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BTC eyes sustained breakout above $76,000 on Strait of Hormuz opening

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'Murban crude oil' surges past $100, posing risk to bitcoin and risk assets

The price of bitcoin has again pushed above $76,000 alongside about a 10% plunge in the price of crude oil on an apparent reopening of the Strait of Hormuz.

“The passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” said Iranian Foreign Minister Seyed Abbas Araghchi in an X posting.

President Trump quickly responded on Truth Social, thanking Iran for the full reopening.

The news sent the price of WTI crude oil down nearly 10% to $85.90 per barrel, about its lowest price since shortly after the outbreak of the war in early March.

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Alongside bitcoin has risen to $76,400, up 3 over the past 24 hours. U.S. stock index futures are higher by about 1% across the board.

Why the $76,000 area is important

Bitcoin was trading around the $76,000-$78,000 level in the days before the Feb. 5 crash that sent its price tumbling all the way back to $60,000. In recent days, BTC has risen above $76,000 on numerous occasions, only to be met with a wave of quick selling.

Technicians believe that a sustained break to around $77,000 could set the stage for a return to significantly higher levels.

More green shoots over Iran

Separately, Axios reported that the U.S. and Iran are negotiating over a three-page plan to end hostilities. Among the discussion points: the U.S. releasing $20 billion in frozen Iranian funds in return for that country giving up its stockpile of enriched uranium.

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Crypto World

Neo Co-Founder Proposes $461M Overhaul to End ‘Trust Me’ Governance

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Cryptocurrencies, Neo, DAO, Coin Governance System

Neo co-founder Da Hongfei has proposed a sweeping overhaul of the Neo Foundation after years of deadlock with co-founder Erik Zhang left one of crypto’s oldest networks effectively paralyzed.

The plan follows Neo’s first public financial disclosure since 2019, showing about $461 million in assets held across the Neo Foundation (NF) and Neo Global Development (NGD) at the end of 2025.

The proposed restructuring aims to replace what Hongfei described as informal, founder-driven governance, arguing the outcome could serve as a test case for how aging blockchain networks manage large treasuries and transition away from founder control.

Zhang has pushed back on key elements of the proposal, exposing further divisions at the top of the project and increasing scrutiny from users and investors.

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Hongfei told Cointelegraph that at the core of the restructuring is a break with the founder-centric model that defined Neo’s first decade.

The proposal would redomicile the foundation to the Cayman Islands, create a five-member board and an independent Supervisor with power to block bylaw breaches, and impose a 24-month ban on either founder sitting on the board or supervisory body. 

Neo’s fight has become a case study in how older blockchain networks with large treasuries struggle to move beyond founder-centric governance, especially after years of informal control and limited public financial disclosure.

Related: Aave DAO approves $25M funding grant, token allocation for Aave Labs

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Returning NEO tokens to the community

According to the disclosure, NF and NGD currently control about 41 million NEO (31.3%), mainly under single-signature control. Hongfei’s “Giveback II” plan would return 49.5 million reserved NEO (NEO) to the community and consolidate NGD-managed investments back into the foundation, which would operate under mandatory annual financial reports, onchain attestations for large transfers, and fully disclosed multi-signature wallets for Bitcoin (BTC), Ether (ETH), stablecoins and other liquid assets.

Cryptocurrencies, Neo, DAO, Coin Governance System
Neo financial report. Source: NeoNewsToday

He said the changes are designed to replace “trust me” governance around treasury and custody, pointing to Ethereum creator Vitalik Buterin’s influence-through-research model as a standard founders should emulate.

Zhang remains unconvinced, arguing that the proposal grounds Neo’s legitimacy in offchain legal structures and still leaves room for opaque third-party attestations instead of directly verifiable onchain addresses.

He said excluding him from the board for 24 months strips Neo of essential technical oversight, calling the Cayman “reset” a cosmetic shell change that dodges historical accountability and unresolved transparency issues.

Governance woes across decentralized finance

The push comes as governance fights and perceived insider advantages dominate debate across decentralized finance. Aave’s long-running dispute between the founder-aligned Aave Chan Initiative and other stakeholders has raised questions about how much power entrenched service providers should wield inside decentralized autonomous organizations.

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Related: WLFI proposes governance staking system and USD1 usage incentives

The Trump family-linked World Liberty Financial drew scathing criticism from stakeholders this week, including Tron founder Justin Sun, over a proposed new unlock schedule for its WLFI governance token and discretionary control over treasury assets.

Neo’s bet to revive network relevance

Behind the governance reset sits an attempt to give Neo a credible new thesis in a market where activity has consolidated onto Ethereum, a few layer-2s, Solana, and a handful of other chains. 

Hongfei conceded Neo’s user base today is “not where it was in the 2017 to 2021 cycle,” and the numbers “reflect a project that has seen better days.”

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He said users are more concentrated in long-term holders and community groups; the Chinese market that once fueled activity has shrunk under Beijing’s bans, and Neo missed “DeFi Summer” after delays in shipping its N3 upgrade.

He now argues that the next decade of onchain activity will be driven less by humans than by autonomous AI agents transacting on their behalf, positioning Neo X as an “agent-first” blockchain optimized for the shift. 

He said the real test for both the governance reboot and the AI thesis will be whether, over the next 12 to 24 months, Neo can complete its restructuring and attract a meaningful pipeline of agent-native projects, and whether he would still seek a board seat if those milestones are missed.

Magazine: Will the CLARITY Act be good — or bad — for DeFi?

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