Hyperliquid has officially activated HIP-3 custom markets on its prediction-market protocol, marking one of the most significant upgrades to its on-chain infrastructure to date. The release allows approved creators to design, deploy and manage bespoke event markets with customizable parameters across liquidity models, settlement logic, collateral types and oracle configurations. The launch is intended to expand HL’s role as a modular forecasting and derivatives layer, supporting enterprise-grade market creation alongside consumer-facing prediction products. HIP-3 restructures how markets are instantiated on the network. Instead of relying solely on standardized templates, the upgrade gives developers and institutional partners access to a configurable framework that supports a wide range of use cases, including economic indicators, asset-price targets, political outcomes, sports analytics and domain-specific forecasts. Hyperliquid noted that the feature went live following a multi-stage security review and internal audit process focused on settlement integrity and oracle reliability. Functionality, design flexibility and integration potential The custom-market system introduces modular components that allow market creators to define parameters at launch, including resolution rules, market expiration, liquidity incentives, risk caps and payout formats. Hyperliquid confirmed that creators can choose between multiple settlement oracles, including decentralized oracle networks, verified third-party data providers and HL’s attestation framework for high-assurance events. Institutions and enterprise partners are expected to be the earliest adopters of HIP-3, using it to launch structured forecasting environments for internal modeling, risk assessments and market-research programs. For developers, the upgrade enables experimental market structures, including multi-outcome formats, continuous-range markets and probabilistic scoring mechanisms designed for advanced prediction communities. The increased configurability is also intended to support emerging sectors such as AI-assisted forecasting, climate-risk modeling and decentralized data-market applications. HIP-3’s architecture was built with interoperability in mind, ensuring that custom markets can interface with liquidity layers, automated-market-maker modules and cross-chain settlement infrastructure as the ecosystem expands. Market implications and competitive positioning With HIP-3 live, HL becomes one of the few prediction-market platforms offering institutional-grade customization without requiring off-chain contracts or third-party settlement agreements. Analysts note that this positions Hyperliquid competitively against both centralized prediction venues and blockchain-native platforms with more rigid market-creation rules. The launch comes at a time when demand for prediction tools has surged, driven by geopolitical events, macroeconomic uncertainty and the growing role of probabilistic forecasting in institutional decision-making. By enabling tailored markets, HL aims to capture a share of the enterprise analytics and risk-modeling sector, where firms seek flexible on-chain environments that support transparent settlement and verifiable data inputs. However, custom markets require sophisticated oversight, particularly around oracle selection and event-definition clarity. HL has emphasized that creators must follow strict guidelines for resolution criteria, data-source validation and dispute-resolution procedures. The platform has also expanded monitoring infrastructure to detect anomalies across newly deployed market types. Looking ahead, HL plans to extend HIP-3 with additional modules, including automated incentives for liquidity providers, institutional auditing tools and broader cross-chain market support. Community delegates will continue evaluating enhancements through the HIP governance process, with further iterations expected throughout the year. In summary, the activation of HIP-3 custom markets marks a pivotal evolution in HL’s prediction-market stack. By enabling tailored, verifiable and modular market creation, HL positions itself at the forefront of on-chain forecasting infrastructure, opening new avenues for institutional adoption, developer experimentation and high-fidelity probabilistic analytics.

What Does the New Judiciary Committee Report Claim? A new report from the top Democrat on the U.S. House Judiciary Committee accuses President Donald Trump of exploiting his influence over national crypto policy to enrich himself and his family. The document, released this week by Representative Jamie Raskin, alleges that Trump’s pro-crypto agenda is intertwined with private business interests that have generated “hundreds of millions” in revenue for the Trump family during the president’s current term. The committee’s minority report asserts that Trump is using the Oval Office to elevate companies connected to his family while allowing political allies and foreign nationals to gain privileged access through investments in crypto enterprises tied to Trump’s orbit. Raskin argued that the scale of potential conflicts is unprecedented. “We don’t know where all the money is coming from yet, but America has never seen corruption on this scale take place inside the White House,” he said. According to the document, Trump’s policy posture is “one more Trump family self-enrichment plan, built on pay-to-play deals and corrupt foreign interests seeking secret channels of access and influence.” Democrats do not control either chamber of Congress, so the report cannot trigger immediate action. Still, it lands at a politically sensitive moment, with crypto legislation stalling in the Senate and budget negotiations underway over healthcare and social services. Investor Takeaway The report adds a new layer of political risk for U.S. crypto markets. If control of Congress shifts in 2026, the industry’s close ties to the Trump administration could face renewed scrutiny. How Does the Report Frame Trump’s Crypto Influence? Democrats argue that Trump’s support for digital assets is driven less by innovation and more by financial gain. The report claims the president has directed investment toward his family’s business ventures, shielded political investors from regulatory investigations and pressured agencies traditionally responsible for policing illicit finance. According to the document, Trump has: Used crypto policy to promote entities tied to his family business Allowed foreign investors and individuals with criminal ties access to the White House Interfered with agencies that typically investigate bribery, online fraud and financial misconduct The report also ties Trump’s crypto posture to ongoing Democratic efforts to restrict financial conflicts of interest for senior government officials. Members of Trump’s orbit have launched or partnered with several digital asset ventures — including fundraising entities, trading platforms and crypto-related donor initiatives — that Democrats say blur ethical boundaries. How Has the Trump Administration Responded? The administration dismissed the allegations as politically motivated. Press Secretary Karoline Leavitt issued a statement defending the president’s actions and rejecting claims of misconduct. “The media’s continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public’s distrust in what they read,” she said. “Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest. Through executive actions, supporting legislation like the GENIUS Act, and other common-sense policies, the administration is fulfilling the President’s promise to make the United States the crypto capital of the world.” Trump officials have consistently argued that efforts to modernize crypto regulation benefit all Americans by boosting competition, attracting investment and keeping U.S. innovators from moving offshore. Investor Takeaway The White House’s stance remains unchanged: pro-crypto policy is an economic growth tool. The core question is whether political tensions will disrupt the industry’s legislative momentum. What Are the Policy Stakes for the Crypto Industry? The timing of the report is notable. The Senate’s crypto market-structure bill — a centerpiece of the industry’s policy agenda — remains stuck in negotiations and has yet to advance through the committees needed for a vote. Meanwhile, the administration recently secured a new stablecoin law, and regulatory agencies continue pushing forward with pro-crypto interpretations. However, the report warns that the industry’s ties to Trump and Republican leadership could become a liability if Democrats regain control of the House in the 2026 midterms. Democrats remain divided on crypto oversight, with some members supporting a regulatory framework and others pushing for stricter controls due to concerns over illicit finance and conflicts of interest. The report also highlights Democrats’ longstanding push to ban senior government officials from profiting from digital asset businesses while in office. Lawmakers have repeatedly accused Trump of enabling foreign-linked actors to spend large sums on ventures tied to the Trump family, including corporate affiliates, political vehicles and projects associated with Trump’s time in office. “Over the course of his second administration, President Trump has embarked on a singleminded, brazen campaign to pump up the cryptocurrency industry in which he is now a key player,” the Judiciary Committee document states. What Comes Next? While the report carries no legal force, it reframes the political environment around U.S. crypto policy at a crucial moment. The industry has made major regulatory gains under Trump, but its alignment with the administration leaves it vulnerable to partisan swings. Whether the report triggers a broader debate in Congress — or influences ongoing negotiations over stablecoin rules, exchange oversight and market-structure reforms — will become clearer in the months ahead.

What Does Revolut’s Expanded Nasdaq Partnership Mean? Revolut has broadened its partnership with Nasdaq to overhaul and centralise its global regulatory reporting infrastructure, reinforcing its compliance capabilities as it targets 100 million customers and expansion into 30 new markets over the next four years. The agreement places Nasdaq AxiomSL at the core of Revolut’s reporting framework, bringing the fintech closer to the standards used by global systemically important banks. The AxiomSL platform enables firms to consolidate data from disparate internal systems and convert it into structured, auditable submissions for regulators across multiple jurisdictions. Revolut has already migrated most of its European reporting to AxiomSL and recently completed the transition of its United Kingdom reporting workflows. Under the expanded partnership, Nasdaq will provide technical operations, regulatory rules updates and quality assurance across an increasing share of Revolut’s global footprint. “As we expand our global footprint, we are committed to ensuring our underlying infrastructure scales with us and strengthens our ability to operate,” said Murray Laister, Revolut’s head of group regulatory reporting. He added that Nasdaq’s platform delivers transparency and control without slowing down growth or innovation. Investor Takeaway Revolut’s move signals that large fintechs increasingly rely on the same enterprise-grade compliance engines used by major banks, reducing regulatory risk ahead of global expansion. How AxiomSL Became a Core Part of Nasdaq’s Strategy AxiomSL’s journey from a niche New York regtech startup to a cornerstone of Nasdaq’s technology suite reflects three decades of evolving regulatory demands. Founded in 1991, the firm originally solved data fragmentation and reporting inconsistencies within global banks. Its ControllerView platform gained traction after the 2008 financial crisis and the introduction of new Basel requirements. Private equity firm Thoma Bravo acquired a controlling stake in 2020 and merged AxiomSL with Calypso Technology a year later. The combined entity—renamed Adenza—bundled regulatory reporting, treasury, risk management and trading systems under one roof. Nasdaq acquired Adenza in 2023 for 10.5 billion dollars, the largest acquisition in the exchange operator’s history. Today, AxiomSL forms the backbone of Nasdaq’s shift toward subscription-based regulatory and risk technology. The platform is now embedded across most G-SIBs and increasingly, leading digital-first financial players like Revolut. For Nasdaq, winning a major fintech client reinforces its position as a long-term infrastructure provider beyond traditional markets. Why Revolut Is Strengthening Its Compliance Infrastructure Now Revolut’s enhanced partnership with Nasdaq arrives during a sensitive period. The fintech has grown from a 2015 FX card into a global financial “super-app” offering payments, banking, crypto, trading and lending services. But its rapid growth has frequently outpaced regulatory expectations. In the European Union, Revolut operates under a Lithuanian banking licence. Regulators have increased pressure on the company’s controls, most notably with a 3.5 million euro fine in 2025 for anti-money-laundering process deficiencies. Authorities found no evidence of laundering but highlighted the need for stronger governance as Revolut’s customer base expanded. In the United Kingdom, Revolut finally secured a restricted banking licence in 2024 after years of scrutiny. The licence remains in a “mobilisation” phase, requiring the firm to upgrade governance, controls and reporting structures before full authorisation can be granted. Reports in 2025 indicated regulators were still evaluating whether Revolut’s systems could support its operational scale. The deeper integration of AxiomSL is intended to resolve a long-standing challenge faced by fast-scaling fintechs: fragmented reporting systems spread across multiple jurisdictions. A unified reporting engine helps ensure data lineage, consistent controls and accurate filings across capital, liquidity, regulatory and transaction reporting regimes. For regulators, this signals a maturation of Revolut’s internal infrastructure. For Revolut, it strengthens both market credibility and the foundations needed for future licensing. Investor Takeaway Revolut is positioning itself to match big-bank compliance standards—critical for future licensing, market expansion and any plans to list publicly. What Comes Next for Nasdaq and Revolut? The expanded partnership reinforces Nasdaq’s ambition to become a central provider of regulatory infrastructure for both banks and digital-first financial platforms. As regulatory expectations tighten globally, the ability to deliver unified, auditable and scalable reporting solutions has become a competitive advantage.  

For many years, phone numbers have been the major way people verify their identity, connect with one another, and access various services. When it comes to opening a social media or bank account, almost every process requires your 11-12-digit number. However, as technology improved, phone numbers began to feel limited. Since they’re connected to countries and controlled by telecoms, they can be stolen, lost, or easily targeted for scams.  Presently, Web3 is pushing a new concept, identities that you own yourself. Therefore, instead of relying on a phone number, you can use a blockchain-based username that works on websites, apps, wallets, and financial services. This shift is raising a big question - Will Web3 usernames eventually replace phone numbers? In this article, you’ll learn how they work, why they’re important, and whether they could become the future of online identity.  Key Takeaways Web3 usernames make online identity easier because one name can function across many platforms. Web3 usernames offer stronger privacy since you can communicate without sharing personal data. Phone numbers are limited because they depend on networks, location, and traditional telecom systems.  A future in which both systems work together is more realistic than a complete replacement.  What Do Web3 Usernames Really Mean? Web3 usernames are digital names that represent you on different wallets, apps, and online platforms. Instead of long wallet addresses composed of random letters and numbers, Web3 usernames let people find your profile, send you crypto, or interact with you using a simple name.  These usernames are functional on blockchain networks. Therefore, no one can change them, take them from you, or control how you use them. When you own a username, it belongs to you fully. Additionally, since they work across many platforms, you don’t need a different username for each app. Your Web3 username follows you everywhere.  Many people believe Web3 usernames might eventually replace phone numbers in some digital interactions. They’re easy to remember, globally accessible, and don’t depend on any telecom company.  Limitations of Adopting Web3 Usernames  While Web3 usernames sound promising, there are many limitations making it difficult for them to replace phone numbers today. 1. Not everyone understands Web3 A major challenge is that Web3 is still alien to many people. Most users are very familiar with phone numbers because they’ve used them all their lives. However, Web3 usernames, digital identities, and wallets can be confusing. The adoption of Web3 usernames is slow because many people cannot create or manage them. 2. Private keys and wallets can be complicated. Web3 usernames are linked to crypto wallets. Therefore, users must manage recovery phrases and private keys. If someone misplaces their recovery phrase, they can lose access to the identity linked to their Web3 username forever. Phone numbers don’t have this type of responsibility, because you can reset your account or replace your SIM card.  3. Limited support across mainstream apps While Web3 identities are growing, many popular banks, apps, and services still depend on phone numbers for communication and login. For instance, Instagram, WhatsApp, delivery platforms, banks, and ride-hailing apps still depend on phone numbers.  4. Smart devices and internet access are required Before using a Web3 username, you need a stable smartphone, internet, and computer. In many countries, particularly in developing regions, people still depend on USSD codes and basic phones. These devices function well with phone numbers but not with Web3 systems. This creates a digital gap where only a few individuals can use Web3 identities comfortably.  5. Regulation and security concerns Governments understand phone numbers because you can easily register, track, and regulate them. In contrast, Web3 usernames are decentralized, ensuring there’s no central authority that controls them. While this is a perk, it can raise concerns about fraud, identity verification, or legal compliance.  How Web3 Usernames Could Replace Phone Numbers Web3 usernames offer features that traditional phone numbers cannot match. Here are the ways they could take over. 1. They work across many platforms and apps A phone number only works for messaging and calls. However, a Web3 username can be used for payments, joining communities, logging into websites, and verifying identities. This feature makes it more flexible than a phone number, which is limited to just telecom services. 2. They are not tied to a network or a SIM card Phone numbers depend on the telecom provider. If you lose your SIM, switch countries, or change networks, your number might no longer work. A Web3 username remains the same regardless of your location or device because it is stored on a blockchain, not a telecom system. 3. They allow borderless, direct payments Web3 usernames can receive money instantly from any location in the world. You don’t need country codes, bank accounts, or long instructions. This gives them an edge over phone numbers, which cannot receive payment directly.  4. They offer stronger control and ownership A phone number belongs to a telecom company. It can be reassigned or deactivated. However, a Web3 username is owned by you through your wallet. Nobody can take it away except if you lose your private keys. This solid ownership makes the identity portable and more secure.  5. They make online identity more unified Rather than having multiple usernames for social media, apps, and email, a single Web3 username can represent your identity everywhere. It becomes a single digital identity that simplifies how individuals find and interact with you online.  Will Web3 Usernames Truly Replace Phone Numbers If the adoption of Web3 continues to grow, communication could become global and simpler. Rather than relying on phone numbers tied to countries, users would have portable identities that can be used anywhere. This may improve security, reduce spam, and make it effortless to connect across different platforms. While it’s still early, the idea of a single digital identity could reshape how people communicate offline and online.  Conclusion: What This Shift Could Mean For The Future of Communication Web3 usernames introduce a new and flexible way to identify people online. They protect privacy, give users control, and work across different apps without phone networks. However, phone numbers are still widely used, and deeply connected to messaging, banking, and everyday communication. Therefore, Web3 usernames may not completely replace phone numbers soon, but will become a solid alternative for digital identity, especially for people who prefer global access, privacy, and decentralized platforms. Overall, we might move towards a world where both systems exist simultaneously, giving users more choice in how they communicate and connect. 

What Did the Nevada Federal Court Decide? A federal court in Nevada has delivered one of the most consequential rulings in the short history of prediction markets, declaring that contracts based on the outcomes of sporting events do not qualify as swaps under the Commodity Exchange Act (CEA). The decision effectively places these contracts outside the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC), undercutting the long-held industry assumption that federal registration shields platforms from state gambling laws. For years, prediction-market operators — including Kalshi, the most prominent federally regulated Designated Contract Market (DCM) offering event contracts — have argued that CFTC approval confers federal preemption. Under this view, once a platform operates as a CFTC-regulated exchange, state gambling regulators cannot dictate the legality of its markets. Judge Andrew Gordon disagreed. In his ruling, he emphasized that the case was not simply a narrow interpretation of the statute but fundamentally about protecting Nevada’s regulated gambling ecosystem. The state’s casinos and licensed sportsbooks, he wrote, have invested heavily in compliance and taxes — investments that would be undermined if unlicensed platforms could offer sports-related contracts nationwide under a federal derivatives framework. Gordon warned that if Kalshi’s interpretation prevailed, Nevada’s licensed operators could bypass state rules entirely by becoming federally registered DCMs, triggering what he described as “unregulated gambling” detrimental to the state’s economy and tax revenues. Investor Takeaway The ruling challenges prediction markets’ core business model. If upheld, CFTC registration alone will not protect them from state-level gambling enforcement. Why Does This Ruling Matter for Prediction Markets? Prediction markets have long relied on a simple regulatory thesis: Federal derivatives oversight displaces state gambling law. That assumption drove investor appetite and shaped the compliance strategies of platforms such as Kalshi and Polymarket. New York-based crypto attorney Aaron Brogan told CoinDesk earlier this year that the entire model hinged on this belief. “Once you’re federally registered, the states can’t regulate you,” he said, citing the Commodity Exchange Act’s authority over swaps markets. Brogan also argued that prediction markets differ from gambling because they function like exchanges, matching counterparties and charging fees rather than taking directional exposure like a sportsbook. But the Nevada court rejected this distinction in the context of sports-event outcomes, ruling that structure alone does not exempt such contracts from state gambling definitions. The decision opens the door for Nevada to treat Kalshi’s sports markets as unlicensed gambling and pursue enforcement. The state has already indicated it will oppose Kalshi’s appeal and move forward if the platform remains accessible to Nevada residents without a state license. Could This Trigger a State-by-State Regulatory Fight? Kalshi has requested a stay pending appeal. The key legal question now is whether the definition of a swap under the CEA can be interpreted broadly enough to include contracts tied to sporting outcomes. If the definition cannot stretch that far, prediction markets lose the preemption argument — the single most valuable regulatory shield in the industry. If the appeals court upholds the ruling: Prediction markets will face a state-by-state licensing landscape similar to online sports betting. Federal approval will no longer guarantee nationwide access for event-contract platforms. States with strong gaming lobbies, especially Nevada, New Jersey and Pennsylvania, may act quickly to restrict or criminalize access without state licensing. The consequences would reshape the industry. Instead of federal clarity, prediction markets would confront a compliance environment resembling the early days of online poker — fragmented, inconsistent and heavily influenced by local political pressures. Judge Gordon’s ruling also hints at broader concerns. If prediction markets could bypass gambling law by operating under the CFTC, licensed casinos might abandon state systems and migrate to federal ones. Policymakers view that as a clear threat to state tax revenues and regulatory control. Investor Takeaway If appeal courts uphold the ruling, prediction markets must prepare for the same licensing battles faced by sports betting operators — expensive, fragmented and jurisdiction-specific. What Comes Next for the Industry? The appeals process will determine whether the CEA’s swap definition can be interpreted broadly enough to pull sports-outcome contracts back under federal derivatives law. A reversal would restore the preemption model and preserve nationwide access for prediction markets. If the ruling stands, however, the industry enters uncharted territory. The DCM structure — once viewed as the turnkey compliance path — would merely be the starting point. Platforms would need to navigate: state gambling statutes written long before event-contract markets existed gaming commission oversight typically designed for casinos and sportsbooks potential criminal liability if residents in states like Nevada can access unlicensed contracts a complex patchwork of inconsistent definitions of gambling, wagering and financial derivatives The future of prediction markets may hinge not on whether the CFTC is comfortable supervising them, but whether individual states decide such contracts belong inside — or outside — their gambling frameworks. For an industry built on the assumption that federal approval was the finish line, the Nevada ruling suggests it may instead be the first step in a far more complicated regulatory journey.

Bitcoin Breaks Back Above $90K Ahead of Thanksgiving Bitcoin pushed above the 90,000-dollar mark on Wednesday afternoon during U.S. trading hours, snapping nearly a week of trading below that level. The move comes during what is normally a quiet and sometimes weak pre-Thanksgiving session. Historically, the Wednesday before the holiday has often been negative for BTC, with declines in six of the last seven years. This time, however, the tone shifted higher. After sliding to a panic low near 80,000 dollars last Friday, bitcoin has now rebounded roughly 12 percent. Even so, the broader picture remains mixed: BTC is still down 3 percent over the past week, 21 percent over the past month and 28 percent from its record high of 126,000 dollars. At the time of publication, bitcoin was trading a little above 90,000 dollars, gaining nearly 3 percent over the past 24 hours. Part of the recent strength may come from sentiment swinging too far into fear. As bitcoin reclaimed the 90,000-dollar level, traditional media outlets published a wave of negative headlines about crypto. For many long-term observers, that kind of timing often marks the end of a sentiment washout rather than the start of a deeper decline. Investor Takeaway Bitcoin’s rebound above $90K suggests the worst of the panic selling may have passed, but volatility usually remains elevated through the long holiday weekend. Why Markets Are Calming Down Into the Holiday According to Wintermute strategist Jasper De Maere, bitcoin’s volatility is easing after hitting its highest levels since April. With trading volumes thinning ahead of Thanksgiving, price moves tend to be more muted unless a major catalyst hits. Options data also shows that many traders expect bitcoin to stay in a tight range. De Maere said positioning is leaning toward selling call options and neutral strategies between 85,000 and 90,000 dollars. This usually means traders expect the market to stay relatively still and are willing to bet against large swings. In simple terms, the market looks comfortable trading sideways for now. Moves up or down are being met with selling or fading, which often keeps the price boxed in during quieter periods. Why Analysts Think the Downturn May Be Nearing Exhaustion While the short-term picture remains uncertain, several indicators suggest the recent sell-off may be close to running its course. Vetle Lunde, Head of Research at K33, pointed to bitcoin’s unusually weak performance compared to the Nasdaq. BTC has underperformed the index in 70 percent of sessions over the past month, something that has only happened a few times since 2020. Lunde said bitcoin is now about 30 percent weaker relative to the Nasdaq than it was in early October. He noted that past periods of similar underperformance typically came from very specific crypto-related shocks — such as Mt. Gox liquidations, government-driven BTC sales or major fund outflows. None of those specific triggers are present today. Instead, this downturn has been driven mostly by broad market fear and leverage unwinding. Lunde argues that this disconnect between bitcoin’s fundamentals and its recent underperformance could be creating a long-term opportunity for patient investors. Investor Takeaway Analysts say bitcoin’s sharp drop relative to tech stocks may be an overreaction. Historically, this kind of mismatch often precedes strong long-term recoveries. Panic Signals Show Heavy Selling May Already Be Behind Us K33 also highlighted several data points suggesting the sell-off is nearing saturation. During bitcoin’s slide to an intraday low of 80,500 dollars on November 21, spot trading volume surged to 14.3 billion dollars — one of the highest levels of the year. Such spikes often appear near major turning points, as both panic sellers and aggressive buyers flood the market. Other signs include: High spot trading volumes near recent lows, reflecting strong buy-side interest. A rise in CME front-month futures premiums during the dip, something usually seen near bottoming patterns. A drop in futures open interest as overheated long positions unwind. Large outflows from bitcoin ETPs that match previous panic periods. Over the past 30 trading days, exchange-traded products have seen more than 62,000 BTC in net outflows — levels not observed since mid-March. Lunde called the surge in redemptions “elevated panic,” noting that such moves often occur when sentiment overshoots reality. K33 reduced risk earlier in the downturn but re-entered partially as bitcoin fell into the low 80,000-dollar zone, expecting that a longer-term recovery may follow once the market stabilizes. What Comes Next? With Thanksgiving ahead, volumes will likely remain thin until markets return to full activity early next week. Historically, this period can limit large price swings, though unexpected news always has the potential to amplify moves when liquidity is low. BTC has managed to reclaim an important psychological level at 90,000 dollars. If the price holds above that mark through the weekend, analysts expect the market to start repairing sentiment as December begins. For now, bitcoin’s recent rebound hints that sellers may be losing momentum — and traders are watching whether the recovery gains traction once holiday conditions fade.

What Triggered Thailand’s Suspension of World’s Operations? Thai authorities have ordered World, the Sam Altman-backed digital identity project, to suspend all local activity and permanently delete biometric data belonging to more than 1.2 million users. The directive came from Thailand’s Economic and Social Development Board and was announced by the Ministry of Digital Economy and Society (MDES) on Monday. According to the ministry, World’s iris-scanning process — used to verify user identity in exchange for WLD tokens — violated Thailand’s Personal Data Protection Act. The law governs the collection, use and disclosure of sensitive information, with biometric identifiers classified under the country’s strictest data-handling framework. The enforcement move follows an October raid on one of World’s iris-scanning sites, part of an investigation into potential breaches of digital-asset regulations and data-processing rules. World’s Thai entity, represented locally by TIDC Worldverse, confirmed it has paused all verification services and removed Thailand from its active Orb-location list. The company said it was surprised by the order, stating that it believed it had complied with all local laws. Investor Takeaway Regulators are increasingly viewing biometric-crypto models as high-risk. Enforcement actions like this can weigh on token sentiment and shape how future digital ID projects approach user consent and data handling. Why Are Thai Regulators Concerned About World’s Biometric Model? Thailand cited violations of the Personal Data Protection Act, focusing specifically on the collection of iris scans in exchange for tokens. Authorities described the practice as disproportionate, opaque and potentially harmful if data were ever misused or breached. World insists its biometric process is secure. The company has repeatedly claimed it does not store raw iris images and does not use centralized biometric databases. Instead, scans from the Orb device are processed into anonymized “iris codes,” which the company says cannot be reverse-engineered into an identity. However, global regulators have expressed persistent concerns. Since early 2023, governments in Germany, Kenya, Brazil and Indonesia have either launched investigations, suspended operations or requested clarifications from the project. Many of the inquiries focus on: Data-protection compliance and whether biometric collection is lawful in each jurisdiction Transparency of user consent and whether participants fully understand how their biometric data is processed Token-for-biometrics exchange and whether it constitutes inducement or improper incentive Risks of identity theft in emerging markets where consumer protections are weaker In its statement, World Thailand argued the suspension harms users who rely on its identity-verification system to reduce fraud risk and protect themselves from AI-driven impersonation threats. The company said it would continue engaging with MDES and the Personal Data Protection Commission (PDPC) to find a resolution. How Does This Fit Into World’s Global Regulatory Struggles? Since launching as Worldcoin in July 2023, the project has drawn scrutiny across multiple regions. Indonesia began probing World earlier this year after raising concerns about operator registration and suspicious field activity. World temporarily halted local verifications as it clarified licensing obligations. In Europe, Germany’s data-protection authority has been examining whether the project complies with GDPR rules on biometric data. Kenya imposed one of the most dramatic interventions, suspending operations shortly after launch and conducting raids on local scanning locations. Despite the regulatory challenges, the company maintains that its system is designed to be privacy-preserving and secure. It also stresses that the Orb device does not transmit or store raw biometric imagery. However, authorities worldwide remain cautious, particularly as digital identity tools expand during a period of rising AI-generated fraud, deepfake-enabled impersonation and fast-evolving global privacy laws. Investor Takeaway WLD trades like a high-beta governance token tied to regulatory outcomes. Each suspension or investigation increases headline risk, which can trigger volatility even without material changes in fundamentals. What Does This Mean for World and the WLD Token? WLD, World’s native token, which is distributed to verified users, has fallen around 6 percent in the past week and traded near 0.626 dollars at the time of writing. The token is down more than 70 percent over the past year, according to CoinGecko data. Thailand’s enforcement order adds another layer of uncertainty to a project already navigating global regulatory friction. With more jurisdictions examining data-handling practices, the challenge for World is no longer limited to technical infrastructure — it is deeply intertwined with compliance, privacy expectations and public trust. For now, World has paused Thai operations but continues defending its model, stating it remains committed to building a safer digital environment and working constructively with authorities. Whether regulators accept that argument will determine how quickly — or if — the project can resume operations in Thailand and how other markets respond as global oversight intensifies.

SOPR (Spent Output Profit Ratio) is an on-chain metric that measures whether Bitcoin holders are selling their coins at a profit or loss. Created by analyst Renato Shirakashi, SOPR calculates the ratio between the price at which coins are sold and the price at which they were originally acquired. The calculation is straightforward: SOPR divides the realized value (current price) by the value at creation (purchase price) for all coins moved on-chain during a specific period. 5 Key Takeaways SOPR measures actual profitability by comparing sale prices to purchase prices. Values above 1 mean holders are selling at profit, below 1 means selling at loss, revealing true market psychology beyond price alone. The 1.0 level acts as a critical pivot point where consistent movement above or below this threshold often marks transitions between bull and bear markets. Adjusted SOPR filters out exchange noise and same-day trades by excluding transactions under one hour old, providing cleaner and more reliable signals for trading decisions. Long-term holder SOPR reveals smart money behavior and macro cycle timing, while short-term holder SOPR shows immediate market sentiment, panic selling, and FOMO buying patterns. SOPR works best when combined with complementary metrics like MVRV ratio, exchange flows, and NUPL for confirming market cycle positions and avoiding false signals. How SOPR Works When Bitcoin investors move their coins, the transaction reveals critical information about their profitability. SOPR captures this data across the entire network to produce a single ratio: SOPR > 1: Coins are being sold at a profit SOPR = 1: Coins are being sold at break-even SOPR < 1: Coins are being sold at a loss For example, if you bought Bitcoin at $30,000 and sold it at $40,000, your individual contribution to SOPR would be 1.33 (40,000 ÷ 30,000). Aggregate this across thousands of transactions, and you get the daily SOPR value. Why SOPR Matters for Market Analysis SOPR reveals the psychological state of the market by showing whether holders are willing to realize losses or take profits. This makes it a powerful tool for identifying market tops and bottoms. During bull markets, SOPR consistently stays above 1 as investors sell into strength. During bear markets, SOPR frequently dips below 1 as capitulation occurs. The transitions between these states often signal major trend changes. The metric also filters out same-day trading activity, focusing only on coins that have moved after being held for at least one hour. This eliminates noise from high-frequency trading and exchange transfers. SOPR as a Market Cycle Indicator Historical data shows SOPR behaves predictably during different market phases: Bull Market Behavior: SOPR remains elevated above 1, occasionally dipping to touch the 1.0 level during corrections. These dips to 1.0 often present buying opportunities, as holders refuse to sell at a loss even during temporary downturns. Bear Market Behavior: SOPR frequently trades below 1 as investors capitulate and realize losses. When SOPR begins consistently holding above 1 after an extended period below it, this often signals the start of a new bull cycle. Market Tops: Extreme SOPR readings above 1.1 or higher indicate widespread profit-taking and can precede major corrections. Market Bottoms: When SOPR drops significantly below 1 and then begins to recover back above it, this often marks capitulation bottoms where weak hands have exited. Adjusted SOPR (aSOPR) Adjusted SOPR modifies the standard calculation by excluding all transactions with a lifespan of less than one hour. This variant provides a cleaner signal by removing: Exchange deposits and withdrawals Same-day trading activity Operational transfers that don't represent actual holder decisions aSOPR is generally preferred for serious analysis because it focuses exclusively on economic decisions made by actual holders rather than technical movements. Trading Strategies Using SOPR Mean Reversion Strategy: When SOPR drops below 1 during a bull market, this represents holders selling at a loss—a relatively rare occurrence. These moments often provide entry opportunities as the market typically reverts to profitability. Trend Confirmation: Rising SOPR in an uptrend confirms buyer strength and profit realization. Falling SOPR during an uptrend may indicate weakening momentum before price reflects it. Divergence Analysis: When price makes new highs but SOPR fails to reach previous peaks, this bearish divergence suggests profit-taking is diminishing and momentum may be fading. Capitulation Identification: Extended periods of SOPR below 1, followed by a sustained move back above 1, often marks the end of bear markets as sellers exhaust themselves. Limitations and Considerations SOPR has blind spots that analysts must account for: Lost Coins: Bitcoin sent to inaccessible wallets appears as very old coins when eventually moved, potentially skewing SOPR readings. Exchange Activity: Despite filtering attempts, some exchange-related activity may still influence SOPR, particularly during high-volume periods. Manipulation Potential: Large holders can theoretically influence SOPR by moving coins between their own wallets, though this is economically impractical given transaction fees. Lag Effect: SOPR is a lagging indicator based on actual transactions. It confirms what has happened rather than predicting what will happen. Context Dependency: SOPR readings mean different things in different market contexts. A value of 0.98 may signal buying opportunity in a bull market but could indicate further downside in a bear market. Practical Application for Different Investor Types Long-Term Holders: Monitor LTH-SOPR to gauge when patient capital is exiting. When long-term holders begin taking profits (LTH-SOPR rises significantly), consider reducing exposure or taking partial profits. Swing Traders: Use aSOPR pullbacks to 1.0 during uptrends as entry signals. Exit when SOPR reaches extreme highs (>1.1) combined with other overbought indicators. Risk Managers: Track how long SOPR remains below 1. Extended periods suggest deep bear markets where risk should be minimized until sustained recovery above 1 occurs. Conclusion SOPR provides quantitative insight into Bitcoin holder psychology by measuring realized profitability across all on-chain transactions. Its strength lies in revealing when holders are willing to sell at losses (capitulation) or aggressively taking profits (distribution), both critical inflection points for market trends. While not a standalone trading system, SOPR forms a crucial component of comprehensive on-chain analysis. Traders who understand its nuances—particularly the differences between adjusted and unadjusted versions, and between short-term and long-term holder behavior—gain significant edge in timing entries and exits during Bitcoin's volatile market cycles. Frequently Asked Questions (FAQs) What's the difference between SOPR and aSOPR? aSOPR excludes transactions under one hour old, filtering out exchange transfers and noise. Standard SOPR includes everything. Use aSOPR for cleaner trading signals. Can SOPR predict Bitcoin price movements? SOPR is lagging, not predictive. It confirms conditions that historically precede major moves—like capitulation ending or distribution beginning—but doesn't forecast prices directly. What SOPR value indicates a buying opportunity? In bull markets, SOPR touching 1.0 often signals buy zones. In bear markets, wait for SOPR to hold consistently above 1.0 after extended time below it. Why does SOPR spike or crash suddenly? Old coins moving create high ratios; recent coins sold at loss create crashes. Whale movements and exchange activity cause temporary distortions. Focus on trends, not single days. How do LTH-SOPR and STH-SOPR differ? LTH-SOPR (155+ days) tracks experienced holders marking cycle tops. STH-SOPR (<155 days) shows newer participants who panic sell bottoms and FOMO buy tops.

Ethereum is back in focus as bulls lean into a potential recovery. ETH is trading around $2,900 today, with a slight move up on the day as the asset follows other large caps like Bitcoin, Solana, and XRP. But Ethereum’s real potential may only just be starting to unfold. The belief in a new price upswing for ETH is being driven by two big themes. First, traders are leaning into predictions of a Federal Reserve rate cut in December after a clear risk-on day pushed majors toward key resistance levels and lifted the global crypto market cap by more than 2.5% earlier in the week. Second, and more Ethereum-specific, regulators have now approved US banks to hold ETH for clients in regulated custody setups, alongside updated guidance that lets institutions maintain ETH accounts for gas fees. That kind of structural demand story is what long-term bulls want to see as Ethereum matures. While ETH continues attacking the $3,000 level, traders who want higher upside are again gravitating toward crypto presales tied to live products rather than just ideas. Best Wallet Token (BEST) has been a particular magnet for capital this year as the biggest wallet token presale ever, with over $17.5 million raised. The price for this wallet-utility token is still very affordable at only $0.026005. However, as the presale will conclude in less than 48 hours, this could be the last opportunity to get your hands on BEST at a discount. Ethereum Price Eyes $3,000 as Doors Open for Institutions On the charts, Ethereum has already prodded the $2,980 to $3,000 zone several times this week. Short-term analysis shows ETH trading above $2,800 after breaking a bearish trendline near $2,950, but repeatedly running into sellers around $3,000 - which remains the critical breakout level for momentum traders. The regulatory catalyst behind the latest push is unusually clear. Fresh guidance confirms US banks can now custody Ethereum for clients, giving high-net-worth and institutional investors a compliant route into the asset, while earlier rules already let banks hold ETH specifically to pay network gas fees. Together, these decisions deepen the link between traditional finance and Ethereum’s base layer. Macro conditions are adding extra fuel. Earlier this week, major coins jumped as traders priced an 80% chance of a December Fed cut and pushed the global crypto market cap to just over $3.03 trillion, with ETH rushing toward $3,000 again before cooling slightly. That kind of shift from fear to cautious optimism often precedes stronger follow-through if resistance finally breaks. If ETH can flip 3,000 into solid support, attention is likely to swing back to ecosystem plays that live on the network itself. Non-custodial wallets, staking hubs, and presale launchpads that already sit on Ethereum are obvious beneficiaries of deeper institutional involvement, which is why projects like Best Wallet Token (BEST) are attracting such aggressive flows as traders hunt leveraged exposure to an Ethereum recovery. Token-Powered Non-Custodial Wallet Raises Biggest Presale Funds in Sector History Best Wallet is a mobile-first, non-custodial crypto wallet that’s already live and functioning on its own, and is designed specifically to work with the BEST utility token. The app integrates institutional-grade Fireblocks MPC-CMP security, supports dozens of blockchains, and lets users trade crypto and manage portfolios directly from their smartphones. The wider ecosystem goes beyond basic storage. Best Wallet folds in a cross-chain DEX aggregator with precise routing, so users can access liquidity from hundreds of decentralized exchanges across more than 60 networks. An extensive future roadmap also features updates like the Best Card, which aims to simplify everyday spending with crypto and cashback rewards paid in BEST. Crucially, BEST is wired into the core mechanics of that ecosystem. Holders gain reduced trading fees in the wallet and DEX, boosted staking yields, early access to new token launches via the in-app Upcoming Tokens portal, and governance rights. The tokenomics outline the minting of 10 billion BEST with no seed or private sale, with 8% reserved for staking rewards and a sizable 35% for marketing to drive user growth. In a recent YouTube review of BEST, analyst Borch Crypto singles out the token as one of the most compelling presales of this cycle, arguing that presale allocations are “flying off the shelves” ahead of DEX and CEX listings. He highlights the planned Best Card with up to 8% cashback in BEST as a killer hook for mainstream users, with the unprecedented presale traction for a wallet token reaffirming the possibility of 100x upside after listing. Best Wallet Token Presale Nears Deadline With Less Than 48 Hours Left The presale itself is now in the final stretch. Best Wallet Token has raised over $17.5 million so far and could be targeting over $18 million by the time the sale closes on November 28 at 12:00 UTC. The current and final presale price is $0.026005 per BEST, reflecting a series of incremental price steps from an original floor near $0.0225, which gives early investors a sizable (but not excessive) initial upside. Momentum has stayed strong throughout the year-long presale, even during the recent market slump. Six-figure daily inflows during the final week show that investors are prioritizing live infrastructure projects over pure narratives. With only two days remaining before listings and token generation, late buyers are effectively treating this as a last chance to secure BEST at its presale price. BEST can be locked directly from the presale into the native staking contract, with this rewards system continuing post listing. Staking is currently paying around 75% annualized rewards, distributed at a rate of 101.21 tokens per Ethereum block over a three-year schedule. That impressive APY is well into double digits above typical Ethereum staking yields, and tightens circulating supply ahead of exchange listings. As Ethereum grinds toward the $3,000 level and US banks move into regulated ETH custody, Best Wallet Token’s fully audited presale is nearly sold out. For less than two days, investors looking for leveraged exposure to the next uptrend can still buy BEST at a discount - but after that, the market takes over. Visit Best Wallet Token Presale

KEY TAKEAWAYS Fees, spreads, and network costs can significantly affect crypto investment returns. Low-fee centralized exchanges using bank transfers are often the cheapest for beginners. Peer-to-peer and decentralized exchanges can reduce costs for advanced users. Dollar-cost averaging helps manage volatility but requires low transaction fees. Balancing cost with security ensures savings aren’t lost to hacks or platform failures.   Cryptocurrency has moved from niche curiosity to mainstream investment in less than a decade. As more people look to enter the market, one question frequently arises: What’s the cheapest way to buy crypto? Fees, spreads, exchange rates, and hidden costs can significantly impact your returns, especially if you’re investing small amounts. While buying crypto has never been easier, navigating the landscape to minimize expenses requires understanding the types of platforms, fees, and strategies available. This article explores the least expensive ways to buy cryptocurrency today, helping both beginners and experienced traders optimize their investments. Understanding the Costs of Buying Crypto Before comparing options, it’s important to understand the different costs involved. The total expense of buying crypto usually goes beyond the sticker price and can include: Trading Fees: Many exchanges charge a percentage per transaction. Even 0.5–1% fees can reduce returns over time. Spreads: The difference between the buy and sell price. Some platforms advertise low fees but have a high spread. Deposit and Withdrawal Fees: Adding money to an exchange can incur charges depending on the payment method. Network Fees: Certain cryptocurrencies, like Bitcoin and Ethereum, have blockchain fees for transactions. Even small fees matter for small purchases. For example, paying $5 in fees on a $50 purchase is a 10% cost, whereas the same $5 on a $1,000 purchase is negligible. Understanding these costs is the first step toward finding the cheapest way to buy crypto. Using Cryptocurrency Exchanges Cryptocurrency exchanges are the most common way to buy crypto. They fall into two categories: centralized exchanges (CEXs) and decentralized exchanges (DEXs). Centralized Exchanges (CEXs) Centralized exchanges like Binance, Coinbase, Kraken, and Gemini act as intermediaries. They typically offer high liquidity, a wide selection of coins, and user-friendly interfaces. The downside is that they often charge trading fees, deposit fees, or spreads. Some exchanges have tiered pricing depending on trading volume, and others offer discounts if you use the platform’s native token. For example, Binance charges a 0.1% fee per trade, which is among the lowest in the industry. To buy cheaply on a CEX, consider: Choosing exchanges with low trading fees. Using limit orders instead of market orders to avoid paying the spread. Opting for bank transfers rather than credit/debit cards, which can carry higher fees. Overall, CEXs can be inexpensive if you plan carefully and use fee-saving strategies. Decentralized Exchanges (DEXs) DEXs like Uniswap or PancakeSwap allow peer-to-peer crypto trading without intermediaries. DEXs often avoid traditional trading fees, but users must pay network (gas) fees, which can be high on Ethereum, especially during peak usage. The least expensive DEX purchases often occur: On layer-2 networks like Arbitrum or Optimism With cryptocurrencies that have low network fees, like Binance Smart Chain tokens DEXs can be ideal for smaller, tech-savvy investors who want direct ownership of their crypto without centralized intermediaries. Using Peer-to-Peer (P2P) Platforms Peer-to-peer platforms connect buyers and sellers directly. Examples include Binance P2P, LocalBitcoins, or Paxful. These platforms often have zero or very low trading fees, because transactions occur directly between users. Key tips for buying cheaply via P2P: Compare exchange rates offered by multiple sellers. Some may charge a small premium. Use secure platforms with reputation systems to avoid scams. Opt for bank transfer or stablecoin payments, which usually have lower fees than credit cards or online wallets. P2P trading can be cheaper than exchanges, especially in countries where payment processors charge high fees. It also allows for more flexible payment options, sometimes without any intermediary taking a cut. Buying Directly With a Bank or Payment App Some apps and platforms allow users to buy crypto directly using a bank account or payment service like Revolut, Cash App, or PayPal. These platforms offer convenience and instant access, but fees can vary widely. Cash App: Charges 1.76% on buys and sells. PayPal: Charges around 0.5% spread plus a small transaction fee. Revolut: Offers commission-free crypto up to certain monthly limits, after which fees apply. While these platforms are user-friendly, they are rarely the cheapest option. Fees are baked into spreads, and you often don’t own private keys directly, which may be a concern for some users. Using Crypto Brokers Crypto brokers, such as eToro or Robinhood, offer a simple way to buy crypto. They set their own prices and often include hidden spreads in addition to low or no trading commissions. While convenient, this can make purchases slightly more expensive than using a CEX or P2P platform. Brokers are best for: Beginners who prioritize simplicity Investors who value regulatory oversight and insurance Those investing small amounts where a slightly higher fee is acceptable However, for minimizing costs, brokers are generally less competitive than low-fee exchanges or P2P platforms. Strategies to Reduce Fees Regardless of platform, there are practical strategies to make buying crypto cheaper: Buy Larger Amounts Less Frequently: Fees are often percentage-based, so buying $1,000 once is cheaper than buying $100 ten times. Use Limit Orders Instead of Market Orders: Avoid paying the spread. Choose the Right Payment Method: Bank transfers usually have lower fees than credit cards. Use Exchange-Native Tokens or Discounts: Some platforms reduce fees if you hold or pay with their token (like Binance’s BNB). Consider Stablecoins for Transfers: USDT, USDC, and BUSD can reduce network fees when moving funds between platforms. Following these strategies can reduce fees from several percentage points to fractions of a percent, saving you hundreds of dollars over time for larger investments. Understanding Network Fees For cryptocurrencies like Bitcoin and Ethereum, network fees (gas) are unavoidable. These are payments to miners or validators for processing transactions. Network fees fluctuate based on congestion and demand. Tips for minimizing network fees: Transact during off-peak hours to take advantage of lower congestion. Use layer-2 solutions like Polygon, Arbitrum, or Optimism to reduce Ethereum gas costs. Batch transactions if moving multiple tokens at once, when possible. Even when using the cheapest platform, ignoring network fees can make a small investment disproportionately expensive. Using Dollar-Cost Averaging (DCA) Dollar-cost averaging is a strategy where investors buy a fixed amount of crypto regularly instead of all at once. While it doesn’t reduce per-transaction fees directly, DCA: Smooths out volatility Helps avoid buying at market peaks Allows smaller investors to manage fees effectively When using DCA, choosing low-fee platforms becomes critical to ensure the repeated small purchases don’t eat into your returns. Balancing Cost with Security While minimizing fees is important, it should never come at the expense of security. Cheap exchanges or P2P platforms may be attractive, but always verify: Platform reputation Two-factor authentication (2FA) Cold storage options for long-term holdings Owning your private keys and using secure wallets ensures that the cost savings from cheap purchases are not lost to hacks or platform failures. Maximizing Your Crypto Investment: Balancing Cost and Security The least expensive way to buy crypto depends on your priorities, investment size, and technical comfort. For most beginners, low-fee centralized exchanges using bank transfers or limit orders offer a balance of cost, convenience, and security. Advanced users may save more by using P2P platforms, decentralized exchanges on low-fee networks, or layer-2 solutions. Ultimately, minimizing fees requires a combination of platform choice, payment method, trading strategy, and awareness of network costs. By carefully planning purchases, investors can significantly reduce costs and maximize their exposure to cryptocurrency without unnecessary expense. In today’s market, research, patience, and smart platform selection are the keys to buying crypto as inexpensively as possible. FAQs What is the cheapest way to buy crypto for beginners? Using a low-fee centralized exchange with bank transfers and limit orders typically minimizes costs. Are peer-to-peer platforms cheaper than exchanges? They can be, especially for small or flexible transactions, but buyer safety and reputation checks are essential. How do network (gas) fees affect the cost? Network fees are unavoidable for blockchain transactions, but can be reduced with layer-2 solutions or off-peak timing. Can dollar-cost averaging save money on fees? DCA doesn’t reduce fees directly, but choosing low-cost platforms makes repeated purchases affordable. Should cost savings outweigh security concerns? No. Always prioritize secure platforms, cold storage, and 2FA to ensure your crypto is protected. References Koinly: 12 Lowest Fee Crypto Exchanges in 2025 Investopedia: Best Crypto Exchanges and Apps for December 2025 Exolix: Crypto Trading Fees: Comparing Crypto Fees

KEY TAKEAWAYS Crypto volatility drives dramatic headlines and reinforces the perception of instability. Regulatory scrutiny worldwide amplifies the idea of systemic risk. High-profile scandals and corporate collapses make digital assets appear fragile. Media framing and social amplification magnify negative stories, feeding the downfall narrative. Comparing crypto to traditional investments highlights risk and volatility, shaping public perception.   Cryptocurrency has been a story of extremes: explosive growth, dramatic crashes, regulatory scrutiny, and endless debate over its legitimacy. Over the last several years, the media has played a major role in shaping public perception of crypto.  Among financial publications, The Economist has a reputation for authoritative analysis, but even it has been criticized for portraying cryptocurrency in a negative light, particularly with articles framing crypto as entering a "downfall" phase. Understanding what caused this narrative requires looking at multiple factors: market performance, regulatory pressure, technological skepticism, and the media's own incentives in reporting financial trends. Volatile Market Performance Fuels Headlines One of the most visible causes of this "crypto downfall" narrative is the inherent volatility of cryptocurrency markets. Unlike traditional assets, crypto prices fluctuate wildly, often moving double-digit percentages within days. Significant crashes, such as Bitcoin's fall from nearly $70,000 in late 2021 to below $20,000 in 2022, or Ethereum's multiple flash crashes, provided the raw data that journalists could frame as a "collapse" of the market. For financial reporters, dramatic numbers attract readers. A narrative highlighting failure or decline makes for a compelling story, even when it overlooks the long-term upward trends or periods of recovery. With its global audience, it has historically highlighted these downturns to explain the risks and fragility of crypto, emphasizing volatility as a fundamental challenge to its adoption as a mainstream financial instrument. Regulatory Pressure and Legal Uncertainty Another major driver of negative crypto narratives is the rise of regulatory scrutiny worldwide. Governments and financial authorities have been gradually tightening oversight. From the U.S. Securities and Exchange Commission (SEC) taking action against unregistered crypto exchanges, to China's outright bans on mining and trading, regulatory news provides concrete examples for headlines. Many reports often emphasize these legal pressures as evidence that crypto faces systemic challenges. Regulations impact market sentiment, investor confidence, and adoption rates. By focusing on government crackdowns, publications can frame the story as a "downfall," even though many crypto advocates view regulation as a step toward legitimacy and long-term stability. The tension between innovation and compliance makes for a story where risk and vulnerability dominate the narrative. High-Profile Scandals and Corporate Failures Scandals, fraud, and the collapse of exchanges have hurt crypto's reputation over and over again. The idea of a market in trouble was fuelled by stories like the FTX bankruptcy in 2022, the Celsius Network liquidity crisis, and a number of rug pulls and Ponzi schemes. Headlines that use words like "collapse," "fraud," or "meltdown" are more likely to get people to read them, but they also make people think that all cryptocurrencies are unreliable. The story is made even stronger by the fact that some failures were so big; for example, FTX's multi-billion-dollar collapse gave journalists a real-life example of a risk of crypto that could not be ignored. Skepticism About Cryptocurrency's Practical Use Cases The narrative has also looked into doubts about the usefulness and economic value of crypto. Critics say that digital assets don't have many real-world uses, are mostly for speculation, and use too much energy, especially proof-of-work cryptocurrencies like Bitcoin. Many articles that talk about these issues say that cryptocurrency is overhyped or has serious problems at its core. People tend to talk more about speculative trading than practical uses of blockchain technology, even though it has a lot of potential in areas like decentralised finance, supply chain tracking, and tokenised assets. Media's Natural Bias Toward Dramatic Storytelling Journalistic practices are also important. Newsrooms depend on interesting stories to get people's attention. When it comes to financial reporting, downturns get more readers than slow, steady growth. People are more likely to be interested in stories about loss or crisis because they make people feel more strongly and get involved. The way the media talks about cryptocurrencies as being on the decline is partly because of their own interests, not because they are doing a purely objective analysis of the market. Even articles that are well-researched and balanced can use language that suggests failure or risk because dramatic storytelling gets more clicks, subscriptions, and influence. In other words, part of the "crypto downfall" narrative exists because negative framing aligns with media dynamics and audience behavior. Comparison With Traditional Finance Another factor is how crypto is measured against traditional finance. Many articles compare cryptocurrencies to established asset classes like equities, bonds, and fiat currencies. These comparisons often highlight crypto's lack of regulation, volatility, and inconsistent returns relative to traditional investments. While such analysis is valid from a risk-assessment perspective, it naturally portrays crypto as fragile or inferior in stability. By continually emphasizing these contrasts, the narrative tilts toward downfall rather than balanced evaluation, especially for readers accustomed to the predictability of conventional markets. Influence of Social Media and Amplification Social media amplifies volatility in perception, not just in price. Platforms like Twitter, Reddit, and TikTok can rapidly spread stories of crashes, hacks, or FUD (fear, uncertainty, doubt).  When sensational stories go viral, traditional media—including respected publications—may report on them to provide context. While this is intended to inform, it can reinforce the impression of a market in crisis. The speed and reach of social media, combined with algorithmic amplification of negative news, make it easy for downturns to appear larger or more catastrophic than they may objectively be. The Role of Historical Cycles in Narrative Formation Crypto markets are cyclical, with patterns of hype, bubble-like growth, correction, and recovery. These cycles naturally lend themselves to dramatic framing. Publications may report extensively on downturns because they coincide with major corrections after periods of rapid price growth. This cyclical pattern reinforces the "downfall" narrative because each correction is interpreted as evidence of systemic weakness, rather than a normal part of a volatile market. While historical context is often included in reporting, the focus on immediate losses resonates more strongly with readers and feeds the perception of an ongoing decline. Investor Psychology and Public Perception Finally, the narrative is amplified by the psychology of investors and the public. People tend to remember losses more vividly than gains, and media coverage plays into this cognitive bias. Reporting large-scale failures, market crashes, and regulatory setbacks aligns with these psychological tendencies. When combined with social proof and fear of missing out (FOMO), the narrative can appear self-reinforcing. Negative stories attract attention, which increases scrutiny, which then generates more negative coverage. In this way, investor psychology and media framing interact to create a persistent "crypto downfall" narrative. Understanding The Narrative There are a number of reasons why The Economist says that cryptocurrency is in a "downfall" phase. Market volatility, regulatory scrutiny, high-profile scandals, practical scepticism, and media incentives all have an effect. The idea of decline is also strengthened by social media, historical cycles, and how investors think. It's important to remember that the "downfall" story isn't always a full or unbiased view of the cryptocurrency market. The story often focuses on extreme events instead of long-term trends, practical uses, or recovery cycles, even though there are risks and failures. Knowing where this framing comes from helps readers understand crypto news in a more nuanced way, separating sensationalised reporting from useful analysis. The crypto market is always changing, and so are the stories about it. People who read respected publications like The Economist should carefully think about both the data and the stories they tell. FAQs Why do media outlets report crypto as in “downfall”? Because volatility, scandals, and regulatory pressures create dramatic stories that attract attention and readership. Does the narrative reflect the actual long-term potential of crypto? Not necessarily. While risks exist, the market continues to evolve with innovation, adoption, and recovery cycles. How does comparing crypto to traditional finance affect perception? Highlighting crypto’s volatility and lack of regulation relative to stocks or bonds can make it appear unstable or fragile. Are social media and viral stories influencing mainstream coverage? Yes. Rapid amplification of crashes, hacks, and scams increases media attention, reinforcing the downfall narrative. How can investors critically assess crypto reporting? Focus on fundamentals, long-term trends, and diversification rather than only sensational headlines to form an informed view. References The Economist: Crypto got everything it wanted. Now it’s sinking Btcc: Why the Crypto Crash Occurred: Experts Insights and What’s Next for Investors Cryptodamus: CRYPTO CRASH 2025: Timeline, Causes & What's Next Brokerflat: Cryptocurrencies vs Traditional Assets: What’s the Difference?

The cryptocurrency market is limping into the final stretch of November with a market cap of just over $3 trillion. The latest weekly drawdown can be attributed to traders trimming risk after a sharp correction from October’s highs - and Bitcoin is still the anchor, trading between $86,000 and $87,000 and moving in a tight range. Softer expectations for near-term rate cuts and fading momentum across crypto blue chips have kept sentiment cautious rather than euphoric. High-risk, high-reward corners of the market have seemingly taken the hardest hit. The meme coin sector has dropped to new yearly lows, shedding more than $5 billion in value on Friday, with many flagship meme coins posting double-digit weekly losses. Yet pockets of strength remain: SPX6900 is trading at $0.65, up 17.8% over the past week, showing that select meme coin picks can deliver outsized returns.  Meanwhile, new altcoin launches - this time in the form of Monad’s high-speed EVM Layer 1 that skyrocketed over 33% in a day - are showing us that the market is still looking for profitable picks. At the same time, crypto presales continue to raise substantial capital, as fixed presale pricing and staking rewards offer a way to de-risk short-term volatility while still targeting outsized upside.  Whether it’s raw utility, short-term hedging, or community-driven upside, capital is still ready to move wherever the risk-reward profile looks attractive. In this article, we’ll take a closer look at SPX6900, Monad, and three more altcoins that could benefit the most in 2025 and beyond. Monad and SPX6900 Lead in Gains as Crypto Market Struggles Crypto investors are still under pressure, with the market’s total value still around the $3.07 trillion mark after shedding hundreds of billions of dollars since early October’s peak. Bitcoin is consolidating between $86,000 and $87,000, with several attempts to break above the zone fading as traders stay cautious on leverage and wait for clearer signals on interest rates. Despite this restrictive environment, SPX6900 and Monad have broken away from the pack. SPX6900 has rallied from roughly $0.43 on November 23 to over $0.66 today, a move of more than 50% in just a few days, while its 24-hour gains still sit at 33%. Monad’s story is even more dramatic: A staggering 7.5 billion MON were sold to the public at $0.025 between November 17 and 22, implying a multi-billion-dollar fully diluted valuation. The project’s token launch went smoothly, with the token now trading near $0.046 – up around 80% from the sale price and more than 30% on the day, with a market cap of $520 million. With crypto blue chips choppy and many altcoins in the red, investors are increasingly rotating into presales that offer fixed entry prices and long-term upside. In the next sections, we look at three such projects that could be positioned for strong Q4 gains if this rotation continues. Bitcoin Hyper (HYPER) Bitcoin Hyper aims to create a high-speed BTC Layer 2 network to address the base chain’s slow confirmation times, high fees, and lack of native smart contracts. Instead of competing with Bitcoin, it anchors to BTC while running the high-throughput Solana Virtual Machine (SVM).  This setup is designed to deliver near-instant transactions with fees around a cent, while supporting DeFi, NFTs, gaming, and other dApps that settle back to Bitcoin’s proof-of-work security. The HYPER token sits at the center of the ecosystem. It’s used for gas, staking, and governance, with a presale structure that steadily raises the token price at each stage. So far, the presale has raised over $28.5 million, placing Bitcoin Hyper among 2025’s largest ongoing raises. Early contributors can also stake HYPER at an APY of about 41%, earning yield from day one while they wait for the mainnet launch and exchange listings. For investors who are bullish on Bitcoin’s long-term role but want more than passive exposure to BTC itself, a scalable Layer 2 with built-in staking and dApp potential is an appealing angle. That mix of Bitcoin-centric utility, fundraising momentum, and yield is what makes Bitcoin Hyper one of the best crypto presales on the market. Visit Bitcoin Hyper Presale Best Wallet Token (BEST) Best Wallet Token is the utility and rewards layer for the broader Best Wallet ecosystem, tying real app usage to a single asset. Inside the mobile-first, non-custodial wallet, users can buy, store, send, swap, and stake assets across major networks like Bitcoin, Ethereum, Solana, BNB Chain, Polygon, Base, and others from one interface instead of juggling multiple apps. An integrated cross-chain swap functionality connects to hundreds of liquidity sources, so trades can be routed at competitive rates directly from the wallet. On the roadmap, the team is also building a crypto debit card (Best Card), derivatives trading exchange, and staking aggregator, as well as introducing advanced order types for pro-level traders. BEST will unlock these features by offering reduced fees, boosted staking rewards, and priority access to future token launches and governance. The presale has already raised over $17.5 million, signaling strong demand for a token tied to a live product with clear expansion plans. Stakers are currently earning 75% APY, giving early adopters an extra incentive to commit. With just two days left, this is effectively the last chance to get BEST at $0.026005 before exchange listings and full market price discovery. Visit Best Wallet Token Presale PEPENODE (PEPENODE) PEPENODE is a “mine-to-earn” meme coin that swaps physical mining rigs for virtual server rooms. Built on Ethereum, it lets users assemble digital nodes inside a browser-based dashboard, upgrade their rigs over time, and earn meme coin rewards based on how efficiently they configure their setups. The internal logic is handled by smart contracts, with Ethereum taking care of security and transaction finality, while a built-in burn mechanic permanently removes 70% of tokens spent on miners and upgrades. This gives the project a mix of meme culture, gamified mining, and deflationary tokenomics rather than relying purely on hype. The presale has already attracted over $2.2 million from early buyers, with staged price increases encouraging investors to commit before later rounds. On top of that, early supporters can stake their PEPENODE tokens at an industry-leading APY of about 587%, giving them boosted yields while they wait for the full game rollout and exchange listings. If the team delivers on its roadmap – including a deeper on-chain game, NFT-based upgrades, and cross-chain routing for additional meme coin rewards – PEPENODE could offer both high-yield staking and speculative upside from its virtual mining economy. That combination is what makes PEPENODE one of the best altcoins on the market for investors who want meme coin exposure with a clear utility hook. Visit PEPENODE Presale

KEY TAKEAWAYS Simply buying crypto isn’t enough; knowledge, strategy, and active engagement are essential. Emotional discipline and risk management protect gains in a volatile market. Networking and early access to opportunities can significantly increase returns. Regulatory awareness and compliance are critical for preserving wealth. Patience and a long-term perspective are key to sustained crypto success.   Stories of early adopters turning a few hundred dollars into millions have made people all over the world interested in crypto wealth. People are drawn in by the promise of quick and huge profits, whether it's Bitcoin, Ethereum, or a thousand other altcoins.  Yet, while investing in crypto is an essential part of building wealth, it is far from sufficient on its own. Becoming a crypto millionaire is not just about buying the right coin at the right time; it requires a combination of strategy, knowledge, risk management, mindset, and active engagement in the crypto ecosystem. Investing Alone Isn't Enough A lot of people get into crypto with the same goal: to buy some coins and hold onto them until they "moon." Some early adopters have become millionaires thanks to luck and timing, but relying only on investment returns is very risky. Cryptocurrency prices can change by 20% in a single day, and small mistakes can cost you years of gains. For example, just buying Bitcoin in 2025 won't make you rich. The market is now more advanced, crowded, and competitive than it was when Bitcoin first came out. Long-term investing is important, but you need to use other methods as well. It's important to know when to hedge or diversify, keep an eye on your portfolio, and understand market trends. It's not enough to just put money into a token to become rich in crypto. You also need to make smart choices, be flexible, and understand that holding is only one part of the puzzle. Knowledge and Continuous Learning Are Essential Unlike traditional stocks, cryptocurrency is an entirely new asset class with unique characteristics. Technologies such as blockchain, decentralized finance (DeFi), non-fungible tokens (NFTs), and layer-two solutions are constantly evolving. Successful crypto investors are often avid learners, spending hours understanding the technical, regulatory, and market dynamics that influence token value. Simply knowing a coin's price history is not enough. One must understand the ecosystem in which the coin operates, its use case, adoption potential, and competition. For example, a token with strong utility, active developer support, and a growing user base is generally more likely to retain long-term value than a token driven purely by hype. Crypto millionaires aren't born; they are built through constant research and staying ahead of trends, learning from failures, and applying that knowledge strategically. Networking and Access to Opportunities Becoming a crypto millionaire often involves more than buying publicly available tokens on exchanges. Early access to private sales, pre-launch tokens, or venture opportunities can provide exponential returns. These opportunities are rarely advertised broadly; they are shared within communities, through professional networks, or via crypto-focused platforms and newsletters. Building relationships in the crypto world is, therefore, crucial. Engaging in forums, Discord servers, or attending blockchain events can open doors to information and opportunities that ordinary retail investors might miss. Connections with developers, founders, and other investors often give early insight into promising projects. In many cases, crypto wealth is as much about access and information as it is about capital. Risk Management is a Core Skill Crypto markets are famous for both enormous gains and catastrophic losses. Even the most promising projects can fail due to regulatory challenges, technical flaws, or market sentiment. Aspiring crypto millionaires know that managing risk is as important as identifying opportunities. Diversification, position sizing, and stop-loss strategies are standard tools to protect wealth. For example, investing solely in one highly volatile token can be financially devastating. Spreading capital across different projects, including stablecoins and blue-chip assets like Bitcoin and Ethereum, provides a safety net.  Additionally, understanding macroeconomic trends, regulatory developments, and global market sentiment can help reduce exposure to systemic risk. Becoming a crypto millionaire requires discipline to cut losses and protect gains, not just optimism about market growth. Emotional Discipline and Mindset One of the biggest problems with building wealth in crypto is emotions. Fear, greed, FOMO (fear of missing out), and panic selling have hurt more portfolios than market crashes alone. It is very important to learn how to control your emotions. Successful investors stick to their plans, don't make decisions on the spur of the moment, and don't let short-term volatility affect their long-term strategy. Your mindset also helps you find chances and get through tough times. Long-term winners are different from those who burn out early because they see market dips as chances instead of crises and stay patient during long periods of sideways movement. To be wealthy in crypto, you need more than just money. You also need emotional capital, which means being able to handle uncertainty and volatility. Active Participation Beyond Holding While holding ("HODLing") can create wealth, the most successful crypto millionaires often engage actively in the ecosystem. This can include: Staking and Yield Farming: Earning passive income from holding assets in protocols. Liquidity Provision: Supplying funds to decentralized exchanges for fees and rewards. NFT Flipping or Digital Collectibles: Participating in niche markets that require knowledge and timing. Project Involvement: Advising, contributing to development, or early investing in innovative projects. Active participation not only generates additional returns but also increases knowledge and insight. People who immerse themselves in the crypto ecosystem often spot trends and opportunities before they hit mainstream awareness. Regulatory Awareness and Compliance To be rich in crypto, you also need to know the rules. A lot of people who want to be millionaires don't think about taxes, reporting requirements, and legal risks. If you don't pay attention to these things, you could get fined or even charged with a crime, which would wipe out any gains. It is not up for debate whether or not you need to know the rules in your area and around the world, report capital gains correctly, and follow the law. People who deal with a lot of money often need professional help, and knowing the rules can make the difference between long-term success and costly mistakes. Timing and Market Cycles Matter Timing is very important for building wealth, even if you have knowledge, discipline, and a plan. Bull runs, corrections, and bear markets are all parts of the market cycle. People who want to become crypto millionaires need to know how these cycles work and how to take advantage of them. If you buy a promising token at the wrong time in a market cycle, you could lose out on potential gains. But if you invest at the right time during early adoption or dips, you could make a lot of money. Timing isn't just a matter of luck; it's based on research, trend analysis, and experience reading market signals. Patience and Long-Term Perspective Patience is probably the most important thing that people forget about when trying to build wealth in crypto. A lot of new investors think they'll be successful right away because of stories that go viral about huge returns. But it usually takes years of disciplined investing, learning, and being involved to build up a lot of wealth. The market rewards people who can handle ups and downs, keep learning, and reinvest their profits in smart ways. Being patient lets you take advantage of opportunities that impulsive investors miss, learn from your mistakes, and let your money grow. Crypto Millionaires Are More Than Investors Buying tokens is not enough to make you a crypto millionaire. It takes a whole-person approach that includes learning about money, doing research, making connections, managing risk, controlling your emotions, following the rules, being active, being patient, and being on time. People who become millionaires overnight are not the norm. People who see the crypto market as a living ecosystem instead of a lottery ticket are the ones who build long-term wealth. People who want to invest need to understand that money alone won't guarantee success. The size of an initial investment doesn't always matter as much as what you know, how you plan, and how you act. Those who do well mix money with knowledge, patience, and being involved. Anyone can improve their chances of getting real wealth, not just short-term gains, by being disciplined, learning about cryptocurrency, and thinking about the long term.  FAQs  Can anyone become a crypto millionaire just by investing? No. While investing is important, achieving millionaire status requires knowledge, strategy, risk management, and patience, not just luck. How does knowledge impact crypto wealth-building? Understanding blockchain, DeFi, NFTs, and project fundamentals helps investors make informed decisions and identify sustainable opportunities. Why is networking important in crypto? Early access to private sales or emerging projects often depends on connections and community engagement, giving informed investors a competitive edge. What role does emotional discipline play in crypto success? Discipline prevents impulsive decisions driven by fear, greed, or FOMO, allowing investors to stick to long-term strategies through volatility. Is patience really necessary for crypto millionaires? Yes. Sustained wealth is built over years through disciplined investing, reinvesting gains, and weathering market cycles rather than seeking instant profits. References Vezgo: Crypto Millionaires: Stories of Early Adopters Cointree:  12 Bitcoin Success Stories: Meet Bitcoin Millionaires Zypto: Crypto Millionaires: 5 Amazing Crypto Success Stories

What Does Blockrise’s MiCA License Enable in Europe? Netherlands-based Blockrise has become one of the first Bitcoin-only firms to secure a full regulatory license under the European Union’s Markets in Crypto-Assets Regulation (MiCA), unlocking regulated Bitcoin services across all EU member states. The license, issued Tuesday by the Dutch Authority for the Financial Markets (AFM), allows Blockrise to offer custody, trading and Bitcoin asset management throughout Europe. The approval represents a major step for Bitcoin-native companies operating within Europe’s evolving regulatory landscape. Under MiCA, only firms that meet strict governance, capital and operational standards can provide regulated crypto services. Blockrise is now able to scale its services legally across the bloc without undergoing individual licensing processes in each jurisdiction. CEO Jos Lazet said MiCA provides the foundation for a broader suite of Bitcoin products. “MiCA is the basis for Blockrise to provide Bitcoin-backed loans,” he told Cointelegraph, outlining the firm’s strategy to extend beyond standard custody and trading toward credit and treasury solutions for corporate clients. Investor Takeaway MiCA licensing is becoming a key competitive advantage in Europe. Blockrise now joins a small group of fully compliant crypto firms able to scale Bitcoin services across the EU’s integrated market. How Blockrise Plans to Use MiCA to Expand Bitcoin Lending Although MiCA does not yet regulate cryptocurrency lending, Blockrise announced the launch of a new Bitcoin-backed loan service for business clients. To comply with current rules, the company structured the offering exclusively for corporate borrowers, avoiding consumer lending restrictions. Starting today, businesses can apply for loans beginning at 20,000 euros (approximately 23,150 dollars). Borrowers can use their Bitcoin as collateral, accessing credit while retaining BTC exposure. Lazet said the current interest rate is 8 percent, reviewed monthly to reflect market conditions. The model is similar to existing crypto lending structures seen in the United States and Asia, but with the distinction of being built inside a regulated MiCA framework for custody and brokerage. Blockrise expects demand from corporates seeking working capital while maintaining long-term Bitcoin holdings. As more companies add BTC to treasury reserves, credit products backed by verifiable, on-chain collateral may gain traction, especially with MiCA enabling passported compliance across major EU markets. What Makes Blockrise’s Custody Model Different? Founded in 2017, Blockrise operates as a crypto asset manager with what it describes as a “semi-custodial” wallet structure. Unlike full self-custody, where users hold a private key capable of recovering their assets independently, Blockrise uses hardware security modules to generate wallets in secure vaults. Keys cannot be extracted, and transactions require cooperation between the user and Blockrise. According to Lazet, clients hold a “Blockrise key,” which has no standalone monetary value and serves only to authorize transactions. Both parties must sign off on transfers. This shared-control model is designed to improve recovery options while reducing risks tied to lost private keys, theft or unauthorized withdrawals. Because the company does not fully custody assets in the traditional sense, Lazet said assets under management are difficult to measure precisely. Blockrise currently oversees around 100 million euros (roughly 116 million dollars) in client Bitcoin holdings. Investor Takeaway Semi-custodial models are gaining attention as institutional clients seek a balance between security, compliance and recoverability. Blockrise’s structure positions it between pure self-custody and traditional custodianship. How MiCA Could Expand Blockrise’s Services Beyond Bitcoin MiCA became fully operational in late 2024, regulating crypto issuance, trading, custody and broker activities. However, major areas remain outside its scope, including lending, decentralized finance and mining-related services. Lazet expects the framework to expand in phases, ultimately covering more activities essential to Europe’s digital asset economy. “MiCA doesn’t regulate everything yet, however, it is expected to extend over time and include more scopes, such as lending, mining, payments, etc,” he said. In the meantime, Blockrise structured its Bitcoin-backed lending within permissible business categories, relying on its MiCA licenses for custody, brokerage and transfer. The company’s expansion comes as Bitcoin-focused firms gain momentum across Europe following President Donald Trump’s election win in the United States, which ignited a broader rally in BTC markets. With clear regulatory backing, Blockrise aims to position itself as a Europe-wide provider of Bitcoin financial services at a time when MiCA is reshaping the competitive landscape. As Europe’s regulatory regime continues to develop, companies like Blockrise that build early within the MiCA framework may gain a long-term strategic edge—especially in corporate Bitcoin credit, treasury services and secure asset management.

The BEA's delay affects the advance GDP estimate, an important early indicator of how the economy is doing that helps policymakers understand where the U.S. economy is headed. The shutdown made it harder to collect and process data, so the agency had to cancel the planned publishing date and set new ones. The agency hasn't said when this will be completely fixed, but they plan to give updates in the future. Additional Economic Reports Postponed The BEA also released the second GDP estimate and the September personal income and spending report. This report includes the personal consumption expenditures price index, the Federal Reserve's preferred inflation measure.  This report was supposed to come out on October 31, but it is now expected by December 5. Other relevant economic measures, such as county-level GDP and income data, have also been delayed. What This Means For Markets and Policy Decision-makers struggle when important economic data is delayed. Policymakers need current GDP numbers to set monetary and fiscal policy correctly. Without them, investors and businesses who use these indicators to gauge the economy's performance and adjust their plans accordingly become more unsure. The lack of real-time information could make it harder to maintain economic stability and predict future trends. Implications For Policy and Markets The BEA has said it plans to return to its normal reporting schedule, with catch-up announcements expected for the end of the year. The government plans to release the new estimates for GDP and corporate profits for the third quarter in late December.  This will provide a full picture of economic activity that was postponed by the closure. This method strikes a balance between the demand for accuracy and the necessity for timely information. Wider Context and Effects Government shutdowns often interfere with important federal tasks, but delays in reporting on the economy have effects that are even more far-reaching. Accurate GDP data is important for market confidence, policy decisions, and the public's understanding of the economy.  The current delay adds to the uncertainty in a time when inflation worries, geopolitical tensions, and changing financial markets are all present. The BEA's delay in publishing GDP during a government shutdown shows how important economic data can be affected by political and operational problems.  While the markets and policymakers wait for the new release date, people will be paying close attention to the upcoming numbers to see how the U.S. economy has been doing lately and to help plan for the future. Maintaining reliable data flows quickly remains crucial for navigating the complex economic situation.

On October 20, 2025, Sanae Takaichi took office as Japan's new prime minister. Her outspoken admiration for Margaret Thatcher earned her the nickname «Japan's Iron Lady» early on. And she got straight down to business: one of her first projects was a gigantic investment package worth 17.7 trillion yen – around 114 billion US dollars. Her main aim is to boost the domestic economy and strengthen the military. The economic hopes promptly led to rising stock prices. At the same time, the yen and government bonds came under pressure, which in turn drove up interest rates. From the investors' point of view, the additional debt also increased inflation and fiscal risks. Although a weaker yen supports Japan's export-oriented economy, it also fuels inflation through more expensive imports. Many investors in America and Europe may wonder why we are dealing with a topic today that seems so geographically distant. But Japan is a heavyweight in the global financial system – not least because of the famous «carry trade». For new readers, here is a brief explanation: The yen carry trade is a strategy in which investors borrow money cheaply in Japan (thanks to the formerly extremely low interest rates), exchange the borrowed yen amount into another currency and then invest the capital in higher-yielding investments abroad, such as US bonds or stocks.   As long as the yen does not suddenly appreciate sharply, the investor earns money on the interest rate differential – but if the yen strengthens, repayment becomes more expensive and profits can quickly turn into losses. No one knows exactly how large carry trade portfolios have become after two decades. The only thing that is certain is that we are talking about trillions rather than billions. Over the past year or two, professional investors have already begun to gradually reduce these yen loans. The repayments led to a temporary rise in the yen – with noticeable effects, not only for Japan's export industry. When BoJ Governor Ueda intervened in July 2024, global stock markets slumped by around 10% within a month. Investors sold positions they had financed with yen loans. As the chart shows, the markets recovered quickly, but there is no guarantee that this will happen again. No one knows the current extent of carry trades, but they are most likely smaller today than they were a year ago. Nevertheless, the stock markets persistently ignore the increasing risk. Japan as a source of money is increasingly drying up – a trend that is reflected in the slow but steady rise in long-term interest rates. And it is precisely this source of money that explains why the Japanese yen and the yield on US Treasuries – shown inverted – are so closely correlated. And current developments show that the market continues to ignore the danger. A falling yen actually signals rising market yields in the US. But the orange line – the inverted US Treasury yield – has so far refused to acknowledge this signal. The US Treasury market for maturities of ten years and less in particular is not playing along: it continues to price in falling yields. Although important economic data is missing and being published late due to the government shutdown, a further interest rate cut is almost completely priced in – around 19 basis points below the Fed Funds Target. A look at the swap rates until July 2026 also clearly shows that the market expects an interest rate cut of exactly half a percent by mid-2026. These interest rate expectations are based on the assumption that the US economy will lose momentum in the coming months. Many are relying on weak labor market data and received further confirmation this week with the announcement of a seven-month low in US consumer confidence. In addition, some believe that certain FOMC members could still fulfill Trump's desire for lower interest rates. One might expect US Treasury yields to have long since fallen below the 4% mark, where they are currently trading. However, other forces are pushing in the opposite direction: rising government debt is increasingly worrying investors. And persistently high inflation offers little reassurance. A look back at the 1970s reveals parallels that suggest inflation could pick up again. There are plenty of reasons for this... But perhaps the US economy is not as weak as many currently assume. Due to the shutdown, crucial data that would provide a clearer picture is missing. Once this data is released, there could be a significant surprise: The Philly Fed's new orders index is a reliable leading indicator for the most important macro data set – the ISM. The trend so far points to an increase in the ISM Manufacturing Index. The price of copper is also closely linked to the ISM Services Index, which in turn is an important factor influencing inflation. The current situation suggests that either the price of copper is too high or the economic index is too low... And yes, the ISM index suggests that the consumer price index should indeed rise again soon... Betting on falling interest rates could actually be the riskier bet at the moment. That is why we maintain that the other boat may be the safer option. The problem of government debt, the crowded trade of investments with hopes of interest rate cuts, a potential rise in inflation, and, last but not least, the situation surrounding the yen carry trade. In addition, the yield differential between Japan and the US is narrowing, which means that the strong Japanese US Treasury investor will probably prefer to invest his money back home soon... If the market realizes that it may be in the wrong boat, this could trigger a significant trend reversal—not only in the bond market, but also in all other financial markets.

Nazarov thinks that DeFi has only reached about 30% of the way towards widespread acceptance. On-chain services are already being used more in the real world and in institutional tests. He thinks adoption could reach 50% if governments set clear, consistent rules that make DeFi reliable and legal. The co-founder of Chainlink describes DeFi as a set of peer-to-peer financial services running on blockchains. Smart contracts replace many traditional middlemen. He thinks the real question isn't whether DeFi can survive, but how quickly it will grow as the rules become clearer and the infrastructure improves. Path To 70% and Full Mainstream Use By 2030 Nazarov says global DeFi adoption might reach 70% if institutional clients have easy, compliant ways to invest in on-chain assets. He thinks full-scale adoption will happen around 2030, but for that to happen, DeFi's capital base will need to grow large enough to compete directly with bank capital. He sees a future in which financial reports always include pie charts showing how much institutional and customer money is in DeFi compared to traditional finance. This would show that DeFi has gone from being used by a few early adopters to being used by everyone. He says that the tipping point would make DeFi a standard part of the global financial system instead of just a specialised innovation. Regulatory Clarity and The Role of The U.S. Michael Egorov, the inventor of Curve Finance, and Nazarov both say that legislation is the main thing keeping DeFi from becoming widely used. They say many institutions remain cautious because they are unsure about their legal status, Know Your Customer requirements, and anti-money laundering procedures. Nazarov believes the United States will provide clear direction because many governments base their financial policies on U.S. norms to keep their markets open. He thinks that a favourable U.S. framework might trigger a global domino effect, accelerating the worldwide deployment of DeFi. Institutional DeFi and The Rise of Tokenised Lending The report says that more and more large financial companies are exploring blockchain-based solutions, indicating that institutions are becoming increasingly interested in DeFi and Web3. Nazarov points to industry gatherings like Chainlink's SmartCon, where more and more sessions are now focused on institutional use cases. According to a Binance report, DeFi lending has grown by more than 70% this year, with the total value locked rising from about $53 billion to more than $120 billion. Aave's Horizon, aimed at institutions, is now the most popular DeFi lending platform. It lets institutions use tokenised real-world assets, such as U.S. Treasuries and private credit, as collateral for stablecoin loans. The Next Step For Defi is Tokenised Assets Data show that a large part of the tokenised assets market is made up of tokenised private credit, with U.S. Treasury-backed goods coming in a close second. Maple and Euler, two more institutional DeFi lenders, have also locked up several billion dollars in total value. This shows how quickly on-chain lending markets are growing. Nazarov says that as tokenised assets, stablecoins, and compliant DeFi infrastructure get better, they will look more and more like traditional financial markets and compete with them directly. He thinks that if the current growth trends continue and the rules become clearer in time, DeFi might really become popular by the end of this decade.

What Prompted Strategy’s New Credit Dashboard? Strategy, the world’s largest corporate Bitcoin holder, is rolling out a new credit rating dashboard to counter rising investor concerns following the recent market pullback. Bitcoin’s downturn and the sharp drop in digital asset treasury (DAT) stocks have placed pressure on companies whose valuations depend heavily on BTC reserves. In an X post on Tuesday, Strategy said its preferred stock notional value demonstrates that the company remains well-capitalized even under depressed Bitcoin prices. The firm claims it holds enough resources to cover 70 years’ worth of dividend payments, even if BTC stays flat from current levels. The dashboard introduces a metric Strategy calls its “BTC Rating,” measuring the ratio of Bitcoin assets to its convertible debt. According to the company: “If BTC drops to our 74,000-dollar average cost basis, we still have 5.9 times assets to convertible debt. At 25,000-dollar BTC, it would be 2.0 times.” The rollout comes as investors question whether prolonged Bitcoin weakness could trigger liquidation events among major DAT firms, creating forced selling pressure in an already shaky market. Investor Takeaway Strategy is attempting to reset the narrative: its message is that debt obligations remain manageable even at far lower BTC prices, reducing fears of forced selling across DAT stocks. How Are Analysts Interpreting Strategy’s Financial Position? Research analysts say the company’s long-term sustainability looks stronger than many in the market assume. Lacie Zhang of Bitget Wallet said the firm’s 71-year dividend projection is “realistic under a flat Bitcoin price scenario,” though she noted that long-term outcomes still depend on broader market conditions and regulatory shifts. Despite this, Zhang said she is not concerned about the near-term outlook. In her view, Strategy’s diversified funding structure and ongoing Bitcoin accumulation reduce the likelihood of distress. She also argued that Strategy’s purchasing activity has contributed to broader industry stability and supported institutional adoption. Other analysts point to a more macro impact: Strategy’s ability to avoid forced selling may help prevent Bitcoin from revisiting its realized price — estimated around 56,000 dollars — during the next bear market. Ki Young Ju, founder and CEO of CryptoQuant, said he expects Strategy to remain a “non-seller,” noting that coins held by the company are effectively removed from market circulation. He said this dynamic could soften future downturns because a large source of supply is essentially locked up. “Players like MSTR are unlikely to sell and those coins are effectively off the market,” Ju wrote in a Friday post. Why Are DAT Stocks Under Pressure? Despite Strategy’s reassurances, the broader DAT sector has been hit by steep drawdowns. Several prominent digital asset treasury companies — including Bitmine, Metaplanet, Sharplink Gaming, Upexi and DeFi Development Corp — have seen sharp declines in stock price and market net asset value (mNAV). The mNAV metric compares a company’s enterprise value with the value of its crypto holdings. An mNAV below 1 signals that the market values the company at less than the worth of its tokens minus liabilities. This creates a financing problem: companies trading at a discount struggle to raise capital by issuing new shares, limiting their ability to accumulate additional Bitcoin. At the time of writing, Strategy’s mNAV stands at 1.16. According to the firm’s dashboard, this means it still has room to raise equity without diluting shareholders below asset value. The positive ratio also signals that markets remain confident in Strategy’s ability to maintain stability. Investor Takeaway A healthy mNAV is what separates Strategy from weaker DAT firms. Companies trading below asset value lose the ability to raise capital for BTC purchases, while Strategy still has issuance capacity at current valuations. What Comes Next for Strategy and DAT Investors? Strategy’s message to investors is clear: the company wants markets to view its balance sheet as resilient, even under extreme Bitcoin price scenarios. The emphasis on long-term dividend capacity, enterprise software cash flow and low liquidation risk is designed to counter the negative sentiment following the crypto market correction. The company’s continued accumulation — including its 45 million-dollar BTC purchase earlier in November — reinforces its strategy of positioning Bitcoin as the centerpiece of its treasury model. For DAT investors, the next catalyst will likely be how other firms respond. If smaller treasuries fail to maintain positive mNAV multiples, consolidation could accelerate. Strategy’s model, backed by scale and diversified cash flow, puts it in a stronger position than peers that rely solely on token appreciation to sustain operations. As Bitcoin stabilizes or recovers, Strategy’s financial posture may serve as an industry benchmark: a test case for whether large corporate BTC holders can endure deeper cycles without triggering systemic risk across digital asset equities.

Frankfurt-based exchange infrastructure operator, Deutsche Börse Group, has tripled down on its stablecoin strategy with the integration of EURAU, a fully-reserved euro-pegged stablecoin issued under AllUnity’s MiCAR-aligned framework. The addition marks the third euro stablecoin supported by the group, following earlier integrations of EURC and EURCV. The move also reflects the increasing demand for euro-denominated digital liquidity in institutional finance. The decision arrives amid a broader shift in European capital markets, where regulated stablecoins are emerging as a preferred option for cross-border settlements, digital-asset custody, and blockchain-based clearing. With Clearstream serving as the custodial backbone, Deutsche Börse is effectively creating a compliant pipeline for institutional euro-stablecoin adoption — one that aligns with EU regulatory expectations without regulatory ambiguity. Deutsche Börse’s EURAU Support Is the Latest in Europe’s Digital Liquidity Rail EURAU’s integration signals Deutsche Börse’s expanding role in shaping regulated digital asset infrastructure. Unlike many experimental stablecoins, EURAU enters with a full 1:1 reserve backing and BaFin-regulated issuance, offering banks, asset managers, and fintech firms a legally safeguarded euro-denominated payment instrument. With this move, Deutsche Börse is positioning stablecoins as a functional settlement infrastructure. This mirrors how USD-backed stablecoins like Circle’s USDC and Tether (USDT) now power liquidity for American crypto markets, but EURAU comes with a distinctly European regulatory flavor. In this context, EURAU is not just another coin added to Deutsche Börse’s list, but a reinforcement of Europe’s monetary sovereignty in tokenized form. Institutional players who previously hesitated due to counterparty risk or legal uncertainty may now see euro stablecoins as legitimate tools for treasury operations, intraday liquidity settlement, or automated financial systems, moving stablecoins into operational utility. A Turning Point for Euro-Stablecoin Competition and Market Fragmentation With EURAU now joining EURC and SocGen’s EURCV, Europe’s stablecoin market has entered a phase of competition through compliance. Every issuer now positions itself based on regulatory strength, transparency, and reserve architecture — as opposed to marketing or speculation. But the expansion also introduces the risk of liquidity fragmentation, where multiple regulated euro stablecoins compete for adoption rather than consolidating liquidity. If financial institutions favor one stablecoin over another, pricing spreads, financial depth, and adoption rates could diverge sharply across exchanges and decentralized finance (DeFi) platforms. Deutsche Börse’s role as a neutral integrator rather than an issuer may be key here. Supporting multiple euro stablecoins, instead of picking a winner, enables a marketplace with options instead of enforcing standardization prematurely. Eventually, market forces may consolidate liquidity into one dominant euro token, but for now, interoperability is the active strategy. By anchoring stablecoin adoption to institutional custody, audited reserves, and MiCAR compliance, Deutsche Börse is guiding Europe’s future of tokenized finance backed by a regulatory-first approach. Whether the EURAU stablecoin becomes the leading euro stablecoin or one of several coexisting options, its integration with Deutsche Börse solidifies the idea that the future of institutional-grade euro liquidity on-chain is already here.

Reliance Global officially entered the digital asset industry in September. At first, they built a multi-coin treasury based on Bitcoin and added Ethereum, Cardano, XRP, Solana, and a few more big coins. The portfolio was based on a standard diversification method, with each token chosen to represent a different part or idea of the broader crypto market. After a thorough examination by Blake Janover, the chair of the company's crypto advisory board, the corporation decided to close all prior positions and move all its digital assets to Zcash. Executives say the reset is based on a strong belief that a single, thesis-driven holding is preferable to a basket of volatile coins for the company's long-term balance sheet strategy and risk appetite. Why Zcash, and Why Now? Reliance Global says Zcash is a privacy-focused cryptocurrency based on the same fundamental ideas as Bitcoin. It offers optional privacy features and a dual-mode that lets you make both transparent and shielded transactions. The company can better protect its financial privacy with that structure while remaining open enough for auditors, regulators, and institutional partners to see what it does. The company's advisory board has said that Zcash's flexibility for corporate governance, custody, risk management, and audit processes is a key reason for concentrating the treasury. They also cite the coin's recent price movement, with Zcash bouncing back to levels not seen in years, as proof that people are once again interested in privacy-focused assets amid growing concerns about blockchain surveillance and transactional traceability. Resetting The Strategy and Talking to Investors Ezra Beyman, the chairman and CEO, has called the all-cash move a strategic realignment instead of a risky bet. He says it provides stockholders with greater clarity, discipline, and long-term value. Reliance believes that the simpler structure makes it easier to explain its digital asset strategy to the public markets and to compare performance to a clear thesis. The corporation has made it clear that its governance, compliance, and custody structures are being made to function with ZEC in a public company setting. Management says that the company is not merely a passive holder, but an active player in the Zcash ecosystem and other blockchain projects. This move is part of a larger push for digital transformation and technology-led innovation in insurance. What The Pivot Implies For Crypto Treasuries Other companies exploring crypto holdings will be very interested in what Reliance Global does. So far, many of these companies have just invested in Bitcoin or, more recently, Ethereum. By picking one high-conviction privacy coin rather than a basket of blue-chip coins, the business is essentially testing whether public markets will reward a more aggressive, theme-based approach to digital assets. This move shows that corporate treasury strategy is growing within the broader crypto industry. Now, privacy features, regulatory suitability, and protocol design can be just as important as market capitalisation. Suppose Zcash continues to do well and regulators allow privacy currencies that comply with the rules. Reliance's all-in decision might be an important example for mid-cap companies considering keeping more digital assets in a single location.