Market Signal Briefing

Solana price has been in a strong bull run this year and is now hovering near its highest level in 2025. SOL was trading at $230, down slightly from $253, which it hit in September. This article explores the top reasons why the Solana coin has more upside in the coming months.

XRP is drawing renewed attention in the cryptocurrency market after on-chain data revealed that large holders—often referred to as whales—accumulated more than 250 million XRP within just two days. This sudden wave of buying is being interpreted by analysts as a sign of growing confidence among institutional and high-net-worth investors.

Ripple CEO Brad Garlinghouse addressed concerns from the XRP community after SWIFT’s recent announcement about entering blockchain technology. The update came in an exclusive shareholder letter shared by Jake Claver.

SWIFT revealed plans to use a Layer 2 blockchain built on Ethereum called Linea, with an initial focus on smart contracts and a potential stablecoin. While SWIFT has not confirmed that their stablecoin will run on Ethereum, some in the community assumed this would be the case.

Garlinghouse Calls SWIFT Move a Marketing PlayGarlinghouse reassured XRP holders that Ripple’s journey with the XRP Ledger is far from over. He described SWIFT’s announcement as more of a marketing play ahead of their annual conference rather than a fully developed product.

He said that while Ripple once considered SWIFT a major competitor, the company has spent years building robust digital asset infrastructure, expanding payments, custody solutions, stablecoins, and more on the XRP Ledger.

“In the time it has taken SWIFT to announce a prototype, we’ve been building real products and expanding our infrastructure globally,” Garlinghouse said.

Network Effect Gives XRP an EdgeA major concern among XRP investors is whether SWIFT or other companies could copy XRP’s code to create their own blockchain solutions. Garlinghouse explained that simply copying the XRP Ledger does not replicate Ripple’s network effect.

For over 13 years, Ripple has onboarded central banks, financial institutions, and other users onto the XRP Ledger. This adoption creates a network that competitors cannot easily replicate.

He added that major financial players like JP Morgan have also chosen Ethereum for smart contracts and blockchain products, not because XRP’s code is inferior, but because widespread adoption and infrastructure matter more than the technology itself.

The CEO’s message to shareholders was clear: Ripple is confident in the XRP Ledger’s future and believes competitors cannot match the ecosystem Ripple has built.

The update reassured many in the XRP community who were concerned that SWIFT’s blockchain plans might threaten Ripple’s position. Analysts and investors noted that experience, adoption, and trust with central banks give XRP a long-term advantage over newly announced blockchain projects.

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Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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Dogecoin’s daily chart is coiling into a technically clean inflection, according to trader IncomeSharks, who posted a rising channel and an on-balance volume (OBV) wedge that together map a straightforward route to higher levels. “DOGE – Not a bad setup. Obvious channel and clear OBV wedge. Ideally OBV will break out before price,” the analyst wrote, sharing the chart that frames the current advance.

Dogecoin Breakout Watch: $0.33 Trigger On Deck
Price has been respecting a well-defined ascending channel that has governed trade since early summer. Multiple touches on both boundaries validate the structure: higher lows along the lower trendline from July through early October, and lower-high rejections against the upper rail through mid-July, late August, and late September.

Dogecoin price analysis | Source: X @IncomeSharks
After a fresh rebound off the rising support area at the start of October, DOGE has pushed back into the channel’s mid-range, where it typically pauses before the next impulse. IncomeSharks’ path sketch envisions a brief consolidation or shallow pullback inside the channel, followed by a drive toward the ceiling.

The destination is explicit on the chart. The upper boundary currently intersects in the low-to-mid $0.30s, and the drawing marks a breakout attempt between roughly $0.32 and $0.33. That zone represents confluence: it’s where the rising channel’s resistance comes into play and where late-September supply capped the prior thrust. A decisive daily close through that band would confirm a bullish channel breakout and leave the door open for a run towards the early December 2024 high at $0.4843.

Volume dynamics are the tell to watch. The lower panel plots OBV, a cumulative measure of buy/sell pressure, compressed into a symmetrical wedge: a gently rising base since mid-July and a descending lid drawn off the July and September OBV peaks. This kind of narrowing range in OBV often precedes a directional expansion.

IncomeSharks’ comment underscores that sequencing: an OBV breakout ahead of price would signal fresh accumulation and improve the odds that price follows with a push to the channel’s top. Conversely, failure of OBV at its wedge support would warn that the rebound lacks sponsorship, increasing the risk of another test of the lower channel line.

Structurally, the setup is straightforward. As long as DOGE continues to hold the rising support that has defined the trend since July, the path of least resistance remains up within the channel. A clean OBV break of its wedge would strengthen that view.

If bulls can then clear overhead supply and convert the $0.32–$0.33 band into support, the chart would confirm the breakout roadmap IncomeSharks outlined. If instead price loses the ascending base, the channel thesis would be invalidated and the market would likely revisit prior higher-low areas along the lower rail before attempting another trend leg.

At press time, DOGE traded at $0.2559.

Dogecoin price, 1-day chart | Source: DOGEUSDT on TradingView.com
Featured image created with DALL.E, chartfrom TradingView.com

On-chain data shows that BNB has hit an all-time high of $1,111.61, and is up 7.45% to $1,110 in the last 24 hours. The digital asset has seen a 17.6% surge in the last 7 days, and is up by 100% for the last 12 months.

CoinGlass data shows $396 million in positions were liquidated across the BNB market over the past 24 hours. There were $268 million in short liquidations and $127 million in long liquidations.

U.S. government shutdown fuels BNB momentum 

ATH szn in full swing 🫡

1 BNB = $1111 pic.twitter.com/69l8eEPgY3

— BNB Chain (@BNBCHAIN) October 3, 2025

BNB’s surge in price to ATHs echoes the broader crypto market gains as Uptober euphoria builds. The surge follows an unexpected drop in U.S. private payrolls that adds to a growing list of signals that the Fed may begin easing monetary policy sooner than expected.

Official jobs data paused on Thursday due to the ongoing U.S. government shutdown. Traders have leaned heavily on the weak ADP report, which showed a 32,000 job decline in September against expectations for a 50,000 gain. As the government shutdown halts official labor data, it leads to increased bets on rate cuts.

The CME FedWatch tool shows there’s a 97.8% chance the Fed may cut interest rates by another 25 bps at the October 29 Fed meeting. The central bank also expects another rate cut before year-end during the December 10 Fed meeting.

“Markets appear to have responded with relative stability in the first 24 hours following the U.S. government shutdown. It’s worth noting that during the last major shutdown in 2018-2019, which lasted 35 days, markets remained largely resilient, and we may see similar dynamics this time.”

-Philipp Zentner, CEO and Founder of LIFI Protocol

As the shutdown drags on and economic signals decline, investors appear to be turning to alternative assets, such as gold and cryptocurrencies like BNB. XYO co-founder Markus Levin argued that the market is entering one of Bitcoin’s historically most dynamic months and that traders should be prepared for volatility.

BNB Chain reduces its gas fees

Today, all BNB Smart Chain (BSC) validators and builders have adopted the new minimum gas price of 0.05 Gwei and BSC is fully ready to accept transactions at this rate.

That’s ~$0.005 per transaction, making BSC one of the most cost-efficient blockchains in crypto.

What this… https://t.co/qEAHIUHVRI pic.twitter.com/56g86yHgWN

— BNB Chain (@BNBCHAIN) October 1, 2025

BNB’s outperformance of the wider market was also fueled by token-specific catalysts. The asset reduced its minimum gas fees earlier this week from 0.1 Gwei to 0.05 Gwei, making the network one of the cheapest among other blockchains. The proposal follows previous decisions in April 2024 to reduce the gas price from 3 Gwei to 1 Gwei, and again in May 2025 to lower it to 0.1 Gwei.

Validators on the proposal also reduced block intervals from 750 milliseconds to 450 milliseconds. The validators are now proposing that gas fees should be reduced to ~$0.005 per transaction to make the virtual asset more competitive with chains like Solana and Base.

BNB Chain validators also stated that APY remained stable above 0.5%, supported by higher trading activity and the digital asset’s price growth. They noted that trading is currently the dominant activity on BNB Chain – and gas fees matter most for traders.

Validators proposed that the asset strive to have the lowest gas fees possible, as long as the staking APY remains above 0.5%. They stated that the initiative strikes a balance between network growth and validator rewards, ensuring long-term sustainability.

The validators revealed that their goal is for gas fees to drop to $0.001 per transaction, representing a more than 90% reduction from past levels and aligning with the most competitive chains. The digital asset’s activity is dominated by trading-related transactions, surging from 20% at the start of 2025 to 67% by June.

Kazakhstan’s state-backed Alem Crypto Fund also named BNB as its first investment asset. Kazakhstan’s government website revealed that it established the crypto reserve in partnership with Binance.

The country did not specify the amount of BNB purchased to seed the fund and didn’t provide further details about potential other digital asset investments. The Ministry of Artificial Intelligence and Digital Development established the Alem Crypto Fund, while the Qazaqstan Venture Group, under the Astana International Financial Centre (AIFC), manages the reserve.

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Stay updated with live crypto market news! Bitcoin price climbed close to $120K. BNB hit a new all-time high. What else is happening on Oct. 3?

Tether, the world’s largest stablecoin issuer, is making a bold push back into the U.S. market with the launch of its new USAT stablecoin. To drive adoption, the company is teaming up with Rumble, a video platform with a strong U.S. user base. The move signals Tether’s ambition to challenge rivals like Circle’s USDC and PayPal’s PYUSD in a space that remains highly competitive.

Rumble Partnership as the GatewayAt the Token2049 event, Tether CEO Paolo Ardoino revealed that Rumble will soon roll out a crypto wallet powered by Tether’s infrastructure. This wallet will directly support USAT, giving Rumble’s 51 million monthly active users, most of whom are in the U.S., easy access to the new stablecoin.

“The aim here is to prove how we can convert 51 million active users, mostly in the United States, to use stablecoins within the U.S., the most sophisticated country for financial rails,” Ardoino said.

The integration builds on Tether’s earlier $775 million investment in Rumble, which secured the company a 48% ownership stake. With this partnership, Tether is betting that Rumble’s pro-crypto audience will help accelerate adoption in ways that traditional financial platforms cannot.

Why USAT MattersUnlike Tether’s flagship USDT, which is widely used in global crypto markets but faces regulatory challenges in the U.S., the new USAT is designed specifically for the American market. It will be fully regulated and dollar-backed, giving it credibility in a region where compliance is essential for growth.

By embedding USAT into a consumer-facing platform like Rumble, Tether hopes to normalize stablecoin use in everyday digital environments. If successful, this strategy could position USAT as more than just a trading tool; it could become part of how millions of Americans interact with money online.

A Shot at the U.S. Stablecoin CrownThe U.S. stablecoin space is already crowded, with Circle’s USDC enjoying strong institutional adoption and PayPal’s PYUSD aiming for mass-market reach. Tether’s challenge will be to carve out a distinct role for USAT and prove it can win over U.S. users.

Still, Tether’s approach is ambitious. By tying its stablecoin to a popular video streaming platform, the company is attempting to bridge entertainment, finance, and crypto in one ecosystem. If USAT gains traction, Tether could not only reestablish itself in the U.S. but also reshape how digital platforms integrate financial tools.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

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The U.S. government has entered its first shutdown in almost seven years, raising worries for thousands of workers without pay, weaker spending, and leaving investors uncertain about what comes next.

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Thailand’s Securities and Exchange Commission (SEC) is preparing new rules to allow local spot crypto-based exchange-traded funds (ETFs) and expand the potential lineup beyond Bitcoin (BTC).

Thai SEC To Widen ETF Lineup With New Rules
On Wednesday, Thailand’s SEC Secretary-General, Pornanong Budsaratragoon, revealed that the regulatory agency is working to expand its crypto ETF plans beyond Bitcoin and include other digital assets in the coming months.

In an interview with Bloomberg, the regulator stated that the SEC and other agencies are drafting new rules to allow local mutual funds and institutions to offer digital asset-based ETFs for the first time, with the rollout expected for early 2026.

It’s worth noting that Thai investors can currently gain exposure to these products by investing in funds managed by licensed asset management companies that invest in overseas crypto ETFs.

In June 2024, Thailand’s SEC officially approved One Asset Management to launch a fund-to-fund Bitcoin ETF, which allows institutional investors to gain exposure to BTC-based investment products listed overseas.

In January, the Secretary-General unveiled that the regulatory agency was evaluating the listing of local spot Bitcoin ETFs to strengthen the country’s digital assets market, affirming the regulator’s intention to permit both individuals and institutions to invest in locally listed Bitcoin ETFs.

“We have to adapt and ensure that our investors have more options in crypto assets with proper protection,” she explained at the time. The new rules would go beyond the current limitations and expand the potential ETF lineup to a broader basket of crypto assets.

“Our possibility now is to broaden the criteria for the crypto such as a basket of cryptocurrencies,” Pornanong told Bloomberg. “We want to have broader supply of those crypto assets in the ETFs.”

Thailand Continues Crypto Hub Efforts
The Secretary-General also highlighted investors’ desire to diversify their portfolios and adopt digital assets as part of their investment strategies, especially among young people, noting that the agency’s main task is to “facilitate” that demand under a legal framework.

Thai regulators have been accelerating their efforts to become a regional crypto hub, the report stated, developing multiple policies aimed at making tokenized products mainstream investment choices.

Earlier this year, the SEC, alongside the Bank of Thailand (BOT), introduced a crypto sandbox in tourist areas to enhance the country’s appeal as a tech-savvy destination, promote innovation, and the use of digital assets to boost the economy and tourism industry.

As reported by Bitcoinist, the TouristDigiPay sandbox, launched in August, aims to facilitate the conversion of digital assets into Thai Baht for the spending purposes of foreign visitors, allowing Bitcoin and digital assets as payment methods in tourist areas to drive adoption.

Moreover, the regulatory agency has also proposed rule changes to provide crypto exchanges with flexibility while enhancing investor protection and oversight, allowing digital asset platforms to list their utility tokens or tokens issued by affiliated entities.

Meanwhile, Thailand’s Deputy Finance Minister, Julapun Amornvivat, shared a plan to drop capital gains tax on digital assets for five years. The minister announced that, starting January 1, 2025, until December 31, 2029, investors who sell their assets through licensed crypto service providers won’t have to pay taxes on the profits.

Bitcoin (BTC) trades at $118,897 in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com

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Multiple spot ETF issuers are facing a final decision this month – Solana price predictions are flashing the last buy opportunity before a breakout.

Item 1 of 5 Firefighters work to contain a large fire that broke out at the Chevron refinery, in El Segundo, California, U.S., October 2, 2025. REUTERS/Daniel Cole

[1/5]Firefighters work to contain a large fire that broke out at the Chevron refinery, in El Segundo, California, U.S., October 2, 2025. REUTERS/Daniel Cole Purchase Licensing Rights, opens new tab

CompaniesOct 3 (Reuters) - A fire broke out at Chevron's El Segundo refinery, one of the largest on the U.S. west coast, California Governor Gavin Newsom's press office said on Thursday, with a county official adding that the flames had been confined to one area.

The cause of the blaze was not clear, the Los Angeles Times said, while broadcaster CBS said officers and firefighters rushed to the refinery in Los Angeles county after reports of an explosion.

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"Our office is coordinating with local and state agencies to ... ensure public safety," Newsom's press office said on X.

CBS cited police as saying they were not aware of any immediate injuries or evacuations, adding that Los Angeles county supervisor Holly Mitchell had said crews contained the fire to one area of the refinery.

In a regulatory filing, the U.S. energy major also reported emergency flaring at El Segundo.

The refinery's rated capacity is 290,000 barrels per day, and its main products are gasoline, jet and diesel, Chevron says on its website. Its total storage capacity is 12.5 million barrels in about 150 major tanks.

The Los Angeles fire department is ready to assist with any request for aid, Mayor Karen Bass said.

"There is no known impact to LAX at this time," she added referring to the city's busy international airport.

Reporting by Shivani Tanna and Anmol Choubey in Bengaluru; Editing by Clarence Fernandez

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Boeing's 777X is slated to fly commercially for the first time in early 2027 instead of next year, people familiar with the matter said. Analysts estimate the non-cash accounting charge could run from $2.5 billion to as much as $4 billion, though Boeing has not detailed the extent of the cost.

LONDON--(BUSINESS WIRE)--According to the latest analysis from Omdia’s Large-area display market tracker - 3Q25 with 2Q25 results, large-area display (above 9-inch) unit shipments are forecast to increase by 2.8% year-over-year (YoY) in 2025. This growth comes despite projected declines in the TV and monitor markets and is driven by strong performance in mobile PC displays for notebooks and tablets.

"The market is seeing a major divergence driven by regional strategies," said Peter Su, Principal Analyst at Omdia.

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Mobile PC Display Demand Offsets Decline in TV and Monitor Markets

Large-area LCD unit shipments are expected to increase by 2.2% YoY to 873.9 million units in 2025. While LCD TV and monitor displays are forecast to decrease by 3.4% and 1.8% YoY respectively, this is offset by significant growth in tablet and notebook PC LCD shipments, which are expected to increase by 17.5% YoY and 4.2% YoY.

The large-area OLED market is set for even stronger growth, with unit shipments forecast to grow by 19.0% YoY in 2025. This expansion is led by monitor and notebook PC OLEDs, which are projected to increase by 60.9% YoY and 45.9% YoY. In contrast, tablet PC OLED shipments are forecast to decrease by 2.3% YoY, though OLED TV display shipments are expected to see a 3.1% YoY increase.

“The market is seeing a major divergence driven by regional strategies. In the LCD space, Chinese panel makers are pursuing market share in IT displays by ramping up new Gen 8.6 IPS LCD fabs, while other makers, such as LG Display and Sharp, focus on profitability through restructuring,” said Peter Su, Principal Analyst at Omdia. “Simultaneously, in the OLED segment, Korean makers are expanding into IT applications like monitors and notebook PCs to compensate for weaker OLED TV performance. This allows them to leverage their strengths in the high-end tablet segment, growing shipments by 3.6% to clients like Apple and Samsung even as the overall tablet OLED market declines.”

Figure 1: Large-area display shipment latest forecast in 2025 (millions of units)

Applications

2023

2024

2025(F)

2024 YoY (%)

2025(F) YoY (%)

TV

241.8

250.0

241.9

3.4%

-3.2%

Monitor

150.2

161.9

160.3

7.8%

-1.0%

Notebook PC

190.5

216.8

230.0

13.8%

6.1%

Tablet PC

149.3

181.8

211.5

21.8%

16.3%

Others/PID

79.8

74.1

65.8

-7.2%

-11.2%

Total

811.6

884.6

909.4

9.0%

2.8%

Source: Omdia

© 2025 Omdia

2025 Market Share Breakdown: LCD vs. OLED Dominance

LCD shipments: China is forecast to account for 67.6% of total large-area LCD shipments in 2025, followed by Taiwan with 21.0% and Korea with 8.1%.

Key players: BOE is expected to lead with 37.1% of total large-area LCD shipments, followed by China Star with 16.8% and Innolux with 11.4%.

OLED shipments: Korea is projected to dominate with 83.7% of total large-area OLED shipments in 2025, followed by China with 16.3%.

Key players: Samsung Display is expected to lead with 54.3%, followed by LG Display with 29.4% and EDO with 13.9%.

Large-area display revenue: China is projected to dominate with 63.5% of total large-area display revenue in 2025, followed by Korea with 18.0% and Taiwan with 14.7%.

Key players: BOE is expected to lead with 29.7% of total large-area display revenue, followed by China Star with 20.2% and LG Display with 12.4%.

ABOUT OMDIA

Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a technology research and advisory group. Our deep knowledge of tech markets grounded in real conversations with industry leaders and hundreds of thousands of data points, make our market intelligence our clients’ strategic advantage. From R&D to ROI, we identify the greatest opportunities and move the industry forward.

Vancouver, Canada – TheNewswire -  October 3, 2025 – Electrum Discovery Corp. ("Electrum" and/or the "Company") (TSX-V:ELY | FRA:R8N | OTC:ELDCF) is pleased to announce that further to its press release dated September 8, 2025, the Company has closed its over-subscribed, non-brokered private placement (the "Private Placement") for total gross proceeds of $1,608,077.

Dr Elena Clarici, President and CEO commented: "We greatly appreciate the steadfast support of our shareholders, in particular Crescat Capital which provided a cornerstone investment. With closing of this financing, Electrum is now well positioned to unlock value from both our gold and copper assets, located in some of Europe’s most prolific mineral districts. The proceeds from the financing will enable start of infill and expansion drilling at Novo Tlamino, while accelerating drill targeting at Timok East.  We thank all our shareholders, new and old for their continued support in sharing our vision of building Europe’s premier, next generation copper-gold explorer."

The Company issued 22,972,527 units ("Units") at a price of $0.07 per Unit. Each Unit consists of one common share in the capital of the Company (an "Offering Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company at an exercise price of $0.15 per common share for a period of two years from the date of issuance thereof.

Finder’s fees in the amounts of $12,246 in cash and 365,004 finder’s warrants were payable in connection with the private placement.

All securities issued in the Private Placement are subject to a four-month hold period expiring on February 3, 2026, in accordance with applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada. The Private Placement remains subject to the final approval of the TSX Venture Exchange.

The proceeds from the private placement will be used to continue working on the Company’s Novo Tlamino and Timok East projects in Serbia as well as for working capital and general corporate purposes.

About Electrum Discovery Corp.

Electrum Discovery Corp. is a Canadian based, growth-oriented company, committed to increasing shareholder value through advancement of its two projects: gold-silver Novo Tlamino and copper-gold Timok East, located in two known mineralized districts within the prolific Western Tethyan Belt in the Republic of Serbia.

Electrum Discovery is looking to maximize the value of our mineral projects for all stakeholders including our shareholders, the local community and government, while fostering sustainability, governance, and knowledge transfer in the region.

Additional information on Electrum can be found by reviewing the Company's page on SEDAR+ at www.sedarplus.ca.

For more information contact:

Dr Elena Clarici, Chief Executive Officer and Director

T: +1 604 801 5432 | E: [email protected] | W: electrumdiscovery.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release constitute “forward-looking information” within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Such statements include Company’s expected achievement of specified milestones, results of operations, and expected financial results of the Company. Often, but not always, this forward-looking information can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Electrum, to be materially different from any results, performance or achievements expressed or implied by forward-looking information. Such uncertainties and factors include, among others, uncertainties inherent in the PEA and exploration results and the estimation of mineral resources; risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; changes in general economic conditions and financial markets; risks associated with the results of exploration and development activities, and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in Electrum's quarterly and annual filings with securities regulators and available under Electrum's profile on SEDAR+ at www.sedarplus.ca. Rock chips and surface results are early stage and there is no assurance that future exploration will find mineralization of further interest. Although Electrum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking information contained herein is based on the assumptions, beliefs, expectations and opinions of management. Forward-looking information has been made as of the date hereof and Electrum disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

SummaryCompaniesCoty's mass cosmetics brands face tough competitionPrivate equity firms seen as potential buyers of some brandsCoty's fragrance unit growing, but relies on expiring licencesLONDON/PARIS, Oct 3 (Reuters) - Ageing brands and declining sales could make Coty's makeup business a hard sell, raising the prospect of piecemeal deals or lower than expected proceeds that might complicate the group's plans to cut debt and invest in growth.

Coty said on Tuesday it had launched a review of its mass-market Consumer Beauty business, a prelude to a possible sale or spinoff of some brands in a bid to cut debt, reverse shrinking cash flow, and focus on more profitable fragrances.

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The business, home to the CoverGirl and Rimmel brands, generates around $1.2 billion in annual revenues, but has been losing market share to competitors with faster innovation cycles and more accessible price points.

WHO COULD BUY COTY'S CONSUMER BEAUTY BRANDS?"It's hard for these brands because they don't look new to today's consumers. And newness is important, especially in colour cosmetics," said Morningstar analyst Dan Su.

Barclays analysts described the division as a "tough asset to sell". They said it could be worth anywhere between $690 million and $950 million.

Buyers this year have shown strong interest in smaller, fast-growing brands like Hailey Bieber's makeup and skincare line Rhode, snapped up by retailer Elf Beauty

(ELF.N), opens new tab for $1 billion, and the vitamin A-based skincare business Medik8 bought by L'Oreal OREP.PA for an estimated $1 billion.

Buyout firms could look at the division, much as private equity house KKR bought a majority stake in Coty's professional and retail haircare business, Wella, in 2020.

"I expect piecemeal deals rather than a one-shot sale," Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors, naming private equity firms Permira and L Catterton among possible suitors.

Coty said it did not comment on speculation. L Catterton and Permira declined to comment.

Coty's Consumer Beauty business reported an 8% drop in sales in the year ended June 30. Morningstar analysts expect another high-single-digit percentage decline this financial year, as it struggles to compete with social media influencers launching their own brands and selling on fast-growing online channels.

Coty's in-house manufacturing has made it slower to innovate when compared to firms like Elf that use third-party producers, resulting in market share that is slipping over time, said Bank of America analyst Anna Lizzul.

"It's a melting iceberg situation," she said.

COTY CAME LATE TO SHIFTING FRAGRANCE TRENDSCoty became a beauty industry giant after buying Procter & Gamble's perfume, hair care and makeup businesses for $12.5 billion in 2015. After divesting from hair and now possibly consumer cosmetics, fragrance will be its primary focus.

Its newly combined fragrance division accounts for 69% of Coty's sales and, with categories growing between 2% and 9%, is performing far better than Coty's consumer cosmetics.

But it relies heavily on licences, and about 14% of them are due to expire in the next three-and-a-half years, said BofA.

The blockbuster licence for Gucci fragrances, which analysts believe runs until 2028, brings in about $500 million a year, BofA estimates - almost double Coty's free cash flow of $277.6 million in its last financial year.

Selling the makeup business could bring in money for what some analysts think is much-needed investment.

"It would have probably helped to do this strategic review 10 years ago," said Alfonso Emanuele de Leon, a beauty industry veteran and partner at FA Hong Kong Consultancy. "Most importantly, when it was getting clear that the fragrance market was moving towards conceptual, experiential brands."

Top sector player L'Oreal has invested in niche Chinese fragrance brands To Summer and Documents, Estee Lauder

(EL.N), opens new tab in fellow Chinese brand Melt Season, and Spanish rival Puig

(PUIGb.MC), opens new tab acquired a majority stake in Sweden's Byredo.

Coty should have recognised that its fragrance segment was shrinking and made acquisitions too, Emanuele de Leon said.

"They can still do it, it's just going to be more expensive and maybe too late because the wave has already reached the shore."

Reporting by Alexander Marrow and Dominique Patton; additional reporting by Abigail Summerville. Editing by Lisa Jucca and Mark Potter

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Chief companies correspondent for Russia, Alexander covers Russia’s economy, markets and the country's financial, retail and technology sectors, with a particular focus on the Western corporate exodus from Russia and the domestic players eyeing opportunities as the dust settles. Before joining Reuters, Alexander worked on Sky Sports News' coverage of the 2016 Olympics in Brazil and the 2018 World Cup in Russia.

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A UBS logo is pictured on the branch of the Swiss bank in Lucerne, Switzerland, June 14, 2024. REUTERS/Denis Balibouse/File Photo Purchase Licensing Rights, opens new tab

CompaniesZURICH, Oct 3 (Reuters) - The Swiss government should tighten capital rules governing UBS

(UBSG.S), opens new tab, a majority of the Swiss public told a poll published on Friday, even if regulations are tougher than those imposed abroad.

Some 61% of those questioned backed extra capital requirements, according to the survey of 24,000 people conducted by the Leewas Institute for TA Media and newspaper 20 Minuten.

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The figure corresponded to the proportion of people who thought Bern should go ahead, even if the rules are stricter than those used elsewhere.

UBS has strongly criticised the government's proposed rules - unveiled in June to make the country's banks safer following the 2023 collapse of Credit Suisse - because they would require it to hold $24 billion in additional capital.

The bank says that would put it at a disadvantage to global rivals, and is reviewing a series of mitigation strategies that even include relocating its headquarters abroad.

Switzerland and UBS are signalling in private a willingness to compromise on the rules, potentially paving the way for parliament to settle on lower requirements acceptable to the government and the bank, Reuters reported this week.

The poll said supporters of left-leaning parties were most in favour of tighter rules, although among right-wing parties like the Liberals and Swiss People's Party there was also a majority in favour.

Still, two-thirds of respondents said it would be damaging for Switzerland if UBS moved elsewhere.

Representatives from the government and UBS have been invited to a parliamentary committee meeting in early November to discuss the next stage of regulations.

Draft legislation will only reach parliament - which will ultimately decide the outcome - next year.

Reporting by John Revill
Editing by Mark Potter

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By Reuters

October 3, 20257:15 AM UTCUpdated ago

Nissan logo is seen in this illustration taken July 28, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

CompaniesOct 3 (Reuters) - Nissan

(7201.T), opens new tab is recalling 19,077 electric vehicles in the United States due to a potential fire risk linked to overheating during quick charging, the U.S. National Highway Traffic Safety Administration said on Friday.

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Reporting by Ruchika Khanna in Bengaluru; Editing by Sonia Cheema

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Tesla Inc (NASDAQ:TSLA) hit the accelerator just in time.

The electric carmaker reported a 7% rise in global vehicle deliveries for the third quarter, releasing the numbers on the same day a key U.S. tax credit for electric vehicles came to an end.

Buyers had rushed to beat the deadline, a last-minute surge that likely helped soften what has otherwise been a bumpy period for Elon Musk’s company.

Tesla delivered 497,099 vehicles in the three months to the end of September, up from 462,890 a year earlier and slightly ahead of market expectations. But output fell to 447,450, down from nearly 470,000 this time last year — pointing to ongoing production constraints.

Despite the delivery beat, Tesla’s shares slid 1.8% in after-hours trading. Investors are now looking ahead to its full quarterly results, due on October 22.

Lawrence Jengar
Oct 03, 2025 06:14

DOGE trades at $0.26 with modest 1.57% gains as technical indicators suggest potential breakout above moving averages toward next resistance zone.

Market Overview
Dogecoin continues its sideways consolidation pattern, trading at $0.26 with a modest 1.57% gain over the past 24 hours. The meme coin has established a tight trading range between $0.25 and $0.26, demonstrating relative stability amid broader market conditions. With DOGE maintaining position above its 20-day simple moving average at $0.25, technical momentum appears cautiously optimistic for potential upside movement.

Technical Picture
The technical landscape for DOGE/USDT presents a mixed but increasingly constructive outlook. The Relative Strength Index currently sits at 55.5, indicating neutral momentum with room for further advancement before reaching overbought territory. More encouraging is the MACD indicator, which has turned bullish with a positive histogram reading of 0.0002, suggesting growing buying pressure beneath current price levels.

DOGE price action shows strong positioning relative to key moving averages, trading 1.9% above the 20-day SMA, 8.0% above the 50-day SMA, and notably 26.4% above the 200-day SMA at $0.20. This moving average structure indicates a healthy intermediate-term uptrend remains intact, providing technical support for any potential breakout attempts.

Trading volume of $342.9 million over the past 24 hours reflects moderate participation levels, though not quite the explosive volume typically associated with significant directional moves in Dogecoin.

Critical Levels to Watch
The immediate resistance zone centers around $0.30, representing the primary target for bulls looking to extend recent gains. A decisive break above this level could open the door to the secondary resistance at $0.31, where profit-taking activities may emerge.

On the downside, initial support appears at $0.22, coinciding with recent swing lows and representing approximately a 15% decline from current levels. The more significant support zone lies at $0.20, aligning with the 200-day moving average and serving as a crucial long-term trend line.

The current pivot point at $0.26 represents the immediate battleground between buyers and sellers, with sustained trading above this level supporting the constructive technical outlook.

Market Sentiment
Dogecoin continues to benefit from its established position within the broader cryptocurrency ecosystem, though recent price action suggests consolidation rather than explosive momentum. The absence of significant news catalysts over the past week has allowed technical factors to drive price discovery, creating a more predictable trading environment for market participants.

The moderate volume profile indicates steady but not overwhelming interest from both retail and institutional participants, suggesting a balanced supply-demand dynamic at current price levels.

Trading Perspective
The current risk-reward setup favors a cautiously bullish approach, with DOGE price positioned for potential breakout attempts toward the $0.30 resistance zone. Short-term traders might consider entries above $0.26 with stops below $0.24, targeting the $0.29-$0.30 area for initial profit-taking.

Longer-term investors may view any pullback toward the $0.22 support level as an attractive accumulation opportunity, particularly given the strong positioning above the 200-day moving average. The invalidation point for the current bullish structure would be a decisive break below $0.20, which would signal a potential trend reversal.

Bottom Line
Dogecoin maintains a constructive technical posture above key moving averages, with bulls eyeing a breakout toward 30-cent resistance as the next significant test for sustained upward momentum.

Image source: Shutterstock

doge price analysis
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Billionaire hedge fund manager Ray Dalio has touted Bitcoin as “alternative money” as it continues to gain global adoption. This comes as BTC’s profit-taking surges past $3.7 billion amid its new rally past $120,000.

Ray Dalio Labels Bitcoin an “Alternative Money”
In a recent interview, Ray Dalio described Bitcoin as an “alternative money.” He noted that its growing recognition as a store of value makes it impossible to ignore. While he admitted he holds only a small amount of BTC personally, Dalio emphasized that the token meets key features of hard money. 

He pointed out that there is a limited supply of the token, with only 21 million coins available. However, Ray Dalio raised concerns about whether central banks would use the token as a reserve currency. He said that the need for clear transaction records and the risk of future regulations could stop official use of the token.

The billionaire had previously made bullish comments about the token before this. In June, Ray Dalio praised BTC for its unique qualities that make it a form of hard currency. He noted that the coin is now entering the elite class of hard money assets, standing alongside precious metals such as gold and silver.

Dalio’s comments are in line with those of seasoned investor Robert Kiyosaki. In order to protect themselves from future financial crises, he has frequently advised investors to hold Bitcoin, silver, and gold.

Investors are shifting to alternative assets as a result of pressure on the global bond markets, particularly from decreased exposure to U.S. treasuries. Both Kiyosaki and Dalio agree that the token’s limited supply gives it an edge over fiat currencies that can be inflated at will.

BTC Profit-Taking Surges Past $3.7B
According to CryptoQuant data, over $3.7 billion in realized gains were recorded in just one day. This was the fifth-largest event for taking profits in 2025.

Source: CryptoQuant
Analyst Caueconomy pointed out that selling activity can show increased selling pressure, but it doesn’t mean short-term investors control the market. Instead, this selling may mean that long-term investors are cashing in their profits, which suggests prices could still go up.

This comes as the Bitcoin price surged past $120,000. This is its highest level since mid-August as traders gear up for a bullish ‘Uptober.’  Over the past five days, the token has shown consistent gains in an attempt to reach its prior highs.

Additionally, open interest in Bitcoin futures has hit a record $88 billion, suggesting that traders are setting up for future gains. Spot ETFs are also seeing significant inflows.

Source: CoinGlass
Banking giants are adding to the bullish case. Citigroup forecasted BTC could climb as high as $231,000 within the next 12 months, with base and bear scenarios at $181,000 and $82,000, respectively. 

JPMorgan also weighed in on Bitcoin. They stated that the token is undervalued compared to gold and could rise to $165,000. They cited its declining volatility relative to the precious metal as a sign of maturing market stability.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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SWIFT — the Society for Worldwide Interbank Financial Telecommunication — will be building its recently announced blockchain payment settlement platform on Ethereum layer 2 Linea, Consensys CEO Joe Lubin has confirmed.

On Monday, SWIFT revealed that it had tapped Consensys and over 30 TradFi institutions to build infrastructure for a 24/7 real-time crypto payments system — but didn’t confirm which chain it would build on despite widespread speculation that it would be Linea.

However, Lubin confirmed Linea’s selection in a fireside chat with Cointelegraph’s Gareth Jenkinson at the Token2049 conference in Singapore on Thursday.

Lubin said that during SWIFT’s announcement to the banking sector, SWIFT CEO Javier Pérez-Tasso didn’t mention Linea by name. Lubin said SWIFT had to “soft roll out” the “big news,” which was taken rather positively.

“I believe the sentiment was, ‘thank you for doing this.’ It’s about time to bring the two streams, DeFi and TradFi, together,” said Lubin.

Cointelegraph’s Gareth Jenkinson with Joe Lubin and Snow Crash author Neal Stephenson. Source: Cointelegraph
Developed by Consensys, Linea is a scaling-focused layer 2 that leverages zk-EVM rollup technology to process around 1.5 transactions a second at one-15th the cost of fees on Ethereum. 

It has $2.27 billion worth of total value locked — the fourth largest among Ethereum layer 2s, trailing only Arbitrum One, Base Chain and OP Mainnet, L2BEAT data shows.

SWIFT’s entry into the blockchain payments space could be massive,  as it handles around $150 trillion worth of global payments through traditional banking rails each year. 

Some of the biggest banks are involvedBank of America, Citi, JPMorgan Chase, and Toronto-Dominion Bank are among the TradFi firms set to participate in trials of SWIFT’s new blockchain payments rail on Linea.

It could pose a serious competitor to Ripple’s XRP Ledger, one of the few prominent blockchain-based payment systems tailored for banks.

SWIFT’s move to build a blockchain payments rail has been anticipated for some time, benefiting from the blockchain’s near-instant, 24/7 settlement without intermediaries, while reducing costs, errors and delays. 

Linea could enable a “user-generated civilization,” says LubinLubin highlighted the broader potential of Linea beyond payments, describing it as a platform where “content can be created in a user-generated fashion.” 

“We will have user-generated civilization and user-generated content on Linea and other places,” Lubin said, explaining that by leveraging Ethereum’s trustless settlement layer, Linea allows communities to build infrastructure, rules, and apps from the bottom up — opposite to the top-down approach seen in traditional government and banking hierarchies.

Decentralized autonomous organizations are already trying to run entities without centralized leadership, often implementing smart contracts and decentralized voting systems to manage treasuries and make decisions. However, few DAOs have achieved success at scale so far.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

BNB, the native cryptocurrency of Binance, has seen a strong 8% upside, hitting a new all-time high past $1,100, leading the broader crypto market rally. It is also currently the strongest-performing altcoin with 30% gains on the monthly chart. Market experts believe that Binance Coin has done a strong base formation at $1,000, which sets the foundation for a rally to $5,000 ahead.

BNB Shoots Past $1,100 Leading Crypto Market Rally
Binance Coin (BNB) surged to a new all-time high, crossing $1,100 for the first time and trading at $1,108.17, marking a 7.27% gain in the past 24 hours. Furthermore, the daily trading volume has surged by 30% to more than $4.16 billion, showing strong bullish sentiment among traders. This comes as the overall crypto market shows strength on hopes of Fed rate cuts following the US shutdown this week.

Amid today’s market rally, the liquidations across the crypto space have surged to $391 million, of which $268 million is in short liquidations, per the Coinglass data. Analysts note that the wave of liquidations has amplified BNB’s rally, forcing short sellers to buy back into the crypto market.

Additionally, key developments within the Binance ecosystem have contributed to a greater upside. On the regulatory front, the company has been nearing a deal with the U.S. Department of Justice (DoJ) to drop compliance monitoring, following its $4.3 billion settlement earlier this year.

Also, the native BNB chain is emerging as a popular choice for real-world asset tokenization (RWA). In addition to this, the latest growth of BNB-based Layer 2 decentralized exchange (DEX) Aster is driving further momentum.

The broader crypto market is showing major strength this week despite concerns surrounding the US shutdown. Some market analysts are expecting a further delay in the approval of spot crypto ETFs, for top altcoins like XRP, Solana (SOL), Cardano (ADA) etc.

Expert Eyes Binance Coin Rally to $5,000
BNB continues to trade above the $1,000 mark, sustaining its recent breakout to new all-time highs. Market analyst Crypto Patel noted that early entrants have already secured a 5x return this cycle but argued that the rally may still have significant room to run.

Source: Crypto Patel
According to Patel, BNB could climb further in the ongoing bull cycle, with potential targets in the $2,000–$3,000 range if current momentum continues. Of course, this will need the support of the broader market moving ahead.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Advert for Bitcoin on a bus in the capital's West End Photo by Barry Lewis

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The UK government is the third largest sovereign holder of bitcoin, with approximately 61,250 coins under its control. Last week Southwark Crown Court confirmed the seizure of bitcoin linked to a Chinese fraud, now worth more than £5 billion, after defendant Zhimin Qian, pleaded guilty to possessing and transferring criminal property.

Despite this situation, government officials have so far resisted calls to examine bitcoin’s potential strategic role. In May 2025 Emma Reynolds, then Economic Secretary to the Treasury, said that creating a national bitcoin reserve was ‘not appropriate’ for the UK market. Instead of discussing bitcoin’s role, the recent Labour Party conference in Liverpool had a focus on digital identity, where Visa’s Mandy Lamb remarked: “the trick is how do you link payments with IDs?”

Digital ID did not feature in the Prime Minister's keynote speech. Observers suggested that the omission reflected political sensitivity. A public petition opposing digital ID cards has now gathered more than 2.7 million signatures, making it one of the largest petitions in parliamentary history. The government, however, continues to frame digital identity as a tool of economic inclusion and growth. Officials have said it could deliver a £4.3 billion boost to the economy and the Tony Blair Institute has argued that the public supports a modern identity system that would provide fairness, control and convenience.

Civil liberties groups have challenged the government’s framing of digital identity as inclusion. Big Brother Watch’s report Checkpoint Britain warns that such systems are likely to exclude rather than include, citing Britain’s poor record on major data breaches and polling that shows 63 per cent of the public do not trust the government to safeguard a universal identity database. The report also highlights the risk of mission creep, where IDs first required for public services could become mandatory for work, housing, benefits, voting and even everyday spending. Liberty has raised similar concerns, warning that digital ID systems can impose barriers for marginal communities. International examples show that schemes introduced in the name of access can end up driving exclusion.

George Orwell mural picture Southwold, Suffolk, England, Uk. (Photo by: Geography Photos/Universal Images Group via Getty Images)

Universal Images Group via Getty Images

James Dewar, an accountant and Partner at Bridge to Bitcoin, when asked about Visa’s vision of linking digital IDs to payment argued that another major concern is the concentration of power. He said, “We need to call out the unholy alliance of mega corporations and consultancy firms cosying up to governments to sell them their advice services and help build technological, legal and regulatory moats jurisdiction by jurisdiction. Whether this is in the realm of CBDCs, AI or Digital IDs. They are conspiring to aggregate power in their interests instead of innovating their products and services to benefit customers using open technologies in a free and competitive environment. Profiting from the latter may be harder work, but it is important to understand that in the digital world this is the only route through which 8 billion people will gain and retain their liberty”.

The Labour Party conference illustrated how closely government and financial incumbents are aligned on identity and payment systems. Lucy Rigby MP, now the Economic Secretary to the Treasury, described digital assets and identity as part of the UK’s strategic infrastructure. Speakers stressed interoperability and verification as foundations of the next stage of financial services.

The question of whether the Treasury should consider a strategic Bitcoin reserve to strengthen the UK’s economic position was put directly to Lucy Rigby, but went unanswered.

Peter Kyle MP, Shadow Secretary of State for Business and Trade, said that Britain should aim to build the first trillion pound business in the UK. His remark overlooked the fact that Bitcoin already exists at that scale as a global asset class. The contrast highlights the policy gap. While some ministers focus on digital identity tied to payments as a framework of control and verification, Bitcoin operates outside that framework, open to anyone with a device and an internet connection.

International examples show how far different countries are already leaning into Bitcoin. In the U.S., President Trump signed an executive order in March 2025 to establish a Strategic Bitcoin Reserve, the plan is to treat bitcoin held by the government as reserve assets, not simply liquidate them. Congress has since introduced the BITCOIN Act of 2025 to formalise and expand those policies, including potential acquisition of up to one million BTC over five years. El Salvador has adopted Bitcoin as legal tender and continues to hold it as a reserve asset.

These cases offer policy paths the UK could study, not necessarily to copy, but to see how sovereign Bitcoin exposure might be used strategically to aid growth and innovation.

Ben Cousens, founder of Antidote, the UK’s first Bitcoin incubator and accelerator for startups, says “Policy can be a lot more than just “buy bitcoin”. The UK government has repeatedly referenced its own mandate for national renewal and growth—messages we can surely all get behind. The trick is in how to facilitate and drive that growth, where establishing a productive and favourable regulatory regime for business alongside sensible guidelines for consumers should play a major role. Growth comes from enabling and empowering those who create economic value, and Bitcoin has a 15-year track record of enormous value creation that the UK should participate in whole-heartedly.”

LONDON, ENGLAND - MAY 30: In this photo illustration, a visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England. Bitcoin is a decentralised digital currency, which has been in use since 2009. (Photo illustration by Edward Smith/Getty Images)

Getty Images

Britain, with some of the highest electricity costs in Europe and billions of pounds in sovereign bitcoin holdings, faces both challenges and opportunities. Energy prices shape its prospects in energy-intensive sectors from AI to bitcoin mining, areas that governments worldwide are tying to future growth. While the Labour Party conference was underway, a representative of the Tony Blair Institute was asked how the UK could reconcile ambitions to be an AI and digital superpower with such high energy costs. The reply was that this remained ‘aspirational,’ a reminder that political ambitions are often not matched by practical delivery.

The same gap between promise and reality is evident in financial policy. On one side, digital ID is promoted as inclusion, even as civil liberties groups warn of exclusion. On the other is bitcoin, with billions of pounds now in government custody, permissionless and global. The petition against digital ID shows the strength of public concern, while the court case confirms that bitcoin is already a state controlled asset worth billions.

Whether Britain recognises it or not, these holdings place it in the global race to define the future of money, a race in which identity linked systems and permissionless networks are pulling in very different directions. The outcome will shape economic sovereignty for decades to come.