Crypto World
The fed chair who owned crypto just ruled out saving it
Kevin Warsh held stakes in a stablecoin venture and a dozen protocols, called Bitcoin the new gold, and became the friendliest Fed chair crypto has ever had. Then Congress asked whether the Fed would rescue the sector in a run, and he said the one word the industry was not expecting.
Summary
- On July 14, in his first congressional testimony as Federal Reserve chair, Kevin Warsh told the House Financial Services Committee the Fed will not rescue crypto or stablecoins if the sector faces a run.
- His exact words carried weight because of who said them: before confirmation, Warsh disclosed venture stakes in a Bitcoin payments startup, Bitwise, a stablecoin venture, and more than a dozen protocols, all divested under Fed ethics rules.
- The line came with a hedge. In the same exchange he pledged to mitigate extraordinary risks over the next four years, and he declined to rule out any future step-in, which is where the real policy lives.
- The context sharpens it: the stablecoin market sits near $310 billion, a New York Fed report finds stablecoin stress can transmit to banks, and crypto’s only rescue to date, the 2023 SVB intervention that restored USDC’s peg, was accidental.
- Four days after Warsh said the Fed was racing to publish its GENIUS Act rules on time, every agency missed the deadline, leaving the sector with a disclaimed backstop and an unfinished rulebook at the same moment.
The most consequential sentence in crypto this month was not said by anyone in crypto. It was said in a House hearing room on July 14 by a Federal Reserve chair two months into the job, answering a question from a congressman who has spent years as the industry’s most reliable antagonist. Representative Brad Sherman asked Kevin Warsh whether the Fed would backstop failing digital-asset firms the way it supported money market funds in 2008. Warsh, who sat inside the Fed during that crisis and helped design those rescues, answered: “We do not want to be in the bailout business, full stop.” He then added that the goal is a position where nobody gets bailed out, crypto included. The industry has spent a decade assuming that if the worst happened, the safety net underneath the traditional system would stretch, however grudgingly, underneath the digital one. The friendliest chair in Fed history just said it will not, and the fine print of how he said it matters more than the headline.
The man making the promise
Warsh’s biography is what makes the statement land, in both directions at once.
He took office on May 15 and presided over his first FOMC meeting in June. Before that, he was the youngest Federal Reserve governor in history during the 2008 crisis, serving under Ben Bernanke, where he helped construct the emergency programs he now disavows. He spent the following years as one of the loudest internal critics of the Fed’s expanding footprint, opposing large-scale asset purchases and the 2020 pandemic lending facilities. A chair who designed bailouts, watched what they did to incentives, and concluded the institution should never do them again is not making a casual remark when he says full stop. He is stating a career position.
The crypto side of the biography is what makes it remarkable. Before his confirmation, Warsh disclosed venture stakes in a Bitcoin payments startup, the crypto index manager Bitwise, and a stablecoin venture, plus exposure to more than a dozen blockchain protocols, all divested under the Fed’s ethics rules. He has called Bitcoin the new gold for investors under 40, and said at his April confirmation hearing that cryptocurrencies should not exist outside the financial system, a line the industry read, correctly, as an invitation inside. This is not a Powell-style institutionalist keeping crypto at arm’s length or a Warren ally hunting it. This is the closest thing to a crypto-native ever to run the world’s most important central bank, and he is precisely the official now telling the sector that its risk is its own.
That combination cuts both ways, and the market should hold both edges. From a sympathetic chair, no bailout reads as respect: the sector is mature enough to bear its own losses, and pre-committing against rescue is how you prevent the moral hazard that turns markets into wards of the state. From any chair, it reads as notice: the presumptive federal backstop that firms, custodians, and issuers have quietly priced in has been publicly disclaimed, by the one person with authority to disclaim it.
The hedge inside the full stop
The headline sentence was absolute. The full exchange was not, and the gap between them is where every serious question lives.
Immediately after the full stop, Warsh told lawmakers the Fed will do everything it can to mitigate extraordinary risks if and when they arise over the next four years. Pressed on the scenario Sherman actually posed, a run on one issuer spreading across a $310 billion sector, Warsh declined to offer an absolute pledge, and observers including American Banker noted that he did not rule out any future step-in. He also avoided specifics on the Fed’s Section 13(3) emergency lending authority, the legal machinery through which every modern rescue has actually flowed.
Read as a lawyer would, the position is: no bailouts as policy, discretion preserved as fact. That is not hypocrisy; it is how central banks talk, because a chair who genuinely forecloses intervention in all states of the world is writing a suicide note for some future crisis. But it means the practical content of the testimony is narrower than the market’s first reading.
What Warsh disclaimed is the routine expectation of rescue, the assumption that a large custodian or issuer failing would automatically summon the 2008 playbook. What he retained is the option to act when a failure stops being a crypto story and starts being a systemic one.
The dividing line, then, is the word extraordinary, and nobody knows where it sits. A mid-sized issuer breaking its peg and burning its own holders is, on this testimony, on its own. A run on the largest stablecoins, transmitting into the Treasury bills and repo markets where their reserves live, forcing fire sales that move the assets banks and money funds also hold, starts to look like exactly the sort of spillover a central bank exists to contain.
The New York Fed’s own staff work this year found that stablecoin activity can transmit liquidity stress to banks, which is the analytical groundwork you lay when you think the extraordinary scenario is possible. Warsh’s testimony draws a bright line for small failures and a deliberately blurry one for large ones, and the blur is the policy.
The history that tests the promise
The reason to take no bailout seriously, and the reason to doubt it, live in the same two precedents.
The first is 2008 itself, which Warsh watched from the inside. The lesson he draws from it is the standard post-crisis critique: rescues beget rescues, backstops get priced in, and institutions grow to the size of the guarantee behind them. The money market fund support Sherman cited is the perfect example, because it converted a product that promised to be cash-like into one the government actually made cash-like, and the industry spent the next decade fighting the reforms meant to prevent a repeat. A chair determined not to let stablecoins become the next money market funds, growing enormous on an implicit guarantee, has exactly one tool: refuse the guarantee loudly, early, and before the crisis, which is what July 14 was.
The second precedent points the other way, and crypto lived it. In March 2023, Circle disclosed that $3.3 billion of USDC’s reserves sat at the failed Silicon Valley Bank, and the coin fell to roughly 87 cents. What restored it was not crypto infrastructure or arbitrage; it was the FDIC’s systemic risk exception making SVB’s depositors whole, a rescue aimed at regional banking that happened to catch a stablecoin in its net. Crypto’s only bailout to date was an accident, a spillover benefit of the traditional system saving itself. The uncomfortable reading is that this is precisely how the next one would happen too: not as a decision to save crypto, but as a decision to save something crypto is plugged into, with the sector’s exposure riding along. Warsh can refuse to rescue crypto and still end up rescuing it, because the plumbing is now shared, which is the thing his own staff’s research keeps documenting.
The GENIUS Act complicates the picture further, in a direction that supports his position.
The law requires full liquid reserves and pays stablecoin holders ahead of other creditors in an issuer failure, which is a resolution regime, the thing you build so that failures can happen without rescues. On July 15, at Senate Banking, Warsh urged the agencies to coordinate their GENIUS rulemaking to prevent regulatory arbitrage and was described as racing to publish the Fed’s piece on time. Three days later, the statutory deadline passed with no agency finished. The sector is therefore in the strangest possible configuration: the backstop has been disclaimed, the resolution rulebook that justifies disclaiming it is unfinished, and the effective date that makes the rulebook binding, January 18, 2027, is fixed. No net, no manual, timer running.
What it means for who
For stablecoin holders, the testimony plus the FDIC’s confirmation that stablecoin wallets carry no pass-through deposit insurance settles the hierarchy of protection. A holder’s safety rests on the issuer’s reserves and the GENIUS priority rule, not on any federal guarantee, and the difference between those things is the difference between a strong legal claim in a bankruptcy and money that is simply there. Full reserves make failure unlikely; nothing now makes it costless.
For custodians and centralized platforms, the message is sharper. These are the entities whose business models most resemble the institutions 2008 actually rescued, and they are the ones whose presumptive backstop was disclaimed by name. The era in which counterparty risk on a large crypto platform could be waved off with an assumption of federal intervention, an assumption FTX’s creditors can testify was always fiction, now has a chair’s testimony attached to its falsity.
For self-custody, nothing changed, which is the point its advocates will make loudly and correctly. An asset held in your own keys was never inside the perimeter of rescue and never needed to be. The testimony is, among other things, an inadvertent advertisement for the sector’s founding design.
And for the Fed itself, the statement is a bet. If the next crypto failure is contained, Warsh banks the credibility of a promise kept cheaply. If the next failure is large enough to reach the banks, the money funds, and the Treasury market, he faces the choice every no-bailout chair has eventually faced, between the promise and the panic, and the historical record of that choice is not on the promise’s side. Bernanke did not want to be in the bailout business either. The business came to him.
The moral hazard ledger
Underneath the exchange with Sherman sits a genuine economic argument, and it deserves to be laid out straight rather than through slogans, because where you land on it determines whether the testimony reads as discipline or as bluff.
The case for the full stop is the moral hazard ledger from 2008, which Warsh watched being written. A backstop, once revealed, gets priced. Money market funds promised cash-like safety for decades; when the promise broke in 2008 and the government made it true retroactively, the sector internalized the guarantee, fought the reforms designed to remove it, and grew for another decade on an implicit subsidy. The same mechanism, applied to stablecoins, is easy to sketch: let the market believe the Fed stands behind the largest issuers and those issuers become utilities in expectation, their coins trade as insured deposits without the premiums, their reserve managers reach for yield the guarantee lets them reach for, and the eventual failure is larger for every year the belief compounds. On this ledger, the cheapest moment to refuse a bailout is now, loudly, before any crisis makes the refusal expensive, and a chair with Warsh’s history is exactly the official who would insist on paying early.
The case against taking the full stop at face value is the same ledger read forward. No-bailout doctrines have a specific historical property: they hold until the afternoon they do not. The Fed had no intention of rescuing investment banks until Bear Stearns, no appetite for insurers until AIG, and the 2023 regional banking episode, the one that accidentally rescued USDC, began with official assurances that the system was sound and no extraordinary measures were contemplated. The doctrine is real as a preference and soft as a constraint, because the constraint is tested precisely when the cost of honoring it is highest. Markets know this, which produces the uncomfortable equilibrium: a disclaimed backstop that everyone suspects still exists functions almost identically to an acknowledged one, except that nobody pays for it and nobody regulates against it.
What breaks the equilibrium, in theory, is a resolution regime credible enough that failures can actually happen. This is the deep connection between the testimony and the missed GENIUS deadline, and it is why the two stories are one story. The Act’s holder-priority rule and full-reserve requirement are the machinery of lettable failure: if an issuer can die in an orderly way, with holders paid first from segregated liquid reserves, then the Fed’s refusal to intervene is credible, because non-intervention no longer implies chaos. But that machinery lives in the unfinished rules. Until redemption mechanics, custody standards, and supervisory triggers are final, an issuer failure would be resolved through improvisation, and improvisation is the environment in which every no-bailout doctrine in history has died. Warsh’s promise is, in the most literal sense, only as strong as the rulebook his fellow regulators just failed to deliver on time. He drew the line four days before the deadline proved the ground under it was still wet.
What to watch
Where the rules land. The unfinished GENIUS rulebook is the substance behind the rhetoric. A finished regime with real reserve, redemption, and resolution mechanics makes no bailout credible, because failures become processable. A rulebook still floating next year makes the disclaimer a bluff the market may eventually test.
Concentration in the reserve chain. The transmission channel the New York Fed flags runs through where stablecoin reserves live: T-bills, repo, and bank deposits. The more the largest issuers grow, and the market is near $310 billion with two issuers dominating, the more a run stops being a crypto event and starts being a money market event, which is the category Warsh’s hedge was built for.
The first mid-sized failure. The clean test of the doctrine is not the catastrophe; it is the medium disaster, an issuer or platform large enough to make headlines and small enough to be genuinely lettable-fail. If the Fed and Treasury stand back, the promise has teeth. If official statements of reassurance start flowing within hours, the market will conclude the old regime never left.
The full stop was real, and so was everything after it. Crypto now operates under the most explicitly stated no-rescue doctrine in its history, delivered by the most crypto-fluent chair in the Fed’s history, with a hedge exactly wide enough to drive a crisis through. The sector asked for years to be taken seriously by the institution at the center of the dollar system. On July 14 it was, and being taken seriously turned out to mean being told the losses are yours.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It describes central bank statements and pending regulation, both of which can change, and no outcome discussed here is guaranteed. Nothing in this article is a recommendation to buy, sell, or hold any asset. Always do your own research. Information is accurate as of July 20, 2026.
Frequently Asked Questions
What did the Fed chair actually say?
Testifying before the House Financial Services Committee on July 14, 2026, Kevin Warsh was asked by Representative Brad Sherman whether the Fed would backstop failing digital-asset firms as it supported money market funds in 2008. Warsh said the Fed does not want to be in the bailout business, full stop, and that the goal is a position where nobody, including crypto, gets bailed out.
Did he leave any room for intervention?
Yes, and it is the most important detail. In the same exchange he pledged to do everything possible to mitigate extraordinary risks over the next four years, declined to offer an absolute no-rescue pledge for a sector-wide run, and avoided specifics on the Fed’s Section 13(3) emergency lending authority. The practical position is no routine rescues, with discretion preserved for systemic events.
Why does Warsh’s background matter here?
Because he is simultaneously crypto’s most sympathetic chair and a career bailout skeptic. Before confirmation he disclosed stakes in a Bitcoin payments startup, Bitwise, a stablecoin venture, and more than a dozen protocols, all divested under ethics rules, and he has called Bitcoin the new gold for younger investors. He was also the youngest Fed governor during the 2008 crisis and later opposed quantitative easing and the 2020 emergency programs.
Has crypto ever actually been bailed out?
Once, by accident. In March 2023, $3.3 billion of Circle’s USDC reserves were trapped at Silicon Valley Bank and the coin fell to roughly 87 cents. The FDIC’s systemic risk exception made SVB depositors whole, which restored the peg. The rescue targeted regional banking, and USDC’s recovery was a spillover, which illustrates how a future intervention could reach crypto without being aimed at it.
Are stablecoin holders protected without a Fed backstop?
Partly. The GENIUS Act requires issuers to hold full reserves in liquid assets and pays stablecoin holders ahead of other creditors if an issuer fails. However, the FDIC has confirmed stablecoin wallets carry no pass-through deposit insurance, and the detailed rules implementing the law remain unfinished after regulators missed the July 18 statutory deadline. Protection rests on reserves and legal priority, not on any guarantee.
What is the systemic concern with a $310 billion stablecoin market?
Transmission. Stablecoin reserves sit in Treasury bills, repo, and bank deposits, and a New York Fed staff report this year found stablecoin activity can transmit liquidity stress to banks. A run on a major issuer could force rapid asset sales in markets that banks and money funds also depend on, converting a crypto event into a money market event, which is the scenario Warsh’s extraordinary-risk hedge appears designed for.
How does this connect to the GENIUS Act deadline?
Directly. On July 15, Warsh urged regulators to coordinate their GENIUS rulemaking to prevent regulatory arbitrage, with the Fed described as racing to publish on time. Three days later, all the relevant agencies missed the law’s one-year rulemaking deadline. The sector is therefore operating with a disclaimed backstop and an unfinished resolution rulebook simultaneously, ahead of the law’s fixed January 18, 2027 effective date.
What should investors take from this?
That the assumption of a federal safety net under large crypto platforms and issuers has been explicitly disclaimed, and risk should be priced accordingly. Reserve quality, redemption mechanics, and legal structure now carry the full weight of protection. Self-custodied assets are unaffected by the change, since they were never inside any rescue perimeter. This is not investment advice, and individual circumstances vary.
An F/A-18F Super Hornet, attached to Strike Fighter Squadron (VFA) 41, prepares to launch from the flight deck of Nimitz-class aircraft carrier USS Abraham Lincoln (CVN 72).
Courtesy: U.S. Navy
A ramp-up in fighting between the U.S. and Iran over the weekend has left Wall Street reconsidering its expectations for the war’s economic impact.
The U.S. completed its 10th straight night of strikes against Iran on Monday, after the Houthis in Yemen declared a maritime embargo against Saudi Arabia. This comes after a third service member died amid recent fighting that could mean the war is entering a longer-term and deadlier era. President Donald Trump vowed the U.S. would retaliate, saying in a Truth Social post “they will pay.”
Investors appear to keep brushing off the latest flareup in tensions, with the S&P 500 only fell marginally in Monday’s session after a losing week. It also remains just 2% below its all-time high set in June. Still, economists are worried that energy prices once again ascending could weigh on consumers and the broader economy.
‘All about duration’
As far as the stock market goes, the war in the Middle East has had little impact. Since sagging to a closing low of 6,343.72 in late March, the S&P 500 has bounced to all-time highs. That’s in large part due to the assumption that neither the U.S. nor Iran will want a return to outright war — an undesirable outcome, as both stand to lose if the global economy tips into a recession.
Investors have instead shifted their focus to fundamentals, given that the strength of corporate earnings has picked up speed since the start of the second-quarter reporting season. Last week’s softer-than-expected inflation data also added to investor optimism.
But investors can’t ignore the recent spike in oil prices, nor the rise in bond yields, for long. Brent crude briefly topped $90 a barrel on Monday and hovered just below that level on Tuesday. The U.S. 10-year Treasury yield traded above 4.6% on Monday— a key level watched by traders. It remained near that mark on Tuesday.
If crude and the 10-year Treasury yield continue to rise — or stay elevated for longer than investors were hoping for — Wall Street might have to start pricing in changes to inflation expectations and monetary policy that will eventually hit a company’s bottom line.
“It’s about duration,” said Art Hogan, chief market strategist at B. Riley Wealth. “If we’re above $85 or $90 into the end of the year, I suspect that the earnings estimates for this year would have to be trimmed.”
Hogan said the S&P 500 could fall into a correction in a worst-case scenario. But he also specified that the broader index will be helped in part by tech — its largest sector which is also relatively insulated from higher energy prices. Tech has a 38% weighting in the S&P 500, while energy accounts for just 3%, according to S&P Global.
Financials and healthcare are other two sectors that could continue to benefit from secular tailwinds, regardless of higher oil prices. The energy sector and logistics companies that rely on fuel are likely to be the biggest laggards. Ryanair, for example, said on Monday that its weak first-quarter profits reflected delayed bookings because of the Middle East crisis.
The region will be carefully watched for any escalation that deters passage through the Strait of Hormuz.
Marko Papic, macro and geopolitical strategist at BCA Research, said he’s keeping an eye on whether Iran’s hardliners gain more power, or if the U.S. increases the number of troops sent to the Middle East.
Others, however, remain confident in the market, expecting the geopolitical outlook will only improve in the second half of the year. JPMorgan’s Mislav Matejka said he’s sticking to the playbook he’s had since the latter half of March — one in which he uses the rising conflict to continue adding to the dips.
“We continue to believe that investors should use the dips driven by geopolitical head-lines to add exposure,” Matejka wrote earlier this month. “We believe the market has become increasingly adept at pricing geopolitical risk as transitory.”
‘All downside’
Economists are concerned about what a potential rebound in fuel prices as a result of the ramp-up in fighting will mean for U.S. consumers and the businesses that serve them.
“There’s nothing but downside here for the U.S. and global economies,” said Mark Zandi, chief economist at Moody’s Analytics. “Obviously, a lot depends on exactly how this all plays out and what it means for oil and other commodity prices. But it’s all downside.”
The average American household has lost around $1,100 so far from the war, a figure that includes increasing energy costs and higher military expenses, according to Zandi. That’s resulted in real disposable income coming in either negative or near flat on an annual basis over recent months, which Zandi said is typically seen during recessionary periods.
Zandi said consumers have turned to savings to prop up spending as energy prices have risen. But Zandi warned that may not be able to last as rainy-day funds dwindle: The personal saving rate came in at 3% in May, down nearly 2 percentage points from a year prior, according to the Bureau of Economic Analysis.
Gasoline prices rose to $4 per gallon on Monday for the first time in more than a month, according to AAA.
Economists expect a resurgence of oil prices to put upward pressure on the consumer price index. May’s 12-month CPI reading came in at its highest level in three years before pulling back last month as energy costs eased.
However, the “core” CPI reading, which excludes volatile food and energy prices, may not move higher in tandem, which could keep the Federal Reserve from needing to hike interest rates. Fed funds futures are pricing in a more than 83% likelihood that the central bank holds rates steady at its gathering next week, according to CME’s FedWatch tool.
“We will get some higher inflation readings because of gasoline prices,” said Luke Tilley, chief economist at M&T Bank and Wilmington Trust. But, “the key for the Fed, as all of them have said out loud, is: Is it going to bleed through to core inflation?”
Companies with value-focused or driving-dependent consumer bases could see their clientele become more selective if oil prices remain elevated, said Consumer Edge analyst Michael Gunther. That could negatively affect businesses ranging from Dollar General to Tractor Supply to Texas Roadhouse, his firm found.
On the other hand, Gunther said warehouse clubs such as Costco and Sam’s Club could win market share as drivers hunt for value. Costco reported “record-breaking volumes” for gas at the end of its third fiscal quarter as the war sent pump prices higher.
“Consumers are paying attention,” Gunther said. “And they are shifting their habits to manage their wallet.”
Retail sales showed consumers continued spending in the face of war-related cost shocks. But Gunther said there were idiosyncratic boosts, such as for event tickets and gambling with the World Cup.
Consumers also had padding when the war broke out from the larger tax returns under President Donald Trump’s “big, beautiful bill,” according to Heather Long, chief economist at Navy Federal Credit Union. But Long said they likely won’t have similar tailwinds if faced with rising energy prices in the back half of the year.
“The cushion is deflating,” Long said. “There’s no other obvious air pump coming.”
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The White House has reached an agreement on the Clarity Act ethics provision, the main sticking point blocking a Senate floor vote, and has begun circulating deal language with Republican senators, according to Eleanor Terrett.
The agreement removes what had been the single biggest procedural overhang on the legislation, but the bill still faces a compressed timeline and a 60-vote cloture threshold.
This latest CLARITY Act development comes as the crypto market is bouncing hard, with Bitcoin leading the charge after reclaiming $66,000 on the back of a +3.5% daily move and $31.5Bn in trading volume.
— Eleanor Terrett (@EleanorTerrett) July 20, 2026
NEWS: I’m hearing from multiple industry sources that the White House has agreed on an ethics package for the Clarity Act and sent the language to certain Senate Republicans this afternoon.
It’s still unclear what the details of the agreement are (I’ve reached out for…
Why the Ethics Provision Stalled the CLARITY Act Bill
The ethics provision at the center of the dispute is designed to prevent senior officials from holding or profiting from digital assets they are responsible for regulating – a structural conflict-of-interest bar that Democrats made a hard condition of their support. The political charge intensified after an Office of Government Ethics disclosure.
The White House’s negotiating position, previously articulated by crypto adviser Patrick Witt, held that any ethics language must apply uniformly rather than targeting the president or his family specifically.
A prior compromise involving state attorneys general as enforcers collapsed after Democrats rejected it as inadequate, and a Senate committee amendment from Sen. Chris Van Hollen failed 13–11 along party lines. The July 20 agreement suggests the two sides found language that threads that needle, though the specific text has not been publicly released.
The Clarity Act is built around establishing a comprehensive federal market-structure framework for digital assets, codifying key elements of US crypto market regulation. It passed the House in July 2025 and cleared the Senate Banking Committee in May 2026.
The bill still needs additional steps before a floor vote can occur. That ethics provision deadlock had driven Senate passage odds into the 40–45% range by late June.
Discover: The Best Crypto to Diversify Your Portfolio
The Legislative Window Is Now Measured in Days
The Senate heads into its August recess after the first week of August, leaving only a matter of weeks for the chamber to process and vote on the legislation this year.
That August deadline has been the defining constraint on the bill’s timeline since spring, and if no vote occurs before the recess, momentum likely slips into 2027. The agreement on the ethics provision is necessary to unlock floor scheduling, but it is not sufficient.
The bill still needs additional steps before a floor vote can occur. The 60-vote threshold means Democratic senators must cross, and the deal language now being shared with Republican senators will need to satisfy Democratic holdouts.
What Passage Would Mean for Markets
For active traders, the main implication of the passage is regulatory clarity for US exchanges, issuers, and investors. A defined federal framework can reduce legal uncertainty and encourage broader institutional adoption.
Failure carries the inverse risk: if the bill stalls again, regulatory uncertainty extends well into next year, and the political window for a comprehensive market structure bill narrows further.
The ethics agreement meaningfully shifts the probability distribution toward passage, but traders should treat the outcome as unresolved until the revised text clears and Democratic floor commitments are on record.
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The post Ethics Provision Deal Could Unlock Senate Vote on the Clarity Act appeared first on Cryptonews.
Crypto World
BTC price rally has broad-based support as institutions, whales, options traders pile in: Crypto Daily
“Large Bitcoin whales have been building up their positions over the last two months, while medium-sized wallets have been selling. This divergence in behaviour could be a ‘constructive signal’ for BTC in the medium term, according to CryptoQuant [data],” Alex Kuptsikevich, the chief market analyst at FxPro, said in an email.
Blockchain analysis firm Glassnode noted that the market looks much more balanced now than it did a month ago.
“Overall, the market appears increasingly balanced, with long-term conviction providing support while speculative participation remains contained,” it said.
There are also signs of growing participation in BTC futures and options. Recently, a trader (or group of traders) purchased large bull call spreads in bitcoin, targeting $72,000 by month-end.
In short, the buyer profile right now appears diverse
Risks, however, remain. The most important near-term headwind is U.S. Treasury bond issuances, which could drain liquidity from the system and weigh on risk assets.
“Treasury bill settlements are expected to result in net new issuance of $56 billion, followed by an additional $37 billion on Thursday and a smaller coupon settlement of $13 billion on Friday. Treasury bill issuance will likely remain heavy until Labor Day, creating a headwind for risk assets as we move through the summer,” Mott Capital Management’s Founder Michael Kramer said in a blog post.
Nigeria’s President Bola Ahmed Tinubu has signed an executive order aimed at reducing what his administration described as the fragmentation of digital-asset regulation. The move is intended to align oversight across agencies, improve protections for consumers, and create a clearer compliance environment for businesses operating in cryptocurrencies and stablecoins.
According to a statement from Tinubu’s special adviser, Bayo Onanuga, the order—signed on Friday—sets out a framework to “harmonize” regulation of virtual assets, strengthen cooperation among Nigeria’s financial, revenue and capital markets bodies, protect citizens from fraud, and “safeguard the integrity of the financial system while enabling responsible innovation.”
Key takeaways
- Nigeria’s executive order is designed to coordinate existing regulators rather than create a new authority or transfer powers.
- A new virtual asset council will be chaired by senior representatives from major financial regulators to steer related policy.
- Registration requirements are expected to be tied to the “nature of the activity” and the specific asset involved, addressing gaps that previously allowed some operators to avoid oversight.
- Nigeria’s tax authority, the Nigerian Revenue Service, is preparing additional guidance following earlier reforms requiring crypto providers to link transactions to tax identifiers.
- The policy shift comes amid rapid stablecoin and crypto inflows into Nigeria, including a major share of sub-Saharan Africa’s stablecoin activity since 2019, per an IMF report.
Executive order targets regulatory gaps without changing mandates
Onanuga emphasized that the executive order does not create a new regulator or reallocate statutory powers. Instead, he said each institution retains its mandate and independence, while the new framework is meant to coordinate their work “rather than replacing it.”
The adviser also indicated that Nigeria plans to provide clearer certainty for market participants by basing registration on how an actor participates in the market and what type of asset is involved. In the administration’s framing, the order is intended to “close the gaps” that allowed certain unregistered operators to avoid supervision.
For investors, exchanges, payment firms, and other service providers, the core practical question is not whether regulators will become stricter overnight, but whether coordination will be more predictable. Fragmentation often translates into overlapping compliance demands or enforcement uncertainty; a harmonized approach can reduce friction while still increasing the barriers for entities that previously operated outside established oversight.
A virtual asset council to coordinate policy across regulators
The executive order establishes a virtual asset council, led by senior figures from Nigeria’s top financial regulators, with responsibility for directing related policies. The intention, as described by the administration, is to strengthen cooperation across agencies that oversee different parts of the broader financial system.
That matters because digital assets span multiple regulatory domains: market conduct, financial stability concerns, anti-fraud measures, taxation, and capital markets oversight. When these responsibilities are distributed without tight coordination, businesses can face inconsistent rules depending on which agency is driving enforcement at a given time.
Nigeria’s approach appears to be aimed at consolidating how policies are directed across agencies while leaving each regulator’s formal legal powers intact—an arrangement that could improve consistency without triggering the disruption that sometimes comes with sweeping institutional restructuring.
Tax reforms continue: Nigeria links crypto activity to identifiers
Beyond the coordination effort, the executive order also points to tax administration updates. Onanuga noted that the Nigerian Revenue Service would provide additional details about the effects on taxpayers, while earlier measures suggest the direction of travel is already underway.
In January, Nigerian authorities said that under the Nigeria Tax Administration Act, crypto service providers were required to link transactions to tax identification numbers. In some situations, national identification numbers were also required.
The policy emphasis on identifier-linked reporting is particularly relevant in a market where cross-border activity and informal rails can complicate compliance. If Nigeria tightens data requirements while harmonizing regulator oversight, firms operating locally may need to upgrade their onboarding and transaction-record systems to demonstrate that counterparties and transactions can be mapped to the relevant tax records.
The next watchpoint is how the “additional details” referenced in the executive order translate into enforceable operational requirements—such as what data formats will be expected, how compliance will be assessed, and how reporting obligations interact with existing rules for different classes of digital-asset services.
Rapid stablecoin adoption increases pressure for clearer rules
Nigeria’s regulatory attention comes as digital asset usage has expanded quickly. According to a June report from the International Monetary Fund (IMF), Nigeria accounted for about 60% of stablecoin inflows within sub-Saharan Africa since 2019. The IMF also reported that Nigeria had approximately $59 billion in crypto inflows between July 2023 and June 2024, citing the scale of activity tied to crypto demand in the region.
The IMF also framed Nigeria’s policy challenge as balancing innovation with risk control. In its discussion of stablecoin adoption, the institution said the problem is to “narrow the gap that made the workaround attractive” in cross-border payments while ensuring that “new risks remain contained.” The IMF added that doing so requires “a clear strategy: open to innovation but anchored in sound macroeconomic policy and effective regulation.”
That framing highlights a tension policymakers often face: stablecoins can meet real user needs—especially when traditional payment channels are costly or slow—but they can also introduce compliance, consumer protection, and financial integrity risks if governance is unclear. Nigeria’s executive order is positioned as an attempt to bring those risks under a more coordinated regulatory umbrella while keeping the market open for “responsible innovation,” in the administration’s wording.
The meaningful change from a practical standpoint will be whether harmonization leads to consistent enforcement and clearer registration pathways. The administration’s commitment that registration follows the nature of the activity and the asset suggests rules may be tiered rather than one-size-fits-all, which could help regulators target higher-risk activities while reducing uncertainty for lower-risk providers.
What to watch next
Market participants should focus on how the new virtual asset council operationalizes guidance, how registration requirements will be defined by activity type and asset category, and what specific compliance and reporting updates the Nigerian Revenue Service issues following earlier identifier-based tax reforms.
Crypto World
Clarity odds jump to 43% on Polymarket after unverified reports Trump agreed to ethics deal
Polymarket traders sharply raised the odds of the Clarity Act becoming law this year after reports that President Trump reportedly agreed to the ethics provision that had stalled the bill.
The market pricing whether the crypto market structure bill is signed into law in 2026 rose to about 43% on the predictons market on Monday, compared to 32% on Friday. This was its lowest level since the market started trading in January.
The jump tracked a series of reports that the final sticking point in months of negotiations had been cleared.
Democrats have not seen the bill text, a source familiar with the matter told CoinDesk, and no text has been publicly released. The White House and the offices of the senators involved had not commented.
Ethics has been the last major obstacle to the Clarity Act, which would create the first comprehensive federal framework for digital assets and split oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Bitcoin pushed past one-month highs on Tuesday, breaking above the $65,000 area and reaching $66,000 on the back of strengthening short-term momentum. According to TradingView data cited by the market, BTC/USD hit a high of $66,306 on Bitstamp—levels last seen on June 17.
The move appears to be drawing in traders who were previously watching for confirmation through nearby resistance. At the same time, derivatives activity suggests the latest breakout is beginning to spill over into liquidations and higher-beta positioning heading into the end of July.
Key takeaways
- BTC/USD traded at $66,306 on Bitstamp, the first time above $66,000 in more than a month.
- Traders cited $67,000–$68,000 as the next resistance zone, with one analyst suggesting 5%–6% upside could follow if reclaimed.
- CoinGlass reported roughly $200 million in cross-crypto liquidations over 24 hours as the breakout accelerated.
- QCP Capital flagged “some demand” for higher Bitcoin options pricing into late July, implying dealers may be positioned in a way that can amplify upward moves.
From failed $65,000 attempts to a clean break higher
Price action had repeatedly met resistance around $65,000, with a “series of rejections” in that zone failing to fully cool enthusiasm. Still, traders continued to reference upside levels above $67,000, while pointing to upcoming psychological markers such as $70,000.
One widely followed market commentator, trader Jelle, wrote on X that BTC had “reclaimed the range lows” and was “now pushing higher.” In the same analysis, Jelle described the 65,000 to 67,000 band as resistance from the earlier Q1 range, adding that it “might not put much of a fight” given how quickly BTC moved through it on the way down.
“The area between 65 and 67k is resistance from the Q1 range, but given how we sliced through it on the way down – it might not put much of a fight up here either. Eyes on those 70k range highs if so.”
Liquidations rise as traders reposition
As Bitcoin moved through range highs, short liquidations began to build. CoinGlass data, cited in the article, put total cross-crypto liquidations at about $200 million over the prior 24 hours—an indicator that leverage is being stress-tested as the market reprices.
Another trader highlighted the same nearby structure. Ted Pillows argued that reclaiming $65,000 shifts attention to $67,500–$68,000 as the next major resistance, framing the breakout as leaving Bitcoin “some room to pump.” Pillows further suggested that if BTC can reclaim the $68,000 level, a fast continuation higher could follow.
“If BTC manages to reclaim the $68,000 resistance too, it could rally another 5%-6% very quickly.”
Not all voices were convinced the rally reflected broad spot demand. Commentator Exitpump cautioned on X that there was “very little real buying interest” and pointed instead to derivatives dynamics—specifically the idea that closing short positions can help drive price higher. That distinction matters for traders: rallies powered mainly by squeeze mechanics can accelerate quickly, but they may also reverse faster if spot participation doesn’t keep up.
Options positioning and the macro calendar ahead
beyond spot price levels, the article points to derivatives and options flows. Trading firm and market maker QCP Capital said it observed “some demand” for higher Bitcoin bets into the end of July, according to a “QCP Market Colour” note referenced in the report.
QCP’s framing is important because it implies not just directional interest, but a specific positioning profile in options markets. The firm said dealers are short upside gamma into the 28–29 July FOMC window, which can raise the odds of an “accelerated move higher” if market stress or macro uncertainty eases. In other words, if price starts climbing and options hedging flows kick in, volatility and directional momentum can reinforce each other.
“This positioning leaves dealers short upside gamma into the 28 to 29 July FOMC meeting, increasing the potential for an accelerated move higher should tensions around the Strait of Hormuz ease.”
QCP also connected the setup to the broader geopolitical situation, referencing an ongoing focus on the Strait of Hormuz and the potential impact on global oil routes. The link is indirect for crypto, but it feeds into macro risk appetite—something investors often watch for when crypto moves in tandem with wider risk assets.
Macro expectations were also part of the backdrop. The report notes that the US Federal Reserve would hold its next interest-rate meeting on July 29, with chair Kevin Warsh potentially providing additional guidance. It further cites CME Group’s FedWatch Tool probabilities: 83.4% that the Fed keeps the current policy target range of 3.50%–3.75% at the July 29 meeting, and 53.8% for a hike to 3.75%–4.00% at the Sept. 16 FOMC meeting.
That calendar is relevant to Bitcoin traders because catalysts around central bank policy can shift liquidity conditions and risk-taking behavior quickly—especially when derivatives positioning creates leverage to amplify price moves.
What to watch if the breakout holds
Bitcoin’s jump above $66,000 suggests momentum is returning, but the next phase hinges on whether the market can convert that breakout into a sustained trend. Traders cited $67,000–$68,000 as the most immediate hurdle; passing through that zone would likely determine whether the market stays in “squeeze and continuation” mode or transitions into a more stable range.
Heading into the end-of-July FOMC window, readers should also watch for signs of whether options-driven risk appetite grows—or whether commentary about “little real buying interest” proves more prescient. If upside gamma effects are indeed in play, volatility could rise sharply around key macro moments; if not, the move may fade after the initial liquidation wave.
Bernstein analysts have lifted their price target for Robinhood Markets to $160 from $130, arguing that the company’s next growth phase will be driven more by tokenized equities and prediction markets than by conventional crypto trading. In a research note released on Monday, Bernstein kept an “Outperform” rating on the stock, which was last seen trading around $101 at the time of publication.
The investment firm’s central thesis is that Robinhood’s expansion into financial applications on-chain is still early, and that prediction markets could become its fastest-growing segment. Bernstein forecasts segment revenue of $1.7 billion by 2028, implying a 64% compound annual growth rate.
Key takeaways
- Bernstein raised Robinhood’s price target to $160 from $130 and maintained an Outperform rating.
- Analysts expect prediction markets to become Robinhood’s fastest-growing business, reaching $1.7 billion in segment revenue by 2028.
- Tokenized equities are framed as a major long-term opportunity tied to Robinhood’s push into blockchain infrastructure.
- Bernstein points to Robinhood Chain—an Arbitrum-based layer-2—as the firm’s proprietary route to building on-chain financial products.
- Industry momentum is highlighted by new integrations aimed at bringing shareholder governance tooling to tokenized securities.
Why Bernstein is betting on prediction markets
Bernstein’s upgrade is rooted in a shift from “crypto trading first” to “financial markets on-chain.” While the report doesn’t suggest traditional crypto activity will disappear, it places prediction markets at the center of Robinhood’s near-to-medium term growth story.
According to the analysts, prediction markets are positioned to scale faster than many other adjacent lines of business because they map closely to trading behavior and user engagement patterns already familiar to Robinhood customers. Bernstein’s segment revenue projection—$1.7 billion by 2028—also signals that it views this category as more than a pilot product.
Investors will likely focus on whether Robinhood can convert early adoption into durable volume and retention, particularly as the competitive landscape evolves. The report frames prediction markets as a “battleground” area alongside other market products that can benefit from on-chain infrastructure, but the key question remains whether growth matches Bernstein’s expectations as the category matures.
Tokenized equities and Robinhood Chain’s role
Beyond prediction markets, Bernstein highlighted tokenized equities as a long-term opportunity. The analysts connected this to Robinhood’s investment in blockchain infrastructure, specifically calling out Robinhood Chain—an Arbitrum-based layer-2 network—as the company’s proprietary foundation for tokenized real-world assets.
The report’s emphasis is not only on tokenization itself, but on the ability to build on-chain financial products without relying on third-party blockchains. That distinction matters commercially: if Robinhood can control key infrastructure layers, it may reduce integration friction and speed up product iteration, though the market will still require regulatory and operational clarity as tokenized securities expand.
Bernstein also argued that tokenization is becoming a foundational layer for capital markets. It projected that on-chain real-world assets could rise to between $2 trillion and $4 trillion by 2030, compared with roughly $35 billion today. The analysts further expect tokenized equities to capture an increasing share of that growth as adoption extends beyond areas such as Treasury instruments and private credit.
For traders and builders, the practical implication is that tokenized equities are increasingly tied to mainstream market infrastructure—not just crypto-native rails. If that plays out, Robinhood’s strategy would benefit from the broader shift toward digitized settlement, programmable compliance, and infrastructure that can support capital markets workflows end-to-end.
Wall Street accelerates governance for tokenized securities
The Bernstein note landed amid continued progress in tokenization infrastructure—particularly around the capabilities needed for investors to exercise rights in tokenized formats. On Monday, brokerage infrastructure provider Alpaca and Broadridge Financial Solutions announced they integrated Broadridge’s shareholder governance tools into Alpaca’s Instant Tokenization Network.
Per the announcement, the integration adds functions such as proxy voting, investor communications, and regulatory disclosures for tokenized securities. The stated goal is to offer governance rights comparable to those available to holders of traditional shares.
That matters because governance is one of the most concrete “real world” hurdles for tokenized markets. It’s not enough to tokenize ownership; participants also need operational pathways for voting, disclosures, and other mechanisms that align with existing securities frameworks.
The integration follows a partnership disclosed last week between tokenization platform Securitize and investment bank Cantor Fitzgerald, aimed at developing infrastructure for blockchain-based initial public offerings and follow-on equity offerings while operating within existing US securities regulations. Together, these developments suggest an increasing focus on making tokenized instruments usable at scale, not just technically feasible.
Momentum in the tokenized stocks category is also reflected in market sizing. According to RWA.xyz, the asset class has grown to nearly $2 billion in market value this year, underscoring that tokenized equities are still early but no longer confined to isolated experiments.
What to watch as Robinhood’s thesis meets execution
Bernstein’s upgrade frames Robinhood’s roadmap around two overlapping themes: prediction markets as the fastest path to meaningful segment revenue growth, and tokenized equities as a longer-duration structural bet supported by infrastructure investments such as Robinhood Chain. The next phase for investors will be whether execution and regulatory readiness can keep pace with the market narrative.
Key signals to monitor include product rollout and performance in prediction markets, plus measurable progress toward wider tokenized equity adoption—particularly where governance tooling and compliant issuance infrastructure are required. With Wall Street simultaneously building the connective tissue for tokenized securities, the competitive advantage may shift toward companies that can operationalize these capabilities quickly and reliably.
JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn’t buy either equities or long-dated U.S. Treasurys at their current prices.
In an hourlong interview with Wilfred Frost released late Monday, Dimon said markets aren’t fully accounting for a growing list of geopolitical and fiscal threats.
“I do think those risks are probably bigger than other people think,” Dimon said, pointing to wars in Ukraine and the Middle East, tensions between the U.S. and China, and rising military spending in a time of mounting government deficits.
Asked whether markets are underpricing the chance of a major shock, Dimon said it’s difficult to know exactly what risks are already reflected in asset prices.
“It’s possible something’s baked in, but what’s not baked in is what actually happens,” he said.
Dimon, who leads the world’s largest bank by market cap, often warns the public about the economic risks he sees.
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the 2025 Institute of International Finance annual membership meeting in Washington, Oct. 16, 2025.
Samuel Corum | Bloomberg | Getty Images
His latest comments contrast with investors’ recent willingness to look past wars, tariffs and other shocks. The S&P 500 has returned nearly 10% this year as consumers continue to spend, inflation has moderated and investors have embraced the artificial intelligence trade.
Last week, JPMorgan Chase and its peers posted blockbuster quarterly results powered by surging trading and investment banking revenue, reinforcing the view that the U.S. economy has weathered recent geopolitical turmoil better than many expected.
Dimon acknowledged in the interview with “The Master Investor Podcast” that the global economy has become more resilient because of a lower energy dependence than in previous decades, but warned that doesn’t eliminate the possibility of a sudden inflection point.
“You may need more straws in the camel’s back to cause that tipping point,” he said. “Even this current war starting up again, maybe that’s not enough to do it.”
Persistent U.S. budget deficits will eventually force a reckoning, potentially driving interest rates higher, Dimon said.
“My view is it will become a problem,” he said, predicting higher interest rates as so-called bond vigilantes demand greater compensation to finance the government’s debt.
Stocks, AI cycle
When asked, Dimon said he wouldn’t purchase long-dated Treasurys: “Personally, no,” he said.
Even if inflation falls back to the Federal Reserve’s 2% target, “the 10-year bond should probably be at 4% to 4.5%,” he said, adding that he sees little upside for Treasury prices.
He was similarly cautious on stocks. While he would consider an individual stock if it was “a great investment,” Dimon said he wouldn’t be a buyer of the broader market at current valuations.
Dimon also struck a measured tone on artificial intelligence, comparing today’s spending boom to the early days of the internet.
“The amount of money being spent is huge. Will it in total pay off? Probably, just like the internet did,” Dimon said.
He also pointed out that during that internet boom, big early players such as Yahoo and Netscape faded while eventual winners such as Google and Facebook emerged later.
“Will it pay off the way you expect and the timetable you expect? Definitely not,” Dimon said.
- Cardano (ADA) gained 7.8% in 24 hours as buying momentum returned.
- Van Rossem upgraded Cardano with faster smart contracts.
- Whale accumulation has put the $0.20 level back in focus.
Cardano has bounced back after a sharp sell-off, with ADA climbing nearly 8% over the past 24 hours to trade around $0.1747.
The recovery comes amid a combination of strong whale accumulation, a major network upgrade, and renewed buying interest, even as lingering security concerns persist in the broader ecosystem.
Notably, the recovery has also brought a key level back into focus.
After gaining 11% over the past seven days and reaching an intraday high of $0.1774, focus is now on whether ADA can build enough momentum to challenge the $0.20 mark in the coming sessions.
Whale accumulation and price recovery strengthen bullish sentiment
Cardano’s recent rebound comes after a period of heavy selling that pushed ADA to a 24-hour low of $0.1615 before buyers stepped in.
The token has since recovered to around $0.1747, reflecting a 7.8% daily gain and signalling that demand has returned after the decline.
One of the biggest developments supporting the recovery is increased whale activity.
Large holders have reportedly accumulated substantial amounts of ADA during the recent weakness, a trend that is often viewed as a sign of confidence from long-term investors.
The accumulation has fueled speculation that Cardano could attempt a move toward $0.20, a level that has emerged as an important psychological resistance.
Trading activity has also remained strong. Cardano recorded approximately $435 million in 24-hour trading volume, highlighting continued participation as the token recovered from recent lows.
Van Rossem hard fork marks a major milestone for Cardano
Beyond price action, Cardano has received a fundamental boost through the successful activation of the Van Rossem hard fork, which upgraded the blockchain to Protocol Version 11.
The upgrade introduces several technical improvements designed to enhance the network’s efficiency.
These include lower-cost and faster execution of Plutus smart contracts, updated cost models, additional built-in functions for developers, and stronger node security.
Perhaps more importantly, the upgrade represents a governance milestone for the blockchain.
It is the first Cardano hard fork approved entirely through the network’s on-chain governance system, with participation from Delegated Representatives (DReps), Stake Pool Operators (SPOs) and the Constitutional Committee.
The successful implementation reinforces Cardano’s transition toward community-led governance while providing developers with improved tools for decentralised finance, NFT applications and other blockchain-based services.
Hoskinson shifts focus to long-term network development
As ADA experienced heightened volatility, Charles Hoskinson, the founder of Cardano and chief executive of Input Output Global (IOG), urged investors to focus on the network’s long-term development rather than short-term price swings.
Hoskinson said Cardano should be measured by the strength of its technology and the continued decentralisation of its ecosystem.
He also explained that IOG intends to place greater emphasis on research and innovation while more organisations take responsibility for maintaining Cardano’s core infrastructure.
According to Hoskinson, development of Cardano’s Haskell-based node software is already being shared among multiple companies, reflecting the project’s broader push toward decentralised development.
These comments came as the network continued expanding its governance model following the Van Rossem upgrade, adding another layer to Cardano’s long-term roadmap.
Bridge exploit adds caution despite improving outlook
While Cardano has benefited from positive developments, the ecosystem also faced negative headlines after an exploit involving Wanchain’s Cardano bridge.
The incident resulted in the theft of approximately 515 million NIGHT tokens, valued at around $9 million. However, the exploit affected the bridge infrastructure rather than Cardano’s Layer 1 blockchain itself.
That distinction is important because cross-chain bridges operate independently from the underlying blockchain.
The incident therefore did not indicate a flaw in Cardano’s consensus mechanism or protocol, although it highlighted the security risks that continue to surround interoperability platforms across the cryptocurrency industry.
Wanchain @wanchain_org Cardano bridge was reportedly being attacked, with ~515M $NIGHT drained from the bridge Treasury.
Our initial investigation suggests that the root cause seems to be a non-injective signed-message encoding in the TreasuryCheck validator. The signed message… https://t.co/bnWEnw3Dxc pic.twitter.com/PQFAN6lRn9
— BlockSec Phalcon (@Phalcon_xyz) July 21, 2026
For investors, the exploit served as a reminder that infrastructure built around a blockchain can still introduce risks even when the core network remains unaffected.
Cardano price prediction
Cardano enters the coming sessions with improving momentum after recovering from its recent lows.
ADA’s move from $0.1615 to around $0.1747, combined with an 11% weekly gain, suggests buying interest has strengthened following the latest market correction.
At the same time, whale accumulation, the successful rollout of the Van Rossem hard fork and continued development under Input Output Global have provided supportive fundamental developments for the network.
The next major level remains $0.1917, with the next higher level at $1.20. A sustained move above that price would represent the next significant technical milestone after ADA’s recent recovery.
Until then, traders are likely to watch whether buying volume remains strong enough to maintain the current rebound while the market continues to digest both the positive network upgrades and the recent bridge-related security incident.
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