NIGHT, the token behind Cardano’s privacy-focused Midnight network, plunged more than 43% earlier today to hit an all-time low of $0.01524.

Speculation then mounted that the Midnight blockchain may have been hacked, causing the steep selloff, but according to The Midnight Foundation, the price drop came after roughly 2% of NIGHT’s supply was moved out of a two-year-old contract tied to Wanchain’s Cardano-to-BNB Chain bridge.

Foundation Says Blockchain Was Not Hacked

Independent on-chain researcher Paul was among the first to flag the withdrawal and noted in his preliminary findings that between 14:46 and 14:55 UTC on Monday, some 515 million NIGHT tokens had been withdrawn from a contract identified as Wanchain’s Cardano-side bridge lock address, which backs the Wanchain-wrapped NIGHT on BNB. Nothing else in that contract, including Mynth, XER, and WMT, was touched.

According to his analysis, around 290 million tokens were then sold across decentralized exchanges, sending the price down, while another 200 million were transferred to a second wallet, leaving what he described as a large unsold overhang. Furthermore, he said that the total NIGHT supply itself did not change, meaning no new tokens had been minted.

Soon after, the Midnight Foundation published a community update on X, saying it was aware of reports involving the Wanchain Cardano-to-BNB bridge and stressed that the available information pointed to a cross-chain bridge issue and not a problem with the Midnight network. It also urged users to only rely on official updates and to watch out for phishing attempts while investigations were going on.

In a second statement, issued a few hours later, the organization confirmed that Midnight’s protocol, validator network, consensus mechanism, and core infrastructure were all operating normally.

CoinGecko data shows that before the plunge, NIGHT had traded as high as $0.026, with the sudden sale of 290 million tokens dragging it down to $0.01524, its lowest ever price level. It has since pulled back some of those losses and was trading more than 28% above that ATL at the time of writing, although it was still 27% in the red over 24 hours. It has also erased all the gains it had made in the last year and is about 34% lower than where it was a week ago.

Bridge Security Back in the Spotlight

Cardano co-founder Charles Hoskinson also weighed in, saying an automated alert on his phone had flagged NIGHT’s unusual price action, after which the Midnight Foundation and other parties set up an informal war room to track the situation as it unfolded.

His message boiled down to three points: that Midnight’s own smart contracts had kept on running without interruption; the problem came from one of the four components in Wanchain’s bridge architecture; and that the industry needs to be more vigilant given how fast AI tools can now find such flaws.

According to Hoskinson, bridge infrastructure is one of the weakest points in crypto because it depends on trust assumptions outside the underlying blockchain. But he believes that technologies, including zero-knowledge proof-based bridges and trusted execution environments, as well as multisig systems, could reduce such risks.

His point on AI is something OpenZeppelin co-founder Manuel Aráoz touched on in late May, when he warned people to get out of DeFi, saying AI-powered coding agents have tilted the security game in favor of attackers, making it difficult for any protocol to hold user funds with any level of confidence. DeFi Investor, an analyst who monitors the sector, repeated the warning recently when Anthropic announced the launch of its Mythos AI, which experts say is extremely good at finding software vulnerabilities.

The post Cardano’s NIGHT Hits All-Time Low After 290M Token Dump appeared first on CryptoPotato.

Source link

Senate negotiations over the CLARITY Act have produced new customer safeguards and an ethics agreement, raising Polymarket’s odds of enactment this year to 43% as lawmakers pursue a bipartisan floor vote.

Summary

• John Thune sees a good chance of reaching a bipartisan CLARITY Act agreement.
• Democrats secured stronger customer protections, while lawmakers agreed on ethics provisions.
• Polymarket traders place the bill’s chance of becoming law in 2026 at 43%.

CNBC reported that Democratic senators secured additional customer protection measures during negotiations over the Digital Asset Market Clarity Act, although unresolved details have continued to delay the release of the Senate’s final text.

Speaking to CNBC on Monday, Coinbase Vice Chair Ryan VanGrack described the revised protections as giving the bill “more teeth.” According to VanGrack, the changes address gaps in the current rules governing digital asset users, but he did not explain what requirements lawmakers had added.

Advertisement

Senate Majority Leader John Thune has also voiced cautious confidence that Republicans and Democrats can reach an agreement. In comments shared through an X post, Thune said there was a “good chance” of a deal, while warning that the talks could still take a different course.

Thune asked about chances of CLARITY passing says right now he thinks there’s a “good chance” there can be a deal but caveated that could change:

“I think it’s going to depend on whether Democrats get to a place where they can deliver the votes for us to get on the bill, and…

— Jordain Carney (@jordainc) July 21, 2026

Advertisement

Lawmakers are working with Democratic senators to secure enough support to bring the legislation to the floor, according to Thune. The majority leader has previously indicated that he wants a bipartisan agreement before committing valuable Senate floor time to the bill.

Republicans control 53 Senate seats but would need support from at least seven Democrats to reach the 60 votes generally required to overcome a filibuster. That arithmetic has given Democratic negotiators considerable influence over the customer protection and ethics sections of the legislation.

Bipartisan support has moved closer

An agreement covering elected officials’ involvement in digital assets has removed one of the main obstacles in the negotiations, crypto.news reported. Democratic lawmakers had pressed for rules addressing potential conflicts connected to President Donald Trump’s crypto interests and the participation of public officials in the sector.

According to Punchbowl News, Trump accepted the inclusion of ethics provisions, helping negotiations advance after weeks of disagreement. The report did not publish the full language, and the final restrictions will remain unclear until senators release the updated bill.

Advertisement

Senator Kevin Cramer offered further details about the enforcement structure, stating that negotiators had reached an agreement on the ethics language. Under the approach described by Cramer, the Justice Department would enforce the provision instead of leaving enforcement to individual state attorneys general.

Cramer argued that the bill was becoming clearer as lawmakers resolved each disputed issue. Commenting on the progress, the North Dakota Republican said, “I think we’re almost there.”

At the same time, Treasury Secretary Scott Bessent urged Congress to complete the legislation before senators leave Washington for their August recess. Bessent described lawmakers as being at the “1-yard line,” indicating that only a limited number of disputes remained in the negotiations.

Coinbase has presented the customer protection concessions as evidence that Democratic participation has changed the legislation rather than simply supplying Republican sponsors with the votes they need. VanGrack told CNBC that Democrats had used the process to strengthen protections for people who hold or trade digital assets.

Advertisement

Earlier Senate work has already included rules governing customer property, fair and transparent pricing, advertising standards and fraudulent conduct. A draft published by the Senate Agriculture Committee also requires digital commodity brokers, dealers and exchanges to register with the Commodity Futures Trading Commission, subject to exemptions written into the proposal.

The Senate Agriculture Committee advanced its portion of the market structure package in January. Committee Chair John Boozman stated at the time that the legislation built on the bipartisan, House-passed CLARITY Act and included provisions negotiated with Senate Democrats.

Final text still controls the timeline

Despite the latest agreements, CNBC reported that the Senate has not released the completed legislative text. Ethics rules remain part of the delay, leaving lawmakers, crypto companies and consumer groups unable to assess the precise restrictions or enforcement powers under discussion.

Thune has said he hopes to bring the CLARITY Act to the Senate floor before August, but his comments indicate that scheduling depends on Democrats committing enough votes. A floor vote without that support could stall the bill before the chamber considers amendments or final passage.

Advertisement

The House has already approved its version of the CLARITY Act, while the Senate is preparing its own text. Any differences between the two chambers would have to be resolved before Congress could send a common version to Trump for his signature.

The legislation seeks to establish federal rules for digital asset markets and clarify the roles of the Securities and Exchange Commission and the CFTC. Senate Agriculture Committee materials show that its portion would give the CFTC authority over digital commodity intermediaries and impose registration, custody, anti-fraud, and customer property requirements.

Traders on Polymarket currently assign a 43% probability that Trump will sign the CLARITY Act into law during 2026, down from the 47% figure cited earlier in the negotiations. Prediction-market odds can change quickly and do not establish whether Congress will meet Thune’s preferred timetable.

For now, the ethics agreement and Democratic customer protections have improved the path to a bipartisan vote, but the unpublished text and Senate calendar continue to determine whether the bill can reach the floor before the August recess.

Advertisement

Source link

Malaysian authorities have revoked the business license of Network School, a technology community founded by former Coinbase CTO Balaji Srinivasan.

The decision followed scrutiny over alleged links to Israeli participants. However, local officials said they cancelled the license over business and premises violations.

The Iskandar Puteri City Council ordered NS0 Malaysia Sdn Bhd to stop all operations at Forest City from July 22. Officials said the company operated from two premises. One site did not have the required business license.

Meanwhile, inspectors found that the company carried out activities beyond those approved under its existing license. Authorities also found problems with its advertising signboard.

Israeli Claims Trigger Investigation

The case began after pro-Palestinian activists raised concerns about possible Israeli participation at Network School.

Online posts alleged that Israeli entrepreneurs had entered Malaysia using passports issued by other countries. The claims also raised questions about the school’s admission process and its interest in Israel, politics and military technology.

However, Malaysian immigration officials later inspected 266 foreign residents from 40 countries.

They said everyone checked had valid travel documents. Authorities did not publicly confirm that any participant had entered Malaysia illegally as an Israeli national.

Malaysia does not recognise Israel and generally does not allow entry using Israeli passports. However, Israeli dual nationals may enter using valid passports from other countries if they meet Malaysian immigration rules.

Prime Minister Anwar Ibrahim said authorities would expel any Israeli national found breaking local laws.

What is the Network School?

Network School opened in Forest City, Johor, in 2024.

Despite its name, Malaysia’s Higher Education Ministry said it was not a registered university or private education provider. Officials described it as a residential and co-working community for technology founders, investors and startup workers.

The project became known for promoting Srinivasan’s “network state” idea. The concept involves online communities building physical settlements and developing their own economic and governance systems.

The school offered accommodation, meals, workspaces, startup programmes and fitness activities. It attracted people from the crypto, technology and investment sectors.

Srinivasan Rejects Allegations

Srinivasan denied the claims about Israeli links before the license was cancelled.

He said anonymous social media accounts had spread false allegations. He also warned that the investigation could damage Malaysia’s reputation among international technology investors.

According to Srinivasan, Network School had invested more than 100 million Malaysian ringgit in Forest City. He said the company had planned a further 500 million ringgit expansion.

The company placed those plans on hold during the investigation.

Srinivasan joined Coinbase in 2018 after the crypto exchange acquired Earn.com, where he served as chief executive.

Coinbase appointed him as its first CTO. His role focused on technology strategy, crypto advocacy and recruitment. He left the company in May 2019.

Malaysia and Israel’s Diplomatic Roadblocks 

Malaysia has a long-standing policy of refusing formal diplomatic relations with Israel and strongly supporting Palestinian statehood. Israeli passport holders are generally barred from entering without special permission, and Malaysian passports have historically excluded travel to Israel. 

The Gaza war intensified public pressure for boycotts and restrictions involving Israeli entities or companies accused of supporting Israel.

In 2024, 22 Malaysian civil-society organisations urged the government to block a consortium’s proposed privatisation of Malaysia Airports because one consortium member, Global Infrastructure Partners, was being acquired by BlackRock. 

Campaigners alleged that BlackRock had significant Israeli connections and investments.

The government did not cancel the airport transaction solely on that basis. Global Infrastructure Partners later said BlackRock would not participate in the deal. 

The post Former Coinbase CTO Loses Malaysia License After Alleged Israel Link Sparks Investigation appeared first on BeInCrypto.

Source link

Source link

Source link

Bitcoin is displaying the same technical conditions that have historically marked major market bottoms, even as some on-chain indicators continue to point to the possibility of further downside.

In his latest analysis, crypto analyst Ali Martinez said that metrics such as MVRV and Cumulative Value-Days Destroyed (CVDD) still place BTC’s potential cycle bottom in the $40,000 to $50,000 range. However, the crypto asset’s monthly chart is now showing a technical setup that has consistently appeared near the end of previous bear markets.

Rare Technical Trifecta Returns

According to Martinez, this pattern consists of three important signals occurring together: the monthly Relative Strength Index (RSI) falling to around 43.65, the Chande Momentum Oscillator (CMO) dropping to roughly -71, and Bitcoin testing its 50-month moving average.

In the three previous market cycles, this combination coincided with major long-term bottoms. For example, back in March 2015, the setup appeared when BTC traded at $235. Although the price later briefly declined to $162, Martinez said the signal preceded an 8,300% macro expansion.

A similar pattern emerged in January 2019, when the crypto asset was near $3,333, slightly above the cycle low of $3,124 recorded a month earlier, before beginning a rally of 1,911%. The same technical cluster also appeared in December 2022, when it stood at $16,270, just above the $15,473 cycle bottom while hovering near the 50-month moving average. The analyst said that move was followed by a 675% rally.

Interestingly, Bitcoin’s correction to $58,000 last month triggered the same historical setup once again.

According to the analysis, the monthly RSI has now fallen below 43.65, the Chande Momentum Oscillator has cooled to -71, and Bitcoin is trading around its 50-month moving average. While Martinez acknowledged that on-chain indicators still leave room for the crypto asset to revisit the $40,000 to $50,000 range in what he described as a “sweep of the CVDD floor,” he said the current technical alignment has represented a dominant accumulation zone.

Based on that combination of signals, Martinez stated,

“Shifting focus away from short positions and toward spot BTC accumulation offers a highly favorable risk-to-reward ratio at these levels.”

Buying Opportunity

Martinez is not alone in seeing the current market as a buying opportunity. Crypto analyst Doctor Profit also recently noted that investors waiting for a traditional four-year cycle bottom in September or October could miss the opportunity. While he acknowledged that a large liquidity zone remains around $54,000 and said Bitcoin could still decline about 15% from current levels, he does not expect the crypto asset to fall below $50,000.

Instead of waiting for lower prices, Doctor Profit suggested accumulating Bitcoin gradually rather than investing all at once. He also said the next major rally is unlikely to begin immediately. The analyst said several upcoming events could strengthen market sentiment before the asset reaches its expected cycle low.

These include the planned rollout of tokenized stocks involving BlackRock, the New York Stock Exchange, the S&P, Nasdaq, and the DTCC. He also mentioned speculation surrounding the CLARITY Act’s possible passage in August.

The post Bitcoin Just Triggered Three Rare Signals That Previously Marked Market Bottoms appeared first on CryptoPotato.

Source link

Source link

Almost every big altcoin launched since 2024 has lost money for launch-day buyers. CryptoRank data from July 21 shows just 8 of 113 still trade above their token generation event (TGE) price.

The count covers only tokens with market caps above $100 million today. Even in that select group, the median return since launch stands at -95.7%.

Why Most Altcoins Launched Since 2024 Fell Below TGE Price

The report builds on a warning from December. Back then, research firm Memento Research found 84.7% of 2025 launches, 100 of 118 tokens, below their listing price. Median project valuations in that analysis had collapsed 71% from launch.

The market has not helped since. CryptoRank’s second-quarter recap shows 82.1% of the top 100 assets fell in June. Every major token category it tracks also posted median losses.

The numbers hide an even darker picture. The list counts only tokens still worth over $100 million. Thousands of smaller launches failed and never made the cut.

So why do new tokens keep sinking? Two reasons stand out. Many launched at inflated prices, and scheduled token unlocks then kept adding supply that buyers did not want.

Worldcoin (WLD) shows how far the fall can go. One of 2024’s most hyped launches now sits down 97% from peak, even with a Grayscale ETF filing pending.

Hyperliquid Leads the Few Survivors Still in Profit

Hyperliquid (HYPE) tops the winners with a 1,519% gain since its November 2024 airdrop. The token now trades near $61.52 with a $13.7 billion market cap. That makes it the tenth-largest cryptocurrency.

HYPE’s edge is simple. Its perpetuals exchange earns real fees, and that revenue funds token buybacks. Spot HYPE ETFs also began trading in May. Still, the token sits about 20% below its June record of $76.70.

Ondo (ONDO) comes second at 101.4% above its launch price, lifted by demand for tokenized US Treasuries. Yet ONDO remains 81% below its December 2024 peak of $2.14. Being in profit can still hide a deep crash.

EverValue Coin (EVA), an Arbitrum token with growing Bitcoin backing, gained 20.3%. Midnight Network (NIGHT), a privacy chain tied to Cardano, added 16.5%. CryptoRank did not name the other four winners.

The lesson is blunt. Hype fades, but unlock schedules do not. The few survivors earn fees, solve real problems, or hold hard assets. The next wave of launches will show whether anyone was paying attention.

The post Only 8 Altcoins Launched Since 2024 are Profitable appeared first on BeInCrypto.

Source link

Source link

Bitcoin is attempting to extend its recovery after rebounding sharply from the June lows. The asset is now pressing into an important confluence of resistance, where a descending trendline aligns with a major supply zone.

While buyers have regained short-term momentum, the coming sessions will determine whether this move develops into a broader trend reversal or another lower high within the prevailing structure.

Bitcoin Price Analysis: The Daily Chart

On the daily timeframe, BTC continues to trade below its long-term moving averages, with the 100-day MA positioned around the $70K region and the 200-day MA closer to $73K. Both averages remain downward sloping, indicating that the broader market structure still favors sellers despite the recent recovery.

Following the sharp decline toward the $57K to $60K support area, Bitcoin established a sequence of higher lows inside a narrowing descending channel. The recent rally has carried the price toward the upper boundary of this formation, which coincides with the $66K to $67K resistance zone.

A decisive breakout above both the descending trendline and the $66K to $67K supply area would represent the first meaningful structural improvement since the correction began. Such a move could expose the next resistance level around $74K, where the 200-day moving average and another major supply zone converge.

However, rejection from current levels would reinforce the descending structure and could trigger another pullback toward the $60K support region. Below that, the major demand zone around $55K remains the most important higher timeframe support visible on the chart.

BTC/USDT 4-Hour Chart

The 4-hour chart presents a more constructive picture. Bitcoin has been respecting a well-defined descending channel since early June, but recent price action shows buyers steadily reclaiming higher support levels after defending the channel’s lower boundary around $58K.

The market has already broken above several intermediate resistance zones at roughly $58K and $61K before advancing toward the current resistance cluster around $66K. This area also aligns with the channel’s upper trendline, making it the key short-term battleground.

Unlike previous tests, the latest advance has been accompanied by stronger momentum, with RSI pushing toward the overbought territory near 70. This reflects increasing buying pressure but also raises the possibility of a short-term pause or local pullback if profit-taking emerges at resistance.

If the breakout above the channel holds, it could invalidate the current bearish corrective structure and pave the way for an advance toward the next higher timeframe resistance around $72K to $74K.

Conversely, failure to overcome this ceiling would likely keep Bitcoin oscillating inside the channel, with initial support located near $61K followed by the stronger demand region around $58K.

On-Chain Analysis

The Bitcoin Net Unrealized Profit/Loss (NUPL) metric currently sits around 0.18, well below the euphoric levels observed during previous market peaks.

NUPL measures the aggregate unrealized profits and losses across the network. Elevated readings generally indicate widespread investor optimism and increasing profit-taking risk, while lower values suggest that market participants are holding significantly smaller unrealized gains.

The recent recovery in NUPL from deeply depressed levels indicates that profitability across the network is gradually improving alongside price. However, the indicator remains firmly within the lower sentiment bands and is still far from the overheated conditions that historically accompanied cycle tops.

This suggests that, from an on-chain perspective, the market has not yet entered an excessive profit-taking phase. If Bitcoin manages to break above its current technical resistance, continued improvement in NUPL would likely support a healthier and more sustainable recovery. On the other hand, a rejection at current levels could temporarily stall the metric’s recovery without necessarily invalidating the broader rebuilding process.

The post Bitcoin Price Analysis: Is $70K Next After BTC Broke Above $66K? appeared first on CryptoPotato.

Source link