeat itself, which Merlijn believes will catch most crypto investors off guard. At the time of writing, CoinMarketCap’s data shows that BTC’s price was trading at $87,920 while ETH’s price was trading dangerously close to the $2,968 support level.

BTC trading at $87,950 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

“I’m so proud of everyone!”, – shouts Charles Hoskinson as Midnight gains traction: why’s ADA trailing behind?

Market Sentiment:

Bullish

Bearish

Neutral

Published:
December 19, 2025 │ 6:04 PM GMT

Created by Gabor Kovacs from DailyCoin

The broader crypto markets are bracing for price fluctuations on Friday evening, as the expanding Bollinger Bands on the one-hour charts suggest for most major-cap altcoins. Cardano (ADA) is among the most talked-about crypto currencies over the past few weeks due to the Midnight chain upgrade, launching an accompanying token with the ticker symbol NIGHT.

Cardano Chief Praises Midnight Post 200% UptickThis has been deemed an “incredible success” by Cardano’s (ADA) founder Charles Hoskinson, who proudly shared a celebratory message on X. He dubbed Midnight (NIGHT) the first fourth-generation crypto currency, settling in to bring a new era into crypto. Not everyone took the message lightly, with some criticizing the lack of stablecoin liquidity on both chains.

incredible launch‼️

mainnet not even live and there have been like 5 rugs paired with midnight and still no stable coin liquidity on either chain

congrats on the launch though!

— Clark 🆓 (@Clark10x) December 18, 2025
Concerning the rugs, it feels the same way when Coinbase’s Base L2 chain started. Cyber-criminals were quick to take advantage of inexperienced customers on the fresh chain for the first couple of days, resulting in grandiose rug pulls. Despite a few setbacks, Midnight chain’s native token saw a stupendous rally, whipping up beyond 200% gains to hit $0.084 on December 10, 2025.

Midnight: Just Like Monero, But No Legal ScrutinyThe fresh altcoin has backtracked to the $0.06 territory as of now, mostly due to early investors taking profits. Midnight, the side chain of Cardano (ADA) Layer-1, is focused on a useful mix of compliance & rational privacy. This way, Web3 users can verify facts about certain data via the Zero Knowledge mechanism (ZK-SNARKs) without revealing any personal information.

$NIGHT is seeing steady follow-through as infrastructure comes online.

The privacy focused smart contract network is designed for compliant, institutional use cases. Recent @MidnightNtwrk milestones include @BitGo custody support and integrations aligned with the DTCC–Canton… pic.twitter.com/Z86n86sSm7

— Crypto Winkle (@CryptoWinkle) December 19, 2025
The concealing of sensitive information classifies this ADA sidechain as a privacy chain, but it’s slightly different from the typical privacy go-tos like Monero (XMR) or ZCash (ZEC). Those two leave no trace at all on the registry, which is hardly compatible with highly-regulated sections like the health care system, legal databases, food industry records & many other regulated fields.

Cardano’s Near-Term Price Bounce Yet To Take OffFor Cardano (ADA), the price trajectory this month was less bullish, to say the least. Kicking off the month at $0.41, the OG altcoin now trades at just above $0.37. That’s nearly a 60% drop from the $0.82 quarterly heights hit on October 10, 2025. If ADA tacks on Midnight’s (NIGHT) potential, it’s likely to witness a bounce from $0.37 to the mid-tier BOLL band at $0.42.

However, only a breakthrough past the red-label Bollinger Band (BOLL) at $0.47 would imply that Cardano’s (ADA) bulls regained territory for a longer period of time. With the markets still wobbly, high price correlation with Bitcoin (BTC) could magnify or put extra hurdles in Cardano’s Midnight-infused rebound race.

As of press time, the top asset stood above $88K with profit-taking still abundant. The Chaikin Money Flow (CMF) was hovering around red figures in most popular centralized exchanges (CEXs), as the market continued to soak in fear, now hitting ‘extreme’ levels of 16, according to the Crypto Fear & Greed Index.

Delve into DailyCoin’s popular crypto news today:
SWIFT Urges XRP, HBAR & Others To Co-op: Who’ll Prevail?
Decoding Bitcoin Bear Markets: What Drives 10+ Years of Declines

People Also Ask:What did Charles Hoskinson say about the Midnight launch?

Hoskinson called the NIGHT token launch an “incredible success,” praising how well the ecosystem is developing and holding up under heavy activity, positioning Midnight as the first true 4th-generation cryptocurrency.

Why does Hoskinson view Midnight as an epic win?

The launch drove NIGHT past $1B market cap and over $1B in 24-hour trading volume shortly after debut, cracking the top 10 most traded coins while boosting Cardano transactions & redirecting capital to the ecosystem.

What key metrics back the success claims?

NIGHT achieved top-10 trading volume status, sustained high liquidity (volume often exceeding market cap), processed millions of blocks and hundreds of thousands of transactions with stable 6-second block times, and integrated into over 133,000 Cardano transactions rapidly.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

100% Bullish

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Toronto, Ontario--(Newsfile Corp. - December 19, 2025) - Critical One Energy Inc. (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF) ("Critical One" or the "Company") ("Critical One" or the "Company") is pleased to announce that it has closed a non-brokered private placement offering of 1,430,000 flow-through common shares ("FT Shares") at a price of CDN$1.00 per FT Share, for gross proceeds of CDN$1,430,000 (the "Offering").

The close of the flow-through private placement upsizes the Company's previously announced offering with gross proceeds of up to CDN$1,250,000 (1,250,000 FT Shares at a price of CDN$1.00 per FT Share). Please see Critical One's press release of December 15, 2025 for reference.

In connection with the Offering, the Company paid an aggregate of CDN$75,000 in finder's fees, and issued 75,000 common share purchase warrants of the Company ("Finder's Warrants"). Each Finder's Warrant is exercisable to purchase one common share in the capital of the Company at a price of CDN$1.50 per common share for a period of eighteen (18) months from the date of closing.

The Company intends to use the gross proceeds from the sale of the FT Shares to incur exploration expenses that are eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada).

All securities issued pursuant to the Offering described above will be subject to a four-month and one-day hold period.

The Company intends to close an additional private placement on or before December 24, 2025 for aggregate gross proceeds of up to CDN$300,000, consisting of the issuance of up to 300,000 FT Shares at a price of CDN$1.00 per FT Share. The Company may provide compensation in connection with this offering, consisting of a cash commission of up to 6% of the proceeds raised, as well as common share purchase warrants in an amount up to 6% of the FT Shares issued. Each common share purchase warrant will entitle the holder to purchase one common share in the capital of the Company at a price of CDN$1.50 per common share for a period of eighteen (18) months from the date of closing.

About Critical One Energy Inc.

Critical One Energy Inc. is a forward-focused critical minerals and upstream energy company, powering the future of clean energy and advanced technologies. The Howells Lake Antimony-Gold Project focuses the Company's exposure on antimony, one of the most in-demand critical minerals, as well as gold, which is known to occur at numerous locations on the Howells Lake Project. Backed by seasoned management expertise and prime resource assets, Critical One is strategically positioned to meet the rising global demand for critical minerals and metals. Its mine exploration portfolio is led by antimony-gold exploration potential in Canada and uranium investment interests in Namibia, Africa. By leveraging its technical, managerial, and financial expertise, the Company upgrades and creates high-value projects, thereby driving growth and delivering value to its shareholders.

Additional information about Critical One Energy Inc. can be found at criticaloneenergy.com and on the Company's SEDAR+ profile at www.sedarplus.ca.

Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the terms and timing of the private placement described in this press release and the anticipated uses of the proceeds raised from such private placement.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: there will be sufficient interest from potential investors in order to complete the private placement on the terms as described herein or at all; and the Company will be able to use the proceeds from the private placement as currently anticipated and described herein.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, the risk that the Company will not be able to proceed with the issuance of common shares on the terms described in this press release or at all, and that the Company will not have sufficient resources in order to carry out its exploration plans as currently anticipated.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278724

Source: Critical One Energy Inc.

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Zcash (ZEC) continues to demonstrate resilience in the cryptocurrency market, with recent developments shaping its near-term trajectory.

Over the past 24 hours, Zcash (ZEC) has risen by 11.97%, outperforming a relatively flat crypto market, and currently trades just above $420.

This surge reflects a combination of regulatory optimism, technical momentum, and network improvements, prompting analysts to examine the Zcash price forecast in light of recent events.

Zebra 3.1.0 boosts network performance
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The release of Zebra 3.1.0 marks a notable step in Zcash’s transition to a modern, Rust-based node architecture.

This update enhances Docker support across ARM64 and AMD64 architectures, ensuring compatibility with devices such as Apple Silicon and cloud-based ARM instances.

The improved multi-architecture logic enables users to automatically retrieve the correct images, eliminating previous compatibility issues.

Additionally, Zebra 3.1.0 introduces a mempool dust filter that blocks transactions with extremely small outputs, reducing spam activity and easing resource demands for node operators.

Beyond technical fixes, Zebra 3.1.0 strengthens the RPC interface, increasing the maximum response size and providing greater configurability.

This allows developers and infrastructure tools to query large views of node data efficiently, enhancing analytics and monitoring capabilities.

While these improvements may not immediately affect end-users, they contribute to a more robust network infrastructure that underpins the long-term stability of Zcash and indirectly supports the ZEC market.

The growing regulatory optimism around privacy coins
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Zcash’s recent rally is also tied to growing regulatory optimism.

The US SEC Privacy Roundtable on December 15 signalled a shift in perspective, recognising privacy as a legitimate financial feature rather than a liability.

Shielded transactions, a hallmark of Zcash, align with this regulatory trend, reducing fears of delistings and building institutional confidence.

Furthermore, Cypherpunk Technologies’ $68 million ZEC treasury acquisition underscores the increasing interest from professional investors.

Despite these bullish signals, some market observers, including Raoul Pal, caution that the recent surge may represent capital rotation rather than a confirmed structural breakout.

Pal emphasises that for a sustained bull trend, Zcash must maintain performance alongside broader market strength, rather than relying solely on short-term speculative positioning.

Zcash price technical analysis
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From a technical standpoint, ZEC has rebounded from oversold levels, with an RSI of 44.83 and a bullish MACD crossover fueling short-term gains.

The 7-day simple moving average has been breached, signalling renewed momentum, though declining trading volume suggests that caution is warranted.

Analysts have identified critical support at $425.92, with resistance levels at $443.90, $476.21, and $551.70 shaping potential price paths.

Notably, holding above $425.92 is essential for sustaining momentum, while any drop below this level could expose ZEC to further declines toward $304.32.

Zcash price prediction
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Zcash’s near-term price outlook will depend on a mix of technical fundamentals, regulatory developments, and overall market conditions.

The Zebra 3.1.0 upgrade strengthens the blockchain’s infrastructure, enhancing reliability and efficiency, which could encourage wider adoption of shielded transactions that currently represent about 30% of ZEC’s circulating supply.

From a market perspective, maintaining support above $425.92 is critical for sustaining momentum, while a break above $443.90 could pave the way for further gains toward the $476–$551 range.

But despite these positive signals, traders and investors should exercise caution, balancing optimism with the potential for short-term capital rotations and broader market volatility.

Monitoring regulatory developments is equally important, as policy clarity and institutional adoption will play a decisive role in ZEC’s ability to maintain its upward trajectory.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! Thanks for sticking with us through the rollercoaster ride that was crypto in 2025. The Daily is taking a short break over the holidays, but we'll be back in the new year refreshed and ready to help you navigate what 2026 has in store.

In today's newsletter, Terraform Labs' liquidator sues Jump Trading for $4 billion, David Sacks says the Clarity Act markup is confirmed for January, the U.S. Senate confirms new CFTC Chair pick Michael Selig, and more.

Meanwhile, JPMorgan reiterates why it doesn't see a trillion-dollar stablecoin market by 2028.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

Terraform Labs liquidator sues Jump Trading for $4 billion in damages
Terraform Labs' court-appointed liquidator has sued Jump Trading and top executives, seeking $4 billion in damages tied to the 2022 TerraUSD collapse.

The lawsuit alleges Jump secretly struck a backdoor deal with Terraform to prop up the algorithmic stablecoin before its failure, allowing the firm to profit in the billions of dollars.
Terraform's collapse wiped out more than $40 billion in market value, triggering widespread contagion across the crypto lending sector.
Terraform Labs ultimately filed for bankruptcy in 2024 and agreed to pay the Securities and Exchange Commission nearly $4.5 billion in penalties.
The SEC previously also said Jump's crypto unit secretly propped up TerraUSD in 2021 in exchange for early access to Luna tokens, misleading investors and generating $1.28 billion in profits before later agreeing to pay $123 million in fines.
Jump dismissed the liquidator's lawsuit as an attempt to deflect blame from Terraform and co-founder Do Kwon, while creditors have recovered only about $300 million so far, according to the WSJ.
Last week, Kwon was sentenced to 15 years in prison in the U.S. following his guilty plea to two criminal counts in August.

US crypto czar David Sacks says Clarity Act markup confirmed for January
White House AI and crypto czar David Sacks said Senate Banking Chair Tim Scott and Senate Agriculture Committee Chair John Boozman have confirmed a January markup for the Clarity Act.

"We are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for," Sacks said on X.
The legislation, which would establish a formal regulatory framework for crypto and clarify jurisdiction between the SEC and the CFTC, already passed the House in July with strong bipartisan support and is now moving into the Senate committee review stage.
A January markup could merge the House-passed Clarity Act with elements of the Senate's own market structure proposal before a potential floor vote.

Senate confirms CFTC Chair pick Selig as agency takes larger role regulating crypto
The Senate was also in the news late Thursday, confirming Michael Selig to lead the CFTC and positioning the agency to take a central role in federal crypto regulation as the market structure legislation advances.

President Trump nominated Selig after withdrawing a16z crypto's Head of Policy Brian Quintenz's bid following stalled votes and conflict-of-interest concerns from parts of the crypto industry, including Gemini's Tyler and Cameron Winklevoss.
Selig brings prior experience from private practice and as Chief Counsel for the SEC's Crypto Task Force, as lawmakers consider expanding the CFTC's authority over digital assets.
During his confirmation hearing in the Senate Agriculture Committee last month, Selig spoke about the need for clearer rules for crypto, while balancing consumer protection and allowing software developers to innovate.

Ark Invest scoops up more Coinbase shares following crypto exchange's 'System Update'
Ark Invest bought another 17,386 Coinbase shares on Thursday, worth about $4.2 million, across three of its funds, adding to its position following the crypto exchange's "System Update" Dec. 17 product rollout.

The Cathie Wood-led investment firm continues to actively rebalance its fund weightings, having purchased $16.3 million in Coinbase shares earlier this week amid ongoing market volatility.
Coinbase's expansion into stocks, prediction markets, Solana DEX trading, derivatives, custom stablecoins, and payments has reinforced analysts' bull case for its shares, prompting Benchmark, JPMorgan, and Deutsche Bank to reiterate or initiate buy ratings.
Ark also added $1.4 million worth of Solmate shares, backing the Solana-focused treasury firm despite steep declines in the stock since its September peak.

Ethereum devs name post-Glamsterdam upgrade 'Hegota' as 2026 roadmap takes shape
Ethereum core developers named the post-Glamsterdam upgrade "Hegota" during the latest ACDE call on Thursday, setting the next milestone in the network's 2026 roadmap under its new twice-yearly release cadence.

Hegota combines the execution layer's "Bogota" and the consensus layer's "Heze," though developers will not choose its headliner EIP until February.
The Hegota upgrade remains at an early stage and is expected to absorb deferred items from Glamsterdam, with long-term goals like Verkle Trees and state management changes also potentially incorporated.

Looking ahead to next week

UK GDP data are released on Monday. U.S. GDP numbers follow on Tuesday. U.S. jobless claims figures are due on Wednesday.
Markets are closed on Thursday for Christmas.
Euler, LayerZero, Kaito, AltLayer, and Wormhole are among the crypto projects set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ethereum (CRYPTO: ETH) sits at the centre of one of crypto's longest-running debates: does it function as a true form of "cryptomoney" like Bitcoin or primarily as a technology platform token with weakening fundamentals?

What Happened: In early 2025, sentiment toward ETH collapsed as it underperformed Bitcoin (CRYPTO: BTC), briefly fell behind XRP (CRYPTO: XRP) in fully diluted valuation, and lost Layer-1 fee share to competitors like Solana (CRYPTO: SOL)

Messari's Crypto 2026 report stated that confidence hit multi-year lows after ETH/BTC erased all gains from the prior cycle.

That pessimism reversed sharply from May to August 2025.

ETH surged nearly 200%, set a new all-time high, and regained strength against BTC, driven by leadership changes at the Ethereum Foundation, a rebound in spot ETH ETF inflows, and the rise of ETH-focused Digital Asset Treasuries (DATs).

Spot Ethereum ETFs ended the year holding about 5% of total supply, while DATs accumulated roughly 4%, creating sustained institutional demand.

Also Read: Bitcoin, Ethereum, Solana To Hit All-Time Highs In 2026, Bitwise Predicts

Why It Matters: However, Messari's report stated that core issues remain.

Ethereum's fee share and base-layer activity are still under pressure, ETH remains below prior cycle highs relative to BTC, and many investors used the rally as exit liquidity.

The value now depends on indirect monetary adoption — whether market participants choose to treat ETH as a store of value alongside BTC.

Ethereum continues to trade with high correlation and beta to Bitcoin, behaving more like a leveraged BTC proxy than an independent monetary asset.

Looking ahead, ETH can continue to outperform in a BTC-led bull market, especially as DATs mature and potentially adopt more aggressive capital structures to accumulate and stake ETH.

While the altcoin's narrative has stabilized, its monetary status is still unsettled. Until Ethereum meaningfully decouples from Bitcoin, its valuation is likely to continue moving in Bitcoin's shadow.

Read Next:

Bitcoin To $88,000, Ethereum, Dogecoin Bounce Too, But Why’s XRP Lagging?
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SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Genentech, a member of the Roche Group (SIX: RO, ROG; OTCQX: RHHBY), announced an agreement with the U.S. government that lowers costs for state Medicaid programs, encourages other wealthy countries to reward innovation, and increases opportunities for direct patient access. Under this agreement, Genentech is making commitments that address all four priorities set forth in the President's July 31st letter. Genentech's commitments include making many.

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Tanzeel Akhtar

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Tanzeel Akhtar has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal, Bloomberg, CoinDesk, Bitcoin...

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December 19, 2025

BlackRock’s spot Bitcoin exchange-traded fund IBIT, has emerged as a notable outlier on the 2025 ETF flow leaderboard, ranking sixth by year-to-date inflows despite posting a negative return for the year, according to data highlighted by Bloomberg Intelligence analyst Eric Balchunas.

$IBIT is the only ETF on the 2025 Flow Leaderboard with a negative return for the year. CT's knee-jerk reaction is to whine about the return but the real takeaway is that is was 6th place DESPITE the negative return (Boomers putting on a HODL clinic). Even took in more than $GLD… pic.twitter.com/68uq3HFRuO

— Eric Balchunas (@EricBalchunas) December 19, 2025
IBIT is currently the only ETF among the top flow leaders showing a year-to-date loss, with returns down roughly 9.6%. Yet the fund has still attracted approximately $25.4 billion in net inflows, placing it ahead of a range of established equity and commodity products — including the SPDR Gold Trust (GLD), which is up more than 64% over the same period.

Investor Demand Signals Shift Toward Long-Term AllocationThe divergence between price performance and investor demand underscores a structural shift in how capital is engaging with Bitcoin exposure through regulated vehicles. Rather than reacting to short-term price movements, investors appear to be using periods of drawdown to accumulate positions via ETFs.

\Balchunas describes the trend as a “HODL clinic,” suggesting that longer-term allocators are increasingly driving flows into spot Bitcoin ETFs, treating them as strategic holdings rather than momentum trades.

Equity ETFs Still Dominate, but Bitcoin Stands OutBy comparison, the largest inflows in 2025 have gone to broad-based equity ETFs such as Vanguard’s S&P 500 tracker VOO, which has drawn more than $145 billion in net inflows alongside a mid-teens return. Other top-ranking funds include large-cap and total market products such as IVV, VTI, and SPYM, all benefiting from strong equity market performance.

IBIT’s presence among these vehicles is notable given Bitcoin’s higher volatility and its relatively recent introduction as an ETF asset class.

Bitcoin ETFs Outpace Gold Despite UnderperformanceThe data also highlights a contrast with gold ETFs. While GLD has benefited from strong price appreciation in 2025, its inflows have lagged behind IBIT’s, indicating that performance alone has not been the primary driver of allocation decisions this year.

According to Balchunas, the more significant takeaway may be what IBIT’s inflows imply for future cycles. If a Bitcoin ETF can attract more than $25 billion in a year marked by negative returns, the potential for substantially larger inflows during a strong market environment could be considerable.

As spot Bitcoin ETFs continue to mature within traditional portfolio frameworks, flow data is increasingly being viewed as a leading indicator of long-term adoption. IBIT’s 2025 performance suggests that, even amid price weakness, investor conviction in regulated Bitcoin exposure remains resilient.

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MANTRA and cryptocurrency exchange OKX have exchanged formal letters that signal a potential easing of tensions roughly one week following their public sparring over the migration of OM tokens. 

In an open letter posted on X on December 19, MANTRA CEO John Patrick Mullin proposed handling the migration manually “for maximum safety and assurance that it will be conducted with accuracy and efficiency.”

In response to questions raised by Mullin regarding the number of OKX users’ OM tokens and the number of OM tokens OKX holds, OKX stated that the number of OKX user OM tokens to be migrated is 34,097,848, while the number of OKX’s $OM tokens to be migrated is 124,441,487.

The exchange called on MANTRA to confirm to them by December 20, 2025, that all of the $OM tokens on their platform will be migrated, adding that it was consistent with Mullin’s public statements that MANTRA will support the migration of the $OM tokens.

Mullin responded by offering to migrate all tokens between January 3 and 5, approximately two weeks later than OKX’s preferred timeline, citing concerns about year-end holiday disruptions.

Transparency demands and formal warnings
The dispute between the two parties reached new heights on December 12, after OKX shared a long and detailed post on X on what happened during the crash of the OM token, in what it labeled as “clarify the facts,” adding that the “MANTRA team continues to push a misleading narrative.”

Last week, Mullin publicly questioned OKX’s handling of the token migration and demanded disclosure of the exchange’s OM holdings. On December 8, he shared on X that OKX’s migration announcement contained factual errors, claiming the exchange had unilaterally created specific dates without consulting MANTRA.

OKX responded with a letter demanding that MANTRA commit to migration plans by December 20, or face delisting procedures.

MANTRA’s reply adopted more diplomatic language compared to the previous week, expressing full support for ensuring proper migration procedures.

Mullin stated that MANTRA will itself handle the migration of 100% of OM tokens under OKX’s control.

He wrote, “Given the size of you and your users’ holdings, we will migrate manually for maximum safety and assurance that it will be conducted with accuracy and efficiency. The exact process is one that we have used with several other exchanges and is tried and tested.”

He further outlined a detailed process involving tranches of approximately 20 million OM tokens sent to a specific EVM address, with each batch taking roughly 15 minutes to complete.

Mullin asked the OKX team to provide the MANTRA address they wish to use for the proposed migration process as a first step.

Will OKX agree to MANTRA’s proposed migration date?
The current friction has reopened wounds from April 2025, when OM crashed by more than 90% in hours, erasing over $5 billion in market capitalization.

Given the state of their relationship, OKX agreeing to MANTRA’s proposed timeline is currently unknown, and their next move will be monitored closely. This is a developing story.

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ETH's leverage ratio just reached an all-time high, signaling aggressive risk-taking as traders chase a rebound.

The derivatives market for Ethereum (ETH) on Binance hit a new extreme on December 19, when leverage tied to ETH positions climbed to its highest level ever recorded.

The move shows traders leaning heavily into borrowed positions at a time when Ethereum’s price remains fragile, raising the stakes for both sharp rebounds and sudden pullbacks.

Leverage Spikes as Aggressive Buying Returns
According to on-chain analytics account CryptoOnchain, Ethereum’s Estimated Leverage Ratio (ELR) on Binance reached 0.611, the highest reading on record. The metric tracks how much borrowed capital traders are using relative to exchange reserves, with higher values pointing to greater risk across open positions.

At the same time, the ETH Taker Buy Sell Ratio jumped to 1.13, a level last seen in September 2023. CryptoOnchain pointed out that a ratio above one means market buyers are outweighing sellers, showing traders are willing to pay the market price to enter long positions.

“The convergence of these two metrics sends a clear message: traders are not only highly optimistic about ETH’s price action (strong buying pressure) but are also willing to take on massive risks to back this sentiment (historic leverage),” the market watcher concluded.

Some technical traders echoed that cautious optimism, with analyst Ted Pillows posting on X that ETH had bounced after touching the $2,700 to $2,800 support band. He said holding that zone keeps a move toward $3,100–$3,200 in play, while a breakdown could drag prices back to around $2,500.

However, CryptoOnchain cautioned that the current setup is a “double-edged sword.” While it provides the impetus to kick ETH’s price past higher resistance levels, the accumulation of leveraged positions at historical highs also leaves the market vulnerable to extreme volatility, meaning that the smallest correction “increases the probability of a long squeeze.”

Price Action Clashes With Soft Network Signals
The leverage buildup comes just one day after broader warnings about Ethereum’s weakening structure. As reported previously, ETH had dropped about 12% over the prior week and was struggling below major resistance near $3,660, with several analysts pointing to lower targets if support continues to fail.

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At the time of writing, the asset was trading just above $2,900, up over 3% on the day but still down about 9% in the last seven days and more than 4% over the past month. Additionally, the token has lost about one-third of its value over the past three months, and slightly over 20% year-on-year, which has pushed it over 40% below its August all-time high near $5,000.

Volatility remains elevated, with ETH moving between roughly $2,780 and $3,000 over the past 24 hours, while daily trading volume has climbed to nearly $39 billion, suggesting heightened speculative activity rather than steady spot demand.

That view lines up with earlier on-chain data shared by CryptoOnchain, which showed active sending addresses near a one-year low. The analyst said retail participation appears muted, a pattern often seen after extended choppy price action. Historically, such phases have lined up with accumulation by longer-term holders, but they can also limit short-term upside without fresh demand.

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Chainlink price formed a double-bottom pattern, pointing to a rebound as Swift made a major announcement on its tokenization drive. 

Summary

Chainlink crypto price has formed a double-bottom pattern.
It has also formed a falling wedge, a popular reversal sign.
The network will benefit from Swift’s tokenization drive.

Chainlink (LINK) token rose by 5.5% to $12.58, with its 24-hour volume rising by 20%. This rebound followed the developers’ announcement that they had partnered with more than 30 banks to build a blockchain ledger to support tokenized assets alongside existing financial systems.

We’re already making progress with our plans to add a blockchain-based ledger to our infrastructure, working with a global group of 30+ banks globally to shape the ledger’s design.

“In order to unlock that benefit of scale, we need to work together,” said Thierry Chilosi, our… pic.twitter.com/FS0c7qOLm2

— Swift (@swiftcommunity) December 19, 2025

This is a major announcement since Swift is one of the most important entities in the financial services industry today. Its messaging network connects over 11,500 financial services companies in 200+ countries. 

It is estimated that Swift processes over $150 trillion in cross-border payments a year. As such, this figure means that the new ledger network being designed will have ready assets to move.

Chainlink will be a top beneficiary of this project due to its partnership with Swift. The two have been collaborating for many years, meaning that Chainlink will provide its technology.

Chainlink also has partnerships with several companies Swift is working with, including DTCC, Euroclear, UBS, Standard Chartered, and ANZ.

Meanwhile, Chainlink has continued its LINK buying spree as part of its strategic reserves. It bought over 92,000 tokens this week, bringing the total assets to 1.23 million. These tokens are now worth $15.3 million, a considerable amount for a project that launched in August. 

Chainlink price technical analysis
LINK price chart | Source: crypto.news
Technical analysis suggests LINK may rebound in the coming weeks. It formed a double-bottom pattern at $11.77 and a neckline at $15, its highest point this month.

This double-bottom has formed after the token formed a large falling wedge pattern. A wedge is comprised of two descending and converging trendlines. 

Therefore, the coin may rebound as long as it remains above the double-bottom point at $11.77. If this happens, the next key level to watch is the neckline at $15, about 20% above the current level. 

However, a drop below the $11.7 support level will invalidate the bullish LINK forecast.