Crypto World
Bitcoin Falls Below $83K as Liquidity Rotation Delays Bullish Target
Bitcoin slid to weekly lows on Monday after earlier upside momentum faded, with traders pointing to a sudden buildup of sell-side orders on exchange books around $85,700. The move triggered notable liquidations, while broader risk sentiment also weakened as US markets reacted to renewed uncertainty over the Iran situation.
TradingView data showed BTC/USD dropping below $82,700 for the first time since Sept. 21, following a strong run that included the pair’s highest weekly close since late January near $84,450. Instead of pushing toward last week’s highs above $87,000, price encountered a concentrated pocket of resistance.
Key takeaways
- BTC/USD fell below $82,700 after failing to retest the prior week’s above-$87,000 highs.
- About $30 million in ask liquidity appeared around $85,700, coinciding with the reversal from higher levels.
- CoinGlass data indicated roughly $70 million of liquidations over 24 hours, primarily cutting into nearby long positions.
- US stock-market futures weakened alongside crude oil strength after President Donald Trump declined to rule out further strikes on Iran.
- Analyst Aksel Kibar warned Bitcoin could revisit the sub-$80,000 area if momentum doesn’t quickly stabilize.
Why order-book liquidity can flip momentum
According to TradingView, BTC/USD turned lower after a decisive attempt at consolidation above $84,450 failed to extend. The most cited microstructure signal was the appearance of a large, clearly defined layer of sell-side liquidity on exchanges around $85,700, with over $30 million clustered near that price.
In practical terms, these “liquidity walls” can matter because they concentrate sell interest at a specific level. If buying demand can’t absorb those resting orders, price may struggle to advance and can even accelerate downward as traders reassess the likelihood of a breakout. The reported timing—after Bitcoin failed to move back toward eight-month highs above $87,000—suggests the market’s attempt at continuation met a predictable obstacle.
Market participants also noted that this kind of conspicuous order-book change often draws attention from larger traders, including those managing hedges or positioning for future moves. Whether the liquidity layer represents genuine long-term supply or more tactical order placement remains difficult to confirm from order-book snapshots alone, but the impact on near-term price action was clear.
Liquidations underscore the speed of the downturn
While order-book data explains the “why” behind resistance, liquidation statistics help show the “how” behind the move. CoinGlass liquidation data, as referenced in the report, recorded liquidations of nearby long positions totaling around $70 million over 24 hours at the time of writing.
When price breaks through key intraday levels, leveraged traders who are positioned on the long side can be forced out quickly. That fast unwinding can compound selling pressure, turning a stalled breakout attempt into a sharper downside move, especially when liquidity is already strained by the presence of a heavy sell wall.
For investors and traders, these figures are less about day-to-day drama and more about confirming that the decline wasn’t purely slow drifting—there was enough leverage in the market to produce liquidation cascades.
Risk-off pressure from US geopolitics and oil
Bitcoin’s weakness also lined up with a deterioration in broader risk sentiment. The report linked the move in crypto to downside in US stock-market futures after President Donald Trump refused to rule out additional strikes on Iran.
In remarks reported by Fox News during the PGA Tour Presidents Cup on Sunday, Trump said: “I don’t want to say that. I don’t want to say that. I mean, it’s possible, but I just don’t want to say that.”
At the time of writing, Nasdaq futures were down about 0.9%, while WTI crude oil moved above $95 per barrel for the first time since Sept. 24. Rising oil prices often feed into wider concerns about inflation, economic activity, and risk appetite—factors that can spill over into crypto even when the immediate catalysts are order-book driven.
For traders monitoring correlations, the takeaway is that Monday’s drop wasn’t isolated to crypto microstructure alone; macro headlines appeared to reinforce a shift toward caution.
What to watch around $85,700 and next support zones
The $85,700 level is now central to the near-term debate. The report described it as the barrier that blocked another attempt to reach the 2026 year-open level at $88,700, where Bitcoin stalled last week.
Even with a strong weekly close previously, the failure to reclaim the path back toward $88,700 suggests bulls still need a clearer sequence of higher highs and higher lows rather than just intermittent pushes. As the price moves, the market will likely treat earlier resistance areas as potential pivot points—turning them into either launchpads or magnets for further selling depending on how quickly Bitcoin can recover.
Analyst Aksel Kibar warned that Bitcoin’s current behavior did not resemble a decisive breakout. In a post on X, he cautioned that hesitant price action can lead to returning inside the familiar range from $60,000 to $80,000—an area the report frames as where BTC/USD spent much of 2026.
The immediate risk highlighted by that commentary is a scenario where the market fails to hold above the recent breakdown area and instead revisits sub-$80,000 territory. In the short term, that means traders should watch for whether downside continues to attract liquidations or whether support reasserts itself quickly enough to prevent a deeper retracement.
Going forward, the key uncertainty is whether the $85,700 order-book pressure dissolves and allows price to rebuild toward $88,700, or whether liquidation-driven weakness and macro jitters keep pulling BTC back toward the $80,000 zone; monitoring both the exchange liquidity changes and broader US risk headlines may offer the most practical signal for the next move.
XRP trades near $1.48, down by 3% over the past 24 hours, caught in a choppy range that has traders arguing about its price prediction and direction again. But Peter Brandt just gave the bulls something concrete to point to.
Brandt, a veteran chart technician with decades of market cycles behind him, told followers that XRP ownership doesn’t require “certified cult membership,” and an open read of the charts is reason enough. His long-term monthly chart, built on a decade of resistance-and-support structure, implies an eventual move to $5.40.
He was careful to separate the projection from an active trade call, a gap the market seemed to skip past. As of now, the post captured a community reaction split between validation and skepticism.
The timing lines up with whale accumulation of roughly 470 million tokens (about $724 million) over five days, plus a separate inverse head-and-shoulders pattern flagged near a $1.55 neckline. Crypto sentiment is also absorbing fallout from the Bitget security incident, which has kept volatility elevated across majors. That backdrop sets up the technical question every XRP holder is now asking.
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XRP Price Prediction: Hit $2 This Week?
XRP’s seven-day range runs at $1.37 to $1.66, putting the token in what looks like volatile consolidation rather than a confirmed breakout. Current price action sits below the $1.60 resistance zone that’s capped multiple attempts this month. Volume has been unremarkable, suggesting conviction is still building rather than peaking.
The bull case: a close above $1.55 confirms the inverse head-and-shoulders neckline and opens a path toward $2, roughly 30% higher, with Brandt’s $5.40 target sitting far out on the horizon as a multi-year marker rather than a swing-trade level. The base case: XRP grinds inside the $1.47–$1.60 band while whales continue quietly stacking.
The bear case: a failure to hold $1.47–$1.50 exposes the lower end of the weekly range, invalidating the near-term reversal thesis. Related coverage of XRP’s resistance levels, whale flow, and ETF data is worth cross-referencing before positioning either way.
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Maxi Doge Targets Early Mover Upside as XRP Tests Key Levels
Brandt’s chart validates the long-term XRP thesis, but a 251% move to $5.40 on a token already carrying tens of billions in market cap plays out over years, not weeks. That math doesn’t excite traders looking for near-term multiples. It does explain why attention keeps drifting toward presale-stage plays with smaller denominators.
Maxi Doge ($MAXI) is one of those plays. It is an Ethereum-based meme token built around a 240-lb canine mascot and a “1000x leverage” trading-culture identity. The presale has raised $4.8 million at a current price of $0.0002841, with dynamic APY staking live for holders.
Standout features include holder-only trading competitions with leaderboard rewards and a Maxi Fund treasury earmarked for liquidity and partnerships. The meme-first, gym-bro marketing angle (“never skip leg-day, never skip a pump”) is endearing on temperament. The accumulation numbers suggest plenty of traders are picking a side.
Research Maxi Doge directly before the presale window ends.
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The Alpenglow mainnet launch is not happening on September 28, despite reports pointing to that date. Solana co-founder Anatoly Yakovenko answered the rumor with a single word, “decel.”
Alpenglow is a consensus overhaul that targets 150-millisecond finality, down from roughly 12.8 seconds for full finality today. Some outlets had also warned that SOL could drop if the switch did not happen.
Alpenglow Mainnet Launch Date Traced to a Validator Schedule
Roger Wattenhofer, head of research at Anza and a professor at ETH Zurich, pushed back on the reports on X. Anza develops Agave, Solana’s main validator client.
Why would we test a protocol for only a few days before activating it? There is no Alpenrush.
His point was that Alpenglow had entered public testing only days earlier.
Yakovenko then quoted the post and added “decel,” crypto slang for slowing down. In contrast, “accel” signals a push to move faster.
The date likely came from Anza’s Agave v4.3 release schedule. It lists September 28 as the day mainnet resumes feature activation. However, the entry never mentions Alpenglow.
Meanwhile, the follow-up v4.4 timeline sets the next mainnet activation window for November 9. Anza calls that schedule tentative, and it does not name Alpenglow either.
SOL Price Barely Reacts to the Clarification
Solana (SOL) traded at $119.85 at press time, down 0.36% over 24 hours, according to BeInCrypto Markets data. The muted move suggests few traders had priced in a September 28 Alpenglow mainnet launch.
The cautious tone also has a recent backdrop. In August, a routing fault pushed Solana close to a network halt. Against that record, Wattenhofer’s comments suggest developers want to avoid a rushed consensus change.
Alpenglow is also not the only speed upgrade in progress. In August, Solana began halving its block time from 400 to 200 milliseconds. That change speeds up block production, while Alpenglow targets how quickly blocks become final.
Solana has been preparing validators for Alpenglow since July. For now, the upgrade stays on testnet, and neither Agave schedule gives it a mainnet date.
The post Solana Developers Say “No Alpenrush” as Alpenglow Mainnet Launch Rumors Collapse appeared first on BeInCrypto.
Rancher Curtis Schroder, 57, and his son Derek lead heifers toward a transport truck on the Schroder family ranch in Walsh, Colorado on May 9, 2026.
Mark Makela | Getty Images News | Getty Images
BEIJING — The U.S. and China are planning to reduce tariffs on $30 billion worth of goods from each country, according to government announcements from both sides Monday.
The detailed lists includes mostly imports of toys, sports equipment and Christmas decorations by the U.S., while American agricultural products accounted for much of the far longer list of imports by China.
Washington has sought to reduce its record trade deficit with Beijing, as the Asian country exports far more to the U.S. than it imports. U.S. goods trade deficit with China was more than $202 billion last year.
“If we see the tariff cuts actually implemented before the holiday season, it could provide a welcome boost to U.S. consumption and to retailers,” said Jacob Cooke, CEO at WPIC.
Cooke, whose company primarily helps U.S. brands sell in China, said that Beijing’s import list includes fast-growing categories such as hair care and packaged pet food, where Chinese brands are highly competitive against U.S. offerings. “Every percentage point counts for price competitiveness and preserving margin.”
However, it was not immediately clear when lower tariffs would take effect, and by how much the duties would go down. The U.S. and China last year slapped import tariffs effectively of over 40% and more than 30%, respectively, on each other.
The two countries limited further tariff increases after a one-year truce reached last fall. Last week, U.S. Treasury Secretary Scott Bessent said negotiators agreed to extend that truce to January.
Monday’s announcement followed U.S. President Donald Trump’s summit with Chinese President Xi Jinping in Washington, D.C., last week. The two sides said the highly anticipated U.S.-China “Board of Trade” would consist of officials from both governments, and would meet at least once a quarter, with the top officials meeting “whenever necessary.”
Lower tariffs could substantially boost trade, especially for highly competitive Chinese companies. Home goods seller Ryan Zhao, director of Jiangsu Green Willow Textile, expects sales in the second half of the year to grow by 30% from a year ago if tariff cuts are implemented.
Here’s a select list of products set to benefit:
U.S. imports of Chinese goods (total items: 77)
Fireworks
Plates, cups, bowls, serving dishes
Tableware and kitchenware
Beads
Blankets (including electric ones) and rugs
Bed linen
Table linen
Curtains
Garden umbrellas
Artificial flowers
Shavers
Flashlights
Microwave ovens
Christmas-tree lamps and ornaments
Highchairs
Children play yards
Sleeping bags
Pillows
Toys (including tricycles, but excluding items that connect to WiFi or Bluetooth)
Billiards balls, chalk and tables
Playing cards
Rackets for games, other than for “lawn-tennis or badminton”
Soccer balls, baseballs, softballs, lawn-tennis balls
Fish hooks and fishing line
Artists’ brushers
Vacuum flasks
Chinese imports of U.S. goods (total items: 1,619)
Horses, donkeys, cattle, pigs, sheep, goats, chickens for breeding
Other livestock
Bees
Frozen pork
Frozen lamb
Frozen, fresh or chilled whole chickens or turkeys
Frozen chicken feet
Rabbit meat, excluding rabbit heads
Dried, smoked or salted beef
Live freshwater ornamental fish
Fresh or chilled tuna
Frozen Atlantic salmon
Buttermilk
Roasted peanuts
Peanut butter
Tomato juice
Ice cream and other frozen products
Fresh apples
Whiskey
Soybeans for seed
Soybean flour and meal
—CNBC’s Matthew Tan contributed to this report.
The Senate did not invoke cloture on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act, on September 15, 2026. That vote did not kill the bill, pass it, or send it anywhere near a presidential signature. It left the measure exactly where the record shows it now sits: passed House. But what’s next for the CLARITY Act?
The procedural record is unambiguous even where the political story around it isn’t. Rep. J. French Hill introduced the bill on May 29, 2025, and the House passed it 294-134 on July 17, 2025, a lopsided, bipartisan margin that made it the most credible market-structure vehicle to reach the Senate in years, a point worth remembering amid the broader market anxiety around stalled regulatory progress.
Jurisdiction split across the House Financial Services and Agriculture committees, with the Senate assigning the bill to Banking, Housing, and Urban Affairs.
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What the Congressional Record Says
On June 1, 2026, the Senate Banking Committee reported the bill out with an amendment in the nature of a substitute from Tim Scott, the committee chair. That single procedural fact carries real weight: it shows Senate Banking reported a substitute amendment, but the record does not establish that the September floor version was a rewrite of the House text. The latest listed action after the failed cloture vote is a motion by Sen. Thom Tillis to reconsider – a procedural door left open, not a closed one.
What the bill itself would actually do is spelled out plainly in the Congress.gov summary. It hands the CFTC primary authority over digital-commodity transactions, exchanges, brokers, and dealers, with qualification tied to whether a blockchain is mature or has reached defined decentralized control, or whether an issuer files specified reports.
The SEC retains jurisdiction over designated broker-dealer, alternative-trading-system, and national securities exchange activity involving digital commodities, and every digital-commodity intermediary would fall under Bank Secrecy Act anti-money-laundering obligations. The same illicit-finance terrain keeps surfacing in enforcement cases like the one detailed in recent crypto money-laundering prosecutions.
None of that legislative text explains why cloture failed. The primary record doesn’t identify ethics provisions, stablecoin yield, or developer protections as the deciding factors in the vote. Those are negotiating themes reported around the bill, not causes established by the bill’s own procedural history.
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What Are The Next CLARITY Act Draft’s Pressure Points?
Any rewrite still has to clear the same architecture already baked into the bill. Things like mature-blockchain criteria, issuer disclosure, trade-monitoring and recordkeeping rules, customer-asset segregation, and registration mechanics for exchanges, brokers, and dealers.
Those provisions aren’t in dispute in the public record; the fights are over how they get amended around the edges. A joint statement from the American Bankers Association, Bank Policy Institute, and several other banking trade groups following the cloture vote pushed for targeted changes to stablecoin-yield policy specifically, framing it as the price of continued industry support for a durable framework. This is a dispute that dovetails with the broader debate over how stablecoins compete with traditional payment rails.
Whether Senate Banking Republicans, Agriculture Committee negotiators with CFTC oversight, or Democrats whose votes are needed to clear 60 end up controlling the next text is an open contest. The committee record shows only that Scott’s substitute got the bill this far, not that it will define what comes next.
Lawmakers have raised concerns about ethics provisions and may seek a say in any ethics and conflicts-of-interest language before backing a revised bill, and their votes are arithmetically necessary regardless of who drafts the first page. The SEC and CFTC aren’t waiting on Congress to resolve any of this; both agencies retain rulemaking authority under existing statute and can move on to narrower guidance while the legislative fight over CLARITY Act continues.
For now, this leaves the market with two tracks running in parallel, agency action that can shift compliance obligations without a vote, and a statutory rewrite that only Congress can finish.
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Authorities in Japan have arrested two suspects over their alleged role in helping a fake police fraud group steal cryptocurrency worth 81 million yen ($515,000) from a woman in her 40s.
Police believe the group operated out of Cambodia and is part of a larger operation.
Police Arrest Two In Crypto Scam
According to a report by FNN, Japanese authorities arrested Saki Okayama and Mitsuki Minamisawa in connection with the scam. Group members impersonated police officers and used intimidation tactics to pressure their targets into transferring their crypto assets. The group’s latest target, a woman in her 40s, was told her bank card was linked to a money laundering investigation.
The group claimed that 400 accounts were used to launder funds from a fraud case that led to 600 billion yen in losses.
How The Scam Worked
Authorities also explained how the scam worked. It began with a call from an individual claiming to represent the Osaka Prefectural Police. The caller reportedly told the woman her card belonged to one of several accounts linked to a money laundering investigation.
The woman was also told she was close to being arrested unless she proved her innocence. Authorities alleged that the false accusation and pressure from the scammers led the victim to transfer 81 million yen worth of cryptocurrency.
Authorities have not disclosed which cryptocurrencies were stolen or the wallet addresses that received the crypto. However, they allege the suspects are part of a larger organization and are linked to confirmed losses of around 240 million yen from similar scams. Authorities believe the group operates out of Cambodia, and that a Chinese national is at the helm of the entire operation.
Fake Police Scams And Rising Losses
The arrests come as losses from fake police scams mount in Japan. According to the country’s National Police Agency, fake police scams have resulted in 61.71 billion yen across 5,422 cases in the first seven months of 2026. While the number of cases has dropped 6.4%, losses have jumped by 25.7%. The scale of the frauds has forced authorities to treat such scams as a separate category. Police statistics have reported a 42.9% jump to 210.81 billion yen in special fraud losses from a year earlier.
In a separate incident, an individual lost 73 million yen to scammers pretending to be officials from the Tokyo Metropolitan Police Department who forced him to transfer the funds to prove his innocence. Authorities have urged people not to fall victim to such scams, stressing that they would not ask someone to transfer funds to designated accounts.
Japanese Regulators Strengthening Fraud Controls
Regulators in Japan are focusing on strengthening controls to check any fraud proceeds moving through cryptocurrency exchanges. The country’s Financial Services Agency and National Police Agency have proposed implementing withdrawal delays and stronger checks on newer wallet addresses. This includes a waiting period before new addresses can be used, stronger measures to monitor transactions, and account restrictions in cases of suspicious activity.
The authorities have also asked exchanges to improve authentication measures and response times when asked to identify suspicious transactions.
The proposal comes after a substantial jump in fraud cases and losses. The National Police Agency reported 18,067 special fraud cases and 151.47 billion yen in losses until May, with fake police schemes accounting for 40.32 billion yen.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The attacker behind Bitget’s $388 million news driver has moved about 54 million stolen XRP out of three of the five wallets that originally held the funds. The redistribution raises the odds of future selling pressure on XRP.
Nearly 103 million XRP was taken from Bitget and split across five accounts when the exchange’s wallet infrastructure was breached. What has changed since is not the size of the theft but its distribution, but coins that sat static for roughly a day are now spreading across new addresses.
So, what will happen next? This on-chain signature that typically precedes a liquidation attempt, though it does not confirm one has happened.
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Why Does This News Increase XRP Sell-Side Risk?
Two wallets that each initially held 20 million XRP were reduced to about 23 XRP and 55 XRP, respectively, by 12:41 UTC on Saturday. A third wallet, which had held a larger share of the haul, was down to about 5.8 million XRP after the same window. Roughly 49 million XRP, worth about $75 million, remained across the original five accounts at this point.
XRP is hovering around $1.47 today, down about 3% just over 24 hours, while still holding a weekly gain of 3%. The token has not cratered on the news, which is itself informative: markets are pricing in the transfer as a risk factor, not as confirmation of a dump.
The original XRP haul was worth around $160 million, equivalent to about 4% of XRP’s reported $4.4 billion in daily trading volume. That comparison sounds reassuring on its surface, but reported volume is not executable order-book depth.
An exchange that receives flagged XRP can restrict the recipient account and block withdrawals once the deposit is identified. What it cannot do is freeze the coins while they remain in a wallet that the attacker still controls. This restriction only bites after the funds move onto a platform’s books.
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Native XRP Can’t Be Frozen in the Attacker’s Wallet
XRP is the native currency of the XRP Ledger, and that status is the crux of the recovery news problem. The ledger’s freeze function applies to tokens issued on top of it, not to XRP itself, which means Ripple has no built-in mechanism to stop the attacker from spending native XRP for as long as it sits in a wallet under their control.
If the remaining XRP stays parked across private wallets, the record so far confirms movement without confirming a sale, and the price impact case remains theoretical. If instead the tokens surface at a labeled exchange address or get swapped into another asset on-chain, the case for imminent sell pressure gets substantially stronger, and how much the price actually moves will hinge on the buy-side liquidity available at that moment.
JUST IN: 102,976,680 $XRP ripped out of Bitget-linked wallets in the attack.
— RippleXity (@RippleXity) September 25, 2026
Bitget’s own recovery timeline runs in parallel: Bitcoin withdrawals are scheduled to resume Sept. 28, Ethereum on Sept. 29, USDT on Sept. 30, and other tokens on Oct. 2. Bitget has said its protection fund covers the loss and that customer balances remain unaffected, leaving the open question not about exchange solvency but about where the $75 million in still-parked XRP ultimately lands.
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Hong Kong-based stablecoin payments company RedotPay has completed a financial audit, a required step toward a U.S. initial public offering, as it pushes ahead with plans to take the business public, it said in a press release Monday.
The company also completed a separate review of its anti-money-laundering and counter-terrorist-financing controls. Both were conducted by Big Four firms, which RedotPay did not name. A U.S. IPO prospectus must include audited financial statements; the compliance review is a separate part of the firm’s preparations.
RedotPay lets users hold stablecoins in an app, spend them through a linked Visa card and send money across borders. The company said it had 8.5 million users as of July
“We undertook these audits to build confidence and trust in our financial reporting and compliance standards,” Michael Gao, CEO and co-founder of RedotPay, said in emailed comments. “They also form part of our preparation for taking the company public.”
Elon Musk has endorsed a viral post predicting that major US labs will reach artificial general intelligence (AGI) in 2027. His one-word reply called the forecast accurate and drew 1.8 million views within about 3 hours.
The post, from X user Dr Singularity, says Anthropic’s Claude Opus 5.5 already feels close to AGI. It then argues that Google, OpenAI, SpaceXAI, and others will follow.
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Musk’s Nod Lands in a Month Crowded With AGI Claims
Earlier this month, OpenAI President Greg Brockman described the September 3 launch of GPT-6 Astra as a “generational leap.”
“Welcome to the AGI era,” he said during the briefing.
Nvidia CEO Jensen Huang also posted on X that AGI had arrived. Musk has made a similar claim for his own lab.
On September 14, a user asked him how close Grok 4.8 would come to AGI. He replied on X that AGI would arrive with Grok 5, an exchange BeInCrypto covered at the time.
The latest thread ties that race to power capacity.
“This prediction is based on the amount of compute they already have + additional compute being added all the time….It looks like few GW of compute are enough for strong AGI, now imagine what we will able to do with 10-20GW of compute which are rapidly coming online,” Dr Singularity posted.
Traders Keep Their Distance From 2027
Prediction markets have not moved in step with Musk. Kalshi traders gave OpenAI roughly a 44.3% chance of announcing AGI before 2028.
Confidence drops further for a claim this year. Polymarket traders gave OpenAI an 18% chance of announcing AGI before 2027, while Kalshi priced it at 14.8%.
The group behind the benchmark OpenAI shared at launch shares that caution. Zapier and ARC Prize co-founder Mike Knoop called Astra’s result a large leap but said evidence for AGI was still lacking.
Warnings Take Aim at the Speed of the Race
Meanwhile, the labs racing toward AGI are also among those warning about it. In a September 6 essay, OpenAI chief scientist Jakub Pachocki said no lab had solved alignment and monitoring well enough.
“I am concerned no one is prepared for the consequences of a continued rapid rise in machine intelligence,” he said.
Jerome Glenn chairs the AGI Panel of the UN Council of Presidents of the General Assembly. He argued that if governments fail to regulate the shift to AGI, humans could lose control to machine intelligence.
“AGI could enable some states and malicious non-state actors to build chemical, biological, radiological, and nuclear weapons. Moreover, large AGI-controlled swarms of lethal autonomous weapons could themselves constitute a new category of WMDs,” he added.
Others question whether the race leads to AGI at all. Among them is Turing Award winner Yann LeCun, co-founder of AI startup AMI Labs. On September 20, he said on X that autoregressive LLMs alone will not reach human-level AI.
He argued that if they could, consumers would already have home robots and Level-4 or Level-5 self-driving cars.
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South Korea’s Financial Services Commission (FSC) says it is weighing the introduction of a regulated market-making system for digital assets after a yen-pegged stablecoin briefly traded at extreme prices on a major local exchange.
The discussion follows JPYC’s launch on Upbit earlier this month, when the token—linked to the Japanese yen—jumped far beyond its peg within about an hour, an outcome widely attributed to thin liquidity. FSC officials now appear to be reconsidering whether market-making provisions could improve trading efficiency and reduce repeat incidents of sharp price dislocations.
Key takeaways
- FSC officials are reviewing whether to add market-making mechanisms to improve “efficiency and stability” in South Korea’s digital asset market.
- JPYC’s debut on Upbit saw prices spike to more than four times the peg shortly after trading opened, with limited liquidity cited as a driver.
- South Korea’s Virtual Asset User Protection Act currently lacks a market-making exemption from market manipulation rules, restricting market makers from providing liquidity.
- Academics have debated the market-maker carve-out for years, balancing liquidity benefits against concerns it could enable manipulation.
- The possible shift aligns with broader efforts to consolidate crypto regulation, including planned stablecoin coverage under a Digital Asset Basic Act.
JPYC’s price spike reopens the market-making debate
Upbit began trading JPYC on Sept. 17. The stablecoin opened at 12 Korean won per JPYC and climbed to a high of 37.6 won within roughly an hour—over four times the token’s value relative to its peg. The surge was attributed to limited liquidity on the exchange.
For regulators, the episode became more than a market curiosity. Yoo Young-joon, director of digital finance policy at the FSC, said at a Seoul conference that the commission would look at whether systems such as market-making activities should be introduced to enhance the efficiency and stability of the digital asset landscape. Yoo also referenced growing criticism tied to user losses after the price movement following JPYC’s listing, saying demands for “discipline” in this area are increasing.
What the FSC is reconsidering under current rules
Under South Korea’s Virtual Asset User Protection Act, there is currently no explicit exemption that would allow market-making to proceed without conflicting with market manipulation provisions. In practice, this means market makers cannot provide liquidity in crypto markets under the existing interpretation of the law.
Yoo’s comments suggest that the FSC may be exploring a more permissive approach—potentially by creating space for market-making activity—if it can be structured in a way that addresses manipulation risks and better protects users during listings and other periods where liquidity is thin.
Why academics argued about carve-outs well before JPYC
The market-maker question is not new in South Korea. Researchers have debated whether a legal carve-out could improve liquidity and reduce volatility, while also weighing whether market-making could blur the line between stabilizing markets and enabling market manipulation.
In a 2024 peer-reviewed paper published by the Seoul Law Review, KB Securities researcher Lee Min Jung discussed why regulators previously did not permit crypto market making, noting the concern that it could amount to manipulation. Lee argued at the time that introducing market makers might be premature, but she also suggested regulators could consider a carve-out once markets become more stable.
Separately, a paper by Yoonyoung Choi from the Korbit Research Center made the case that the absence of a formal market maker system has contributed to “serious liquidity problems” in the domestic crypto market. The research highlighted how such conditions can create price discrepancies and higher volatility, pointing to the Kimchi premium—an established pattern of local price differences—as one example of market inefficiency in South Korea.
Liquid markets, listing shocks, and regulation ahead
The FSC’s apparent willingness to revisit market-making rules arrives as South Korea continues building out its broader framework for crypto regulation. In July, the FSC said it planned to introduce a consolidated Digital Asset Basic Act covering stablecoins and the wider crypto market, including rules for digital asset businesses, exchanges, disclosures, and internal controls.
However, lawmakers have not settled every detail. The source reporting notes that key elements—particularly rules governing won-denominated stablecoin issuers—remain unresolved. That uncertainty means any future market-making changes could become intertwined with how stablecoins and exchange operations are ultimately treated under the new law.
Seen in this context, JPYC’s debut on Upbit looks less like an isolated trading glitch and more like a stress test of the current ecosystem: when liquidity is limited at launch, even yen-pegged stablecoins can temporarily diverge sharply from expected value, exposing traders to outsized risk. A market-making framework—if designed with safeguards—could help reduce those extreme spreads, but it would also require regulators to draw clear boundaries around acceptable conduct.
What to watch next
Investors and exchange users should watch for whether the FSC proposes a formal market-making exemption and, if so, what compliance conditions it would attach—especially in relation to liquidity provision during listings and periods of low trading depth. The next steps may also hinge on how stablecoin rules are finalized under the Digital Asset Basic Act.
President Donald Trump has made millions from memecoins, but politicians in California don’t have that chance anymore.
On Sunday, California’s Governor Gavin Newsom signed a law that bans the state’s public officials from issuing memecoins, or cryptocurrencies representing a famous personality, internet joke or viral trend rather than a specific use case.
The measure, AB 2409, was signed along with 10 other bills on corruption and consumer protection. Others set rules for paying back crypto scam victims and creating a legal process to seize crypto from transnational criminal networks.
Newsom’s office titled the announcement “THE OPPOSITE OF TRUMP,” accusing the Trump administration of corruption and self-dealing, including through the viral $TRUMP memecoin.
“While the scam that is Donald Trump continues to hurt American families, California is fighting to make our economy work for people, not the powerful. No official should profit off their office — and we’re putting stronger protections in place to ensure it doesn’t happen in our state,” Newsom said in the press release.
Trump’s office did not immediately respond to CoinDesk’s request for a comment.
It’s unclear whether the ban covers meme tokens already in existence, such as $TRUMP.
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