Track market-moving stories before they get noisy

Michael Saylor, one of the most well-known names in the cryptocurrency world, has made a new Bitcoin post.

Strategy Chairman Michael Saylor has heightened expectations of renewed activity in the company’s Bitcoin reserves by posting a new BTC image on his social media account.

Saylor shared a screenshot of Strategy’s Bitcoin holdings, asking, “What’s next?” Saylor is known for making similar posts in the past, often a day before the company’s official announcements regarding BTC transactions.

However, Strategy’s recent trading history suggests that the post in question may not necessarily indicate a new BTC purchase. The company has sold Bitcoin following some of Saylor’s posts, while at other times it has kept its reserves unchanged.

As of July 19, 2026, Strategy holds a total of 843,775 Bitcoin. The current value of the company’s BTC reserves is estimated at approximately $54.45 billion, while the total cost is recorded as $63.83 billion.

Strategy’s average cost per BTC is $75,653. Based on current prices, the company’s unrealized loss on its BTC position is 14.70%, equivalent to approximately $9.38 billion.

*This is not investment advice.

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A previously recorded video featuring a SWIFT executive discussing its collaboration with enterprise blockchain software firm R3 has resurfaced, renewing conversation about the global payment messaging network’s links to the cryptocurrency XRP.

SWIFT and R3: Partnership details clarifiedCrypto researcher SMQKE brought renewed attention to the video on X, where a SWIFT executive outlined the company’s approach to integrating new technologies into cross-border payment systems. The executive explained that SWIFT developed APIs within its Global Payments Innovation (gpi) system, allowing both banks and corporate clients to efficiently track and manage transactions using their internal platforms.

The executive emphasized APIs as a means to connect SWIFT’s gpi capabilities with various distributed ledger ecosystems. In this context, the executive confirmed an official partnership with R3, describing R3 as a major provider of blockchain infrastructure for financial institutions.

He stated that the joint effort allowed R3’s Corda Settler application to support SWIFT’s gpi, bringing seamless access to SWIFT’s global payment services to blockchain-enabled environments.

While discussing benefits, the executive noted that the focus centered on improving the payment process. Objectives included minimizing friction, accelerating transaction speed, and enhancing transparency in cross-border payments.

Mini dictionary: SWIFT, or the Society for Worldwide Interbank Financial Telecommunication, is a messaging network used by banks and financial institutions to securely transmit information and instructions for cross-border payments.

In the video, the SWIFT executive described efforts to bring distributed ledger compatibility to its flagship gpi product by leveraging APIs and enterprise blockchain software from R3, further confirming a direct collaboration with R3 for these integrations.

Technical links between Corda Settler and XRPSMQKE’s post highlighted the connection between the SWIFT-R3 partnership and XRP, referencing Corda Settler as an application built to streamline settlement of obligations across various payment types. Upon its launch by R3, Corda Settler initially supported XRP as the first cryptocurrency for settling transactions on its platform.

This technical choice often led to community speculation that SWIFT had adopted XRP as a currency for settlement. However, the actual partnership between SWIFT and R3 did not make XRP the settlement asset for SWIFT transactions.

Instead, SWIFT’s proof-of-concept with R3 and Corda showed how enterprise blockchain workflows could connect with SWIFT’s established banking rails, enabling standard gpi payments. Settlement of these transactions continued to rely on fiat currency through SWIFT’s traditional processes rather than digital assets.

Mini dictionary: R3 is an enterprise software firm that develops distributed ledger technology solutions, most notably the Corda platform, which allows financial institutions and businesses to record and manage transactions securely using blockchain-inspired systems.

Platform/ProjectMain FunctionRole in PartnershipSWIFT gpiGlobal payments messaging and trackingProvides messaging and payment infrastructureR3 CordaEnterprise blockchain platformHosts Corda Settler applicationXRPCryptocurrency/digital settlement assetAvailable as a settlement option within Corda SettlerCommunity reaction and ongoing debateThe renewed attention has sparked debate within the XRP community, with some members interpreting the historical details as evidence of potential future adoption. Community member Eugene Clark commented that XRP could play a significant role in global money movement because of its speed and underlying technology.

Despite such optimism among supporters, the available facts confirm only that the SWIFT-R3 partnership enabled enterprise users to link blockchain workflows with SWIFT payments. The system continued to use established fiat settlement processes, without SWIFT directly adopting XRP.

Despite the technical integration, the relationship was structured as a proof-of-concept to demonstrate possibilities for linking blockchain-based business processes to SWIFT’s existing global payment framework, rather than as a formal adoption of XRP by SWIFT.

The collaboration between SWIFT, R3, and the inclusion of XRP in Corda Settler remains notable as an early illustration of how enterprise blockchain solutions can potentially connect to mainstream financial infrastructures, though no direct use of XRP as SWIFT’s own settlement currency has taken place.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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The most recent on-chain data indicates that the network itself is not offering the support required for a sustainable breakout, and XRP's recent recovery attempts are still encountering opposition. Three important XRP Ledger metrics are concurrently declining, creating a difficult environment for any bullish continuation, even though XRP has stabilized around the $1.10 region and is forming a tightening price structure on the chart.

Multiple red flags on XRP LedgerPayment activity throughout the network is the first red flag. Over the past few weeks, the total number of payments between accounts has drastically decreased, falling from levels that were regularly above one million daily transactions earlier in the year to some of the lowest readings in months. 

The decline in the payment count, which is frequently seen as a direct indicator of network utilization, points to a decrease in transactional demand throughout the ecosystem. 

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XRP/USDT Chart by TradingViewThe volume of XRP payments is the second weakness. In the past, periods of increased market activity and capital movement have frequently coincided with spikes in transferred XRP. Nevertheless, despite sporadic brief spikes, payment volume has remained muted and is still trending downward. Large volume surges that were typical in the first quarter of 2026 have mostly vanished, suggesting that major players are not actively transferring funds through the network at the same rate. 

Users activity plummetsActive user participation is the third metric demonstrating decline. The number of active addresses on the XRP Ledger has been steadily dropping from previous yearly highs, and it is currently significantly below the peak levels observed in February and March. Because user activity reflects real engagement rather than speculative price movement, it continues to be one of the most crucial indicators of network health. This weakness is reflected in the market structure. 

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After months of consistent lower highs, XRP is currently trading inside a narrowing triangle formation. The asset is still below all significant moving averages even though it has been able to maintain support close to the $1.05 area. While the 100-day and 200-day averages are still much higher, the 50-day EMA around $1.13 continues to limit upside attempts. At 46, the RSI is close to neutral territory, indicating neither significant buying nor selling pressure. 

This is in line with the on-chain scenario: instead of making a commitment, market participants are waiting. XRP might find it difficult to generate enough momentum for a significant breakout until payment counts, transaction volume, and active user growth all start to recover at the same time.

Although prices can still fluctuate based on speculation, sustained recoveries usually necessitate strengthening network fundamentals, which are presently pointing in the wrong direction.

XRP has experienced a significant downturn over the past year, falling more than 70% from its peak price of $3.65, reached on July 18. The cryptocurrency has entered an extended period of consolidation, raising questions about its future direction. Recent analysis from ChartNerd and Diana, well-followed market analysts, suggests that the current correction may be setting the stage for a new bullish phase rather than signaling longer-term weakness.

XRP’s historical patterns and accumulation phaseChartNerd highlighted that similar deep corrections have occurred in previous XRP market cycles. After major tops, XRP typically undergoes steep pullbacks, which historically have transitioned into accumulation periods, characterized by reduced volatility and less retail involvement. During these phases, long-term holders, often regarded as “strong hands,” tend to acquire more XRP at lower prices, quietly preparing for the next upward movement.

This cycle of distribution, correction, accumulation, and eventual markup aligns with traditional market theory. Analysts generally see accumulation as a necessary precursor to future rallies, especially in the cryptocurrency sector, which is known for its rapid and volatile swings.

Mini dictionary: ChartNerd is a pseudonymous cryptocurrency market analyst known for in-depth technical analysis and market commentary, especially on social media platforms.

ChartNerd observed that XRP now appears to be trading within a historical accumulation range, a technical setup that previously preceded substantial upward moves in the asset. If history holds, this could mean the current stagnation is a preparatory phase for the next bull run.

Price targets and key technical levelsUsing Fibonacci extension levels, ChartNerd identified potential long-term price targets for XRP between $8 and $27—levels that could be possible if the asset breaks through major resistance and renewed institutional demand emerges alongside increased regulatory clarity.

Meanwhile, another analyst, Diana, examined key short-term price points. She stressed the importance of the $1.08 support level, which XRP has managed to defend even in the face of ongoing selling pressure. As of the latest price from CoinCodex, XRP was trading at $1.10, situated just beneath a descending trendline and in a relatively compressed range.

Diana reported that a confirmed breakout above the $1.10 to $1.12 range would generate the first significant bullish signal. For a larger move upward, XRP would need to establish $1.145 as new support before aiming to reclaim $1.20 and, ultimately, challenge resistance around $1.30.

Technical LevelRole$1.08Key support$1.10-$1.12Breakout confirmation zone$1.145Next support to reclaim$1.20Intermediate resistance$1.30Major resistance$0.90-$0.87Potential flush target if support fails$8-$27Long-term target (Fibonacci extension)On the downside, Diana warned that losing the $1.08 threshold could lead to another decline, with possible movement into the $0.90 to $0.87 liquidity zone before any broader market reversal might occur.

Institutional flows and future outlookDespite the sharp correction, XRP has maintained strong institutional interest. Spot XRP exchange-traded funds have captured nearly $1.5 billion in net inflows, underscoring that larger investors remain confident in the asset’s future prospects, even as retail sentiment appears subdued.

The direction of XRP in the coming weeks is likely to depend on whether it can sustain current support or experiences another temporary drop. Multiple analysts have stated that this phase of accumulation and sideways trading could become the foundation for an eventual breakout, reminiscent of previous upcycles in XRP’s history.

XRP has repeatedly experienced corrections greater than 70% after its major rallies, with these deep pullbacks serving as precursors to long periods of accumulation before the next advance begins.

If past patterns repeat, today’s subdued trading and underlying accumulation may pave the way for a new surge, potentially driving XRP well above current levels and even approaching the anticipated 10x breakout cited by numerous analysts.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Trading volumes for some altcoins have reached remarkable levels on South Korea’s largest cryptocurrency exchanges, Upbit and Bithumb. Data from the past 24 hours shows that BONK, eCash, OriginTrail, and XRP, in particular, have attracted significant interest from South Korean cryptocurrency followers.

When data from the two exchanges were combined, Bonk (BONK) topped the list with a trading volume of approximately $61.28 million.

eCash (XEC) took second place with a total volume of $27.13 million across two exchanges. OriginTrail (TRAC) came in third with $25.87 million, while XRP’s total trading volume on Upbit and Bithumb reached $25.65 million.

The total trading volume of altcoins on Upbit and Bithumb over the last 24 hours is as follows:

Bonk (BONK) – $61.28 million eCash (XEC) – $27.13 million OriginTrail (TRAC) – $25.87 million XRP – $25.65 million NEO – $21.10 million Ondo (ONDO) – $18.98 million Gravity (G) – $17.80 million KAITO – $12.66 million RE – $12.34 million B3 – $9.90 million Solstice (SLX) – $9.82 million Worldcoin (WLD) – $9.09 million Cobak (CBK) – $8.44 million Billions Network (BILL) – $5.89 million HOME – $5.72 million *This is not investment advice.

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XRP is trading close to $1.09 after spending much of the week within a confined price range, with market participants focused on a potential breakout above key resistance levels. Current technical conditions show that while the $1.15–$1.20 region is coming into focus, the token remains below several major barriers, and a clear trend direction has yet to emerge.

XRP tests key demand zoneOn the 4-hour XRP/USD chart, the price faced recent rejection from the $1.12–$1.13 resistance zone and declined toward the $1.06 demand area, which overlaps with the lower edge of an ongoing consolidation structure. Analysts note that this area is a crucial inflection point for short-term momentum.

A sustained position above $1.06 could allow buyers to retake $1.10 and, potentially, $1.12. Conversely, a break below this zone would weaken the bullish outlook and increase the likelihood of continued downside movement.

XRP traded above $2 earlier in 2026 but has since stabilized at lower levels amid fading momentum. CoinDesk data shows that end-of-June network activity and inflows had yet to produce the kind of decisive recovery buyers are seeking. The $1.10 level remains a key area of focus, as XRP struggles to convert resistance into support.

XRP’s position above the $1.06 demand zone is critical for preserving its ongoing recovery structure. A drop below this level could undermine the short-term bullish setup, while a hold above it would enable a renewed push toward resistance levels at $1.10 and $1.12.

LevelTypeStatus$1.06Support (Demand Zone)Testing$1.10–$1.12Neckline/ResistanceNot broken$1.15–$1.20Next ResistancePotential targetInverse head-and-shoulders and wedge formationA potential inverse head-and-shoulders pattern has appeared on the daily chart, with the “head” forming near $1.05–$1.07 and the “shoulders” at slightly higher lows. The neckline falls around the $1.10–$1.12 area, matching the zone that traders are monitoring for confirmation of sustained upward movement.

An inverse head-and-shoulders is typically viewed as a possible bullish reversal pattern, but confirmation requires a definitive price close above the neckline region. The same chart depicts XRP within a falling wedge—a bullish setup if a breakout is sustained beyond $1.10–$1.12—that, alongside the head-and-shoulders, signals possible technical confluence but does not guarantee a rally.

If neckline resistance is broken, subsequent resistance levels appear at $1.15 and then $1.18–$1.20, where sellers have previously capped upward moves. A move above $1.20 would be seen as a stronger bullish development in the current context.

Analysts and crypto news sources reported XRP’s difficulty maintaining momentum above $1.14–$1.15. If the token overcomes this range, the next zone of interest could extend toward $1.17–$1.20.

Technical analysis consistently highlights $1.10–$1.12 as the neckline for a potential bullish reversal in XRP, while $1.15–$1.20 stand out as the immediate resistance cluster to break for upward confirmation.

Mini dictionary: Inverse head-and-shoulders, a classic technical analysis reversal pattern characterized by three troughs, where the middle is the lowest (the “head”) and the outer two are higher (“shoulders”). It suggests a possible shift from a downtrend to an uptrend, but requires confirmation through a break above the neckline.

XRP price prediction and resistance outlookAnalysts see the $1.20–$1.35 region as a key test if XRP can clear resistance at $1.12 and $1.15. A move above these areas could open the way for higher targets, including $1.25–$1.35 if breakout momentum is sustained, and potentially as high as $1.45–$1.55 in the event of a more pronounced expansion.

For now, the ability to flip the $1.10–$1.12 region into support will determine if the bullish reversal pattern gains traction. Without this development, the reversal setup remains incomplete.

XRP/BTC SuperTrend and broader signalsThe XRP/BTC ratio offers a longer-term perspective. ChartNerdTA, a crypto market observer, points out that the pair’s monthly SuperTrend indicator turned bullish in 2024 after several years of declining performance. This shift coincided with a relative rise in XRP compared to BTC, peaking in July 2025.

Currently, the ratio is once again near a crucial test zone on this indicator. If XRP holds above that area, it could signal renewed strength against Bitcoin; a breakdown would point toward continued underperformance.

Mini dictionary: SuperTrend, a technical indicator that identifies price trend direction using volatility and price action, helping traders spot potential shifts in market momentum.

This distinction is important since XRP’s performance relative to the US dollar does not always mirror its position within the broader crypto market. The XRP/BTC ratio thus serves as an additional context for interpreting price strength or weakness.

XRP price outlookThe immediate focus for XRP is the narrow technical range between $1.05–$1.07 as support and $1.10–$1.12 as the critical neckline level. Sustaining above support can keep recovery hopes alive, while resistance at $1.15 and the $1.18–$1.20 cluster will define the next steps for any bullish advance.

For now, XRP remains in consolidation, with technical signals indicating the need for further confirmation before any clear trend direction develops. Traders are closely watching whether XRP can break out decisively above $1.10–$1.12 and hold $1.15 as support to validate its latest reversal attempt.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

TLDR: BlackRock crypto ETF inflows reached $343.4 million across IBIT, ETHA and ETHB during the five trading days ending July 17. IBIT attracted $204.1 million despite opening the period with a $185.5 million outflow before recording four positive sessions. BlackRock’s Ethereum products added $139.3 million, with ETHA supplying nearly all the new capital received during the week. The figures represent net investor flows into BlackRock-managed ETFs, rather than cryptocurrency purchases for BlackRock’s corporate balance sheet. BlackRock crypto ETF inflows approached $350 million during five trading sessions as demand returned for regulated Bitcoin and Ethereum products. The asset manager’s three major crypto funds attracted a combined $343.4 million from July 13 through July 17.

The total included $204.1 million for the iShares Bitcoin Trust, known as IBIT. BlackRock’s Ethereum funds, ETHA and ETHB, received another $139.3 million. The activity followed several weeks of unstable flows across the wider digital asset ETF market.

BlackRock Crypto ETF Inflows Rebound After Early Outflow IBIT started the week with a $185.5 million withdrawal on July 13. That loss placed the fund under pressure as all U.S. spot Bitcoin ETFs recorded a combined $424.7 million daily outflow.

Demand shifted during the following session. IBIT gained $138.9 million on July 14, followed by $80.8 million on July 15. It then collected $33.4 million on July 16 and $136.5 million on July 17.

Those four sessions produced $389.6 million in gross inflows. They erased the opening redemption and left IBIT with $204.1 million in net weekly additions. Farside Investors’ data also shows IBIT supplied the largest Bitcoin ETF inflow on the final trading day.

The figures describe capital entering the ETF rather than a direct BlackRock Bitcoin purchase. Authorized participants create new fund shares as demand rises, while the trust adjusts its Bitcoin holdings to support those shares.

Source: Coinglass Bitcoin ETF inflows also recovered across the wider market. U.S. funds posted positive totals during each session from July 14 through July 17 after the sharp Monday withdrawal.

Bitcoin and Ethereum Funds Drive BlackRock ETF Demand Ethereum ETF demand added another source of growth for BlackRock. ETHA received $58.3 million on July 14 before adding $45.3 million the next day.

ETHB attracted $4 million on July 15. ETHA later recorded $31.7 million on July 17, bringing its five-day total to $135.3 million. The two funds therefore collected a combined $139.3 million.

BlackRock crypto ETF inflows were especially concentrated in ETHA during the final session. The fund supplied $31.7 million of the $36.7 million entering all U.S. Ethereum ETFs that day. Historical inflows into ETHA have reached about $11.3 billion.

ETHB gives brokerage investors exposure to Ethereum and staking rewards, while ETHA offers spot Ethereum exposure without direct wallet management.

Source: Coinglass The ETF activity arrived as BlackRock reported record assets under management of $15.3 trillion. The company collected $192 billion in net inflows during the second quarter and $321 billion during the first half of 2026. ETFs, private markets, and fixed-income products supported those results.

BlackRock’s iShares business collected $178 billion during the quarter. Total companywide net inflows reached $868 billion over the previous 12 months, showing that crypto products represent a small but expanding part of its broader ETF operation.

Ethereum has entered a new phase of recovery after breaking above a trendline that limited price gains for nearly six months. As of the latest session, ETH was trading around $1,868, with market participants closely watching whether the recent breakout will sustain and lead to higher prices.

Breakout Restores Bullish PotentialETH has surpassed a descending resistance line that previously capped every recovery effort, giving buyers the most promising opportunity for a sustained rebound in months. The move above this barrier interrupts a longstanding pattern of lower highs and positions Ethereum for a potential trend change.

Several traders now identify the $1,950 to $2,000 range as a critical area of focus. With improved momentum indicators such as the MACD recovering near the zero line, analysts highlight these levels as key resistance spots for the near term. If ETH manages to hold above the former resistance-turned-support, market attention could shift to the $2,300 zone as the next significant target.

Momentum is improving as Ethereum flips its six-month trendline into support, keeping $1,950, $2,000, and $2,300 in focus for the next stage of recovery.

Liquidity and Trader Flows Signal Potential UpsideLiquidity maps reveal several clusters above the current price, including a pocket around the $1,800 level which may already have been tested. The next key liquidity zone appears closer to $1,950 and $2,000, providing additional reasons for traders to monitor this range as momentum builds.

Market data shows that advanced traders and large holders, commonly known as whales, have been repositioning. On-chain analytics firm Lookonchain tracked two newly created wallets that sold 72 BTC, valued at approximately $4.66 million, and subsequently opened 20x long positions on 12,000 ETH worth about $22.4 million. This substantial rotation from Bitcoin into leveraged Ethereum exposure suggests a shift in sentiment among influential participants.

Mini dictionary: Lookonchain is an on-chain analytics platform that monitors the movements and behaviors of significant crypto wallets, including large-scale “whale” transactions and leveraged trading activities.

Two sizable accounts moved funds from BTC into $22.4 million of highly leveraged ETH longs, indicating growing confidence in Ethereum’s recovery potential.

AssetPositionAmountValue (Approx.)LeverageBTCSold72 BTC$4.66 million–ETHLong (Opened)12,000 ETH$22.4 million20xTechnical Structure and TargetsETH’s price action shows that buyers continue to defend the breakout support area, particularly around $1,820 to $1,850. This has become the critical technical zone that bulls must maintain for the recovery structure to remain valid. If successful, it opens up the path for a return towards $1,900, and from there, the $1,950 to $2,000 liquidity band comes into play.

Some analysts suggest that Ethereum may see another short-term dip or a “shakeout” around current levels before any significant move towards higher resistance in the $2,400 to $2,500 range. Such a move could clear weaker hands before a possible larger rally begins.

Short-Term Outlook Hinges on SupportWhile Ethereum is up 1.31% over the past 24 hours and sits just below $1,900, the main support band remains at $1,820 to $1,850. A decisive break above $1,900 could lead to a swift rally towards the next major liquidity cluster near $2,000. If ETH then overcomes this area, targets at $2,120 and as high as $2,300 may come into focus.

However, a breakdown below $1,820 would cast doubt on the sustainability of the breakout and potentially indicate the resumption of bearish pressures. As long as Ethereum maintains support at current levels, its market structure keeps the prospect of further recovery alive.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

TL;DR U.S. consumer prices fell 0.4% in June, easing immediate fears of another Federal Reserve rate hike. Bitcoin briefly reached $65,500, while Ethereum climbed above $1,900 before both surrendered part of the rally. Renewed U.S.-Iran hostilities and sharply reduced traffic through the Strait of Hormuz brought energy and inflation risks back into focus. Bitcoin moved from roughly $62,600 before the latest U.S. inflation report to a monthly high near $65,500, only to return toward the $63,000-$64,000 area as geopolitical pressure resurfaced. Ethereum followed the same pattern, climbing from below $1,800 to almost $1,945 before falling back into the mid-$1,800s.

Source: CoinMarketCap The reversal was not simply a failed crypto rally. Markets spent the week moving between two competing macroeconomic signals: cooling U.S. inflation and an escalating conflict that could push energy prices higher again.

The CPI Rally Contained Its Own Weak Point The U.S. Consumer Price Index fell 0.4% in June after rising 0.5% in May, marking its largest monthly decline since April 2020. Core inflation, which excludes food and energy, was unchanged for the month and increased 2.6% from a year earlier.

The report reduced expectations that the Federal Reserve would need to raise interest rates at its July meeting. Bitcoin rose above $64,000 after the release, while Ethereum gained more than 6% during the session and continued above $1,900 the following day.

The composition of the inflation decline introduced an important limitation. Energy prices fell 5.7% in June and were the largest contributor to the lower headline reading. That means part of the relief depended on cheaper fuel, the same component now threatened by renewed instability in the Middle East.

Hormuz Put Energy Risk Back Into the Market The crypto rally weakened as the United States and Iran exchanged further attacks and shipping activity through the Strait of Hormuz declined sharply.

According to shipping data reported by Reuters, only three commodity vessels passed through the strait on July 16, the lowest daily number since May. No very large crude carriers or liquefied natural gas tankers completed the passage for a second consecutive day.

Transit was not formally halted for all shipping. The renewed U.S. blockade targeted Iranian ports and Iran-related traffic, while neutral vessels travelling to or from other countries were not officially prohibited from using the strait. The collapse in activity nevertheless showed that operators were unwilling to treat the route as normal.

The link to crypto runs through oil, inflation and monetary policy. A sustained increase in energy prices could reverse part of June’s inflation improvement, reduce the Federal Reserve’s room to ease policy and strengthen demand for cash over speculative assets.

Bitcoin Is Caught Between Two Macro Signals Bitcoin’s retreat toward $63,000–$64,000 did not erase the entire post-CPI rebound, but it showed that softer inflation alone was not enough to support a sustained breakout. Ethereum’s return below $1,900 delivered the same message more clearly because it surrendered most of its initial 6% advance.

The market is now balancing a confirmed decline in June inflation against an energy shock that has not yet appeared in official consumer-price data. That leaves oil prices and shipping conditions through Hormuz as immediate variables ahead of the Federal Reserve’s July 28–29 meeting.

A return above Bitcoin’s Wednesday high near $65,500 would indicate that the inflation-driven demand survived the geopolitical pullback. A fall below the pre-report area around $62,600 would instead show that the market had fully surrendered the CPI rally.

Kraken is rolling out cash-settled options contracts on Bitcoin and Ethereum, and the key selling point is refreshingly simple: you don’t need to hold any crypto to trade them.

The new European-style options on XBT/USD and ETH/USD will launch on July 16, settling entirely in US dollars. That means no managing Bitcoin collateral, no worrying about liquidation mechanics tied to volatile digital assets. Just clean, linear payouts denominated in the currency most institutional traders already think in.

How it works, and who gets access first The contracts will initially be available through a request-for-quote system on Kraken Pro, targeting professional and institutional clients. There’s a geographic catch, though. At launch, the product is only accessible to clients outside Europe, North America, and Australia.

That’s a meaningful exclusion. Three of crypto’s biggest markets are sitting this one out, at least initially. Kraken has signaled plans to expand to European clients later in 2026, with a public order book also expected to follow.

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The product lineup covers a range of expiration cycles: weekly, monthly, quarterly, and semi-annual. Portfolio margins will be enabled by default, which is a notable design choice. It means traders can offset risk across positions automatically rather than posting isolated margin for each trade.

Clients will also benefit from a unified wallet that supports collateral in over 30 currencies. That wallet ties together options, spot, and futures trading into a single interface.

Why cash settlement changes the game Alexia Theodorou, who works on the product at Kraken, put it bluntly.

“The existing options market in crypto has been built for a narrow slice of the trader base.”

That narrow slice is mostly crypto-native firms and sophisticated individual traders who are comfortable holding Bitcoin as margin. For a pension fund or a macro hedge fund that wants exposure to Bitcoin volatility without actually touching Bitcoin, the existing setup is a non-starter.

Cash settlement in USD removes that friction entirely. A trader can express a view on Bitcoin’s price direction, collect or pay premiums in dollars, and never interact with a blockchain. The linear payout structure reinforces this simplicity. Unlike inverse contracts, where profit and loss are denominated in the underlying asset, linear contracts keep everything in dollar terms.

The competitive landscape is heating up Kraken isn’t entering an empty field. CME Group has offered Bitcoin and Ethereum options for years, and those products have seen growing institutional adoption. Deribit dominates crypto-native options volume and has built a deep, liquid order book. Binance runs its own derivatives suite as well.

But each of those venues has trade-offs. CME’s products carry the overhead of traditional futures clearing. Deribit settles in crypto and requires crypto collateral. Binance faces regulatory scrutiny that makes some institutional players uncomfortable.

The RFQ model at launch is telling. It’s the same mechanism that institutional FX and rates desks use daily. Rather than posting orders to a public book, traders request prices from market makers. It prioritizes execution quality and discretion over transparency, which is exactly what large players want when they’re moving size.

For investors watching this space, the product’s expansion timeline matters as much as the launch itself. If Kraken can successfully open access to North American and European clients later in 2026, it would significantly broaden the addressable market. The shift from RFQ to a public order book will also be a key milestone, since that’s when retail and smaller institutional players can participate without negotiating quotes directly.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

The crypto market just got a brutal reminder that bombs overseas can crater portfolios at home. Senator Tom Cotton, chair of the Senate Intelligence Committee, called on July 9 for the US to resume sustained airstrikes against Iran, days after American forces hit over 80 Iranian targets in retaliation for attacks on commercial shipping vessels. The escalation has already cost the crypto market roughly $80 billion in total capitalization, with Bitcoin and Ethereum taking the hardest hits.

What’s happening on the ground The US struck more than 80 strategic Iranian military targets on July 7, responding to Iranian missile and drone assaults on commercial vessels in key shipping lanes. Cotton, a Republican from Arkansas with a long track record of hawkish Iran policy, wasted no time arguing the response wasn’t enough.

As of mid-July, 19 US service members and one contractor have been killed during the conflict with Iran. Six of those soldiers died in a single drone strike on a base in Kuwait on March 1.

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The broader conflict has already moved well beyond tit-for-tat. Previous US strikes targeted Iranian nuclear facilities and military positions, and Iranian drone strikes on American bases in the region have continued despite the retaliatory actions.

Why crypto is bleeding The approximately $80 billion drawdown in crypto market capitalization following this escalation tells a clear story. Bitcoin and Ethereum bore the brunt of the selling as traders processed the implications of a potential sustained US military campaign against Iran.

The sanctions angle matters too Cotton’s advocacy extends beyond bombs. His push for stringent sanctions against entities that support Iranian interests could have direct implications for the crypto ecosystem. Previous rounds of Iran-related sanctions have targeted crypto wallets and exchanges suspected of facilitating sanctions evasion. Treasury’s Office of Foreign Assets Control has shown it’s perfectly willing to blacklist blockchain addresses, and a hotter conflict gives it more political cover to do so aggressively.

What investors should watch Oil prices are the canary in this coal mine. Iranian attacks on commercial shipping lanes directly threaten energy supply chains, and rising oil prices tend to strengthen the dollar while weakening risk assets, including crypto.

The 19 US service members killed so far have generated significant political pressure for both escalation and withdrawal. One underappreciated risk: if this conflict drags on and expands, it could delay or derail crypto-friendly legislation currently moving through Congress, including bills related to stablecoin regulation, market structure reform, and digital asset taxation.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Ethereum is currently holding above a major 0.618 Fibonacci support, consolidating within a multi-year triangle formation as it approaches a decisive technical moment. Analysts pointed to compression between a rising long-term support and a descending resistance line, which has confined Ethereum’s price action since its prior record high.

Ethereum faces key resistance as breakout loomsEthereum’s price has repeatedly found support along a steadily rising trendline, while each rebound has stalled at lower highs, resulting in a narrowing triangle pattern. This setup suggests the cryptocurrency is nearing a critical juncture that could determine its next major move.

The descending resistance line remains the immediate challenge for buyers. For any bullish reversal scenario to gain validity, Ethereum must close decisively above this resistance and confirm the breakout by holding that level through a subsequent retest.

If this breakout materializes, the first significant price target would be the previous all-time high situated around $4,900. Surpassing that barrier would put Ethereum back into price discovery mode and bring ambitious targets of $8,300 and even $10,000 into focus.

However, the supportive trendline’s integrity is equally crucial. Should Ethereum break below this line for an extended period, the triangle breakout thesis would be invalidated, raising the probability of a deeper correction before any potential recovery attempt.

Ethereum’s technical setup now hinges on whether it can clear the long-term descending resistance. A convincing move above this level could see the cryptocurrency revisit its previous highs and pursue new targets, but failure risks further downside.

Mini dictionary: Fibonacci support, a technique in technical analysis where horizontal lines indicate areas of support or resistance at the key Fibonacci levels before the price continues in the original direction.

Key LevelPrice ZoneScenario if BreachedDescending resistanceAbove trendline (variable)Triggers bullish reversal targetsPrevious high$4,865–$4,900Opens price discovery, $8,300–$10,000 possibleRising supportLong-term uptrend (variable)Sustained loss increases correction risk0.618 Fibonacci~$1,843Key for sustained recoveryMajor historical low~$1,510Weekly close below weakens supportMarket structure and historical contextEthereum currently retests the 0.618 Fibonacci support set near $1,843. This level previously marked the turnaround for a major rally, which began after the cryptocurrency slipped to $1,379 in May 2025 and subsequently recovered to highs near $4,865.

In the latest movements, Ethereum dipped to around $1,510 before rebounding above the crucial Fibonacci area. Sustained action above $1,843 is seen as the first step toward confirming another long-term recovery. Any further advance would require Ethereum to break above moving-average resistances positioned between $2,400 and $2,900, setting the stage for a clearer bullish structure.

A decisive breakout could return focus to the $4,865 level, followed by a Fibonacci extension target near $6,089. On a longer-term horizon, projections suggest the next significant objective may lie around $9,145.

Despite the favorable comparison to previous cycles, analysts maintain that historical patterns do not guarantee future results. If Ethereum were to record a weekly close below $1,510, confidence in the support structure would diminish, increasing the likelihood that the current correction has further to run.

The comparison to the May 2025 rebound helps guide expectations, but the current price action remains sensitive to key support and resistance levels that will dictate Ethereum’s trajectory in the coming weeks.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Dogecoin has entered a historically low Market Value to Realized Value (MVRV) region, a metric often associated with periods of accumulation. Despite this, the meme-based cryptocurrency struggled to reclaim the $0.0725 level, leaving its recent price rebound unconfirmed.

MVRV ratio signals undervaluationThe MVRV ratio for Dogecoin has dropped below 0.8, marking the coin’s move into a zone that has previously coincided with low investor sentiment and subdued market activity. When this metric falls beneath 1, it indicates that, on average, holders are experiencing unrealized losses. Penetrating under 0.8 points to elevated market stress and may suggest the asset is undervalued relative to its historical norms.

MVRV is calculated by comparing the current market price of Dogecoin to the price at which each coin was last moved on-chain. Analysts use this indicator to gauge whether an asset is overheated or potentially attractive for accumulation. Historical data shows Dogecoin experienced similar MVRV readings before major price expansions in 2017 and 2021.

However, Dogecoin has also remained in low-MVRV zones for extended stretches in the past, meaning depressed valuations do not guarantee an immediate reversal. The coin may consolidate or drift lower while in this accumulation region.

Mini dictionary: MVRV (Market Value to Realized Value) compares a cryptocurrency’s total market capitalization to the value at which its coins were last transacted on the blockchain, providing insights into potential overvaluation or undervaluation.

Historically, when Dogecoin’s MVRV ratio fell into this depressed zone, it often signaled later accumulation phases, but did not always lead to an immediate recovery in price.

Key resistance blocks reboundDogecoin’s price responded with an intraday rebound but encountered selling pressure near $0.0725. The upward move stalled at $0.0721, as buyers were unable to clear the resistance that marks the boundary for a stronger recovery.

Sellers continue to defend the zone above the current range, capping upward momentum. For Dogecoin to shift out of its short-term downtrend, analysts are watching for a sustained close above $0.0725. Without this, the token’s rebound remains within the confines of a defensive bounce rather than a confirmed trend reversal.

If buyers retake $0.0725, attention could turn to recent local highs. On the other hand, repeated failures at this resistance may add pressure to support levels immediately below the current price. Should Dogecoin lose its horizontal floor and close beneath recent lows, its technical setup would deteriorate further.

IndicatorBullish SignalBearish SignalMVRV RatioRising toward 1 and aboveBelow 0.8 (current)Price ActionClose above $0.0725Failure to regain $0.0725, drop below supportA close above $0.0725 would signal improving momentum, but without this confirmation, the current price structure stays uncertain as buyers and sellers contest near-term direction.

Accumulation or extended lull?Recent activity has placed Dogecoin in a valuation band where accumulation previously occurred, yet the market remains cautious. The MVRV signal now indicates a period of potential opportunity, but does not by itself confirm that a significant bottom is in place. Recovery requires both support from technical indicators and returning demand.

Until buyers are able to recover $0.0725, Dogecoin’s latest rise is viewed as a defensive reaction rather than a renewed breakout. Participants are watching both on-chain metrics and key price levels to assess whether a more conclusive trend change is underway.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Blockchain

19 July 2026 | 11:31 Cardano’s Pogun initiative targets Bitcoin liquidity through a credit market, yield layer and trust-minimized bridge, but the project remains unfinished after its treasury request expired and its first deadline passed.

Key Takeaways Pogun plans to combine a non-margin credit market, a yield application and a trust-minimized Bitcoin bridge on Cardano. The widely cited $1.6 trillion figure represents Bitcoin’s total market value, not capital already committed to the project. Pogun’s request for ₳12.29 million from the Cardano Treasury expired without receiving the required approval. The original Q2 credit-market deadline has passed, while Pogun’s official website still describes the platform as coming soon. Cardano founder Charles Hoskinson is backing Pogun, a development initiative intended to bring Bitcoin liquidity into Cardano-based credit and yield markets.

Led by Omer Husain and the team behind Input Output’s open-source Cardinal bridge specification, Pogun plans to combine a non-margin credit market, a yield application and a trust-minimized Bitcoin bridge.

The project’s central test is not whether Cardano can advertise access to Bitcoin’s market value. It is whether Pogun can launch a useful credit market, attract borrowers and lenders, and give BTC holders a reason to cross the bridge when it becomes available.

The $1.6 Trillion Bitcoin Claim Needs Context Pogun’s official proposal describes Bitcoin as a vast pool of capital that is “almost entirely idle.” The phrase refers to Bitcoin’s limited use in native decentralized lending and credit markets, not to every BTC sitting unused.

Some coverage has rounded the opportunity to $1.6 trillion, while Pogun’s own governance proposal described Bitcoin as a roughly $1.5 trillion asset. Either figure is a time-sensitive estimate of Bitcoin’s total market capitalization which as of 19 July, 2026, is around $1.3T, not an amount that Pogun has secured or expects to move into Cardano in full.

Bitcoin is already used through self-custody, exchanges, corporate treasuries, exchange-traded products and centralized lending arrangements. Pogun’s argument is narrower: only a relatively small portion of that capital participates in decentralized credit and yield markets without relying on a centralized custodian.

Pogun is therefore competing for the subset of Bitcoin holders willing to use BTC as collateral or deploy it into financial strategies. It is not integrating Bitcoin’s entire market value into Cardano.

Pogun Plans to Build the Market Before the Bridge Pogun’s published roadmap contains three connected stages:

Q2 2026

Non-margin credit market

Bilateral, fixed-term loans without automatic price-based liquidations

Q3 2026

Yield application

An interface connecting user capital with strategies built on the credit market

Q4 2026

Bitcoin bridge

A trust-minimized route for deploying BTC in Cardano-based applications

Pogun’s sequence is deliberate. The credit market is intended to establish demand, the yield application would make that market easier to access, and the bridge would then introduce Bitcoin as additional collateral and liquidity.

That gives incoming BTC an intended use from the beginning, but it also creates dependency between the milestones. Delays or weak adoption in the first two products could reduce the reason for Bitcoin holders to use the bridge when it arrives.

The First Roadmap Deadline Has Passed The proposal stated that the non-margin credit market would launch on Cardano’s mainnet in the second quarter of 2026 after completing a formal security audit.

That quarter ended on June 30.

As of July 19, Pogun’s official website continues to describe the platform as “coming soon.” The official project pages reviewed for this article do not provide a public mainnet announcement, deployed contract address or completed audit report.

That does not establish that development has stopped. It means the Q2 milestone cannot yet be treated as publicly delivered based on the evidence currently available.

In a June 11 video, Hoskinson said work had not been paused after the project failed to secure treasury funding and described Pogun as a commercial initiative that could continue without the proposed community investment.

His comments indicate that development is continuing, but they do not establish that the credit market has launched publicly or completed the formal audit described in the original proposal.

The Cardano Treasury Did Not Fund Pogun Pogun requested ₳12.29 million from the Cardano Treasury, valued at approximately $2.95 million when the proposal was prepared.

The proposed funding was divided into milestone-based tranches. Later bridge funding would have depended on verified progress in the credit market, while the proposal included provisions for returning undisbursed funds if milestones failed, the team dissolved or the bridge was found to be technically infeasible.

Pogun also proposed returning 20% of EBITDA to the Cardano Treasury until the original investment had been repaid, followed by 5% of EBITDA from Cardano-related products in perpetuity.

That arrangement was never activated.

The onchain governance action expired on May 24, 2026, without receiving the support required for ratification. No ₳12.29 million treasury withdrawal was approved for Pogun.

The failed vote did not remove money that had already been granted. It meant that this specific treasury withdrawal was never authorized.

If Pogun continues as a privately funded commercial initiative, the Cardano Treasury will not automatically receive the proposed revenue share unless a separate agreement is approved in the future.

How Pogun’s Credit Market Is Supposed to Work Pogun’s first planned product differs from the pooled, overcollateralized lending markets commonly found across DeFi.

Borrowers and lenders would negotiate loan terms directly, including: The amount being borrowed; The interest rate; The repayment period; The collateral requirements; The conditions that constitute default. Smart contracts would enforce those agreed terms. According to Pogun, the model would not depend on external price oracles or automatic margin calls, meaning temporary market volatility would not by itself liquidate a borrower’s collateral.

The structure resembles fixed-term private credit more closely than a continuously rebalanced DeFi lending pool.

Active loan positions would be represented by transferable Bond Tokens issued as Cardano native assets. That could allow a lender to transfer or sell exposure before a loan matures, creating the foundation for a secondary market in tokenized debt positions.

Removing automatic price-based liquidation does not remove financial risk.

A borrower can still default, collateral can lose value before it is recovered, and Bond Tokens may have little secondary-market liquidity. Smart-contract vulnerabilities, weak borrower assessment and disputes involving real-world counterparties could add further risk.

The model exchanges the danger of rapid oracle-driven liquidation for longer-duration credit, liquidity and enforcement risks. Its usefulness will depend on how clearly those risks are disclosed and priced.

The Bridge Is Trust-Minimized, Not Trustless Pogun’s final stage is intended to move Bitcoin into the Cardano environment without placing the underlying BTC under the control of a single custodian.

The roadmap describes a 1-of-N security model. Under that design, a fraudulent withdrawal can be blocked as long as at least one verifier in the operator set remains honest and available.

Although the proposal labels the component a BitVM-powered bridge, a later technical explanation from Input Output says the team moved toward a custom implementation based on BABE after identifying production constraints in the BitVM family of designs.

The architecture described by Input Output combines several systems: A custom implementation based on BABE, which uses witness encryption for Bitcoin-side verification; Recursive Halo2 proofs intended to attest to Cardano state through the Mithril certificate chain; Groth16 proofs that package the result into a smaller form for the Bitcoin-side mechanism; An N-party transaction graph designed to support multiple operators and changes to the operator set. At a high level, the design is intended to prove what happened on Cardano, compress that evidence into a smaller cryptographic proof and make the result verifiable through a Bitcoin-side mechanism without giving one custodian control of the underlying BTC.

Mithril certificates allow external systems to verify authenticated information about Cardano without independently replaying the entire blockchain. Pogun intends to use proofs built over that certificate chain to establish what occurred on Cardano before a corresponding Bitcoin-side action is accepted.

The architecture is technically detailed, but a design document is not proof of production security.

Bridge implementations can be exposed to software bugs, proof-system failures, operator outages, configuration errors and weaknesses in the applications holding bridged assets. Public code, independent audits, testnet performance and the composition of the verifier set will matter as much as the cryptographic design.

Calling the bridge trust-minimized is therefore more accurate than calling it trustless.

Why Cardano Sees an Architectural Fit With Bitcoin Cardano argues that it is a natural environment for Bitcoin-based finance because the two networks share a related accounting structure.

As Cardano’s official documentation explains, Bitcoin and Cardano both use versions of the Unspent Transaction Output model. Bitcoin transactions consume existing outputs and create new ones, while Cardano extends that structure through its EUTXO model to support programmable conditions, native assets and smart contracts.

That shared lineage can make some financial logic easier to express across the two systems. It does not mean that Cardano can control native Bitcoin directly or that other smart-contract networks cannot support Bitcoin-based applications through different architectures.

Pogun still requires a bridge to connect two separate ledgers. Its success will depend on implementation quality, security and market demand rather than the UTXO connection alone.

What Pogun Could Mean for Cardano and ADA Pogun is partly an attempt to expand Cardano’s relatively small DeFi economy.

At the time of writing, DefiLlama records approximately $72 million in total value locked across Cardano applications. Even a modest amount of BTC deployed into Cardano-based credit markets could therefore be material relative to the ecosystem’s present size.

That possibility should not be confused with a guarantee that billions of dollars will arrive.

Claims that Pogun could push Cardano’s TVL to $10 billion or $15 billion are not supported by the project’s formal proposal. Its own end-of-2027 scenarios projected approximately:

$100 million in Pogun TVL under a bearish scenario; $450 million under its base scenario; $765 million under its bullish scenario. Those are project forecasts rather than assured outcomes. Actual adoption will depend on bridge security, borrowing demand, available returns, liquidity, regulatory access and competition from other Bitcoin DeFi platforms.

The effect on ADA also needs careful framing.

Under Cardano’s current rules, ADA is accepted as payment for network fees. Pogun activity executed on Cardano could therefore generate additional transaction-fee demand.

The scale of that effect would depend on transaction volume, fee levels and whether applications require users to hold ADA directly or abstract the payment process on their behalf. Bridged Bitcoin sitting inactive in a contract would not create the same recurring network demand as an actively used credit market.

Pogun could add utility to Cardano, but publishing a roadmap does not by itself create substantial or sustainable demand for ADA.

What Would Confirm the Bitcoin DeFi Thesis The strongest evidence will come from delivered products and measurable usage rather than the total market value of Bitcoin.

The thesis would become more credible if Pogun provides: • A publicly verifiable mainnet deployment for the credit market;

• A completed independent security audit and accessible report;

• Contract addresses and documentation that allow users to verify the system;

• Measurable loan volume, borrower activity and repayment data;

• A yield application with clear risk disclosures and sustained deposits;

• A functioning bridge testnet followed by an independently audited mainnet release;

• Transparent information about operators and the assumptions behind the 1-of-N model;

• Measurable BTC collateral, Cardano TVL and transaction growth after launch.

For now, Pogun remains a development initiative rather than evidence that significant Bitcoin liquidity has entered Cardano.

The next decisive proof point is a publicly verifiable launch of the credit market, followed by its audit results and measurable lending activity. Only then will the planned yield layer and Bitcoin bridge have an operating market to connect to.

This article is provided for informational purposes only and does not constitute financial, legal or investment advice.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Cardano has completed a golden cross on its short-term chart, with the signal appearing on the 1-hour timeframe. The MA 50 rose above the MA 200 in a crossover on the hourly chart, confirming a "golden cross."

The signal coincided with a significant milestone on the Cardano network: the first hard fork approved entirely through onchain governance was activated on the mainnet.  

According to Intersect, the V11 (van Rossem) hard fork has officially gone live on the Cardano mainnet. It is the first hard fork that DReps have been able to vote on, in addition to SPOs and the CC. The hard fork activates Protocol Version 11 and marks Cardano's first upgrade approved entirely through onchain governance.

HOT Stories

van Rossem hard fork update 🍴

The van Rossem hard fork has been successfully enacted on Cardano Mainnet! 🎉

We would like to take a moment to recognise the work of the Hard Forking Working Group to get us to this moment. Coordinating ecosystem partners, SPOs, DApps,… pic.twitter.com/SSleGfA5zE

— Intersect (@IntersectMBO) July 18, 2026 Aside from Plutus improvements and Plutus Cost Model enhancements, this upgrade lays the foundation for the next upgrade, the Dijkstra era hard fork, which will introduce Ouroboros Leios to Cardano. Enhanced primitives, VRF key uniqueness, and updated reference input rules were also introduced through the hard fork.

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Cardano explorer 'cexplorer' also reported Cardano's V11 (van Rossem) hard fork going live on the mainnet and confirmed that everything went smoothly.

What's next for ADA price?At the time of writing, ADA was up 0.55% in the last 24 hours to $0.165, with the price barely changed amid the short-term golden cross. Cardano's price has flatlined below the daily MA 50, a key indicator for momentum.

ADA/USD Hourly Chart, Image By TradingViewADA price attempted to break above this level twice in July. ADA saw a rise at the start of July, testing the daily MA 50 where it met resistance. This same scenario is playing out, with price pulling at the daily MA 50 but still unable to surpass it.

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Cardano's price remains locked in a range, with a breakout above the daily MA 50 at $0.168 necessary to regain momentum. If this is achieved, ADA will aim at $0.256, which is the daily MA 200. Support is expected near $0.13 if the price declines.

Cardano activated its Van Rossem hard fork on July 18, upgrading the network to Protocol Version 11 with faster, cheaper smart contracts and stronger node security.

The transition was smooth, but the real question is whether ADA can turn the milestone into lasting price gains.

van Rossem hard fork update 🍴

The van Rossem hard fork has been successfully enacted on Cardano Mainnet! 🎉

We would like to take a moment to recognise the work of the Hard Forking Working Group to get us to this moment. Coordinating ecosystem partners, SPOs, DApps,… pic.twitter.com/SSleGfA5zE

— Intersect (@IntersectMBO) July 18, 2026 What the Van Rossem Hard Fork Brings to CardanoA hard fork is a permanent protocol change that updates a blockchain’s core rules for everyone at once. Van Rossem, named after contributor Max van Rossem, went live around 21:45 UTC.

The upgrade caused only a brief ten-minute block gap, with no disruption to users or holdings. It marks the first major upgrade fully approved through Cardano’s Voltaire governance system.

The improvements target smart contracts directly: faster Plutus execution, new built-in functions, updated cost models, and stronger node security.

Those changes aim to make decentralized application development cheaper. Lower costs and stronger scripting could accelerate DeFi, NFT, and real-world asset activity.

Unlike previous era-changing forks, Van Rossem is an intra-era upgrade. It keeps the network inside the Conway governance framework while delivering immediate efficiency gains for developers.

Intersect, coordinating Cardano’s development, framed the event as proof of maturing decentralized governance.

More than 77% of delegated representatives (DReps) and 52% of stake pool operators backed it.

“The best part: it was ratified on-chain by delegated community reps before activation. Upgrades by governance, not decree,” Cardano DRep Jason Appleton said on X.

Follow us on X to get the latest news as it happens.

Over 77% of DReps Approved the Van Rossem Hard Fork. Source: CGOVThe upgrade also arrives alongside a broader shift. Input Output will hand over core infrastructure, including the Plutus platform and Daedalus wallet, to external firms from August.

Can Van Rossem Deliver a Sustained ADA RallyAs expected with major upgrades, ADA saw short-term momentum. The token trades near $0.1663, up roughly 1.2% in 24 hours, according to BeInCrypto data. Still, the critical question remains whether Van Rossem can deliver a sustained rally. History urges caution.

Cardano hard forks have often generated initial excitement followed by consolidation, unless paired with real ecosystem growth. The lasting impact depends on several factors.

Cardano (ADA) Price Performance. Source: BeInCryptoRising developer activity, new dApp deployments, and growing total value locked in DeFi all matter. So does integration with upcoming upgrades like Ouroboros Leios, built for higher throughput.

Whale behavior adds another layer. Wallets holding 100,000 to 100 million ADA have accumulated over 25.6 billion tokens, their highest level since February 2023.

Analysts stay cautiously optimistic. The upgrade improves fundamentals, but price gains will ultimately depend on user adoption and capital inflow rather than the technical milestone alone.

Van Rossem represents another step in Cardano’s research-driven roadmap.

Whether ADA competes harder against Solana and newer Layer-1s now hinges on real on-chain growth in daily addresses, volume, and developer activity ahead.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights.

Jul 19, 2026, 1:00 p.m.

6 min read

The U.S. GENIUS Act to regulate stablecoins just hit a milestone, and Tether may have some compliance work ahead of it. (Jesse Hamilton/CoinDesk)Summary

The GENIUS Act that governs U.S. stablecoin issuers is complicated and a work-in-progress, but now that its first anniversary is reached, Tether and other non-U.S. issuers have two years left to figure out their compliance strategies. The one-year mark was supposed to see the federal financial regulators finishing their stablecoin rules, but none have done so, yet, leaving some compliance uncertainty. The basic outlines of the U.S. standards, though, would force the most widely circulated coin — Tether’s USDT — to make a lot of major changes before it could satisfy the law. The world's leading stablecoin by volume, Tether's USDT, could be shoved out of the U.S. markets if the company doesn't revamp dramatically in the next two years.

Despite assurances last year from CEO Paolo Ardoino that the stablecoin giant would achieve U.S. compliance for USDT, the company hasn't yet revealed a sharp turn toward the demands of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which became law one year ago.

With that consequential anniversary of President Donald Trump's signing of the law passing on Saturday, the industry has marked a surge in stablecoin interest and issuance, plus a wide array of crypto and traditional financial firms pursuing U.S. trust bank charters to ease their stablecoin pathways. But the one-year mark was also supposed to be a deadline for federal financial regulators to have rules in place implementing GENIUS, and they've so far fallen short. That could be problematic as experts and industry insiders still reveal some disagreements over how the law should be interpreted.

At this point, it's still two firms battling for market dominance, with a few others — including the issuer tied to President Donald Trump, World Liberty Financial — fighting it out for a very distant third place. Tether's chief rival, U.S.-based Circle, has made more of an apparent effort to pre-comply with what U.S. regulations will soon require.

Meanwhile, Tether's most recent disclosures suggest as much as a quarter of USDT's reserves — the stockpile meant to ensure that those redeeming their coins will always be able to — were still plugged into assets that won't meet GENIUS Act standards, such as precious metals, lending and bitcoin BTC$64,666.25 holdings. GENIUS requires that issuers are fully reserved in the most highly liquid and reliable assets — essentially cash and U.S. Treasuries.

"Tether will comply with the GENIUS Act," Ardoino told CoinDesk at the White House, in the moments after Trump signed GENIUS a year ago. While the CEO indicated then that his company would pursue a separate U.S.-specific token, he said that USDT would also be managed to meet the law's foreign-issuer standards.

When asked multiple times for an update on its compliance stance in recent days, representatives of El Salvador-based Tether didn't offer a response.

This year, Tether rolled out USAT — launched with U.S. standards in mind and issued through U.S. banking partner Anchorage Digital. So far, it remains at a relatively low level of usage.

“Non-compliant stablecoins cannot be used by U.S. institutions when the safe harbor expires in 2028, but we don’t expect the market to wait," said Kevin Wysocki, head of policy at Anchorage Digital, the crypto-native bank that manages a number of stablecoins. He said the company believes institutional users will move toward "compliant, bank-issued digital dollars well ahead of that deadline."

Do they have two years?GENIUS included a three-year grace period for compliance, and two years remain, after which U.S. crypto platforms won't be able to offer stablecoins whose issuers haven't checked all the regulatory boxes. However, there seems to be some disagreement over whether foreign issuers are meant to enjoy that same safe harbor. Some lawyers in finance assume that Tether gets until July 18, 2028, to comply, but others have suggested that foreign issuers would have to comply the moment GENIUS officially goes live, which is likely six months from now in January.

"Upon the effectiveness of the GENIUS Act, foreign issuers will need to immediately comply with lawful orders to seize and freeze coins held by illicit actors, but they will have a runway of approximately two more years to prepare for the additional requirements so that their coins may remain eligible for listing on U.S. centralized trading platforms," said Justin Levine, a lawyer at Davis Polk who advises clients on stablecoin issues, adding that one of those remaining requirements — registration with the Office of the Comptroller of the Currency — is likely to require a “significant undertaking”

"So they do have time, as long as they comply with seize and freeze orders,” he said. “But those that want to have their coins continue to be traded on U.S. centralized platforms and have that liquidity should still be thinking about it right now, even if it's not imminent that they're going to get delisted."

While Levine's firm and others have interpreted the deadline for foreign issuers as being two years away, an analysis last year from law firm Paul Hastings had read GENIUS as offering separate timelines for foreign and domestic firms. But after being asked about its view recently, that interpretation was removed from the firm's website, and its spokespeople didn't immediately respond to CoinDesk's requests for clarity.

A dive into the footnotes of federal regulators suggests a two-track deadline in the law. The OCC, the national bank regulator that will also be supervising certain stablecoin issuers, said in a footnote within a proposal for implementing aspects of GENIUS that the drop-dead date was generally in 2028, but that it gets triggered the moment the law is effective (by January) for the coins of foreign issuers that don't meet "certain requirements." Those requirements, though, could simply be referring to the shorter-term demands that include the ability to freeze bad actors' assets and, when requested by the government, to seize them.

The fuller slate of requirements for foreign issuers will eventually include demands that their home regulator be certified by the secretary of the Treasury as being "comparable" to the U.S. regime, that the firms be OCC-registered and they keep their reserves in U.S. institutions.

Regulators run behindHowever, none of the federal agencies have finalized their GENIUS rules, leaving some uncertainty about what will be set into regulatory stone even as the first requirements approach. A number of regulators' efforts are underway and may soon be completed, but others remain in preliminary stages. In other words, companies have no regulations to comply with just yet.

If there's lingering disagreement over GENIUS timelines, Trevor Tanifum, a managing principal at consulting firm FS Vector, said he anticipates that smaller platforms with low risk appetites will delist certain stablecoins and avoid the bother. But others may be willing to press on.

He said that prominent companies with robust legal departments may be willing to occupy a different view, such as: "We're going to spend the money on lawyers and lobbyists until someone walks up to our door and forces us to delist these non-U.S. issuers."

"It's pretty much what has happened, I think, at every major crypto hurdle," he said. "These platforms still count on a lot of transaction volumes, liquidity from non-U.S. issuers, and so I can't see them giving up those volumes without a fight."

The biggest U.S. exchange is Coinbase, but the company declined to discuss its stablecoin listing plans under GENIUS.

The exchange and much of the rest of the crypto industry has more recently shifted policy attention toward a different effort of Congress: the Digital Asset Market Clarity Act. The sector's lobbyists had aimed for a one-two punch with GENIUS and Clarity, and they'd succeeded last year in getting the stablecoin bill passed into law.

But that first major crypto law was meant to complement a wider-reaching regulation of U.S. crypto markets under the Clarity Act, which is still languishing in the final weeks of its potential 2026 congressional window. It remains unclear at the first anniversary of the GENIUS Act whether its companion will join it on the books. And if it does, it's likely to include some provisions that overhaul some of GENIUS's language.

Either way, Tether, Circle and the rest of the stablecoin sector are on track to be federally regulated in the coming months under the new law, and how those regulations are navigated may upend which firms play a leading role.

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Franklin Templeton, one of the world’s largest asset managers, has expanded its $1.5 billion BENJI tokenized money market fund to BNB Chain, marking a major step in its multichain distribution strategy. The move positions BNB Chain as the leading network for the BENJI fund by asset value, highlighting the rising role of public blockchains in institutional finance.

BNB Chain overtakes Stellar as BENJI’s top networkWith the recent expansion, BNB Chain now holds approximately $1.5 billion in BENJI-linked assets, representing 61.71% of the fund’s total distribution. This surge was accompanied by a 1,226% monthly increase in assets held on BNB Chain, enabling it to surpass Stellar and become the largest blockchain supporting the fund.

Stellar, an open-source network designed for fast and affordable cross-border payments, initially provided the core infrastructure for Franklin Templeton’s blockchain-based fund when it launched in 2021. Despite its foundational role, the rapid growth on BNB Chain has shifted the balance of asset allocation in recent months.

Ethereum currently ranks third, accommodating $159 million in BENJI assets or about 6.48% of the total. Other blockchains—including Base, Arbitrum, Avalanche, Polygon, and Aptos—account for only a minimal share in the remaining distribution.

Industry analysts note that Franklin Templeton’s expansion to networks beyond Stellar underscores the company’s evolving commitment to multi-chain accessibility for its regulated tokenized investment vehicles.

BlockchainBENJI Asset ValuePercentage of TotalBNB Chain$1.5 billion61.71%StellarNot specifiedDecreased shareEthereum$159 million6.48%Other blockchainsMinimalLower than 6% BNB Chain’s total BENJI fund allocation rose sharply, overtaking Stellar with a 1,226% monthly increase and now represents more than 61% of the assets associated with the fund.

Mini dictionary: Franklin Templeton, based in the United States, is a global investment management firm with a focus on mutual funds, ETFs, and alternative investments.

Institutions adopt tokenized financeFranklin Templeton has accelerated blockchain adoption by offering its U.S.-registered money market fund in tokenized form, leveraging distributed ledger technology to process transactions, record ownership, and enhance operational efficiency for accredited investors.

The decision to add BNB Chain—a layer 1 blockchain developed by Binance—increases transaction speed and reduces network fees for institutions accessing BENJI shares. Meanwhile, the company continues to broaden investor access through partnerships with leading digital asset companies and infrastructure providers.

Recent collaborations involve well-known exchanges such as Binance and Kraken, along with fintech provider MoonPay, enabling eligible institutional clients to use BENJI for collateral management and investment purposes.

Asset tokenization, which is the process of representing real-world assets as digital tokens on a blockchain, has gained traction across traditional and crypto financial sectors. Industry participants report a growing number of live trades involving tokenized securities, signaling progress beyond experimental pilot phases.

Franklin Templeton’s latest expansion highlights the growing confidence among asset managers in using public blockchains as infrastructure for compliant and regulated financial products. As more platforms compete for institutional investment activity, the trend toward multi-chain distribution is expected to accelerate.

The BENJI fund’s expansion to BNB Chain demonstrates the continuing momentum of tokenized finance and signals increasing competition among blockchains vying for institutional participation.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Blockchain

19 July 2026 | 15:22 Chainlink is not offering central banks a new currency or asking governments to replace their sovereign financial systems with a public blockchain. Its institutional role is more practical: coordinating data, payments, tokenized assets, compliance checks and settlement instructions across systems that were not designed to communicate with one another.

Key Takeaways Central banks are testing Chainlink as connective infrastructure, not as a replacement for sovereign currencies or domestic settlement systems. The Brazil–Hong Kong experiment coordinated payments, trade documents and asset ownership across several separate platforms. Singapore’s Project Guardian showed that tokenized funds can operate alongside existing banking and fiat-payment infrastructure. These projects remain controlled pilots and do not represent permanent adoption or an endorsement of the LINK token. That pattern appears in experiments involving the Central Bank of Brazil, the Hong Kong Monetary Authority, Singapore’s Project Guardian, Swift, UBS Asset Management and the U.S. Department of Commerce.

These projects do not amount to broad central-bank adoption. They do, however, reveal why Chainlink continues to appear in public-sector and regulated financial experiments.

The Harder Problem Begins After a Digital Currency Is Created A central bank can build a domestic digital-currency or tokenized-settlement platform. The more difficult question is how that platform interacts with foreign currencies, commercial-bank systems, tokenized funds, trade documents, public blockchains and established payment networks.

The Bank for International Settlements has found that there is no universal model for connecting central bank digital currencies across borders. Each jurisdiction has its own legal framework, access rules, policy objectives, privacy requirements and technical architecture.

Its more recent work on tokenization reaches a similar conclusion. Multiple ledgers are likely to coexist, but fragmented systems could create isolated pools of money and assets unless institutions develop reliable ways to coordinate transactions between them. The BIS has warned that the benefits of tokenization depend not only on the technology but also on interoperability, governance and effective risk management. Its analysis is available in the report on tokenization in payments and financial markets.

Chainlink approaches this problem through several connected services.

Cross-Chain Interoperability Protocol: CIP
carries messages and tokenized value between separate blockchain networks.

Chainlink Runtime Environment: CRE
coordinates workflows involving blockchains, APIs, payment messages and external systems.

Automated Compliance Engine: ACE
is designed to apply identity, jurisdiction and transfer policies before a transaction proceeds.

The proposition is therefore broader than the familiar description of Chainlink as a price oracle. It is attempting to become an orchestration layer for financial processes that span several technological environments.

Brazil and Hong Kong Connected Two Sovereign Platforms In October 2024, the Hong Kong Monetary Authority and the Central Bank of Brazil announced plans to connect Hong Kong’s Ensemble Sandbox with Brazil’s Drex pilot.

The collaboration focused on cross-border payment-versus-payment and delivery-versus-payment settlement. The first mechanism coordinates the exchange of two currencies, while the second ensures that the transfer of an asset occurs together with its payment.

A subsequent trade finance experiment involved Banco Inter, Chainlink and the Global Shipping Business Network. It connected the Drex environment with Hong Kong’s Ensemble infrastructure, a trade finance platform and an electronic bill of lading system.

CRE coordinated payment instructions and translated messages into the formats required by the participating systems, including ISO 20022. It also triggered an external API to update the electronic bill of lading.

CCIP synchronized events between the platforms so that contract execution, credit release, payment and the transfer of ownership over the traded goods could form part of the same workflow.

This was more complex than sending a token from one blockchain address to another. The transaction depended on money, ownership records, banking instructions and trade documentation changing in the correct order across several independent platforms.

The experiment demonstrated that these actions could be coordinated technically. It did not establish whether the architecture can operate at production scale, how responsibility would be divided after an operational failure or whether central banks would use the same infrastructure in a live deployment.

Singapore Kept the Existing Payment Rails A separate experiment examined whether institutions could use tokenized assets without requiring every participating bank to adopt an onchain currency.

In November 2024, Swift, UBS Asset Management and Chainlink completed a pilot under the Monetary Authority of Singapore’s Project Guardian. The project automated subscriptions and redemptions for a UBS tokenized investment fund.

Chainlink coordinated the conditions needed to mint or burn the fund tokens. Swift carried the payment instructions through conventional fiat settlement infrastructure already connected to more than 11,500 financial institutions.

The payment leg therefore remained within established banking rails even though the investment fund was represented through blockchain-based tokens.

This addresses a practical barrier to institutional adoption. A bank should not need to rebuild its payment stack or hold a specific stablecoin simply to process a transaction involving a tokenized fund. Institutions can introduce tokenized products gradually while continuing to use infrastructure that already supports their operational and regulatory requirements.

The pilot involved a controlled process rather than an open commercial deployment. Its value lies in demonstrating a possible migration path, not in proving that the model has already achieved market-wide adoption.

Official Economic Data Can Now Be Read by Smart Contracts Chainlink’s work with the U.S. Department of Commerce concerns data rather than cross-border settlement.

On August 28, 2025, the U.S. Department of Commerce published a cryptographic hash of its second-quarter GDP release across nine blockchains. The headline GDP figure was also included on networks that supported the additional data.

The department worked with Chainlink and Pyth to distribute the information more broadly. Chainlink subsequently made six data series from the U.S. Bureau of Economic Analysis available through its Data Feeds across ten blockchain ecosystems.

The feeds covered the levels and annualized percentage changes for: Real gross domestic product The Personal Consumption Expenditures Price Index Real final sales to private domestic purchasers A government report published on a website is readable by people. A standardized onchain feed can also be read directly by software.

A prediction market could use the official figure to settle a contract. A macro-linked financial product could calculate a payment from a published economic indicator. Lending or portfolio-management systems could incorporate the release into predefined risk rules.

That oracle role extends beyond economic data: on June 9, 2026, ADI Predictstreet, the official prediction market partner of the FIFA World Cup 2026, adopted Chainlink as its exclusive oracle infrastructure to automate market resolution, settlement and payouts.

Those examples describe potential applications rather than established demand. The publication proves that official government data can be delivered in a format smart contracts can consume; it does not show that financial protocols are already using those feeds at meaningful scale.

Compliance Is More Difficult Than Moving the Asset Interoperability alone is not sufficient for regulated finance.

A bank may need to confirm the identity, jurisdiction, sanctions status, investor classification and transfer eligibility of both parties before allowing a tokenized asset to change hands. Publishing the underlying customer records on a public blockchain would create serious privacy and data-protection problems.

Chainlink’s Automated Compliance Engine is designed to separate the compliance result from the sensitive information used to produce it.

A trusted institution could issue a credential confirming that a customer has completed the necessary checks. The transaction system would receive proof that the condition has been met without placing the customer’s name, passport information, address or complete banking record onchain.

The policy layer could then determine whether the transaction is permitted. Rules might cover investor eligibility, sanctions screening, geographic restrictions, transfer limits or the validity period of a credential.

ACE does not automatically make a financial product compliant with GDPR, MiCA, the Bank Secrecy Act or any other regulation. Legal compliance still depends on which rules are encoded, who supplies the identity information, where personal data is stored, how exceptions are handled and which institution remains responsible for the final decision.

Its purpose is narrower: giving institutions a technical way to translate some compliance requirements into enforceable transaction conditions.

The Evidence Supports a Role, Not a Final Winner The experiments show that Chainlink can perform several functions relevant to institutional tokenization:

Move instructions between separate blockchain networks

Coordinate onchain and offchain events

Connect tokenized assets with conventional payment systems

Deliver official external data to smart contracts

Apply identity and transfer conditions across a transaction

They do not show that central banks have selected Chainlink as permanent global infrastructure.

Most of the evidence still comes from pilots, sandboxes, technical demonstrations and announcements involving a limited number of institutions. Production systems would also need to resolve questions involving operational resilience, cybersecurity, governance, transaction reversals, legal responsibility, vendor dependence and incorrect external data.

The U.S. Department of Commerce explicitly stated that publishing its GDP data on blockchains did not endorse any particular blockchain, service or associated activity. Participation by a central bank or government body should therefore not be interpreted as support for the LINK token.

The more defensible conclusion is architectural. Central banks and regulated institutions are exploring tokenized finance, but the resulting system is unlikely to consist of one blockchain controlled by one operator. Sovereign platforms, commercial-bank ledgers, public networks and traditional payment rails may continue to coexist.

Chainlink is being tested as one possible way to make transactions work across those boundaries. Whether it becomes permanent infrastructure will depend less on the number of pilots announced and more on whether those experiments progress into resilient, legally defined and production-scale systems.

This article is provided for informational purposes only and does not constitute financial, legal or investment advice.

Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

84 million BANK tokens have been transferred from the foundation to the Aster deposit address, valued at approximately $13.7 million.

Arkham data shows that 84 million BANK tokens (of Lorenzo Protocol) were transferred from the BANK Foundation address to a newly created wallet, then moved to an Aster deposit address, valued at approximately $13.7 million. Market data indicates BANK has rallied more than 3 times over the past three days, briefly topping $0.21, and is now trading at $0.163 with a 24-hour gain of 53.7%.

19 minutes ago

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Analysis: Bitcoin will not bottom out this quarter; the current sideways consolidation is a false stability, with the real bottom and accumulation window arriving in October.

Market analyst Noname has published a post refuting the current "bottom is already here" narrative, arguing that calling a bottom is premature. The current sideways consolidation essentially reflects indecision, with "hesitation at this level usually preceding a downward breakout before an upward move." The analyst outlined a clear path forecast for the second half of 2026: July will see "false stability" and a bear trap rally, with volatility to flush out weak positions; August will mark the start of the real decline, testing the $50,000 level for the first time; September will extend downward pressure, with a W-bottom structure beginning to form; October will be the actual bottom and accumulation zone, at which point participation strategies will turn aggressive; November will show initial signs of recovery, with prices starting to rebound from the bottom; December will bring the possibility of returning to $100,000 for the first time since the bear market began. The analyst emphasized that the final sell-off is still imminent, though most refuse to believe it. "Don’t let the sideways movement fool you." In terms of rhythm, the decline since the June high is a full liquidation of the three-year rally. Previous bear cycles all ended with corrections of over 80%; the current price is roughly 50% down from its all-time high, so if history repeats, lower targets should still be within expectations. The analyst predicts the final bottom will not drag into the fourth quarter—this cycle will complete in the third quarter. An oversold zone with expanding volume may be observed between August and September, followed by a breakout in the fourth quarter, and returning to $100,000 by year-end will be the minimum rebound target needed for bulls to repair structural damage.

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19 minutes ago

17h05 ▪ 6 min read ▪ by Mikaia A.

Summarize this article with:

Stablecoins have been suffering a historic hemorrhage for two months now. Guess which stable crypto emerges victorious from this financial chaos? More than 12 billion dollars have left the sector, the sharpest contraction since 2022. Tether holds strong, Sky Dollar collapses, and Global Dollar explodes. The stable crypto market is changing face.

In brief 12.4 billion dollars have left stablecoins since mid-May, an unprecedented contraction since 2022. Tether and USDC resist, Sky Dollar crashes 12%, Global Dollar explodes 9%. Hyundai completes international stablecoin transfers in 7 minutes versus 4 hours. Visa sees stablecoins dominating micro-payments in the AI agents economy. $12B Vanished : Stablecoins’ Biggest Bloodbath Since 2022 Since May 17, 2026, stablecoins have lost 12.4 billion dollars, their largest contraction since 2022. Just last week, 1.5 billion dollars vanished from the sector. The total market capitalization of the stablecoin market has now fallen to about 311 billion dollars, down 0.61% over seven days. 

However, this decline is not a typical panic. Bitcoin and major altcoins held steady during this period. If fear had truly dominated the markets, digital assets would have fallen together. 

This is not the case, raising questions about the real causes of this movement. The current contraction appears less related to fear and more to a deep structural evolution in the sector. 

Stablecoins no longer play the simple role of dollar parking. They now compete on yield, features, and utility. Capital moves towards assets offering attractive returns. 

Those offering only stability are losing ground. The market is silently reshaping itself.

The Giants Hold Their Ground While Challengers Jostle for Position Tether (USDT) resists with 184.055 billion dollars, down only 0.06% for the week. Circle (USDC) follows at 73.376 billion, down 0.04%. These two heavyweights now dominate 82% of the stablecoin market. 

Yet behind this apparent stability, a silent war rages. Sky Dollar (USDS) falls 12.30%, a dizzying drop that pushed it below 7 billion dollars. World Liberty Financial (USD1) loses 4.59% of its capitalization. BlackRock BUIDL drops 8.68%, a significant decline for an institutional player. 

Conversely, Global Dollar (USDG) explodes 9.08%, reaching 3.164 billion dollars. PayPal (PYUSD) climbs 1.60% to 2.877 billion dollars. This striking divergence reveals a fundamental antithesis in the market. 

Yield-bearing stablecoins attract capital seeking returns. “Parking” stablecoins lose ground. The market no longer rewards simple stability. It now demands yield and utility.

Hyundai in 7 Minutes, Visa Sees the Future : The Big Players Are Here Hyundai became the first South Korean conglomerate to use Avalanche for international stablecoin transfers. A 20,000-dollar transfer from Hyundai Motor America to Hyundai Motor Mexico was completed in just 7 minutes. Compared to 3 to 4 hours via traditional banks, the difference is striking. 

Hyundai plans to expand this system to its European subsidiaries, with Circle (USDC) and Visa as partners. Institutional adoption of stablecoins is accelerating significantly. 

At the same time, Visa published a report with Artemis on the AI agents economy. According to this report, cards will remain suited for macro-transactions. Stablecoins will dominate micro-payments, especially those below 1 dollar, in the automated economy. Visa sees cards and stablecoins not as rivals but parts of the same system. 

The heavyweights of traditional finance are now entering the game. This institutional movement could disrupt the balances of the stablecoin market.

$12B have fled stablecoins. Tether stands its ground, USDS is tanking, USDG is taking off. Hyundai and Visa are now joining the dance.

The 12 billion contraction signals not weakness but a transition to unprecedented maturity. Hyundai and Visa are only the first signs of a structural adoption transforming stablecoins into payment tools, not just value reserves. 

Yet, the path is fraught with pitfalls: regulation, with the CLARITY Act or MiCA in Europe, could redefine the rules for stablecoin issuers. Players like Tether, who dominate through liquidity, will need to adapt to an environment where yield and transparency become decisive criteria. 

The success of Global Dollar and PayPal PYUSD proves it: capital now rewards innovation and utility. The stablecoin market ceases to be a calm ocean. It becomes a battlefield where only the most agile will survive. 

The question is no longer who dominates today, but who will be able to evolve tomorrow. The reshuffling is only beginning.

Key figures of the shuffle: 12.4 billion evaporated in two months; USDT dominates at 184 billion; USDS drops 12.3%; USDG explodes 9.08%. The United States can pride itself on its dominance over stablecoins. But on the European side, a cloudy sky looms with this rain of digital money. The BIS warns against rampant dollarization of emerging economies, driven by the expansion of stablecoins.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

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Zcash founder Zooko Wilcox has explained how the network’s July 28 Ironwood hard fork will address uncertainty around a critical flaw in the Orchard shielded pool.

Summary

Zcash will seal the old Orchard pool, limiting how much ZEC can leave after Ironwood. Ironwood cannot identify fake coins individually but can stop excess hidden supply from escaping Orchard. Temporary exchange and wallet disruptions may occur as providers prepare for Zcash’s July 28 upgrade. The upgrade will not identify or freeze individual counterfeit coins. Instead, it will seal the old pool and limit how much ZEC can leave.

In a July 19 post on X, Wilcox explained how the planned upgrade would deal with any hidden excess supply if the flaw was exploited before developers patched it. Because Orchard hides transaction details, the network cannot prove that counterfeit ZEC was never created.

Ironwood Ironwood Ironwood!

Humanity is going to have a form of money that is unstoppable, private, and has full correctness proofs (formal verification) of some of its key properties, thanks to heroic math by an awesome team led by @TachyonZcash. https://t.co/Z85ktHtoPE

— zooko🛡🦓🦓🦓 ⓩ (@zooko) July 19, 2026 Ironwood will seal the vulnerable Orchard pool Ironwood, also known as NU6.3, is scheduled to activate at block 3,428,143 on July 28. The upgrade will retire the current Orchard pool and introduce a new shielded pool based on the corrected circuit.

According to Zcash’s official Ironwood user update, users will no longer be able to send or receive ZEC inside the old Orchard pool after activation. Funds can leave only through the turnstile, which prevents more ZEC from exiting than legitimately entered.

The Zcash team said it believes the flaw was “unlikely to have been exploited,” but users cannot independently prove no counterfeit ZEC was created. Ironwood aims to trap any excess value inside the old pool rather than allow it to enter wider circulation.

Orchard bug left a supply question Zcash could not prove away Security researcher Taylor Hornby discovered the Orchard flaw on May 29 while auditing the shielded system. The bug could have allowed an attacker to create counterfeit ZEC inside Orchard without leaving an obvious public record.

As reported by crypto.news, developers first disabled Orchard activity and then restored it through the NU6.2 hard fork with corrected cryptography. No evidence of unauthorized value creation was found, but Orchard’s privacy means past exploitation cannot be ruled out with complete certainty.

Crypto.news later reported that Ironwood would create a fresh shielded pool and use the turnstile to control value leaving the old one. Node operators can then verify that circulating ZEC does not exceed the amount permitted by the network’s monetary rules.

Wallets and exchanges may temporarily pause services Zcash users do not need to take immediate action before the hard fork. However, wallets, exchanges and other providers may temporarily suspend deposits, withdrawals or related services while completing software upgrades.

The official network guidance says Orchard users will eventually need wallet support to move funds into the new pool. Funds may remain temporarily unavailable in wallets that have not added the required migration tools.

The July 28 activation also follows Zcash’s move away from the legacy zcashd client. Providers still completing that migration may need more time before fully supporting Ironwood.

Zcash adds more security checks after the flaw The Orchard incident led to wider security work across the Zcash ecosystem. As reported by crypto.news, an AI-assisted review using Anthropic’s Mythos system found no additional serious vulnerabilities after the original flaw was disclosed.

Developers are also pursuing independent audits and formal verification for the updated cryptographic system. The work aims to reduce the risk of another hidden counterfeiting flaw and give users stronger ways to verify Zcash’s supply rules.

Ironwood addresses the unresolved supply question rather than the already-fixed bug itself. By sealing Orchard and controlling withdrawals through the turnstile, the hard fork aims to prevent any hypothetical counterfeit ZEC from entering circulation.

Table of contents

Privacy without throughput has always been a dead end for confidential cryptocurrencies. Zcash, a network known for strong zero-knowledge anonymity, has historically managed roughly one shielded transaction per second—a rounding error compared to mainstream payment rails. That performance gap is now under direct assault. According to the original report, the newly live Zakura client is the first piece of a broader plan to take Zcash from a niche privacy tool to payment-network scale.

The target is unambiguous: handle 50,000 private transactions per second, a figure that puts the network in Visa territory. Executing a fully shielded transfer on Zcash requires generating a computationally heavy zero-knowledge proof, a process that has kept throughput minimal even as transparent blockchain scaling solutions pushed TPS into the thousands. Zakura represents a fresh node implementation designed to attack the problem from the infrastructure layer, rewriting the execution path for shielded transactions rather than relying on incremental optimizations of existing clients.

Why the client rewrite matters more than a protocol tweak Unlike a consensus-layer change, which would require a network-wide upgrade and potential political friction, a client-level rewrite can be adopted by node operators without a fork. That reduces coordination risk and lets the network test performance claims in a live environment without forcing everyone to move at once. The strategy echoes approaches seen in Ethereum’s execution client diversity push, where multiple independent implementations strengthen resilience and enable specialized optimization. Zakura is not just a faster piece of software—it’s a bet that the biggest bottleneck for privacy adoption has been engineering, not demand.

For exchanges and custodians that list ZEC, a high-throughput privacy client could change reserve-proof and compliance workflows. Many trading venues currently limit shielded pool interaction because of the operational burden of proof generation. If a node can handle payment-network volumes without degrading settlement finality, the calculus around listing shielded assets and offering private withdrawal options starts to shift. That is not a given—real-world performance under adversarial conditions and sustained load remains unproven—but the direction matters.

Market sentiment and the developer momentum angle The timing of the client release arrives against a backdrop of renewed altcoin attention. ZEC recently appeared among the top weekly crypto gainers, surging over 58% as tracked in a weekly performance roundup. While short-term price action often reflects speculative flows rather than tech milestones, a live scaling client gives the narrative a tangible anchor. Traders who have long viewed Zcash as a static asset are now being handed a measurable catalyst, not just another roadmap promise.

Developer activity provides another signal. Zcash’s presence in blockchain developer rankings has been steady, and the network often appears among projects with meaningful commit frequency. A recent developer activity analysis highlights how consistent infrastructural work separates chains with staying power from those that fade. The Zakura release adds a concrete output to that effort, something beyond GitHub numbers.

What remains uncertain—and what regulators might see Scaling privacy transactions to Visa levels inevitably raises questions that go beyond protocol engineering. Financial regulators already view shielded pools with suspicion, and a network capable of processing 50,000 anonymous transfers per second sharpens the compliance challenge. No regulator is likely to object to a faster Zcash in a vacuum, but the combination of high throughput and default-private transfers could trigger fresh scrutiny, especially if shielded volume begins to rival transparent volume on exchanges that support both.

There is also the question of whether Zakura’s design can maintain its performance guarantees under real network conditions. A synthetic benchmark of 50,000 TPS is not the same as a globally distributed network with heterogeneous hardware, varying latency, and block propagation constraints. The gap between a single-node demonstration and a fully adopted client that handles organic shielded traffic is large, and the path from here to payment-network parity is far from guaranteed. Still, the fact that the first live node is now operating marks a departure from years of theoretical research papers. The privacy coin sector, often dismissed as a niche for ideologues, now has an execution layer that demands to be measured rather than dismissed.

The next test is adoption: which node operators switch, how quickly shielded transaction counts rise, and whether exchanges begin adjusting their infrastructure assumptions around Zcash. Roadmaps are cheap in crypto. Live software that rewrites the performance ceiling is not.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

On the 16th of July, Crypto.com announced the strategic investment worth $400 million from Citadel Securities, which has valued them at $200 billion. It marked the exchange’s first institutional funding round in their decade-long history, the post read.

Cronos [CRO] reacted bullishly to the news on the day. From the day’s open at $0.0555, the token rallied 21.92% to a local high of $0.0677. The trading volume for the day had jumped by 12x the previous day’s volume.

In the following 12 hours, the exchange token saw a 15.9% retracement, falling to $0.057. Here’s how the CRO price trends could go in the coming weeks.

Is Cronos still in a strong uptrend? Source: CRO/USD on TradingView The Directional Movement Index, used to measure the relative strengths of price trends, had both its ADX (yellow) and +DI (green) well above the 20 threshold, signaling an intense uptrend in progress.

However, the OBV disagreed. It was yet to challenge the highs the volume indicator made in May, showing that buying pressure was relatively weak.

The price action leads, indicators follow, and the OBV was on to something actionable for investors. Using the bearish impulse move from $0.083 down to $0.053, a set of Fibonacci retracement levels (orange) was plotted.

At the time of writing, CRO has not even challenged the 50% level of this move. Hence, there is a chance the current move could continue $0.072-$0.077. The lower timeframe price data can be used to settle this point.

Source: CRO/USD on TradingView The 4-hour chart showed both a bearish structure and an obstinate supply zone. This band of resistance was around $0.062-$0.063. Since the time it became a supply zone in June, it has been tested four times.

The fourth time, a couple of days ago, has not succeeded yet. The bullish investment news from Citadel has been a sell-the-news type reaction.

Source: CoinGlass Another point supporting the bearish idea is based on the liquidation heatmap. The cluster of short liquidations around $0.060-$0.065 was swept by the recent price spike.

Such a sweep into a key resistance zone is usually followed by a reversal. Hence, in the coming days, a price drop toward $0.05 is likely.

Final Summary The Citadel Securities investment of $400 million was the first institutional funding round for Crypto.com in its history. The technical indicators showed upward momentum, but the longer-term price action exhibited a bearish structure.