The CLARITY Act has entered its final review stage after months of negotiations, with Senator Cynthia Lummis confirming an early July release of the updated bill text. Lawmakers now aim to advance the crypto market structure legislation through the Senate later in July. Meanwhile, several organizations continue raising concerns about specific provisions tied to oversight and anti-money laundering requirements.

Senate Prepares Final Clarity Act Release

Senate negotiators are preparing to publish the updated CLARITY Act text around July 4. The release will provide lawmakers, industry participants, and other stakeholders with an opportunity to review the final draft. After that process, Senate leaders plan to move the legislation toward floor consideration.

Lummis indicated that negotiations have continued for several months and involved lawmakers, industry groups, and banking representatives. The discussions focused on refining provisions that generated concerns during earlier drafting stages. As a result, lawmakers introduced several revisions before reaching the final review phase.

Senate leadership is now working to secure time for debate during July. Discussions with Senate Majority Leader John Thune remain focused on placing the measure on the Senate agenda. Consequently, the legislation appears positioned for its next major procedural step.

Lawmakers Refine Framework for Digital Asset Markets

The legislation seeks to establish clearer regulatory boundaries for digital asset markets in the United States. Lawmakers have continued adjusting provisions while balancing industry priorities and regulatory concerns. At the same time, banking groups have pressed for stronger consumer safeguards.

Recent discussions also addressed concerns surrounding crypto rewards programs. Critics argued that some digital asset companies could offer products resembling interest-bearing bank accounts. Therefore, negotiators revisited relevant sections during the latest round of drafting.

According to information provided by Senate negotiators, revisions were made to address those concerns. The updated framework separates certain reward structures from traditional interest-based products. In addition, lawmakers incorporated further anti-money laundering measures into the legislation.

Section 604 Remains a Key Point of Debate

Despite progress toward publication, Section 604 continues attracting opposition from several organizations. The provision incorporates elements of the Blockchain Regulatory Certainty Act. As a result, it remains one of the most debated parts of the broader legislation.

Several law enforcement organizations recently urged federal officials to reconsider the section. The groups argued that the provision could create regulatory gaps involving digital asset activities. They also warned that investigations involving crypto transactions could become more difficult under certain circumstances.

The organizations raised concerns regarding the Know Your Customer and Anti-Money Laundering standards. They contend that the proposal could weaken oversight compared with requirements applied in traditional financial systems. Consequently, they have called for additional revisions before final approval.

Section 604 would prevent certain non-custodial participants from automatically receiving money transmitter classifications. The provision applies to groups including open-source developers and self-custody tool providers. It also covers software contributors and some decentralized finance infrastructure operators.

Separately, the Alliance to End Human Trafficking urged Senate leaders to revisit the same provision. The organization argued that the language could create uncertainty around monitoring illicit financial activity. It cited concerns involving human trafficking, organized crime, sanctions evasion, and child exploitation investigations.

Banking giant Standard Chartered has identified Aave as a potential beneficiary of tokenized assets as they move into decentralized finance (DeFi), saying the protocol could rebuild its position as a dominant onchain lending platform.

In a Wednesday research note, Geoff Kendrick, the bank’s global head of digital assets research, said active tokenized assets in DeFi could drive more deposits into Aave.

“Despite recent setbacks, we are bullish on the outlook for Aave, the largest [DeFi] lending protocol,” Kendrick wrote.

The bank said Aave’s recent performance had been weighed down by a broader decline in digital asset prices and the fallout from the April cybertheft involving KelpDAO. Standard Chartered said the $292 million incident affected Aave, contributing to a decline in the protocol’s lending market share as assets exited the platform. 

“We think both of those negatives are poised to fade,” Kendrick said. “We forecast significant upside for digital asset token prices into year-end, and we think Aave has moved beyond the April incident.”

According to the research note, Aave’s October 2025 deposit base of about $75 billion would have ranked alongside the 30th-largest US bank by deposits. Kendrick added that Standard Chartered expects Aave to recover part of that scale as tokenized assets become more widely used as collateral and sources of liquidity within DeFi. 

Aave’s total value locked. Source: DefiLlama

Standard Chartered expands tokenization thesis to lending

The Aave forecast extends Standard Chartered’s tokenization thesis from decentralized trading to lending, with the protocol emerging as a potential venue for borrowing against tokenized real-world assets (RWAs).

Standard Chartered said in an earlier research note that assets locked in DeFi could reach $2.7 trillion by 2030, driven by RWAs and other crypto-native assets moving through onchain protocols. 

Related: StanChart says Ethereum price will catch up to bullish internal metrics

Kendrick identified decentralized exchange Uniswap as a possible trading hub for tokenized markets, citing its scale, brand and history of operating through multiple crypto market cycles. 

Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Bitcoin has fallen below $60,000 for a second time this month, triggering more than $850 million in crypto liquidations and sending Strategy shares to an intraday low of $92.28 as investors reacted to mounting pressure across digital assets and technology stocks.

According to data from crypto.news, Bitcoin (BTC) price dropped nearly 6% to an intraday low of $59,175 before trading around $59,500 at press time. The move wiped out more than $850 million in leveraged positions, with long traders accounting for roughly $780 million of the total and short liquidations contributing about $84 million.

Selling quickly spread across major cryptocurrencies. Ethereum fell below $1,600 and traded near $1,590, while Solana slipped under $65 and XRP changed hands around $1.05. The total value of the crypto market declined to approximately $2.1 trillion, leaving the sector down about 3.6% on the day.

Bitcoin tests a key technical support zone

Technical indicators suggest Bitcoin has returned to a level many traders have been watching closely. The daily chart shows Bitcoin falling through a major support level and revisiting support around $59,200, a zone that aligns with the June lows.

Commenting on the setup, crypto analyst Daan Crypto Trades noted that Bitcoin had reached its 78.6% Fibonacci retracement level from the previous rebound. According to the analyst, major local tops and bottoms have often formed after strong rallies retraced toward that level, making it an important area for bulls to defend before a possible break below $60,000.

$BTC Has made it to its .786 Fibonacci retracement level from the initial bounce.

If you’ve been following me for some time, you might have seen me post about these before.

Over the past few years, most of the major local tops & bottoms have been set after a strong bounce and… pic.twitter.com/F9mr4ni536

— Daan Crypto Trades (@DaanCrypto) June 24, 2026

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The chart also shows Bitcoin trading below all key moving averages, including the 50-day and 200-day MA, while the Aroon indicator signals continued downside momentum. On the daily timeframe, Aroon Down stood at 100%, compared with roughly 36% for Aroon Up, indicating that recent lows have continued to dominate market structure.

At the same time, concerns about institutional activity added to market unease. Whale Factor highlighted on X that wallets linked to BlackRock had transferred roughly 2,700 BTC, worth about $168.6 million, and nearly 53,000 ETH valued at around $88.1 million to Coinbase-linked addresses. The account suggested the transfers could precede selling activity, although no evidence has emerged that the assets were moved for that purpose.

Strategy shares underperform as criticism returns

The decline in Bitcoin coincided with a sharp drop in crypto-linked equities, with Strategy suffering some of the steepest losses. After closing the previous session at $103.84, the stock fell as much as 11% during trading and reached an intraday low of $92.28 before recovering slightly to trade near $95. The move left the shares down more than 8% on the day.

Pressure was not limited to Strategy. Shares of Strive, Bitmine, and SharpLink also declined, while crypto-focused firms including Coinbase, Robinhood, Circle, Galaxy Digital, and Bullish traded lower alongside mining companies such as IREN, Cipher, TeraWulf, and Hut 8.

Fresh criticism from Bitcoin skeptic Peter Schiff added another layer to the debate surrounding Strategy’s Bitcoin treasury model. Schiff argued that the company could consider selling part of its Bitcoin holdings to finance stock buybacks and reduce the gap between its market valuation and underlying assets.

He also claimed that any meaningful Bitcoin sale by Strategy could pressure the cryptocurrency market, though he questioned whether such a move would restore investor confidence.

Institutional fund flows have also weakened. According to Farside Investors, U.S. spot Bitcoin exchange-traded funds recorded roughly $180 million in combined net outflows on Monday and Tuesday. Spot Ether ETFs posted approximately $152.5 million in net outflows during the same period.

Those withdrawals arrived as investors continued reducing exposure to risk assets. Since mid-June, the S&P 500 has fallen about 3%, and the Nasdaq has dropped nearly 4%, while several large technology stocks, including Nvidia, Microsoft, and Apple, traded lower. With 

With Bitcoin price back below $60,000, the cryptocurrency has returned to price levels last seen in October 2024, extending a difficult month for both digital assets and the companies tied most closely to them.

Michelle Bond, the wife of former FTX Digital Markets co-CEO Ryan Salame, has been set for trial in November over federal campaign finance allegations tied to the 2022 US House of Representatives race. Judge George Daniels of the US District Court for the Southern District of New York scheduled Bond’s trial to begin on Nov. 9, after earlier delays connected to motions arising from Salame’s plea agreement.

The case is one of the final remaining criminal proceedings related to the 2022 collapse of FTX, an event that triggered a wave of prosecutions across the crypto industry. Salame is already serving a 7.5-year prison sentence following his plea deal with prosecutors.

Key takeaways

• Judge George Daniels has scheduled Michelle Bond’s trial for Nov. 9 in the Southern District of New York.
• Bond faces four charges tied to alleged violations of US campaign finance law.
• The case follows a week after the judge denied Bond’s motion to dismiss the indictment.
• Prosecutors allege the campaign was funded with what they describe as FTX-linked improper contributions.
• Bond’s trial sits alongside the broader legal aftermath of FTX executives, where appeals and clemency efforts continue for some defendants.

Trial date set as a dismissal effort fails

On Wednesday, Daniels ordered that Bond’s proceedings start on Nov. 9. The ruling came shortly after the court denied Bond’s request to dismiss the indictment. Her dismissal motion was rooted in claims connected to the plea negotiations involving her husband.

According to earlier coverage, Bond sought dismissal based on allegations that prosecutors had promised Salame he would not be charged if he pleaded guilty. Daniels rejected the argument a week earlier, clearing the way for Bond’s case to move forward on a defined schedule. The trial date matters not only procedurally—by setting a clear timeline—but also substantively, as it reduces the likelihood that the campaign-finance case will be stalled by legal disputes over how plea agreements were communicated.

How prosecutors describe the alleged campaign funding

Bond’s case traces back to an August 2024 indictment. Prosecutors alleged that Bond and Salame “illegally funded” the congressional campaign of Bond’s 2022 run for a seat in the US House of Representatives.

The indictment centers on campaign finance law violations, with prosecutors claiming Salame used $400,000 of FTX funds as part of what they characterized as a “sham” payment. Bond ran as a Republican in New York’s 1st congressional district, but she lost in the primary to Nicholas LaLota.

The allegations place Bond’s prosecution firmly within the criminal-legal fallout from FTX’s bankruptcy filing in 2022. While the underlying collapse of the exchange involved complex questions of corporate and trading practices, the criminal counts in this phase are focused on political financing and the legality of how campaign contributions were arranged and reported.

Where the FTX criminal cases stand

Bond’s upcoming trial is being framed as one of the last criminal matters directly tied to individuals connected to FTX. Salame was sentenced in 2024 after pleading guilty to conspiracy to make unlawful political contributions. He initially tried to challenge the plea by arguing prosecutors had misled him about whether Bond would face charges, but that effort did not succeed.

Salame ultimately began serving his sentence in October 2024 and left the remaining dispute over Bond’s indictment to her case. The separation underscores an important dynamic in such prosecutions: even after one defendant resolves a case through a plea, other defendants—depending on how charges and plea facts are treated—may continue litigating their own defenses.

Beyond Bond and Salame, prosecutors pursued several other high-profile FTX-linked figures. Former CEO Sam “SBF” Bankman-Fried and former Alameda Research CEO Caroline Ellison were also charged. Ellison was released early in January after serving less than her two-year sentence. Two other executives tied to FTX, Nishad Singh and Gary Wang, received time served after testifying against Bankman-Fried at trial.

Bankman-Fried’s appeal rejection and clemency path

While Bond’s trial date moves her case closer to resolution, Bankman-Fried’s legal situation remains an important parallel thread in the FTX fallout. He was found guilty on seven felony charges and sentenced to 25 years in prison in 2024. Although he filed an appeal to overturn his conviction and sentence, the Second Circuit rejected his appeal earlier this month, according to reporting from Cointelegraph.

Separately, Bankman-Fried also applied for a presidential pardon from Donald Trump. With the appeals process unsuccessful, his remaining potential routes to freedom are described as either pursuing further review through the US Supreme Court or seeking relief through executive clemency.

This contrast—Bond facing a scheduled trial while Bankman-Fried’s appeal has been rejected—highlights how FTX prosecutions have diverged across defendants. Some cases appear to be moving toward final judgments through trial proceedings, while others are funneling into the later-stage appellate and pardon pipeline.

For market participants, the practical takeaway is that the legal aftermath of FTX continues to unfold in phases: Bond’s Nov. 9 trial date is a concrete next milestone for the campaign-finance counts, while Bankman-Fried’s rejected appeal and pardon effort keep uncertainty alive about how long the broader FTX-linked criminal story will remain in public and legal focus. Readers should watch for how the court handles pretrial issues in Bond’s case, and whether any further filings emerge that could affect the trial schedule or scope of claims.

US-based prediction market platform Kalshi is reportedly in talks for a new fundraising round that could value the company at $40 billion—nearly double its $22 billion valuation from a prior financing in May. The Financial Times, citing people familiar with the matter, said the round could be closed as soon as the third quarter of this year.

If the valuation target is reached, Kalshi’s market value would surge sharply in under twelve months, highlighting how quickly investor attention has shifted toward platforms that let users trade on real-world outcomes. The rapid repricing also sets up a more direct competitive comparison with other prediction venues, particularly Polymarket.

Key takeaways

• Kalshi is reportedly seeking a new funding round at a $40 billion valuation, up from $22 billion in May.
• The Financial Times says the round could close as early as the third quarter, pending negotiations.
• Kalshi’s latest financing in May was a $1 billion Series F led by Coatue Management, with participation from multiple major investors.
• Trading activity data cited by Token Terminal shows Kalshi widening the gap over Polymarket in recent months.
• Prediction markets in the US remain under legal pressure, with states and federal regulators clashing over how these contracts should be classified and overseen.

From $22 billion to $40 billion: why the valuation jump matters

Kalshi most recently raised capital via a $1 billion Series F that closed in May. According to the report referenced in the source coverage, the round was led by Coatue Management and included participation from Andreessen Horowitz, Sequoia Capital, Morgan Stanley, and Ark Invest.

That May funding capped a rapid run-up in valuation. Kalshi’s $22 billion valuation in May was reportedly double its $11 billion valuation from December and more than four times its $5 billion valuation in October. In other words, the company has already demonstrated an ability to reset investor expectations within short time spans.

The proposed $40 billion valuation would effectively extend that momentum, implying an even steeper compounding of investor confidence. For market participants, the fundraising storyline is more than corporate finance—larger valuations typically correlate with greater resources for product expansion, partnerships, and regulatory navigation, all of which can influence liquidity and user experience.

What the latest round could signal for prediction-market competition

Valuation milestones are one way to track the sector’s growth, but liquidity and trading velocity are harder signals for how users are actually adopting these platforms.

The source cites Token Terminal data indicating that Kalshi’s monthly notional trading volume reached $17.9 billion as of May, compared with Polymarket’s $7.1 billion. This follows a reported shift in dominance between the two platforms around September last year, when Kalshi partnered with Robinhood to let users trade outcomes of NFL and college football games.

Polymarket had been the clearest leader in trading volume through much of 2024, but the competitive dynamic has reportedly reversed and kept widening over the last nine months. Traders typically follow volume and liquidity, so these numbers can translate into better execution, narrower spreads, and deeper markets—factors that can reinforce network effects for whichever platform remains on top.

If Kalshi is able to secure a large round at the reported level, it may also accelerate the broader pattern of consolidation in prediction-market attention: funds can support more frequent contract listings, improved tooling for event grading, and further integrations that expand the addressable user base.

Momentum draws big tech and mainstream exchanges

The surge in prediction markets has reportedly extended beyond crypto-native circles. The source notes that social media and technology interest has increased alongside the sector’s mainstreaming.

According to the New York Times, Meta CEO Mark Zuckerberg directed staff to build a prediction markets mobile app—described as “Arena”—framed as a challenge to platforms like Kalshi and Polymarket. While such reporting does not confirm launch timelines or product details, it reinforces the view that prediction markets are increasingly seen as a consumer-facing product category rather than a purely niche trading venue.

At the same time, traditional market operators are entering the space. The source reports that Cboe Global Markets launched a new prediction-market platform called Cboe Predicts with binary contracts tied to the S&P 500. This matters because mainstream exchange participation can change expectations for market integrity, participant protections, and potentially the regulatory posture of how contracts are offered to users.

Legal uncertainty: states vs. the CFTC

Despite the growing attention, prediction markets in the United States continue to face legal scrutiny. The source highlights an ongoing dispute over whether event-linked contracts—especially those tied to sports—should be treated as sports betting regulated by state gaming authorities.

Kentucky was the latest state to take action, suing five prediction market platforms last week, including Kalshi and Polymarket, alleging they are “operating unlicensed and illegal sports betting and gambling platforms.”

At the federal level, the US Commodity Futures Trading Commission (CFTC) has argued that it holds exclusive authority over prediction markets and that the platforms operate under CFTC registration. The source further notes that the CFTC has sued state authorities, including Kentucky, to try to prevent states from policing these platforms.

This legal tension is not only a compliance risk for existing operators—it is also a constraint on how fast the category can scale. Investors and users will likely watch for clearer enforcement patterns: whether courts lean toward federal preemption, whether states succeed in carving out additional boundaries, and how platforms adapt contract structures, marketing, and geography.

The fundraising news, in that context, reads as a bet that Kalshi can grow while navigating (or eventually benefiting from) the regulatory direction the courts and regulators choose.

Closing perspective

As Kalshi negotiates a reported $40 billion valuation, the bigger question for the market is whether the company’s growth story can keep outpacing the regulatory friction facing the entire prediction-market category—especially as more mainstream companies and exchanges test the waters.

1. When virality moved off-screen

Memecoins have never pretended to be serious. Other blockchain projects often present themselves through promises of faster payments, scalable infrastructure or decentralized applications (DApps). Memecoins, however, draw their appeal from humor, absurdity and internet culture.

A photo of a dog can become a billion-dollar asset. A frog image can trigger a wave of speculation. Communities come together around shared jokes, catchphrases and collective excitement, often with little logic beyond the energy of participation.

For much of their existence, memecoins were mostly limited to screens. The risks were mainly financial. Speculators could lose money chasing momentum, but the memes themselves rarely moved far beyond social media feeds and trading interfaces.

That boundary is starting to weaken.

Recent controversies surrounding Pump.fun, a Solana-based token launchpad, suggest that memecoin promotion may be moving in a more troubling direction. People have reportedly accepted cryptocurrency payments in exchange for shaving their heads, drinking large amounts of alcohol and having token names tattooed on their bodies.

What was once the internet’s favorite speculative pastime is no longer simply asking participants to click a buy button. In some cases, it is asking them to turn themselves into living advertisements.

Whether this is a new form of community engagement or a troubling sign of the attention economy deserves serious consideration.

2. Memecoins have always been about attention

Memecoins do not need strong technology or clear utility to attract buyers. Their value often comes from something simpler: how many people are watching, sharing and talking about them.

Most cryptocurrencies try to support their value with utility, such as new technology, better efficiency or new economic models. Memecoins work differently.

Their value depends largely on visibility.

Dogecoin, launched as a joke in 2013, became one of the world’s largest cryptocurrencies mainly through community enthusiasm and celebrity attention. PEPE drew strength from internet meme culture. BONK benefited from momentum within the Solana ecosystem. Countless others have risen and collapsed on social energy alone.

This does not make memecoins illegitimate by default. Markets have long assigned value to things that are not physical, including brands, stories and cultural relevance. But it does mean attention is the scarce resource on which everything else depends.

In memecoin markets, attention brings in traders. Traders create liquidity. Liquidity can push prices higher. Rising prices attract even more attention. The cycle feeds itself. As long as the conversation continues, the asset stays alive.

Did you know? Long before crypto existed, radio stations used outrageous publicity stunts to attract audiences. Some bizarre contests reportedly led to injuries, showing that the chase for attention has always carried hidden risks.

3. How Pump.fun changed the economics of token creation

Pump.fun changed memecoin creation by making launches faster, cheaper and easier for nontechnical users. 

Launching a token once required technical knowledge, marketing support and startup capital. Pump.fun made that process much faster. With a small amount of money, almost anyone could create a token within minutes.

The result was dramatic. Millions of tokens have reportedly been launched through the platform. Supporters see this as a major step toward open access.

However, open access also brought unintended effects.

When almost anyone can launch a memecoin, standing out becomes the real challenge. Creation is no longer the main obstacle. Attention is.

This made marketing one of the most valuable parts of the memecoin economy. In markets built around attention, competition often moves toward more extreme behavior.

4. Paying people to go viral

Pump.fun’s GO bounty marketplace turned memecoin promotion into something more direct. It allowed users to pay others for promotional tasks, including stunts designed to attract attention. 

The idea was simple. Users could offer rewards in exchange for promotional tasks. Some tasks were fairly harmless. Others moved into more troubling territory, with participants accepting bounties that involved shaving their heads, drinking alcohol on camera and performing increasingly bizarre public stunts.

One of the more widely shared examples involved Arivu, a resident of Tamil Nadu, India. He tattooed the ticker “$boutywork” across his forehead in an attempt to complete a bounty. The episode carried a strange irony: The ticker itself contained a spelling error.

What was meant to be a promotional act became a permanent physical mark tied to a short-lived internet moment. Traders continued speculating on the related tokens. The internet moved on to its next distraction, but the tattoo remained.

Did you know? The term “meme” was coined by evolutionary biologist Richard Dawkins in 1976 to describe how ideas spread through culture. Internet memes later became powerful enough to influence financial markets.

5. Why extreme behavior can seem financially rational

On the surface, these examples may look simply absurd. Why would someone permanently change their appearance or take real risks to promote a speculative token?

The answer lies in the economics of attention.

Online audiences adjust quickly. What gets a reaction today can feel ordinary tomorrow. Influencers and advertisers understand this well. To stay visible, creators often feel pressure to raise the stakes.

More extreme behavior can generate stronger reactions. Stronger reactions can lead to wider distribution. That, in turn, attracts more attention. In memecoin markets, attention can directly affect trading activity.

Outrage can also work as promotion. People who criticize extreme stunts may still amplify them by sharing screenshots, publishing commentary and keeping the topic alive. The stunt becomes part of the token’s identity. In some cases, the controversy may be the product from the start.

6. How creator incentives feed risky speculation

Modern memecoin culture now looks like a mix of reality television and high-risk online speculation. Participants are not only chasing financial returns. They are also competing for social recognition, where virality itself can feel like a form of currency.

Several psychological forces help explain this behavior.

The first is asymmetric upside. A relatively small sacrifice can seem reasonable when there is even a small chance of a meaningful financial reward.

The second is financial pressure. For people facing real money problems, crypto rewards can look significant compared with local wages.

Third, internet fame has value of its own. A viral moment can bring followers, influence and future opportunities that go beyond any single token.

Finally, fear of missing out can be powerful. When people see others receiving attention and possible rewards, they may ignore risks they would normally treat with caution.

None of these motivations are unique to crypto. What crypto adds is speed and speculative intensity. Together, they can make each of these forces much stronger.

7. Creative marketing or exploitation?

Supporters of these practices argue that critics are overstating the concern. From their view, participation is voluntary.

People often accept risk in exchange for money, attention or entertainment. Reality television contestants take part in humiliating challenges. Influencers promote questionable products. Professional athletes risk serious injury for income and recognition. The argument is that crypto bounties should not be treated as entirely different.

There is some truth to this view. Not every bounty is malicious. Community-driven campaigns can also be creative, funny and participatory. Some memecoin communities attract attention precisely because they reject traditional corporate marketing.

Critics, however, see a more complicated picture. Consent is not always simple, and financial pressure can affect judgment. Participants may underestimate long-term consequences when immediate rewards are placed in front of them.

Platforms may also benefit indirectly from the higher engagement and trading activity that sensational content creates. Audiences, meanwhile, may start expecting bigger and riskier stunts to stay interested.

This leaves an uncomfortable ethical question: At what point does voluntary participation become exploitation?

8. A pattern crypto has seen before

The current controversies are not entirely new. Pump.fun has faced criticism before over its livestreaming features. Reports suggested that some creators used increasingly extreme behavior to attract investors and viewers.

This allegedly included sexually explicit content, threatening behavior and other sensational performances meant to increase token visibility. The platform later suspended livestreaming before bringing it back with moderation measures.

The broader pattern is familiar. New formats attract audiences. Competition increases. Participants push their behavior further to stand out. Public backlash builds, and platforms tighten their rules in response.

This cycle has played out many times across television, social media and influencer culture. Crypto may simply be repeating a familiar pattern, with token incentives adding another layer of motivation.

Did you know? Behavioral economists have found that social proof can strongly influence decision-making. When people see others joining risky trends, they may view those risks as less serious and be more likely to copy them.

9. The regulatory gray area

These developments raise difficult questions for regulators. Bounty programs are not easy to categorize.

Depending on how they are structured, they could be seen as marketing campaigns, promotional contests, informal work arrangements, high-risk reward systems or something existing laws were not designed to handle.

Consumer protection authorities may ask whether participants are clearly told about the risks. Labor regulators may consider whether people driven by financial need deserve extra safeguards. Securities regulators could examine whether token-based rewards change the legal nature of promotional activity.

The answers are likely to differ across jurisdictions.

Without clearer standards, platforms may face a long period of regulatory uncertainty.

10. The future of memecoin marketing remains uncertain

Optimists see recent incidents as isolated excesses rather than signs of a wider trend. They believe the model can still improve.

In this view, bounty systems could mature into more constructive forms of community engagement. Well-structured bounty systems could reward creativity without encouraging harmful behavior.

Others expect the opposite. They argue that competition for attention will keep pushing participants toward riskier acts until a serious incident forces major regulatory action.

The most likely outcome may fall somewhere in between. Platforms may adopt stricter moderation rules. Some types of challenges may be banned outright. Communities may also reject tactics they see as exploitative.

Over time, the market may learn where audiences draw the line.

Bitcoin price has fallen to a make-or-break support zone near $59,000 after losing a key Fibonacci level that traders viewed as the last major defense before a deeper selloff.

According to data from crypto.news, Bitcoin (BTC) price dropped to around $59,175 on June 24, extending a pullback that has erased nearly all of the recovery from this month’s low. The decline came after price failed to hold above the 78.6% Fibonacci retracement level near $64,270, a zone many traders consider the final support before a full retracement of a prior rally.

The move has returned Bitcoin to the 100% Fibonacci level around $59,193, which also coincides with the June low. A break below that area would place the market at its weakest level since the rally that followed the April correction.

Bitcoin price has erased most of its May rebound

The daily chart shows Bitcoin retracing almost the entire advance from its June low to the May peak near $82,900. During the decline, BTC price lost support at both the 61.8% Fibonacci retracement level around $68,250 and the 78.6% retracement near $64,270 before sliding back toward the origin of the move.

At the same time, Bitcoin remains trapped beneath a descending trendline that has capped every recovery attempt since the May high. Each rebound has produced a lower high, preserving the bearish structure that has defined the market for the past several weeks.

Moving averages also continue to favor sellers. The chart shows Bitcoin trading below its 50-day moving average near $71,100 and its 100-day moving average around $72,000, with the 50-day MA remaining below the 100-day MA in a bearish crossover that signals weakening medium-term momentum.

Previous attempts to reclaim those levels failed, allowing downward momentum to accelerate as support zones gave way.

$60K has become the final line for bulls

Attention has now shifted to the $59,000-$60,000 region, which has emerged as the most important support area on the daily chart. Buyers successfully defended this zone earlier in June, producing a recovery that eventually carried Bitcoin above $70,000 before momentum faded.

Market indicators suggest sellers still hold the advantage. The Aroon indicator shows Aroon Down at 100%, while Aroon Up remains near 36%, a configuration that typically signals persistent downside pressure and continued dominance by recent lows.

Daan Crypto Trades described the 78.6% retracement as the last major support level before the $60,000 area comes under direct pressure. The analyst added that failure to hold this region could open the door to a break of the June low and force traders to look for support at lower levels.

$BTC Has made it to its .786 Fibonacci retracement level from the initial bounce.

If you’ve been following me for some time, you might have seen me post about these before.

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Over the past few years, most of the major local tops & bottoms have been set after a strong bounce and… pic.twitter.com/F9mr4ni536

— Daan Crypto Trades (@DaanCrypto) June 24, 2026

A successful defense could allow Bitcoin to attempt a recovery toward the $64,000 area, where the lost 78.6% Fibonacci level now sits as resistance. Beyond that, buyers would need to reclaim the $68,000 region and break the descending trendline before a broader trend reversal could be considered.

If support fails, however, the chart offers little evidence of strong demand immediately below current levels. Fibonacci projections show a 1.618 extension near $44,500, highlighting the downside risk traders may begin discussing if Bitcoin decisively loses the June floor.

With price now sitting directly on a support zone that previously triggered a sharp rebound, the coming sessions could determine whether Bitcoin forms a durable bottom or extends the correction that has dominated trading since May.

US-based prediction market platform Kalshi is reportedly in talks to raise funds at a $40 billion valuation, nearly doubling its $22 billion valuation in May.

The company could close the new funding round as soon as the third quarter of this year, the Financial Times reported on Wednesday, citing people familiar with the matter. 

Kalshi closed a $1 billion Series F in May, led by Coatue Management, with participation from Andreessen Horowitz, Sequoia Capital, Morgan Stanley and Ark Invest. Its $22 billion valuation at the time was double the company’s $11 billion valuation in December and more than four times its $5 billion valuation in October. 

If the new funding round closes at a $40 billion valuation, Kalshi’s value would have increased eightfold in less than a year, underscoring a surge in investor interest in prediction markets. The valuation would also far surpass Polymarket’s last reported valuation of $15 billion in April. 

Kalshi declined to comment.

Kalshi was founded in 2018 by Tarek Mansour and launched publicly in July 2021, with prediction markets gaining significant momentum in 2024 in the run-up to the US presidential election. 

While Polymarket was the clear leader in trading volume in 2024, the two prediction market platforms flipped around September last year as Kalshi partnered with Robinhood to let users trade on outcomes of NFL and college football games. 

Notional weekly trading volumes of Kalshi (green) and Polymarket (blue). Source: Token Terminal

The gap has continued to widen over the last nine months. As of May, Kalshi’s monthly notional trading volume was $17.9 billion, compared with Polymarket’s $7.1 billion, according to data from Token Terminal. 

The success of prediction markets has reportedly drawn interest from social media and tech giant Meta, with CEO Mark Zuckerberg directing staff to create a prediction markets mobile app called “Arena” to challenge Kalshi and Polymarket, according to the New York Times. 

Related: Kalshi in early IPO talks with investment banks: Report 

Meanwhile, market operator Cboe Global Markets on Tuesday entered the prediction markets business with the launch of Cboe Predicts, a platform debuting with binary contracts tied to the S&P 500. 

Prediction markets have been pulled into legal battles across the US, with several states arguing that their event contracts tied to sports are sports betting regulated by state gaming authorities. 

Kentucky was the latest state to take action, suing five prediction market platforms last week, including Kalshi and Polymarket, to accuse them of “operating unlicensed and illegal sports betting and gambling platforms.” 

The US Commodity Futures Trading Commission has claimed it has exclusive authority over prediction markets, arguing they are registered with the agency.

The CFTC has sued multiple state authorities that have taken action against prediction markets, including Kentucky on Tuesday, in a bid to block states’ attempts to police the platforms.

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Hyperliquid’s HYPE token is down 22% from its $75 all-time high, bringing its 2026 uptrend to a key test of support. Market participation has cooled across the derivatives markets, while the spot flows show early signs of stabilization after strong selling pressure in early June. 

The $50-$54 area now stands out as the most important support zone beneath current prices and the first major trend test since January. 

Spot selling begins to ease for HYPE

HYPE fell below $60 on Wednesday after rejecting another retest of its all-time high near $76. The decline has pushed the price toward the 50-day exponential moving average, a level that has acted as trend support throughout the rally from March.

The recent pullback resembles HYPE’s consolidation in May 2025. At that time, the token printed a new high near $40 before entering a multi-week pause that cooled momentum without producing a bearish break on the daily chart. 

HYPE price comparison, July 2026 and May 2025. Source: Cointelegraph/TradingView

The relative strength index is following a similar setup, rolling over from overbought conditions while remaining above the levels typically associated with trend reversals.

However, onchain data paints a cautious picture. Aggregated spot cumulative volume delta (CVD), which measures net buying and selling activity in spot markets, has improved from recent lows during the correction. The recovery has reduced the earlier sell imbalance, though spot CVD remains deeply negative at nearly $95 million.

HYPE price, open interest, spot and futures CVD, funding rate. Source: Velo

The shift suggests selling pressure is easing rather than aggressive accumulation. Spot buyers have started absorbing supply near current levels, though the scale of demand remains modest compared to $110 million in selling recorded during HYPE’s decline from $76 in early June. 

The derivatives activity continues to weaken. Open interest has fallen to $1.73 billion from $2.2 billion, while derivatives CVD has continued trending lower and now sits near negative $389 million, down from $400 million at the beginning of June. Currently, HYPE traders appear to be reducing exposure rather than opening new positions.

Related: Solana grabs 95% of tokenized equity as traders debate if SOL bottom is in

$50 support comes into focus

The next major test lies between $50 and $54, where the rising 50-day exponential moving average aligns with an unfilled daily fair-value gap. The zone represents the first significant support cluster below the current prices.

Holding above the region preserves HYPE’s sequence of higher highs and lows, which has remained intact since January. It also keeps the current pullback consistent with previous consolidations that developed within the broader uptrend.

HYPE/USDT, one-day chart. Source: Cointelegraph/TradingView

A daily close below $53 would mark the first meaningful bearish shift on the daily chart this year. The 100-day EMA near $51.6 becomes the next support level, followed by the lower boundary of the fair value gap near $49. Below that, the next notable support area sits near $38.

For now, the most important signal is the gap between improving spot flows and declining participation across leveraged markets. The strength of demand around the $50-$54 support zone may offer the clearest indication of whether HYPE’s correction is nearing exhaustion or preparing for a deeper retracement.

Speaking in terms of accumulation, crypto trader Altcoin Sherpa said, 

“HYPE, I think anywhere in the 55-64 area is a pretty good place to accumulate this one. I think it goes to $100 later this year personally and is still the best altcoin…but it’s going to also depend a lot on bitcoin IMO.

Related: Bitcoin crash to $60K opens new $530M demand zone: Will bulls buy in?