• Cardano price dropped to near $0.26 as cryptocurrencies continued to struggle.
• ADA bulls face further pain if the price breaks below $0.25.
• Bitcoin’s crash to under $70,000 amid bear cycle fears is a major trigger.

Cardano price fell more than 9% to extend its downturn, with this coming as Bitcoin tumbled to below the $70,000 support level.

With BTC dragging the broader crypto market into turmoil, Cardano (ADA) dropped to lows of $0.26, signaling prolonged downside risks in this bear cycle.

Other altcoins had it even rougher, with XRP plummeting 14% to under $1.40 and Solana breaching support at $90.

Altcoins slide as BTC tanks amid market panic

Bitcoin sank further on Thursday, with bears breaking below $70,000 to plunge the whole sector into fresh turmoil.

The 8% drop from a retest of $73,000 came as Strategy, the world’s largest corporate holder of Bitcoin, sank into unrealized losses worth billions of dollars.

Treasury Secretary Scott Bessent had also noted on Wednesday that the government would not “bail out” Bitcoin.

However, despite confirmation that the US will not sell its BTC holdings, Cardano, alongside all the top altcoins, nosedived as BTC touched lows of $69,500.

Analysts at Glassnode pointed out that forced selling is escalating.

The $BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling.
These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning.… pic.twitter.com/mcvVqXJcYq

— glassnode (@glassnode) February 5, 2026

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Cardano ADA price dives to $0.26

Cardano traded at $0.27 at the time of writing on February 5, 2026, down nearly 9% on the day.

Recent declines mean Cardano price has dived 21% in the past week and 36% in the past month.

The plunge from the $0.8 peak in October 2025 has only accelerated in the past month, with bulls failing to hold onto notable bounces above the $0.30 level.

ADA’s move aligns with bear cycle indicators, including a Fear & Greed Index in extreme fear territory and negative funding rates across exchanges.

Retail and institutional outflows have also amplified the slide, with macroeconomic conditions fueling further pain in a brutal start to the year for buyers.

Given Bitcoin’s outlook, analysts see the current support level of $0.26 as a fragile one for Cardano.

Bearish technicals signal further ADA downtrend

ADA’s daily chart gives a largely bearish outlook after the token’s dip below $0.30 and $0.28.

The dump across risk assets saw buyers fail to hold the 50-day moving average mark, while daily RSI hovers near oversold but lacks bullish divergence.

Data from Coinglass also shows a sharp decline in open interest, and negative funding rates reinforce the outlook.

If the altcoin carnage accelerates amid a broader bear cycle crash, ADA could revisit $0.20 or lower.

On the upside, a shift in macro conditions and regulatory tailwinds could spark bullish bets.

Catalysts like network upgrades or ETF approvals also favour bulls, with short-term targets at $0.50 and $1.

Will HYPE continue its uptrend or will it follow the broader market downtrend?

It’s quite difficult to spot a popular cryptocurrency whose price hasn’t tumbled by 20% or even more in the last few weeks.

Hyperliquid (HYPE), though, is an evident exception, and its solid performance has caused analysts to envision further gains in the near future.

The Lone Survivor

Bitcoin (BTC) has crashed to a 14-month low of around $69,000, Ethereum (ETH) is struggling to keep the $2,000 level, while Ripple’s XRP and Solana (SOL) have plummeted by 27% in the past seven days. However, Hyperliquid (HYPE) has somehow defied the ongoing massacre and currently trades at around $32, representing a 50% increase on a two-week scale.

Its strong performance comes amid a string of positive developments surrounding the ecosystem. Earlier this week, Ripple announced that its institutional prime brokerage platform (called Ripple Prime) enabled support for Hyperliquid. Meanwhile, Grayscale recently revealed that it was encouraged by the rise in perpetual futures trading for non-crypto assets on the decentralized exchange.

Before that, on-chain data revealed growing interest in HIP-3 activity amid skyrocketing trading volume and open interest. These metrics continued to increase as the market tumbled in the past few days, reaching new peaks of $1B in OI and $4.8B in 24-hour volume.

HYPE has been the subject of numerous optimistic predictions, and many analysts believe there’s fuel left for additional gains. The analyst, using the X moniker Crypto General, expects volatility ahead and an eventual explosion above $100 later this year. Speaking on the matter was also Zach, who argued there are “so many reasons to buy and hold HYPE.”

There are so many reasons to buy and hold $HYPE.

The more it takes over market share and volume, the bigger the buybacks are, which is one of the reasons it’s so strong.

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Really would love to get a spot entry around yearly open of $25 but who knows if it’ll come

— Zach (@CryptoZachLA) February 4, 2026

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The popular analyst Crypto Tony chipped in, too, suggesting that HYPE could do “magical things when the market conditions are right.” Those interested in additional bullish forecasts for the token can read our dedicated article here.

Can It Follow the Pack?

It is important to note that the broader crypto market remains shaky, and sustained bearish conditions could eventually weigh in on HYPE as well.

Some analysts believe this is a likely outcome. The one using the X handle, Greeny, predicted that the native token of Hyperliquid could plummet to $20 later in 2026.

TLDR:

• Tokenized U.S. Treasuries reached $5.6 billion by April 2025, growing five times year over year. 
• Cosmos powers 150+ blockchains including Provenance, Progmat, and institutional RWA platforms. 
• Ondo Finance moved $95 million into BlackRock’s BUIDL fund, enabling continuous redemptions. 
• Lombard’s LBTC token surpassed $1 billion in three months with Franklin Templeton backing.

Capital markets are shifting toward blockchain infrastructure as tokenization gains traction across traditional finance.

Asset managers and banks now issue tokenized treasuries, credit instruments, and securities through distributed ledgers.

Stablecoins represent $250 billion in circulating value, while tokenized U.S. Treasuries reached $5.6 billion in assets under management by April 2025.

Citi analysts project tokenized assets could reach $4 to $5 trillion by 2030. Cosmos has emerged as preferred infrastructure for institutions seeking on-chain capital markets solutions.

Cosmos Architecture Addresses Institutional Requirements

Cosmos provides institutions with blockchain infrastructure that balances operational control and market connectivity.

The framework allows financial firms to build custom chains with internal governance, security protocols, and compliance automation.

Over 150 interoperable blockchains currently operate on Cosmos technology, with regulated institutions increasingly adopting the stack for capital markets applications.

Provenance powers Figure’s non-bank home equity lending platform, which leads the U.S. market in this segment. Progmat, a joint venture of Japan’s MUFG, Mizuho, and SMB, operates the country’s largest regulated tokenization platform on Cosmos infrastructure.

These deployments validate the technology for high-stakes financial operations requiring regulatory compliance and institutional-grade security.

The Inter-Blockchain Communication protocol enables asset distribution across networks while preserving issuer sovereignty.

Institutions can issue securities on proprietary chains and connect to external liquidity venues without surrendering control over core asset rules.

This separation of governance and distribution resolves a fundamental tension in institutional blockchain adoption.

Ledger-based settlement reduces reconciliation costs across custodians, transfer agents, and clearing systems. Asset managers achieve faster liquidity access, while banks minimize counterparty exposure.

Tokenization expands distribution by enabling asset fractionalization across regions without reconstructing product structures for each venue.

These operational benefits have accelerated adoption in cash equivalents, credit products, and exchange-traded instruments.

Production-Scale Implementations Demonstrate Market Readiness

Injective addresses digital securities market fragmentation through purpose-built financial infrastructure. The platform provides native primitives for tokenized asset issuance and trading at institutional scale.

DigiShares and publicly listed Valereum deployed their digital securities platform on Injective using the ERC-7943 interoperability standard for single-asset tokenization.

The integration supports real estate, pre-IPO equity, and alternative assets with institutional-grade settlement. Valereum’s secondary trading platform leverages Injective’s on-chain order book and cross-chain capabilities.

Institutions can perform due diligence, execute investments, and trade digital securities through a unified interface built on Cosmos-compatible infrastructure.

Ondo Finance solves liquidity constraints that limited early tokenized markets. The platform connects tokenized assets to public exchange liquidity through direct acquisition mechanisms.

Users fund purchases with stablecoins, Ondo acquires underlying securities on regulated venues, and redemption processes maintain price alignment.

In March 2024, Ondo moved $95 million into BlackRock’s BUIDL tokenized money market fund. This enabled continuous redemptions instead of T+2 settlement delays.

Ondo Global Markets, built on the Cosmos Stack, now offers hundreds of tokenized equities and ETFs. Partnerships with Franklin Templeton and BlackRock position the platform as a bridge between traditional finance and on-chain markets.

Lombard Finance demonstrates Bitcoin’s evolution as capital markets collateral through its liquid-staked LBTC token.

The product surpassed $1 billion in total value locked within three months, with supply actively deployed across on-chain financial markets.

Franklin Templeton participated in the $16 million seed round, while Wintermute, Galaxy, and DCG provide security oversight.

ZIGChain combines brokerage rails with blockchain settlement to extend retail access to global tokenized equities.

Announced in 2024 with a $100 million ecosystem fund, the platform recently partnered with Apex Group to launch regulated on-chain fund structures.

The $3.4 trillion fund administrator collaboration demonstrates institutional confidence in Cosmos infrastructure for real-world asset tokenization at scale.

XRP price continued its strong downward momentum and lost a crucial support level as the crypto market crash gained steam.

The Ripple (XRP) token continued to fall, reaching a low of $1.3495, its lowest level since November 2024. It has been in a free fall after falling from the record high of $3.6650.

The ongoing XRP crash has led to a $128 billion wipeout, with the market capitalization dropping from a record high of $210 billion in July last year to the current $82 billion.

The main reason for the ongoing drop is the ongoing performance of Bitcoin and other cryptocurrencies as concerns about a potential strike on Iran, which may happen at any time. Data on Polymarket shows that odds of this attack have risen since Trump sent an armada to the region.

An attack would increase geopolitical risks and drive up crude oil prices. Data shows that Brent and the West Texas Intermediate rose to $67 and $66, respectively. Higher oil prices would lead to higher inflation and make it hard for the Federal Reserve to cut interest rates.

More data shows that demand for spot XRP ETFs has waned in the past few weeks as investors have remained on the sidelines. According to SoSoValue, spot XRP ETFs have added over $28 million in inflows this month, down from over $666 million in November.

On the positive side, the XRP Ledger network is doing well, with the amount of assets on Ripple USD growing to over $1.4 billion. Its volume has continued growing in the past few months. Similarly, the amount of assets in its real-world asset tokenization ecosystem has jumped by over 270% in the last 30 days.

XRP Ledger is also preparing to launch a permissioned decentralized exchange platform that will be useful for financial institutions. 

XRP price prediction: Technical analysis 

The weekly chart shows that the XRP price continued its strong downward trend in the past few months, moving from a high of $3.6650 to the current level of $1.3565.

Most importantly, the coin has now moved below the important support level at $1.5465, its lowest level in April last year and the 50% Fibonacci Retracement level. Moving below that level is a sign that bears have prevailed.

The coin is now attempting to move below the 200-week Exponential Moving Average, which will confirm the bearish outlook.

At the same time, the Relative Strength Index and the Stochastic Oscillator have continued moving downwards. 

Therefore, the most likely XRP price prediction is where it continues falling, potentially to the 78.6% Fibonacci Retracement level at $1, which is about 26% below the current level.

• Zcash price plunged to $217, hitting a four-month low amid a 20% dip.
• The privacy coin dumped as bears pushed Bitcoin under $70,000.
• ZEC traded around $228 at the time of writing, but risks breaching support at $200.

Zcash (ZEC) has declined by more than 20% in the past 24 hours, accelerating its sharp descent amid an increasingly bearish cryptocurrency market.

The privacy coin’s dip to below $220, the first time in four months, came as Bitcoin crashed to $69,500 and Ethereum fell to lows of $2,070.

Among other top altcoin losers on the day was Cardano, which broke to $0.26.

Monero, Dash, and Decred all tanked as privacy coins suffered the bearish flip, hurting cryptocurrencies.

Notably, BTC’s dip has Michael Saylor’s Strategy sitting on approximately $4.5 billion of unrealised losses on the company’s 713,502 BTC.

Meanwhile, BitMine’s 4.2 million ETH currently has about $7.5 billion in unrealised losses.

Top privacy coin turns bearish

Zcash’s plunge stands out among privacy coins, especially after the ZEC price recently jumped to highs above $744 as Bitcoin struggled.

Headwinds amid waning demand now see Zcash changing hands at lows of $217, just a few weeks after it topped $540.

The more than 20% dip in the past 24 hours and 40% nosedive in the past week put Zcash at risk of further technical breakdown.

Capitulation among holders has accelerated sell volumes, with a 36% spike to $538 million in the past day.

Despite the losses, Zcash tops Bitcoin, Bitcoin Cash, and Monero in terms of overall performance over the past year.

Bitwise CIO Matt Hougan shared this view via X.

The relative returns of different monetary crypto assets since Jan. 1, 2025, is remarkable:

Bitcoin (BTC): -22%
Bitcoin Cash (BCH): +23%
Monero (XRM): +97%
Zcash (ZEC): +347%

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Lots of confounding variables here, including that BTC holders were sitting on the biggest…

— Matt Hougan (@Matt_Hougan) February 5, 2026

Zcash risks plunge below $200

Bears have relentlessly pressured ZEC bulls since the cryptocurrency’s 2025 peak above $740, when early privacy hype drove explosive growth.

Now, after dipping to $217 on February 5, 2026, ZEC risks testing sub-$200 levels.

On Feb. 5, the altcoin came close to the critical psychological support after failing to recover following Electric Coin Company’s core team exit.

Continued regulatory scrutiny on privacy tokens and market-wide profit-taking amid Bitcoin’s latest price crash are key negative triggers.

While ZEC has shattered its key trendline support at $250, a daily RSI deep in oversold territory suggests a rebound is likely.

However, the downturn highlights the privacy coin’s struggles amid broader market volatility, and breaching $200 might result in a new downtrend.

Key support levels beneath this would be $173 and $125 – levels reached in October 2025 before the parabolic surge to the multi-year highs above $700.

Per CoinMarketCap data, ZEC traded around $228 across major exchanges during the early US session on Thursday.

This aligned with Bitcoin’s slight bounce above $70,500, and Monero looked to hold $345.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee and settle in — the market’s been on a rollercoaster lately. Bitcoin is moving, stocks are shifting, and headlines are coming fast. While some investors are hitting pause, others are watching closely, trying to read the signals beneath the noise.

Crypto News of the Day: Bitcoin Slides Below $68,000 Amid Forced Deleveraging

Bitcoin fell below $70,000 on Thursday, before extending a leg down to levels below $68,000, an area last tested on October 28, 2024. The move came as intensified selling swept across crypto markets.

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The decline marks roughly a 45% drop from October highs, fueled by ETF outflows, fading demand, and a “forced deleveraging” phase in futures markets.

“…with demand fading, ETF inflows drying up, and futures markets entering a “forced deleveraging” phase. Analysts say weak volumes and sustained selling are prompting investors to exit at a loss, despite technical indicators signaling oversold conditions,” wrote Walter Deaton.

Weak volumes and sustained selling pressure have prompted many investors to exit positions at a loss, even as technical indicators signal oversold conditions.

Despite the short-term turbulence, JPMorgan is increasingly bullish on Bitcoin’s long-term potential relative to gold.

The bank highlighted that BTC is now trading well below its estimated production cost of $87,000, a level historically considered a soft floor, and that its volatility relative to gold has dropped to record lows.

“…large outperformance of gold vs. Bitcoin since last October, coupled with the sharp rise in gold volatility, has left Bitcoin looking even more attractive compared to gold over the long term,” MarketWatch reported, citing JPMorgan’s quantitative strategist Nikolaos Panigirtzoglou.  

According to the bank, this improved risk-adjusted profile suggests significant upside for investors willing to hold over a multi-year horizon.

Market stress metrics highlight the fragility of the current environment. Glassnode data shows that Bitcoin’s capitulation metric has recorded its second-largest spike in two years. This reflects sharp forced selling and accelerated de-risking by market participants.

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Meanwhile, it is worth noting that Bitcoin has erased all gains since Donald Trump won the election, wiping out a 78% post-election rally and highlighting ongoing volatility.

Crypto Stocks Tumble Amid Bitcoin Sell-Off and Rising Economic Uncertainty

Crypto equities mirror the broader weakness in Bitcoin. Shares of Coinbase, Riot, Marathon, and Strategy fell between 5% and 7% premarket after the drop below $70,000, with ETF holdings also down more than 5%.

The crypto downturn comes amid broader macroeconomic headwinds. US January layoffs surged 205% year-over-year to 108,435, the highest January total since 2009, according to Challenger, Gray & Christmas.

Job cuts were concentrated in transportation — led by UPS — and tech, with Amazon announcing 16,000 layoffs. Healthcare also saw notable reductions.

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Meanwhile, federal job protections were overhauled, with the Trump administration finalizing reforms affecting 50,000 civil service workers. Continuing claims remain elevated at 1.84 million, highlighting ongoing economic uncertainty.

Equity markets are also witnessing a similarly complex backdrop, with the BMO Capital Markets projecting the S&P 500 could reach 7,380 by the end of 2026, implying an 8% expected return.

The firm favors cyclical sectors such as industrials, materials, energy, and financials, while underweighting defensive sectors. Inflation remains a principal risk, though global monetary and fiscal stimulus provide support.

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With all these in mind, Bitcoin and broader financial market investors face a delicate balancing act:

• Technical oversold conditions and low relative volatility suggest a long-term opportunity
• Yet, immediate pressures from leveraged positions, ETF outflows, and macro uncertainty continue to weigh on sentiment.

JPMorgan’s analysis points to potential gains for patient holders, but the short-term outlook remains volatile, reflecting a market in the midst of recalibration.

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Chart of the Day

Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

Crypto Equities Pre-Market Overview

Company	Close As of February 4	Pre-Market Overview
Strategy (MSTR)	$129.09	$120.78 (-6.58%)
Coinbase (COIN)	$168.62	$159.42 (-5.46%)
Galaxy Digital Holdings (GLXY)	$20.16	$19.10 (-5.26%)
MARA Holdings (MARA)	$8.28	$7.81 (-5.68%)
Riot Platforms (RIOT)	$14.14	$13.36 (-5.51%)
Core Scientific (CORZ)	$16.15	$15.50 (-4.02%)

A governance delegation platform for Aave, the largest decentralized lending platform, with more than $29 billion in total value locked (TVL), has proposed pausing three underused Layer 2 deployments of Aave V3.

In a Jan. 29 governance proposal that moved to a snapshot vote on Feb. 3, the Aave Chan Initiative (ACI) proposed that Aave freeze its V3 deployments on Ethereum L2s zkSync Era, Metis, and Soneium to cut costs.

“Over time, it has become clear that a small subset of instances contributes very little user activity, TVL, and revenue, while still requiring a non-trivial amount of attention from service providers and governance participants,” ACI wrote in the prospal.

The proposed reduction in L2 deployments aims “to reduce operational overhead and governance burden by addressing instances that are clearly non viable today.”

Among the three networks, zkSync currently has the largest TVL at about $26 million, followed by Soneium with $21.6 million and Metis with $11.7 million, according to DefiLlama data.

Over the past 30 days, Aave generated just $714 in revenue on zkSync, $679 on Metis, and just $150 on Soneium, per DefiLlama. For comparison, within the same timeframe Aave made over $7.7 million on Ethereum and nearly $298,000 on Base.

Now, ACI is pushing for stricter terms on future expansions. The proposal calls for any new chain deployment to guarantee Aave a minimum of $2 million in annual revenue, arguing that the protocol’s liquidity is often underpriced given the “upfront and recurring costs.”

The snapshot vote on the proposal, which runs through Feb. 7, has so far drawn unanimous support, with 257,300 votes in favor and none against.

Voting kicked off the same day that Ethereum’s broader scaling strategy came under renewed scrutiny. As The Defiant reported earlier this week, Ethereum co-founder Vitalik Buterin published an X post arguing that the rollup-centric roadmap for the network “no longer makes sense,” and arguing that L2s should focus on other use cases.

Roubini said that Bitcoin behaves like a leveraged bet, rising and falling alongside high-risk equities rather than hedging uncertainty.

Economist Nouriel Roubini, who is known for his anti-crypto rhetoric, predicted a looming “crypto apocalypse.” He explained that the future of money and payments will evolve gradually rather than undergo the revolutionary transformation promised by cryptocurrency advocates.

In a recent post, Roubini said Bitcoin and other cryptocurrencies’ latest price plunge demonstrates the extreme volatility of what he calls a “pseudo-asset class,” and expressed hope that policymakers recognize the risks before further damage occurs.

He recalled that one year earlier, Donald Trump had returned to the US presidency after courting retail crypto investors and receiving significant backing from crypto industry figures. This led several evangelists to predict that Bitcoin would reach at least $200,000 by the end of 2025 and become “digital gold.”

Roubini: Bitcoin Isn’t a Hedge

According to Roubini, Trump followed through by dismantling most crypto regulations, signing the Guiding and Establishing National Innovation for US Stable Coins (GENIUS) Act, pushing the Digital Asset Market Clarity (CLARITY) Act, profiting from domestic and foreign crypto deals, promoting a meme coin bearing his name, pardoning crypto criminals allegedly linked to terrorist organizations, and hosting private White House dinners for crypto insiders.

Roubini noted that crypto was also expected to benefit from macroeconomic and geopolitical risks, including rising public debt, fiat currency debasement, trade wars, and increased tensions involving the US, Iran, and China, factors that coincided with gold rising more than 60% in 2025.

Bitcoin, however, fell 6% that year and, as of the time of writing, was down 42% from its October peak and below its level at Trump’s election, while the TRUMP and MELANIA meme coins had dropped 95%. Roubini said Bitcoin repeatedly declined during periods when gold rallied, and argued that it behaves as a leveraged risk asset correlated with speculative stocks rather than a hedge.

He reiterated his long-standing view that crypto does not function as a currency, as it is neither a unit of account, a scalable payment system, nor a stable store of value, while citing El Salvador’s experience, where Bitcoin accounts for less than 5% of transactions. He further argued that crypto is not a true asset because it lacks income streams or real-world utility.

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On Stablecoins and Regulations

Roubini said the only widely adopted crypto application after 17 years is the stablecoin, which he described as a digital form of fiat money already replicated by traditional finance, and maintained that most blockchain-based systems are centralized, permissioned, and privately controlled. He asserted that fully decentralized finance will never scale because governments will not permit anonymous transactions, and that AML and KYC requirements undermine claims of lower costs.

While speaking about regulation, Roubini warned the GENIUS Act risks recreating the instability of 19th-century free banking, as stablecoins lack narrow bank regulation, lender-of-last-resort access, or deposit insurance, making them vulnerable to runs. He also criticized proposals allowing stablecoins to pay interest, and claimed that this could destabilize fractional reserve banking unless payments and credit creation are structurally separated.

Roubini’s comments come as Bitcoin continues its downward trajectory, falling a fresh 6% on Thursday and trading below $71,600 at the time of writing. The latest decline has added to broader market unease, and analysts are warning that continued weakness in BTC could have wider implications. Market experts have increasingly raised concerns that firms holding large BTC reserves may face massive balance-sheet stress and systemic risk if prices continue to slide.

Sovcombank, the ninth-largest Russian bank by assets, said it became the first financial institution in the country to offer bitcoin-backed loans to individuals and corporations who legally own digital assets.

The move follows a pilot program by state-owned Sberbank, which in late December issued the first such product to mining firm Intelion Data. While crypto-secured lending remains limited amid regulatory uncertainty, Russian banks have increasingly shown interest in borrowing against bitcoin as mining firms and crypto-holding businesses look to unlock liquidity while retaining their digital assets.

“Specifically, we offer bitcoin-secured lending, allowing our clients to raise financing for business development without having to sell their assets,” Marina Burdonova, Sovcombank’s compliance director, said in a statement. Only companies and individuals who legally own digital assets will have access to the bitcoin-backed lending products, she said.

Crypto mining in Russia became legal Nov. 1, 2024 after the government introduced a law allowing legal entities and entrepreneurs registered with the Ministry of Digital Development to engage in the activity. Unregistered miners could operate only if they do not exceed energy consumption limits.

A month later, the government imposed a six-year ban on crypto mining in 10 regions due to the industry’s high power consumption. In December 2025, it reopened the cryptocurrency market to the public with new rules laid out by the country’s central bank.

“Mining has ceased to be a niche ‘bitcoin mining’ activity. It has become an investment class with predictable returns, a payback period and manageable risks,” Burdonova said. “Sovcombank sees potential in partnerships with all crypto industry participants, from miners and data center operators to crypto exchanges and money changers.”