Crypto World
How EU Crypto Tax Laws Are Set to Work in Practice
Key takeaways
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The EU’s new crypto tax rules do not introduce new taxes but expand tax transparency by ensuring that crypto transactions are reported and shared across member states.
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Reporting obligations fall primarily on crypto-asset service providers, requiring them to collect user identity information, tax residency details and transaction data in a standardized format.
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Information reported by platforms will be automatically exchanged among EU tax authorities, reducing cross-border reporting gaps for crypto users.
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The framework aligns with the Organisation for Economic Co-operation and Development’s global crypto reporting standard, increasing compatibility with non-EU jurisdictions.
The European Union is set to significantly enhance its monitoring of cryptocurrency transactions for tax purposes. Starting Jan. 1, 2026, updated reporting obligations require crypto platforms operating in the EU or serving EU users to provide detailed information on users and their transactions to tax authorities. This change aligns digital assets more closely with the transparency requirements long established in conventional finance.
The key legislation driving this shift is Council Directive (EU) 2023/2226, commonly known as DAC8. It expands the EU’s existing framework for the automatic exchange of tax information to include crypto assets. Paired with the Markets in Crypto-Assets (MiCA) regulation, DAC8 represents a major step in regulating the crypto sector. It focuses specifically on taxation rather than solely on market conduct or licensing.
This article explains how the new EU crypto tax reporting system will work, outlines the obligations for platforms and examines the implications for individual users as the rules take effect.
Why DAC8 is being introduced: Closing the gap from banks to blockchains
For more than a decade, EU countries have used the Directive on Administrative Cooperation (DAC) to automatically share tax-related financial data across borders. Previous iterations covered bank accounts, investment income and certain digital platforms, but crypto transactions were largely exempt from routine reporting.
As cryptocurrency adoption grew in Europe, this exemption created clear loopholes for potential tax evasion. EU authorities viewed it as inconsistent to exempt crypto solely because of its technological basis.
DAC8 aims to close this gap by formally incorporating crypto assets into the tax transparency system, ensuring that transaction data is gathered, reported and exchanged in a manner similar to traditional financial information. The European Commission has emphasized that crypto deserves no special exemption from tax enforcement.
Alignment with the OECD’s Crypto-Asset Reporting Framework (CARF)
The EU built DAC8 around the CARF, which was launched in 2023. The CARF sets a global benchmark for crypto transaction reporting by specifying:
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Which crypto assets qualify for reporting
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Which entities must report
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The specific user and transaction details required.
By adopting the CARF model, the EU promotes consistency with international standards, making it easier to share data with non-EU countries that implement similar rules.
Did you know? Before crypto-specific rules, several EU tax authorities relied on blockchain analytics firms instead of formal reporting to estimate crypto activity, often producing significantly different figures for the same market.
Scope of DAC8: Covered assets and platforms
The focus of DAC8 is on crypto-asset service providers (CASPs) operating in the EU. These include centralized exchanges, brokers, custodial wallets and similar intermediaries. The rules cover a broad range of assets, including most cryptocurrencies, stablecoins, tokenized assets and certain non-fungible tokens that function more like investment vehicles than pure collectibles. The emphasis is on transferability and investment use rather than on specific labels.
The obligations extend beyond EU-based platforms. Non-EU providers serving EU users may also need to comply, highlighting the directive’s extraterritorial impact.
Timeline and implementation of DAC8
Adopted in October 2023, DAC8 required transposition into national law by Dec. 31, 2025, with application starting on Jan. 1, 2026. As of early 2026, some member states have faced delays or infringement notices for incomplete transposition, though the EU expects full enforcement.
Key dates include:
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Platforms began collecting relevant data on Jan. 1, 2026.
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The first reports, covering 2026 activity, will be submitted to national tax authorities in 2027, typically within nine months of year-end.
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Tax authorities then automatically exchange the data annually with other EU countries.
The commission has signaled that it expects timely and full implementation. Several countries have received formal notices for delays in transposing the rules, underlining that enforcement will not be optional.
Did you know? Early drafts of EU crypto tax proposals debated whether self-custody wallets could ever be subject to reporting, highlighting how difficult it is to regulate decentralized ownership.
Reporting requirements for platforms in DAC8
Under DAC8, CASPs are required to perform enhanced due diligence and submit detailed information to their local tax authority. This includes user details such as full name, address, tax residency and tax identification number (TIN), if available.
Transaction data includes:
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Types of crypto transactions, such as sales, exchanges and transfers
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Gross proceeds from disposals
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Dates and values of transactions.
After collection, this information is automatically shared among EU tax authorities. A user’s country of residence receives the relevant data even if the platform is located in a different country.
For platforms, DAC8 makes crypto tax reporting a structured, recurring compliance obligation. It more closely resembles financial reporting than ad hoc disclosures.
Impact of DAC8 on crypto users
One of the most significant changes for crypto users is increased tax reporting transparency under DAC8. National tax authorities can now view transactions conducted on reporting platforms.
This may result in:
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Requests for more detailed tax residency or identification information during account setup or updates
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Greater ability for authorities to match crypto activity against declared income on tax returns
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Easier detection of inconsistencies between reported data and tax filings.
DAC8 does not introduce new taxes or standardize rates across the EU. Member states retain authority over crypto taxation policies, as the directive focuses solely on information exchange. While DAC8 automates data exchange between authorities, users are still required to report their crypto activity through their respective national tax returns.
Compliance challenges for platforms under DAC8
Implementing DAC8 requires significant upgrades, including accurate transaction tracking, tax residency verification and secure data storage. Smaller or less-resourced providers may struggle to meet these obligations alongside MiCA and Anti-Money Laundering requirements.
Non-compliance carries the risk of penalties, including fines for late, incomplete or missing reports. Some platforms have indicated that regulatory compliance costs may influence where they choose to operate.
Users may also face confusion in understanding DAC8 in the context of MiCA. DAC8 addresses tax transparency behind the scenes, while MiCA covers licensing, investor safeguards and market conduct.
The two are complementary: DAC8 ensures tax data flows once services are active, while MiCA defines permissible operations. Together, they create a comprehensive oversight framework for the crypto economy.
Certain aspects remain unclear under DAC8, such as how decentralized finance (DeFi) fits in when no central intermediary exists to report to. Privacy advocates have raised concerns about extensive data collection and sharing, though EU officials note that the General Data Protection Regulation (GDPR) and other data protection laws continue to apply. It remains to be seen how these safeguards will operate in practice.
Did you know? Similar crypto tax reporting models are being explored in Asia-Pacific and Latin America, suggesting that EU-style transparency could become a global norm rather than a regional exception.
DAC8 in the broader context
DAC8 forms part of a global trend as crypto integrates into mainstream finance. Governments worldwide are increasingly treating it as part of the mainstream financial system rather than as a parallel economy viewed with suspicion.
By adopting OECD-aligned standards and enabling cross-border exchanges, the EU underscores that crypto will face the same transparency demands as traditional assets. For users and platforms in Europe, the period of limited formal tax oversight is effectively ending.
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Former PayPal colleagues split strategies, as Hoffman goes long on Ethereum while Musk aligns with Bitcoin through corporate treasuries.
Reid Hoffman, the prominent venture capitalist and co-founder of the world’s leading professional networking service, LinkedIn, is heavily invested in Ethereum, according to Arkham Intelligence.
Data cited by the firm shows Hoffman holds $6.1 million worth of ETH in a publicly known address. He also owns a CryptoPunk NFT, which was purchased for 150 ETH late last year.
Investment in Xapo
Hoffman has been a long-time supporter of crypto. He even led Greylock’s 2014 Series A investment in Xapo, a firm that built a Bitcoin wallet platform. He had then commented,
“Bitcoin has the potential to be a massively disruptive technology. It is the leading digital currency and it’s growing fast. As an investor and technologist, I am interested in bitcoin on three levels: As an asset, (i.e. a digital alternative to gold); as a currency (to create a new transactional layer on the internet); and as a platform (to build alternative kinds of financial applications).”
Nearly a decade later, in August 2023, Hoffman announced he would not act as a general partner in Greylock’s upcoming funds and instead opted to remain involved as a venture partner.
Meanwhile, his former PayPal colleague Elon Musk is backing Bitcoin, as Tesla, Inc. and SpaceX hold a combined $1.3 billion in Bitcoin on their balance sheets.
Short-Lived Gains
Earlier this week, Bitcoin and Ethereum each attracted gains after positive sentiment generated by a major US political speech by Donald Trump. But on Friday, both assets were slightly lower in early trading as broader technology stocks retreated.
Additionally, broader institutional activity shows large stakeholders dynamically adjusting positions: analytics data indicate that SpaceX moved over 1,000 BTC (approximately $94.5 million in value at that time) to Coinbase Prime in late 2025 amid speculation about the company’s future public offering.
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On the Ethereum side, significant planned divestments by Ethereum co-founder Vitalik Buterin have drawn attention in recent weeks for the magnitude of tokens moved, even though the market remained largely unfazed by these sales.
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South Korea National Tax Service just made a costly mistake resulting a huge crypto loss.
In an official press release, the agency published unredacted photos that exposed crypto wallet seed phrases. Within hours, an unknown actor used the information to drain 4 million Ethereum-based tokens, nominally worth $4.8 million, from seized wallets before returning them.
The funds were not dumped, but the incident exposes a serious operational security failure. It highlights the risks governments face when handling self-custodied digital assets without proper technical safeguards.
Key Takeaways
- The Lapse: NTS press materials included high-resolution images of handwritten recovery phrases for seized Ledger hardware wallets.
- The Asset: 4 million Pre-Retogeum (PRTG) tokens were taken, holding a theoretical value of $4.8 million but near-zero market liquidity.
- The Outcome: The attacker funded the wallets with ETH for gas, moved the tokens, and eventually returned them to the original address.
The Leak: Tax Agency Publishes Ethereum Private Keys
On February 26, the National Tax Service announced it had seized roughly 8.1 billion KRW, about $5.61 million, from repeat tax delinquents. To showcase the enforcement action, officials released photos of the confiscated items, including a display labeled “Case 3.”
The problem was in the details. The images showed Ledger hardware wallets next to a sheet of paper with the 12-word seed phrases fully visible.
A local professor described the mistake bluntly, comparing it to publicly inviting someone to empty your wallet. The incident highlights a basic but critical gap in technical handling, especially as authorities increasingly seize and manage digital assets.
On-Chain Data: The Swipe and Return
On-chain data shows the wallets were drained soon after the photos went public. An unknown actor first sent a small amount of ETH to cover gas fees, then transferred 4 million Pre-Retogeum (PRTG) tokens to a new address.
That amount represented roughly 40% of the token’s total supply. While early reports valued the stash at $4.8 million, liquidity tells a different story. The only active trading pair shows minimal volume, and even a small sell order would have crushed the price. Cashing out at scale was nearly impossible.
The tokens were later returned to the original wallets. Whether this was a white-hat action or simple realization that the assets were illiquid is unclear.
The episode highlights a basic custody failure. The original owner used a hardware wallet for security, but that protection was undone when authorities photographed the seed phrase. The NTS has not yet issued a detailed statement, and the incident raises questions about how seized crypto assets will be handled going forward.
Discover: The best new crypto in the world
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This week, rumors of a “10 a.m. Bitcoin dump” blamed on quantitative trading company Jane Street gained traction online after it was sued by Terraform Labs’ court-appointed administrator, but market watchers said the data does not support a consistent, company-driven selloff.
The accusations mounted a day after Jane Street was sued by Terraform Labs’ administrator amid allegations of insider trading that worsened the collapse of Terra’s algorithmic stablecoin ecosystem in May 2022.
Elsewhere in the market, demand for spot Bitcoin exchange-traded funds returned after five consecutive weeks of net negative outflows. US-listed spot Bitcoin ETFs took in over $1 billion in three consecutive days this week, with $254 million in cumulative inflows on Thursday, according to Farside Investors data.
Corporate Ether treasuries also came under pressure. The leader in corporate Ether (ETH), Bitmine Immersion Technologies, was seen facing an $8.8 billion paper loss on its holdings amid the ongoing market downturn.
Analysts reject Jane Street “10 a.m. dump” claims, say Bitcoin isn’t easily manipulated
Cryptocurrency investors accused quantitative trading company Jane Street of pressuring Bitcoin’s price with a daily, programmatic sell-off at the US market open, but market analysts and data suggest the pattern is not consistent, and no single company can force Bitcoin into a prolonged bear market.
The claims surged online a day after Terraform Labs’ court-appointed administrator sued Jane Street, alleging insider trading tied to transactions that worsened the collapse of Terra’s algorithmic stablecoin ecosystem in May 2022.
Several market watchers, including crypto influencer Justin Bechler, have argued that Jane Street’s holding of BlackRock’s iShares Bitcoin Trust exchange-traded fund (ETF), known as IBIT, could mask a net short Bitcoin position through hedges that do not appear in public filings. Bechler argued that Jane Street conducted coordinated algorithmic selling of Bitcoin at 10 a.m. EST daily, manipulating the Bitcoin (BTC) price to buy the ETF at a discount.
”When Jane Street reports holding $790 million in IBIT shares, the filing tells you nothing about whether those shares are hedged by puts, offset by short futures, or wrapped in a collar that makes the firm’s net Bitcoin exposure zero or even negative,” wrote Bechler, adding that the ”actual position could be a massive short that looks like a long because the offsetting half of the trade is invisible under current disclosure rules.”
CryptoQuant’s head of research, Julio Moreno, cautioned that the activity Bechler described is not unique to one company. He said buying spot exposure while selling futures is a common approach for delta-neutral funds seeking to capture spreads rather than directional price moves.
Jane Street’s latest 13-F filing also disclosed holdings in Strategy, as well as sizable positions in Bitcoin mining companies Bitfarms, Cipher Mining and Hut 8.
Vitalik sells 17,000 ETH in one month after earmarking $45 million for privacy
Ethereum co-founder Vitalik Buterin has reduced his Ether balance by about 17,000 ETH in one month after announcing plans to earmark $45 million worth of tokens for privacy projects.
Buterin’s wallets tracked by Arkham held about 241,000 Ether (ETH) in early February, before a series of outflows reduced the combined balance to 224,000 ETH on Tuesday.
The reduction came amid continued selling by Buterin, including about 2,961 Ether worth $6.6 million over a three-day period earlier in the month. Onchain analysts reported that this accelerated recently as he sold $7 million worth of tokens in three days.
Arkham Intelligence data shows the ETH sales were routed via decentralized exchange (DEX) aggregator CoW Protocol using numerous smaller swaps instead of one large transaction, a method typically employed to minimize market impact.
Bitmine paper loss nears $8.8 billion as Ether slump tests cyclical thesis
Corporate Ether treasuries are coming under increasing pressure as the crypto downturn deepens, with analysts warning the market is approaching a make-or-break phase for Ether’s investment case.
Bitmine Immersion Technologies, one of the biggest corporate holders of Ether (ETH), is sitting on a large unrealized loss as ETH trades well below the company’s average acquisition price, according to third-party tracker Bitminetracker. Some estimates put Bitmine’s paper losses in the $8.8 billion range after Ether’s slide over recent months.
ETH’s price has fallen 60% during the past six months, dropping well below Bitmine’s average cost basis of $3,843 per token, Bitminetracker data shows.
Crypto research outlet 10x Research said Monday that Ether is now trading near valuation and cost-basis levels that test whether the asset is simply in a cyclical downturn or entering a period of deeper, structural weakness.
“Investors must therefore assess carefully whether the asset is simply in a cyclical downturn or entering a phase of deeper structural impairment.”
Bitmine continues to buy ETH despite the mounting paper losses. Last week, Bitmine acquired 45,749 Ether at an average aggregate cost basis of $1,992 per ETH, signaling confidence from the world’s largest Ether treasury firm.
Big Wall Street participants are maintaining exposure to Bitmine despite the market downturn.
The top 11 Bitmine shareholders, including Morgan Stanley, Ark Investment Management and asset manager BlackRock, have all increased their exposure to the treasury company during the fourth quarter of 2025.
Bitmine’s stock price has fallen by about 59% over the past six months and traded at $19.68 in the pre-market on Monday, data from Google Finance showed.
Aave surpasses $1 trillion in lending volume amid institutional expansion
Decentralized finance protocol Aave has surpassed $1 trillion in cumulative lending volume, marking a historic first in the DeFi industry.
“A decade ago, DeFi and Aave didn’t exist. They were just ideas. Today, Aave stands as the backbone of onchain lending, powering a new financial system that is open, global, and unstoppable,” Aave Labs CEO Stani Kulechov said in an X post on Wednesday.
The feat marked another step toward Aave’s goal of becoming the “largest, most efficient liquidity network in the world,” Kulechov added. “One that builders, banks, and fintechs plug into by default, fundamentally improving liquidity and cost structures across global finance.”
In August, Aave Labs launched Aave Horizon, a new lending market on Ethereum, specifically for traditional finance firms and other institutional investors to borrow stablecoins against real-world assets.
VanEck, WisdomTree and Securitize were among the first participants to use Aave’s institutional offering.
On Feb. 15, Kulechov said DeFi lending could benefit from tokenizing “abundance assets,” such as solar, batteries for energy storage and robotics for labor. He expects those assets to be worth a combined $50 trillion by 2050.
Kulechov originally launched Aave as ETHLend in November 2017 before rebranding to Aave in September 2018. It now secures over $27.2 billion in total value locked, enabling users to earn interest on deposits and borrow instantly using crypto as collateral.
Aave leads several prominent DeFi lending platforms in TVL, including Morpho, JustLend, SparkLend, Maple, Kamin Lend and Compound Finance, each of which holds over $1 billion in total value locked.
Aave has generated over $83.3 million in fees over the last 30 days, nearly four times that of its next-closest competitor, Morpho.
Curve founder says DeFi must ditch token emissions for real revenue
Decentralized finance (DeFi) can no longer rely on inflationary token incentives to sustain growth, according to Curve Finance founder Michael Egorov.
In an interview with Cointelegraph, Egorov said protocols must generate real revenue rather than depend on emissions to attract liquidity.
“Your yield should come from revenues, not from tokens,” Egorov told Cointelegraph. “You need real revenues flowing.” He added that if a token “is not doing something, maybe it’s better for you to not do token at all.”
Egorov contrasted the current environment with the “DeFi summer” of 2020, when triple-digit and even 1,000% annual percentage rates drew capital into new protocols. He said that at the time, speculative premiums drove token prices and bootstrapped total value locked (TVL) for protocols.
“Right now, news doesn’t change prices of tokens anymore,” he told Cointelegraph, arguing that users have “re-evaluated the risks.”
His comments came as DeFi’s TVL has fallen about 38% over the past six months, according to DefiLlama. Data from the analytics platform shows TVL dropped from $158 billion on Aug. 23, 2025, to about $98 billion as of Monday.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
The Pippin (PIPPIN) token rose 55% as the week’s biggest gainer in the top 100, followed by the Decred (DCR) token, up over 44% during the past week.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Hyperliquid price remains under corrective pressure after forming another macro lower high near key resistance. Failure to reclaim critical volume levels now raises the probability of a move toward $22 support.
Summary
- Macro lower highs confirm ongoing bearish structure
- Rejection at $35 VWAP and value area high resistance
- $22–$21 support becomes key downside target
Hyperliquid (HYPE) price continues to trade within a broader bearish market structure, with recent price action reinforcing downside momentum rather than signaling recovery. Despite intermittent relief rallies, the asset has repeatedly failed to shift trend direction, leaving sellers firmly in control.
The latest rejection at high timeframe resistance confirms that the market remains in a corrective phase, with attention now turning toward lower support zones.
Hyperliquid price key technical points
- Macro Structure: Consecutive lower highs confirm ongoing bearish trend.
- Key Resistance: $35 region aligns with VWAP and value area high confluence.
- Downside Target: Loss of volume support exposes $22–$21 demand zone.
Hyperliquid’s recent price action reflects a continuation of macro bearish conditions. The market has consistently formed lower highs across higher timeframes, preventing any meaningful shift in trend structure. Each recovery attempt has been met with selling pressure, reinforcing resistance zones and maintaining downside bias.
The most recent rejection occurred near the $35 resistance region, where multiple technical factors converged. This level aligned with both the Volume Weighted Average Price (VWAP) and the Value Area High, creating a strong confluence resistance zone. Price reaction at this level confirmed seller dominance, initiating a rejection that pushed Hyperliquid back toward equilibrium within the current trading range.
Following the rejection, price rotated toward the Point of Control (POC), the area representing the highest traded volume within the range. The POC often acts as a critical decision point between continuation and reversal. However, Hyperliquid failed to reclaim this level on a closing basis. Instead, the market lost acceptance above the POC, signaling weakening demand and confirming bearish continuation rather than stabilization.
The loss of the POC triggered the current corrective phase now unfolding across lower timeframes. When markets lose key volume support, liquidity often shifts toward deeper demand zones where stronger buyer interest may exist. In Hyperliquid’s case, the next major level sits near $22–$21 support, which represents a significant swing low and potential capitulation zone.
As long as price remains below the POC and beneath high timeframe resistance, downside pressure is likely to persist. A move toward $22 would represent a logical rotational target within the prevailing structure. While such a decline may appear bearish, it would also serve as an important test of long-term demand. Strong reactions from this region could form the foundation for a broader recovery attempt.
However, failure to hold the $21 swing level would carry larger structural implications. A confirmed breakdown would establish a new macro lower low, reinforcing the ongoing bearish trend and extending downside projections. This scenario would confirm continuation of the dominant market structure that has defined Hyperliquid’s price behavior for several months.
Volume dynamics currently offer little support for a bullish reversal. Buying participation remains limited, and rallies continue to lack follow-through strength. Without expanding bullish volume or a reclaim of lost resistance levels, upside attempts are likely to remain corrective rather than impulsive.
From a broader perspective, Hyperliquid remains caught in a corrective environment where sellers continue to dictate market direction. Until structural resistance is reclaimed, price action is expected to gradually rotate lower as the market searches for stronger liquidity support, even as Hyperliquid has surpassed Coinbase in total notional trading volume, signaling a broader shift toward decentralized perpetual futures trading.
What to expect in the coming price action
Hyperliquid is likely to continue trading lower while price remains below the Point of Control and $35 resistance. The $22–$21 region becomes the key area to monitor, where either a reversal reaction may emerge or a breakdown could confirm continuation of the macro bearish trend.
Citigroup (C) plans to launch institutional bitcoin custody later this year, part of a broader push to integrate digital assets into the bank’s traditional financial infrastructure.
Nisha Surendran, who heads Citi’s digital asset custody product buildout, described the initiative in a speech at the World Strategy Forum on Thursday as an effort to “make bitcoin bankable.”
That begins with institutional-grade key management and wallet infrastructure. But, Surendran said, the ambition is broader: to bring bitcoin into the same custody, reporting and control frameworks that clients already use for traditional assets.
“We will be offering our clients a single service model across crypto, securities and money,” said Surendran, who announced these plans during the World Strategy 2026 forum. Bitcoin positions, she said, will flow into the same reporting channels and tax workflows as equities and bonds.
Clients will be able to instruct transactions via SWIFT, APIs or user interfaces, she added. “From a client perspective, all they should care about is that they instruct us. We handle all the clearing and settlement complexity, and then we report back.”
Client demand
One of the reasons Citi is moving towards bankable bitcoin is because of client demand.
Citi has surveyed its clients, Surendran said, adding that they “don’t want to handle wallets and keys and one-time addresses.” Instead, they want exposure to bitcoin within familiar banking systems. Citi also wants to enable its clients to cross-margin crypto and traditional assets, Surendran said.
She described a future account structure in which multiple asset types sit under a single master safekeeping or custody account, including U.S. Treasuries, foreign bonds, tokenized money market funds, and bitcoin.
“The fact that all of these assets are accessible within the same account structure makes it easier to use them for cross-margining,” she said, including the possibility of using crypto assets at traditional exchanges or broker-dealers, and vice versa. Citi intends to build infrastructure to support that, she said.
It’s not surprising that banking giants are pushing further into the digital asset space. Institutional investors have been seeking exposure to the sector from traditional financial institutions for several years. What began with BlackRock offering exchange-traded funds to help more investors gain exposure has now spread to numerous banks and financial institutions, which continue to integrate their legacy financial services into the digital assets sector.
For example, Morgan Stanley, which oversees roughly $8 trillion in assets, has recently filed for bitcoin, Ethereum and Solana exchange-traded products and is exploring wallet technology across its wealth platform. It is also rolling out spot crypto trading on the E*TRADE platform and evaluating lending and yield opportunities tied to digital assets.
“We need to build this internally. We can’t just rent the technology,” the banking giant’s recently appointed head of digital assets, Amy Golenberg, said at the Strategy World event in a presentation prior to Surendran.
Building for a 24/7 market
Citi, which connects to more than 220 payment and settlement networks globally, has also begun with private permissioned blockchains before expanding to public networks as regulations became clearer and client demand increased. Something similar to what another banking giant, JPMorgan, has done with its JPM Coin.
One live use case is Citi Token Services for cash, a 24/7 blockchain-based network used to move money within Citi’s global system. “As we move into the world of 24/7 assets like bitcoin, we definitely need 24/7 U.S. dollars or 24/7 digital money,” she said, adding that Citi’s internal systems are being adapted for round-the-clock support.
The 24/7 market is also something institutional clients have been asking legacy financial institutions for. The New York Stock Exchange (NYSE) said last month that it plans to introduce an around-the-clock, blockchain-based trading venue for tokenized stocks and exchange-traded funds later this year.
NYSE’s main competitor in the U.S., Nasdaq, revealed in December that it was planning to facilitate nearly round-the-clock trading for stocks and exchange-traded products (ETPs), in a bid to match the increasingly global nature of financial markets and investor beh
The U.S. Department of Justice has announced a significant cryptocurrency seizure linked to Chinese transnational criminal networks, part of a broader initiative to combat global scams.
The U.S. Department of Justice (DOJ) recently announced a major seizure of cryptocurrency linked to Chinese transnational criminal organizations. This move is part of a comprehensive strategy to dismantle international scams and financial crimes.
Central to this effort are the DC Scam Center and the Strike Force initiative, both of which play pivotal roles in identifying and apprehending criminals involved in cryptocurrency-related offenses. The Strike Force, in particular, is a collaborative law enforcement effort targeting these transnational networks, highlighting the global reach of these criminal enterprises.
“In only three months, we have made significant progress, freezing, seizing, and forfeiting cryptocurrency worth more than $580 million from these criminals. These criminals don’t care who you are, what you believe in, or what you ate for breakfast—all they want is to steal from good and honest Americans to line the pockets of Chinese organized crime,” said U.S. Attorney Jeanine Ferris Pirro.
This article was generated with the assistance of AI workflows.
Key Highlights
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Globalstar achieves $71.96M in quarterly revenue, exceeding analyst projections even with reported losses.
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Shares jump 4% as the company outlines ambitious growth plans through 2026.
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Fourth-quarter results demonstrate robust performance in satellite communications and IoT sectors.
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Revenue expansion continues despite per-share losses, indicating sustainable growth trajectory.
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Wall Street analysts maintain bullish stance with $66.50 average price target for GSAT.
Globalstar, Inc. (GSAT) delivered noteworthy fourth-quarter performance metrics, recording a loss of $0.07 per share while simultaneously demonstrating remarkable revenue expansion. The satellite communications firm witnessed its share price surge 4.00% to reach $60.19 in midday market activity. Although the quarterly losses exceeded analyst forecasts, the company’s robust revenue trajectory suggests a promising outlook for its operational future.
Revenue Performance Exceeds Market Predictions
The satellite operator delivered quarterly revenue totaling $71.96 million, beating the Zacks Consensus Estimate by 0.23%. This represents substantial progress compared to the prior year’s figure of $61.18 million achieved by the company. While per-share losses were recorded, the firm’s capacity to generate above-forecast revenue demonstrates its sustained competitive advantage within the satellite communications marketplace. These results emerge as the organization continues enhancing its service revenue streams and Internet of Things functionalities.
Service revenue experienced a 17% year-over-year increase, primarily driven by enhanced wholesale capacity offerings and performance-based incentives. Furthermore, the introduction of advanced two-way satellite IoT technologies and the deployment of the RM200M module have significantly broadened Globalstar’s commercial footprint. This service revenue expansion corresponds with the company’s strategic initiatives to scale operations through cutting-edge satellite infrastructure and diversified IoT applications.
Strong Forward-Looking Growth Trajectory
Management forecasts 2026 revenue ranging from $280 million to $305 million, accompanied by an adjusted EBITDA margin hovering around 50%. The company’s sustained emphasis on broadening satellite IoT capabilities, combined with strategic partnerships across government and defense industries, establishes a foundation for substantial expansion. Globalstar intends to fortify its competitive standing while scaling operations with advanced-generation satellite infrastructure.
The organization’s forward guidance remains encouraging, bolstered by its diversifying portfolio of service solutions. Market success will largely depend on maintaining momentum within the satellite communications arena, especially through continued government and defense sector partnerships. Wall Street maintains an optimistic perspective, with consensus 12-month projections reaching $66.50, implying approximately 15% appreciation potential from current trading levels.
Wall Street Perspective and Growth Potential
The company’s latest financial disclosure has not diminished analyst confidence in the equity. Average analyst sentiment remains at “buy” level, with consensus price objectives set at $66.50. This bullish perspective persists despite current losses and competitive headwinds within the intensely contested satellite communications sector.
Globalstar’s 2026 success will depend on maintaining expansion momentum while navigating industry challenges. Moving forward, strategic priorities include scaling IoT capabilities and delivering consistent operational excellence across government and defense verticals. Through these initiatives, Globalstar appears well-positioned to strengthen its satellite communications market presence and sustain its upward growth path.
Bitcoin price has faced clear rejection near $69,000 resistance, reinforcing range-bound conditions and weakening short-term momentum. Loss of key volume support now increases the probability of a move toward $60,000.
Summary
- Rejection at $72,000 value area high confirms resistance
- Loss of Point of Control signals bearish momentum
- $60,000 range low becomes next key downside target
Bitcoin (BTC) price action remains confined within a broader trading range, with recent attempts to test the upper boundary failing to gain traction. The rejection near the value area high signals that buyers lack the strength to sustain a breakout, shifting short-term bias back toward the downside. As structural weakness builds, traders are increasingly focused on whether range support can continue to hold.
Bitcoin price key technical points
- Major Resistance: $72,000 aligns with the value area high and range top.
- Structural Weakness: Price has lost the Point of Control and range mid support.
- Downside Risk: Breakdown below range support exposes $60,000.
Bitcoin recently approached the upper boundary of its established trading range, with resistance near $72,000 acting as the value area high. However, the rally into this region lacked conviction. Price barely tested the full extent of resistance before sellers stepped in, confirming that overhead supply remains dominant. Such shallow rejections often indicate underlying weakness rather than healthy consolidation.
The technical landscape deteriorated further following the loss of the Point of Control (POC), the level representing the highest traded volume within the current range. The POC typically functions as equilibrium between buyers and sellers. Losing this level on a closing basis suggests that the market is accepting lower prices, reinforcing bearish short-term structure.
Additionally, Bitcoin is now struggling to hold the range midpoint, with four-hour candle closes confirming weakness below this zone. Sustained trading beneath the range mid is often a precursor to deeper rotations toward range lows.
This behavior reflects classic bearish characteristics, where failed breakouts are followed by distribution and downside continuation, even as growing institutional demand and ETF inflows continue to support Citigroup’s planned 2026 crypto custody launch centered on Bitcoin integration.
From a market structure perspective, Bitcoin continues to print lower highs within the range environment. Without reclaiming lost volume support, upside momentum remains limited. Markets that fail to break above resistance frequently seek liquidity at lower boundaries, particularly when volume does not confirm bullish continuation.
The next critical level sits near $60,000, representing the range low and major support zone. A move toward this area would complete another full rotation within the broader consolidation structure. While range environments can persist for extended periods, repeated rejections at resistance increase the probability of eventual breakdown if demand weakens.
A decisive loss of the $60,000 range support would mark a significant structural shift, potentially accelerating bearish momentum and exposing deeper support levels. Until bulls reclaim the POC and reestablish acceptance above the range mid, Bitcoin remains vulnerable to further downside exploration.
Volume dynamics also reinforce caution. The recent rally attempt lacked expanding participation, and current price behavior reflects defensive positioning rather than accumulation. Without renewed buying pressure, continuation toward lower range support remains the higher-probability scenario.
What to expect in the coming price action
Bitcoin’s short-term outlook remains bearish while trading below the range mid and Point of Control. Continued weakness increases the likelihood of a move toward $60,000 support, where the next major structural reaction is expected to occur.
After weeks of aggressive selling pressure and a sharp liquidation cascade toward the $60K region, Bitcoin is now attempting to stabilize. The recent rebound from the $62K area has pushed the price back toward a technically critical level: the channel’s mid-boundary. This level has repeatedly acted as dynamic resistance throughout the downtrend, making the current reaction highly important for the short-term direction.
Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, the bounce from $62K was technically clean. That zone acted as a strong demand and absorbed the aggressive selling pressure that triggered the previous flush. However, as the price approaches the channel’s mid-line, upside momentum is beginning to compress. The market is no longer impulsive — it is hesitating. Historically, this level has rejected multiple times, and until it is reclaimed on a daily closing basis, the broader structure remains corrective rather than bullish.
If Bitcoin can secure a strong daily close above this mid-boundary with follow-through buying, the structure shifts. In that case, the next logical magnet sits in the $75K–$80K supply region. That area contains prior distribution and would likely be the next test of strength. On the other hand, if price fails here and loses the $66K–$67K short-term support region, the market risks rotating back toward $62K. A breakdown below that level would reopen the path toward the lower boundary of the channel and confirm continuation of the larger downtrend.
BTC/USDT 4-Hour Chart
On the 4-hour chart, the structure is more constructive. The recent breakout above the triangle formation at $67K signaled short-term bullish pressure returning to the market. That breakout shifted momentum, but price is now compressing between the broken triangle trendline below and the channel mid-line of $70K. This creates a short-term decision range.
A controlled pullback toward the broken triangle resistance-turned-support would be technically healthy and could provide the base for another push higher. If that support holds, continuation toward $70K becomes increasingly probable. However, losing that level would invalidate the breakout and suggest the move was merely a relief rally.
Sentiment Analysis
From a liquidity perspective, the Binance BTC/USDT liquidation heatmap shows a notable cluster of short liquidations building above $70K. This area stands out clearly as a leverage pocket. Liquidity tends to act as a magnet, especially when positioned above price during a recovery phase. If Bitcoin manages to break above the channel mid-line and build acceptance, a move into that $70K region could trigger a short squeeze, accelerating upside volatility as overleveraged shorts are forced to close.
Overall, Bitcoin is in a transitional phase. The short-term structure has improved, momentum is stabilizing, and liquidity sits overhead. Yet the daily chart still shows price trapped beneath a major dynamic resistance within a broader descending channel. Until that level is decisively reclaimed, the larger structure remains fragile.
The next daily close around the channel mid-boundary will likely determine whether this rebound evolves into a squeeze toward $70K and beyond, or whether it becomes another rejection that pulls price back toward $62K and reactivates the dominant downtrend.
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