Commodity-linked currencies strengthened after US inflation data came in weaker than expected. The Consumer Price Index (CPI) slowed to 3.5% year-on-year in June, below the 3.8% forecast, while core inflation eased to 2.6% versus expectations of 2.8%. On a monthly basis, headline CPI unexpectedly fell by 0.4%, while core CPI was unchanged. The moderation in inflationary pressure increased expectations that the Federal Reserve may adopt a more accommodative policy stance, putting pressure on the US dollar and supporting both the Australian and Canadian dollars against the greenback.

However, despite the weaker US dollar, the next move in USD/CAD will largely depend on the Bank of Canada’s policy decision. Later today, the central bank will announce its interest rate decision, publish its updated Monetary Policy Report, and hold a press conference with the Governor. If policymakers maintain a cautiously hawkish tone on inflation, the Canadian dollar could receive additional support. Conversely, a more dovish message may limit CAD gains despite the broader weakness in the US dollar.

Market participants will also focus on the release of the US Producer Price Index (PPI), which will provide further insight into inflation trends following the softer CPI report. In addition, US crude oil inventory data could influence USD/CAD, as oil prices traditionally have a significant impact on the Canadian dollar.

AUD/USD

The AUD/USD pair continues to develop the bullish engulfing reversal pattern. Yesterday, buyers managed to test the key resistance level around 0.7000. If the pair secures a sustained break above this level, the rally could extend towards the 0.7080–0.7130 area. The bullish scenario would be invalidated by a move below 0.6900.

Key events for AUD/USD:

• Today at 14:00 (GMT+3): US MBA Mortgage Market Index
• Today at 15:30 (GMT+3): US Producer Price Index (PPI)
• Today at 15:45 (GMT+3): Speech by FOMC member John Williams

USD/CAD

Following confirmation of the bearish tower top reversal pattern, selling pressure on USD/CAD intensified, reinforced by the weaker-than-expected US inflation data. As a result, the pair declined below 1.4100. Technical analysis suggests there is scope for a further move lower towards the 1.3960–1.4020 area. A decisive break back above 1.4120 could revive the bullish outlook.

Key events for USD/CAD:

• Today at 16:45 (GMT+3): Bank of Canada interest rate decision
• Today at 17:30 (GMT+3): US Crude Oil Inventories
• Today at 17:30 (GMT+3): Bank of Canada press conference

Overall, the weaker US inflation report strengthened expectations of a more accommodative Federal Reserve, weighing on the US dollar and supporting commodity-linked currencies. However, the next moves in AUD/USD and USD/CAD will depend on upcoming economic data and the Bank of Canada’s policy guidance.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Just a few short years ago, the crypto hype was strong. VCs were eager to pour money into solutions for scalability, data availability, and any number of buzzwords.

Since then, the advent of powerful AI models and prolonged bear markets have taken the wind out of crypto’s sails and many chains which promised the future are now as good as forgotten.

One keen-eyed X user, crypto marketer Stacy Muur, noted the staggering $500 million invested across six blockchain projects which, together, have produced a total of just $360 in blockchain fees in the past 24 hours.

Read more: AscendEx shutdown: Uncertainty over withdrawals as hot wallets lack funds

Advertisement

The claim caught Protos’ eye, so we took a look at the six companies to see where it all went wrong.

Berachain

Berachain is a blockchain born as a spinoff of the 2021-era Bong Bears NFT collection. It claims to be the first proof-of-liquidity based chain, and aims to be a “growth engine for onchain businesses.”

The project raised a total of $142 million across two rounds in 2023 and 2024. 

However, according to its most recent EoY statement, the project has struggled amidst issues with sentiment, shrinking crypto-native TAM and “increased skepticism around the value of infrastructure as a whole.”

Advertisement

Since launching in early 2025, its BERA token is down 98%.

Berachain was among the networks caught up in November’s devastating Balancer hack, leading validators to temporarily halt the network.

Later that same month, it was revealed that one of the backers, Brevan Howard’s Nova Digital, was granted a one year, risk-free refund right on its $25 million investment.

Read more: Balancer exploit drains $129M in DeFi disaster

Advertisement

Celestia

Celestia was seen as a hot ticket back in 2023 when “data availability” was the buzzword du jour.

Part of the Cosmos ecosystem, it promises bespoke, high throughput, modular chains “for companies with internet-scale traffic.”

It raised first $1.5 million in 2021, a further $50 million in 2022 and finally $100 million in 2024.

Its much-hyped token launch was one of the first rays of light following a deep bear market sparked by the catastrophic crypto collapses of 2022.

Advertisement

Despite initially surging around 10x in its first months to an all-time high of over $20, TIA eventually bled approximately 98%, sitting today at $0.40.

Scroll raised a total of $83 million over three funding rounds, the latest of which brought the Ethereum L2 to a $1.8 billion valuation in March 2023.

It made just $24 in fees yesterday.

The zkEVM layer two hit a peak TVL of $585 million as users enthusiastically farmed an ultimately disappointing airdrop. In the aftermath, the network lost around 75% of its TVL within a couple of months.

Advertisement

There’s currently just under $12 million on the chain.

Eclipse

Eclipse billed itself as “Solana on Ethereum,” an SVM layer two network which would pair Solana’s performance with Ethereum’s liquidity.

Developer Eclipse Labs raised a total of $65 million, most of which came in a $50 million Series A, led by Placeholder and Hack VC, in March 2024.

DeFiLlama data shows the chain’s TVL peaking at almost $50 million in late February last year. It’s currently down to just $1.15 million, a drop of approximately 98%.

Advertisement

The project’s most recent blog post is from a year ago, announcing the launch of its token ES, and an airdrop. Eclipse Labs has since pivoted to development of The Human API, a marketplace for AI agents to hire humans.

Sonic

Launched as Fantom by controversial developer Andre Cronje, founder of DeFi stalwart Yearn Finance, the fast, low-cost network migrated to Sonic in 2024. It raised a total of $61 million across six rounds between 2018 and 2024, according to ICODrops.

As Fantom, it took a hit in the Multichain debacle, with many bridged assets depegged from their native versions.

Fantom’s peak TVL reached a staggering $7.9 billion in 2022 and now sits at just under $5 million. Sonic’s hit $1.2 billion last spring, but has since dropped to $16 million.

Advertisement

Cronje’s involvement with Sonic terminated last month and he’s spent much of the last 18 months building Flying Tulip.

Read more: Andre Cronje says someone stole his code to build a $1B DeFi project

Manta

ZK-focused Manta raised a total of $60 million across four rounds between 2021 and 2023. 

Its TVL chart is dramatic, highlighting an intense, heavily gamified airdrop campaign, which saw over $650 million poured into the chain.

Advertisement

Just a few weeks before its peak, TVL sat at under $20 million. Likewise, within four months, it was back below $50 million once again. Today, just $4 million is held on the chain.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

The United Kingdom has set an early 2027 target to issue its first digital sovereign bond on distributed-ledger infrastructure, becoming the first G7 country to launch government debt in tokenized form.

According to Chancellor Rachel Reeves, who announced the plan during her annual Mansion House speech, the government intends to follow the first issuance with additional digital gilt sales if the pilot progresses as expected.

The Digital Gilt Instrument, or DIGIT, will be a sterling-denominated government bond issued on HSBC’s Orion blockchain platform. It will operate within the Bank of England and Financial Conduct Authority’s Digital Securities Sandbox, a testing environment created for digital securities.

The Treasury introduced the pilot in 2024 to examine whether distributed-ledger technology could shorten settlement times, reduce reconciliation work and lower operating costs across government debt markets. HSBC secured the mandate to operate the platform in February after issuing more than $3.5 billion of digital bonds through Orion.

Speaking at the same event, Bank of England Governor Andrew Bailey said the central bank will work toward making DIGIT eligible as collateral in its market operations. According to Bailey, that step could support tokenized repurchase agreements while allowing banks to use the security in central bank funding transactions.

The Treasury has not disclosed the size, maturity, coupon, investor eligibility, or settlement asset for the bond. Officials said the initial issuance will sit outside the government’s conventional gilt financing program.

Digital bond plans follow tokenization push

The planned bond sale comes as the UK expands its work on tokenized financial markets beyond pilot projects.

Earlier this week, the UK and the United States published a joint statement committing to closer cooperation on stablecoin regulation, cross-border payments and tokenized finance through the Transatlantic Taskforce for Markets of the Future.

According to the joint statement, both governments plan to explore how regulated stablecoins issued in one country could access the other market while maintaining separate domestic regulatory frameworks. The two countries also agreed to seek common approaches for tokenized securities settlement and examine whether stablecoins or tokenized money market funds could serve as collateral in clearing markets.

The statement said stablecoins presented as money should maintain at least a one-to-one backing with high-quality liquid assets, while reserve assets should remain separate from issuers’ corporate funds. Officials also said holders should receive timely redemptions and clear legal protections if an issuer fails.

Although the stablecoin agreement does not create automatic market access or mutual recognition, it outlines a framework for regulators to reduce unnecessary barriers to cross-border tokenized financial services while each country completes its own regulatory process.

Key takeaways

• Solana (SOL) has rebounded above its 50-day EMA at $76.82 after a 4% rally.
• Rising futures trading volume and positive funding rates point to growing bullish sentiment among retail traders.
• Solana ETFs have recorded two consecutive days of zero inflows, signaling muted institutional demand.

Solana (SOL) extended its recovery on Wednesday, climbing above its 50-day Exponential Moving Average (EMA) after gaining roughly 4% in the previous session.

The rebound comes as improving sentiment across the cryptocurrency market encourages renewed retail participation, while institutional investors remain cautious despite the broader market rally.

Retail traders return to Solana futures

Recent derivatives data suggests retail traders are becoming more optimistic about Solana’s short-term outlook.

According to CoinGlass, SOL futures open interest has remained stable at approximately $4.91 billion over the past 24 hours, indicating traders are maintaining existing leveraged positions rather than exiting the market.

Meanwhile, futures trading volume jumped 15% to around $6.90 billion, reflecting stronger market activity and continued position building.

Adding to the positive outlook, Solana’s funding rate remains in positive territory at approximately 0.0040%, suggesting traders are willing to pay a premium to maintain long positions—a sign that bullish sentiment is strengthening among retail participants.

While retail activity has improved, institutional demand has yet to show similar strength.

Data from SoSoValue indicates that Solana exchange-traded funds (ETFs) have recorded two consecutive trading sessions with zero net inflows this week.

The lack of fresh ETF investment suggests traditional investors are adopting a wait-and-see approach despite the recent rebound in cryptocurrency prices.

This divergence between retail enthusiasm and institutional caution could influence the sustainability of Solana’s recovery.

Solana price analysis: $81.50 remains key breakout level

From a technical perspective, Solana has strengthened after reclaiming its 50-day EMA at $76.82.

The token is also trading above the 50% Fibonacci retracement level at $76.92, measured from the decline between $98.41 and $60.13, reinforcing the improving short-term structure.

However, SOL continues to face significant resistance from a descending trendline positioned near $81.50, while the 200-day EMA at $94.52 remains a major long-term barrier.

A decisive daily close above $81.50 would confirm a breakout from the prevailing downtrend and could trigger a move toward the $88.56 resistance and the 200-day EMA at $94.52.

Technical indicators suggest bullish momentum is slowly building. The Relative Strength Index (RSI) is hovering around 54, indicating modest buying pressure without entering overbought territory.

Meanwhile, the Moving Average Convergence Divergence (MACD) is approaching a bullish crossover near its signal line, reflecting a neutral-to-positive momentum shift that could support additional upside if buying pressure continues.

If Solana encounters renewed selling pressure, traders will likely monitor the following support levels:

• 50-day EMA: $76.82
• Previous ascending trendline: $68.88
• Cycle low: $60.13

Holding above the 50-day EMA would help preserve the current recovery, while a break below it could expose SOL to a deeper pullback toward the lower support zones.

Cathie Wood’s ARK Invest is continuing to add to its position in Circle Internet Group, the company behind the USDC stablecoin, even as Circle’s stock remains in a long slump.

According to ARK’s daily trade disclosures reviewed by Cointelegraph, the firm bought an additional 220,000 shares of Circle across three actively managed exchange-traded funds on Tuesday. ARK’s most recent purchase was valued at roughly $13.9 million based on Circle’s Tuesday closing price of $63.22 on the New York Stock Exchange.

Key takeaways

• ARK Invest added 220,000 Circle shares on Tuesday, worth about $13.9 million at the NYSE close.
• Through its disclosed July buys, ARK has accumulated 725,517 Circle shares, extending a pattern of additions despite persistent share-price weakness.
• Circle represented about 4.37% of the ARK Fintech Innovation ETF (ARKF) as of Wednesday, and about 3.35% of ARK Innovation ETF (ARKK).
• Analyst 10x Research said it no longer views Circle as a buy after the stock fell back below $80, citing deteriorating fundamentals and slower USDC activity.

Another Circle buy lifts ARK’s July total

ARK’s newest transaction increased the firm’s disclosed July acquisitions to 725,517 Circle shares. The same disclosures show prior buys of 287,609 shares on July 1 and 217,896 shares on July 9.

The buys matter because they highlight a sustained commitment by ARK’s actively managed funds to its thesis on Circle’s role in regulated stablecoin infrastructure—an area where market sentiment has been volatile. Even as Circle’s equity has fallen sharply from its IPO-era high, ARK has continued to build rather than pause.

As of Wednesday, Circle was listed as the seventh-largest holding in ARK Fintech Innovation ETF (ARKF), accounting for 4.37% of the fund. The position was valued at about $33 million, based on the fund’s latest holdings data available on ARK’s official website.

Circle was also a meaningful component of ARK Innovation ETF (ARKK). It represented 3.35% of the flagship fund and ranked as the ninth-largest holding, worth about $218 million, according to ARKK holdings data on ARK’s site.

Circle’s stock under pressure, ARK keeps buying

While ARK’s trading has been steady, Circle shares have struggled. The stock was down about 22% year-to-date and roughly 76% below its post-IPO peak, setting a challenging backdrop for any incremental capital allocation.

That makes ARK’s continued additions notable: the strategy implies ARK sees enough long-term value in Circle—particularly tied to USDC’s position in the stablecoin landscape—to keep increasing exposure during a period when many investors have grown more cautious.

Still, public equity performance can diverge from broader ecosystem adoption, and stablecoin markets are influenced by a mix of regulatory outcomes, competition among issuers, and the pace of on-chain and payment activity.

Analysts warn of deteriorating fundamentals and slower USDC activity

ARK’s latest purchase came as some analysts revisited Circle’s outlook. Digital asset research platform 10x Research said it no longer considers Circle a buy after the stock declined back below $80. In a report published Tuesday, the firm explained that it previously regarded Circle as attractive below that level but now believes Circle’s fundamentals have “meaningfully deteriorated.”

10x Research also pointed to slower USDC activity as a key concern, including a decline in active addresses. While stablecoin usage metrics can fluctuate for a variety of reasons, a sustained slowdown in users interacting with USDC could weigh on expectations for Circle’s growth.

The stablecoin market data adds further context. According to CoinGecko, USDC’s market capitalization had declined roughly 3% year-to-date to $73 billion at the time of publication, though it remained about 17% higher than a year earlier. In other words, USDC’s market size is still larger than it was a year ago, but the near-term trajectory has weakened.

10x Research also left room for two competing interpretations: the recent drop in Circle’s share price could represent a long-term buying opportunity, or it could signal the start of a more prolonged downturn. That uncertainty reflects the broader challenge in assessing equity risk around stablecoin issuers—investors must separate temporary market drawdowns from longer-term changes in transaction demand, regulatory clarity, and competitive dynamics between different stablecoins.

What to watch next for ARK, Circle, and USDC

For investors tracking this story, the immediate focus should be whether Circle can reverse the factors cited by analysts—particularly USDC activity levels—and whether ARK’s continued buying is mirrored by broader capital flows into Circle or remains idiosyncratic. Given how sharply sentiment has swung, the next reports and on-chain usage trends around USDC will likely carry outsized importance.

Key takeaways

• Pi Network (PI) is stabilizing above $0.07500 after more than two weeks of sustained selling pressure.
• Improving crypto market sentiment following softer U.S. inflation has boosted speculative interest in PI.
• PI open interest climbed from $9.11 million to $12.14 million, signaling renewed trader participation.

Pi Network (PI) traded above $0.07500 on Wednesday, showing early signs of stabilizing after more than two weeks of persistent losses.

The token’s recovery comes as broader cryptocurrency markets rebounded following softer-than-expected U.S. inflation data, improving investor sentiment and encouraging renewed interest in higher-risk digital assets.

Although PI remains in a broader downtrend, technical indicators suggest bearish momentum may be weakening.

Improving market sentiment boosts risk appetite

The latest U.S. Consumer Price Index (CPI) report helped ease concerns over additional Federal Reserve interest rate hikes, reducing pressure on risk assets, including cryptocurrencies.

As market sentiment improved, investors showed greater willingness to return to speculative assets such as Pi Network.

CoinMarketCap’s Crypto Fear and Greed Index rose to 35 on Wednesday from 28 on Monday, reflecting a noticeable decline in market fear and improving investor confidence.

Historically, rising risk appetite has often supported increased trading activity in speculative cryptocurrencies.

Derivatives data points to growing interest in Pi Network. According to CoinAnk, PI futures open interest increased from $9.11 million to approximately $12.14 million over the past day.

The sharp increase suggests traders are opening new positions rather than closing existing ones, indicating renewed confidence and stronger speculative demand.

While rising open interest alone does not guarantee higher prices, it often supports increased market liquidity and stronger price momentum when accompanied by improving sentiment.

Pi Network technical analysis: Can PI reclaim $0.1000?

From a technical perspective, Pi Network is attempting to build a base near $0.07500, where a descending support trendline forming part of a falling channel continues to hold.

A Doji candlestick formed near this support during the previous trading session, signaling indecision between buyers and sellers and potentially marking the beginning of a short-term reversal.

The 161.8% Fibonacci extension at $0.06793, measured from the decline between $0.1998 and $0.1183, reinforces this support zone and increases the likelihood of a technical rebound.

If buying momentum strengthens, PI could target the following resistance levels:

• $0.09613 – 127.2% Fibonacci extension
• $0.1000 – Psychological resistance level

A decisive move above $0.09613 would significantly improve the short-term outlook and increase the probability of a recovery toward $0.1000.

Although Pi Network remains within a broader bearish trend, momentum indicators suggest downside pressure may be becoming exhausted.

The Relative Strength Index (RSI) has fallen to around 21, placing the token deep in oversold territory. Such readings often indicate that selling has become excessive and that a relief rally could emerge if buyers return.

Meanwhile, the Moving Average Convergence Divergence (MACD) remains below its signal line, confirming that the broader trend is still bearish. However, the indicator also suggests bearish momentum may be weakening after the recent decline.

The most important downside support remains the 161.8% Fibonacci extension at $0.06793.

A daily close below this level would invalidate the current rebound scenario and could trigger a new phase of price discovery to the downside.

As long as PI holds above this support, the possibility of a recovery toward $0.09613 and eventually $0.1000 remains intact.

Polymarket has been blocked in the Czech Republic after authorities classified the prediction market platform as an unlicensed gambling service, adding another European jurisdiction to the list of countries restricting its operations.

The Czech Ministry of Finance has ordered internet service providers to block access to Polymarket within 15 days of placing the platform on the country’s list of unauthorized internet games.

Officials argued that prediction markets operate like gambling products even when they are presented as investment tools. According to the ministry’s position, the only difference is the terminology, with bets described as “contracts” and winnings presented as “returns on investment.”

The latest move follows similar restrictions introduced in France, Germany, Romania, Spain, and Belgium. Outside Europe, regulators in New Zealand, Australia, and Brazil have also taken action against prediction market platforms.

Czech authorities reject Polymarket’s investment argument

Commenting on the decision, Jan Řehola, director of the Czech Institute for Gambling Regulation, said prediction markets should not be treated differently simply because they are presented as financial products.

“Prediction markets are not harmless technological novelties. They involve betting on real-world events, often without clear accountability to the state, without standard player-protection measures and without the rules that apply to legal gambling,” Řehola said.

He argued that changing the terminology does not alter the nature of the product.

“If something looks like a bet, functions like a bet, and allows people to win or lose money depending on the outcome of an uncertain event, we cannot stop treating it as gambling simply because it is called a contract,” he said.

Řehola added that the Ministry of Finance’s decision confirms that the same regulatory standards should apply to all operators offering betting products.

“This is not about banning innovation. It is about ensuring that the same rules apply to everyone who offers betting for money. Player protection, the prevention of money laundering, and effective market supervision must not depend on what an operator chooses to call its product,” he said.

Europe remains divided over prediction markets

While several European countries have classified prediction markets as gambling, Gibraltar recently introduced a separate regulatory framework for the sector instead of treating such platforms as either gambling products or financial instruments.

The framework was introduced after Gibraltar licensed prediction market operators ADI Predictstreet and Wire Market, becoming the first jurisdiction to establish dedicated rules for the industry.

The Czech decision extends a series of enforcement actions against Polymarket this year.

In May, India blocked access to the platform after the Ministry of Electronics and Information Technology directed internet service providers and VPN operators to restrict access to prediction market websites that authorities classified as illegal online money gaming platforms.

Argentina also ordered a nationwide block in May after a Buenos Aires court concluded that Polymarket operated outside the country’s gambling framework. Authorities there cited consumer protection concerns, crypto-based payments and identity verification standards among the reasons for the decision.

South Korea has taken a different approach. Earlier this month, the Broadcasting, Media and Communications Review Committee postponed any enforcement decision after deciding to hear Polymarket’s response before determining whether its service violates local gambling laws.

The company is also facing scrutiny in the United States, where the CFTC is investigating parts of Polymarket’s business, including its social media operations.