Connect with us

Crypto

Celsius estate sues BitMEX over $495M in Bitcoin liquidations

Published

on

David Schwartz criticizes lawsuit tied to Satoshi, Mt. Gox BTC

Celsius Network’s bankruptcy estate has sued BitMEX for the return of 6,360.17 Bitcoin, worth about $495 million, over forced liquidations carried out during the March 2020 COVID market crash.

Summary

  • Celsius and JST lost a combined 6,360.17 BTC through BitMEX liquidations in March 2020.
  • The estate alleges BitMEX designed its system to profit from liquidated customer collateral.
  • Five BitMEX-linked companies have been named as defendants in the New York bankruptcy case.
  • The complaint remains unproven and was filed shortly before BitMEX ends trading on Sep. 23.

The complaint, filed on Sep. 12 in the U.S. Bankruptcy Court for the Southern District of New York, accuses BitMEX-linked companies of fraud, breach of contract, and unjust enrichment tied to the exchange’s liquidation system.

Blockchain Recovery Investment Consortium filed the case in its role as litigation administrator under Celsius’ bankruptcy plan. The defendants are HDR Global Trading, ABS Global Trading, Shine Effort, 100x Holdings and HDR Global Services.

Advertisement

Operating through several jurisdictions, the named entities have links to Bermuda, the Cayman Islands, England, Hong Kong, the Seychelles and the United States. The filing places the dispute before a U.S. bankruptcy court because the contested claims form part of the remaining assets being pursued for Celsius creditors.

Celsius estate seeks 6,360 BTC from BitMEX

According to the complaint, Celsius lost 1,325.84 BTC when BitMEX liquidated its position on March 12, 2020. Investment fund JST lost another 5,034.33 BTC through a liquidation the following day and later assigned its claims to the Celsius estate.

The two positions were structured to earn a return if Bitcoin either held its value or rose, the estate said. Bitcoin instead fell sharply as global markets reacted to the spread of Covid-19, with the sell-off producing one of the most volatile periods in the cryptocurrency’s history.

Advertisement

During the disorder, leveraged positions on derivatives exchanges faced margin calls and forced closures. Celsius and JST allege that BitMEX did more than close their positions to cover trading losses, claiming the exchange took control of Bitcoin collateral that should have been returned.

At the roughly $77,800 valuation used in the supplied claim, the combined 6,360.17 BTC is worth close to $495 million. The value of any potential recovery would still depend on the court’s findings and the form of relief granted, as the lawsuit remains at the complaint stage.

The litigation administrator is pursuing the Bitcoin itself rather than limiting the demand to its dollar value in March 2020. Its claims include fraudulent transfer, conversion, breach of contract, breach of the implied duty of good faith and fair dealing, and unjust enrichment.

BitMEX allegedly controlled both sides of liquidations

At the center of the case is BitMEX’s control over the mechanism that determined when leveraged positions would be closed. The Celsius estate alleges that the exchange also controlled the insurance fund that received assets generated by some liquidations, creating a financial interest in how the process operated.

Advertisement

“BitMEX intentionally designed its platform and liquidation procedures to cause liquidations of collateral and defraud its own customers,” the complaint says.

Rather than sell only enough collateral to settle an account’s obligations, BitMEX allegedly retained excess Bitcoin after closing positions. The defendants have not been found liable for the conduct described in the filing, and the allegations will need to be tested through the U.S. court process.

Similar claims appeared in a proposed class action filed in July by BKX Services and trader David Namdar. As crypto.news previously reported, the plaintiffs alleged that BitMEX engineered forced liquidations and retained 622.66 BTC that should have gone back to customers.

BKX said it lost at least 305.81 BTC, while Namdar claimed losses of more than 316.85 BTC. Their case also alleged that BitMEX’s internal trading operation had access to private customer information and could continue operating during server outages that stopped users from managing their positions.

The proposed class action seeks to represent eligible U.S. traders who used BitMEX’s Bitcoin perpetual swap products in transactions dating back to July 23, 2018. Celsius’ complaint is separate and concerns losses from March 2020, although both cases challenge how the exchange handled customer collateral during forced liquidations.

Advertisement

The case adds another asset-recovery effort for creditors

Celsius’ pursuit of BitMEX forms part of the litigation left behind by the crypto lender’s Chapter 11 case. Celsius froze withdrawals in June 2022 and filed for bankruptcy the following month after losses and liquidity problems left customers unable to retrieve their assets.

Court records later raised questions about the gap between the lender’s public claims and its trading practices. Celsius had promoted strategies such as arbitrage, carry trades and funding-rate harvesting as relatively low-risk ways to generate returns for depositors.

A July 2022 bankruptcy filing said the company had instead used “several highly speculative derivative and asset deployment mechanisms.” Court-appointed examiner Shoba Pillay’s final report also documented trading, risk-control and recordkeeping failures inside the lender.

The BitMEX position described in the new complaint relied on pooled customer assets and carried leveraged exposure during a severe market decline. Although the liquidation allegedly harmed Celsius, the bankruptcy records show that the lender itself had exposed customer funds to speculative trades while presenting its business as safer than its internal practices suggested.

Advertisement

Celsius began working through its repayment plan after a New York bankruptcy judge approved its restructuring. In January 2024, the company started distributing assets under a plan that provided more than $3 billion in cryptocurrency and other property to creditors.

Creditor recoveries later included shares in Ionic Digital, a Bitcoin mining company created through the restructuring. Former Celsius creditors received about 37 million Class A shares, and Ionic subsequently secured SEC approval for its planned Nasdaq listing in July.

A third payout round began in August 2025 with approximately $220.6 million allocated to eligible creditors. Recoveries obtained through estate litigation can add assets to the bankruptcy process, although the BitMEX complaint does not guarantee a payment or set a timetable for resolving the claims.

BitMEX faces the lawsuit before its Sep. 23 closure

The Celsius action is the second lawsuit challenging BitMEX’s liquidation practices since the exchange announced in July that it would close. BitMEX instructed customers to wind down positions and withdraw funds before trading ends on Sep. 23.

Advertisement

Founded in 2014, the exchange became known for offering highly leveraged cryptocurrency derivatives, including its Bitcoin perpetual swap. Its influence later declined as competition increased and regulated futures platforms gained more institutional business.

BitMEX has also faced prior action from U.S. authorities. In January 2025, a federal judge ordered HDR Global Trading to pay a $100 million criminal fine after the company admitted violating the Bank Secrecy Act by operating without an adequate anti-money-laundering program.

The criminal case concerned BitMEX’s compliance controls between 2015 and 2020, not the liquidation conduct alleged by Celsius. U.S. prosecutors said the exchange had served American customers without the required safeguards, while earlier civil proceedings brought by the Commodity Futures Trading Commission and Financial Crimes Enforcement Network produced settlements of up to $100 million.

BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed had pleaded guilty in 2022 to Bank Secrecy Act violations. President Donald Trump pardoned the three founders in 2025, along with former executive Gregory Dwyer and the corporate entities connected to the exchange.

Advertisement

Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business & Hustles

UK chancellor uses bitcoin to mock Nigel Farage

Published

on

UK chancellor uses bitcoin to mock Nigel Farage

UK Chancellor of the Exchequer John Healey has compared Nigel Farage’s fiscal policies to a “BTC account” handled by one of the UK’s most financially irresponsible prime ministers.

UK Chancellor of the Exchequer! “Don’t make me laugh,” John Healey has compared Nigel Farage’s fiscal policies to a “BTC account” handled by one of the UK’s most financially irresponsible prime ministers.

This is from Healey the most useless piece of communist crap ever appointed to this position. This man is really as stupid as they come. Support the British people? NO, he supports the communist socialist failed agenda and the EU, like the rest of Labour’s traitor MPs. Certainly not you the British people, and you voted for the new Communist socialist Islamic republic of Britain.

Now he and Burnham are going to piss all over you while calling for another referendum on rejoining the dictatorship called the EU, OH, AND THEY WILL USE THE WORD DEMOCRACY, SOMETHING THEY DON’T SUPPORT AND NEVER HAVE.

Advertisement

Healey’s jab at the Reform leader during Labour’s 2026 party conference referred to the perceived economic failure of the UK’s shortest-serving prime minister, Liz Truss.

Truss’s financial policies were widely criticised for their negative impact on financial markets. This led to a rebellion from several Tory MPs, and she was forced to resign within 44 days of her premiership.

Healey appeared to suggest that a “BTC account” is an equally financially irresponsible form of finance, and that only by pairing it with Truss would you recreate the “fantasy funding” ideals of Nigel Farage.

Healey’s comments upset a lot of Bitcoiners, who claimed his “derogatory” description of a “BTC account” demonstrated “staggering ignorance.”

Advertisement

Freddie New, CEO of the BTC Lightning transaction fee firm B HODL, said Healey is “gleefully ignorant that he thinks it is possible to have a ‘BTC account.’”

UK podcaster Peter McCormack said, “Healey making a dismissive joke about Bitcoin shows that he likely has a woeful understanding of economics, particularly scarcity.”

Most criticisms were technical and took offence at the use of the word “account,” which contrasts with the phrase “crypto wallet” used by crypto holders.

Healey wants a ‘new age of industrialisation’

Advertisement

Healey was defence secretary under Sir Keir Starmer’s leadership before he resigned in June. He argued that the government wasn’t willing to spend enough on national defence. 

During yesterday’s conference, Healey announced new measures to support a “new age of industrialisation,” which includes a £300 million investment from Rolls-Royce toward its factories, and £6 billion in government contracts to build new submarine docks. 

A so-called “Union Learning Fund” was also announced, as were a National Wealth Fund to help create 130,000 jobs by 2030, and a £100 million-backed local apprenticeship scheme. 

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

Advertisement

Source link

Source link

Advertisement
Continue Reading

Crypto

Trump-related American Bitcoin has lost more than 90% of its value

Published

on

Trump-related American Bitcoin has lost more than 90% of its value

Hut 8-owned BTC mining firm, American Bitcoin, has dramatically underperformed BTC since its reverse merger which allowed it to become publicly listed.

American Bitcoin has lost approximately 92% of its value (after accounting for its reverse stock split) since its merger.

BTC by comparison has lost a mere quarter of its value.

Advertisement

American Bitcoin claims that it “was formed through the  strategic contribution of substantially all of Hut 8’s ASIC fleet into a new venture led by Eric Trump and Donald Trump Jr.”

More specifically, Eric Trump served as chief strategy officer during this >90% decline.

Donald Trump Jr. provides advice to the firm in his role as senior adviser.

Together they’ve led this firm which is supposedly “a pure-play BTC accumulation platform that integrates scaled BTC mining operations with disciplined accumulation strategies” into a substantial decline that has far outpaced the decline of BTC.

Advertisement

Read more: Trump promised bitcoin ‘made in America’ then ruined it with tariffs

American Bitcoin reported a net loss of over $150 million for 2025.

For the first six months of 2026 it has added to those with an additional $138 million in net losses, largely driven by the falling price of BTC.

The recent rebound in BTC prices will likely reduce some of those losses in future quarters if it doesn’t fall again.

Advertisement

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




Source link

Continue Reading

Crypto

Ethereum users get another way to pay privately as zk.money returns after three years

Published

on

Aztec's zk.money hides payments once money is inside. (Shaurya Malwa/CoinDesk)

“Onchain transactions between two individuals shouldn’t mean publishing your financial history to the world,” Joe Andrews, CEO of Aztec Labs, said in a statement.

Andrews added that Aztec Labs chose DAI because it considers it “the most decentralized of the mass-market stablecoins used today on Ethereum.” He said the wallet could support other assets later.

Aztec's zk.money hides payments once money is inside. (Shaurya Malwa/CoinDesk)

Ethereum already has apps that hide payments, though transfers from an ordinary wallet remain public. Its developers are weighing changes for the planned 2027 Hegotá upgrade that could let privacy apps handle transaction approvals and fees with less help from outside services. Those proposals are still under consideration, while Aztec Labs is bringing back a wallet people can use on its own network.

Read More: Ethereum’s next big upgrade has 66 proposals, including a major privacy fix

What zk.money can and cannot hide

Moving money into the system still leaves a public trace, however. Aztec’s documentation says a deposit from Ethereum reveals the sender and amount, even though the recipient on Aztec can remain private.

Advertisement

The relaunch comes with limits, however. Each deposit, payment and withdrawal must be below $2,500. All users share a $50,000 daily deposit allowance, which replenishes over time. The documentation describes those caps as a safeguard while the system is new and says raising them would require a new contract.



Source link

Continue Reading

Crypto

Wall Street Embraces Crypto Infrastructure as Britain Wrestles With Regulatory Caution

Published

on

Author: Cryptoman

Cryptocurrency is edging further into the financial mainstream this year, even as the industry’s relationship with traditional banking and regulators remains fraught in key markets like the United Kingdom. From Morgan Stanley’s new laboratory for testing tokenized finance to a British parliamentary group’s pointed letter to bank chief executives, the story of crypto in late 2026 is one of institutions moving cautiously toward digital assets while grappling with unresolved questions about risk, access and regulatory readiness.

On Wall Street, the direction of travel is unmistakable. Morgan Stanley has launched a Digital Asset Lab dedicated to testing stablecoins, tokenized deposits, central bank digital currencies, money-market funds and decentralized finance vaults, according to reporting by Bloomberg. The lab, part of the bank’s existing network of innovation hubs, allows employees to experiment with blockchain-based applications without touching Morgan Stanley’s core systems — a sandbox approach that mirrors, in miniature, the kind of controlled testing environments regulators elsewhere are trying to build.

Megan Brewer, who leads market innovation and labs at the bank, told Bloomberg the team is exploring how software might execute investment strategies around the clock, a question that goes to the heart of what tokenization promises: markets and money that never sleep. The lab’s remit spans the technical distinction between a tokenized deposit, which represents a claim on money held at a bank, and a stablecoin, which is backed by a separate pool of assets — a distinction that has become increasingly important as regulators worldwide try to draw clear lines around different forms of digital money.

Advertisement

This research effort builds on products Morgan Stanley has already brought to market. In April, the firm launched a Stablecoin Reserves Portfolio designed to help stablecoin issuers meet reserve requirements under the U.S. GENIUS Act, holding cash, short-dated Treasurys and repurchase agreements. Its E*TRADE platform completed a rollout letting eligible clients trade Bitcoin, Ether and Solana directly, while three separate exchange-traded products tracking those same assets have drawn tens of millions of dollars in inflows since launching earlier this year. Together, these moves suggest a major Wall Street institution treating crypto not as a speculative sideline but as infrastructure worth building out across trading, custody and reserve management.

The contrast with the United Kingdom is instructive. There, momentum is real but noticeably more contested. Lord Kulveer Ranger, co-chair of Parliament’s All-Party Parliamentary Group on Digital Markets and Digital Money, recently offered a candid assessment of where the Bank of England stands on stablecoins and the prospect of a digital pound. His verdict, after 18 months of engagement: the Bank is listening, but it is cautious — and caution alone, he argues, will not be enough to keep Britain competitive.

Ranger’s core complaint is about tempo. While the Bank of England takes its time absorbing feedback on systemic stablecoin rules, other jurisdictions are moving ahead with their own frameworks, some more permissive and some more experimental. Capital and confidence, he warns, do not wait for perfect policy alignment. He points to the Bank’s Digital Securities Sandbox — a testing ground for distributed ledger technology in capital markets — as a case in point: enthusiasm within the Bank has not translated into enthusiasm among firms, many of whom see sandbox participation as costly in time and resources with an unclear payoff. Without a credible bridge from experimentation to real-world deployment, he argues, elegant regulatory frameworks risk attracting interest without retaining commitment.

That tension between innovation and caution is playing out concretely in the banking sector itself. In August, the UK’s Crypto and Digital Assets APPG wrote directly to the chief executives of every major British bank, demanding explanations for why crypto and digital asset firms continue to struggle to open basic bank accounts. The letter, signed by co-chairs Gurinder Singh Josan and Lord Vaizey of Didcot, cited persistent reports of firms being shut out of banking services or having crypto-related payments restricted outright — even as the UK moves toward a comprehensive regulatory regime for the sector.

Advertisement

The APPG’s language was blunt: banking access, the letter said, “could be one of the single biggest barriers to growth” for UK crypto businesses, with the potential to undermine the very regulatory regime the government is trying to build and to influence whether firms choose to invest in Britain at all. Notably, the group acknowledged that banks have legitimate obligations to guard against financial crime, but argued that decisions should be based on individual firms’ risk profiles rather than blanket sector-wide exclusion. That view echoes an assurance given in Parliament back in March by Economic Secretary to the Treasury Lucy Rigby, who told MPs that firms authorized by the Financial Conduct Authority should not face banking restrictions simply for operating in crypto.

The letter is now feeding into a formal Parliamentary Inquiry into banking access for the sector, which gathered written evidence from banks, crypto businesses and regulators through the end of August before a report and recommendations to government.

Taken together, these developments capture an industry at an awkward but consequential midpoint. In the United States, a heavyweight institution like Morgan Stanley is quietly normalizing crypto exposure across trading platforms, exchange-traded products and now dedicated research infrastructure, treating stablecoins and tokenization as inevitable features of modern finance rather than fringe experiments. In Britain, meanwhile, the debate remains more elemental: not just how sophisticated the regulatory framework should be, but whether crypto businesses can even get a bank account in the first place.

Both stories point to the same underlying reality. Cryptocurrency’s next phase of growth will be determined less by technological breakthroughs than by the willingness of banks, regulators and central banks to treat digital assets as a normal, if carefully managed, part of the financial system. Wall Street appears to be answering that question with capital and infrastructure. Westminster and Threadneedle Street, for now, are still working out the terms.

Advertisement
Continue Reading

Crypto

Iran War Polymarket Odds: $33.5M Placed on a 2027 Blockade End

Published

on

Iran War Polymarket odds for an end to the Hormuz blockade put a 74.5% chance on a qualifying U.S. announcement by March 31, 2027

Iran War Polymarket odds price a US announcement ending the naval blockade of Iran no earlier than March 31, 2027, with the contract trading at 74.5% Yes to 25.5% No as of mid-morning on Tuesday, 29 September, according to live pricing on the platform.

The event has logged over $33M in cumulative volume since launch, and the highest-priced outcome sitting nine months out raises an obvious question: if US-Iran talks are genuinely progressing, why is the smart money betting on delay rather than a near-term resolution?

Iran War Polymarket odds for an end to the Hormuz blockade put a 74.5% chance on a qualifying U.S. announcement by March 31, 2027
SOURCE: Polymarket

Got a Gut Feeling? It Could Pay Out Big on Polymarket

Iran War Polymarket Odds: What is the Diplomatic Backdrop Traders Are Watching?

Pricing is influenced by ongoing negotiations, as Reuters reported on September 24. U.S. and Iranian negotiators are considering a phased deal where Tehran would reopen the Strait of Hormuz in exchange for lifting the U.S. economic blockade. Both sides are hesitant to yield leverage; the U.S. maintains economic pressure, while Iran controls a key shipping artery for global oil.

However, current conditions do not trigger resolution under market rules. Polymarket specifies that only official announcements from the U.S. government can count for contract resolution, excluding speculation or conditional statements.

This discrepancy between market sentiment and strict legal requirements is causing outcome expectations to shift later in the timeline. Observers can also see how the Iran-U.S. ceasefire proposal is affecting Bitcoin price expectations, reflecting broader risk sentiment.

Advertisement

What the Full Ladder of Contracts Actually Shows

Polymarket’s blockade market features multiple deadline contracts that gauge the odds of a qualifying announcement on specific dates. These contracts can’t be combined into a single event probability, as each one represents a distinct bet.

Together, they suggest traders expect the diplomatic process to extend beyond the current news cycle. Once a qualifying announcement is made, it resolves as “Yes,” even if the blockade later continues or if a partial concession is made; such concessions do not qualify.

This distinction is important, as past U.S.-Iran ceasefire agreements have quickly unraveled, reflecting a tendency for narrower resolutions, similar to market bets on the Bab-el-Mandeb Strait, which require specific triggers for resolution.

Got a Gut Feeling? It Could Pay Out Big on Polymarket

Total volume across the event stands at $33,486,973, with liquidity of $519,322 as of the last update at 09:07:57 UTC Tuesday. The March 31, 2027 contract – the current price leader – carries relatively thin volume of just $24,290, meaning its 74.5% Yes print reflects a smaller pool of capital than the headline number suggests.

Advertisement

The heaviest trading has run through nearer-dated contracts already priced for near-certain No outcomes: the September 30 deadline alone has drawn $5,238,179 in volume against a mere 3.3% Yes price, and October 31 has seen $2,604,557 change hands at 24.5% Yes.

December 31 sits between the two extremes at $2,596,836 in volume and 57.9%. Yes. That distribution suggests most capital has already been deployed betting against a quick resolution, leaving the March contract as a comparatively low-conviction, low-liquidity outlier at the top of the ladder, a dynamic worth weighing against how Polymarket’s NATO-related contracts have similarly shown thin markets producing headline-grabbing but fragile probability prints.

The post Iran War Polymarket Odds: $33.5M Placed on a 2027 Blockade End appeared first on Cryptonews.

Advertisement




Source link

Continue Reading

Crypto

Ari Paul says Coinbase lost his $25M, covered up $1B in hacks

Published

on

Ari Paul says Coinbase lost his $25M, covered up $1B in hacks

BlockTower Capital founder Ari Paul has accused Coinbase of losing $25 million of his company’s funds while covering up over $1 billion worth of “massive and repeated hacks.”

Paul claims that at least a dozen firms are affected by the alleged cover-up, and that Coinbase “still wouldn’t return our money.”

He also claims that these major allegations are all he can say at the moment as there are “multiple legal processes still ongoing.”

Read more: Coinbase and Brian Armstrong are threatening to leave California… again

Advertisement

BlockTower Capital is a crypto and traditional asset investment firm founded in 2017 by Paul and Goldman Sachs executive, Matthew Goetz.

Two executives left the company in 2022 and 2023 for mysterious reasons, while the company also shuttered its $100 million Market-Neutral Fund in 2023.

Coinbase claims it isn’t covering up hacks

When asked for comment, Coinbase directed Protos to a support post that claimed the exchange “is not hiding a series of hacks and we certainly didn’t lose $1 bilion.”

It said that it advises customers on security practices like maintaining their API keys, and that like most other firms that offer access via API keys, “we do not retain the information necessary to transact on customer accounts.”

Advertisement

Coinbase refused to comment on specific clients.

Coinbase allegations made against Cobie

Paul was responding to a series of posts shared by Cobie, a prominent crypto investor who became a glorified customer support representative for Coinbase.

Cobie was pointing out to X user “Kuno” that they’d been ignoring the crypto exchange’s attempts to reach out to them. 

Kuno, on the other hand, claimed they repeatedly approached Coinbase over $1.2 million it had allegedly stolen. 

Advertisement

Cobie noted that Kuno was promoting a “shitcoin” and that the whole affair looks like “an entirely fake/scam report/engagement farm.”

Cobie hasn’t responded to Paul’s allegations at the time of writing.

Coinbase sued over $55M draining hack

Coinbase was sued back in May for allegedly withholding a portion of $55 million in crypto that was stolen in a draining hack in August 2024. 

The victim claims he lost his crypto after clicking on a malicious link that spoofed Ethereum DeFi management tool “DefiSaver.”

Advertisement

Read more: Coinbase CEO admits content coins were a mistake

From here, he unknowingly authorized a smart contract permission that supposedly gave the thieves control of his crypto wallets.

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




Source link

Advertisement

Continue Reading

Crypto

Chainlink surges 6% after CCIP 2.0 launch, but $15 resistance tests LINK rally – CoinJournal

Published

on

Chainlink surges 6% after CCIP 2.0 launch, but $15 resistance tests LINK rally - CoinJournal

Key takeaways

  • LINK rose about 6% while much of the crypto market retreated, extending its reported 30-day gain to 30.3%.
  • Chainlink’s CCIP 2.0 launch gives institutions the option to add their own cross-chain transaction verifiers.
  • LINK met resistance near $15, while the supplied chart analysis identifies $12-$13 as a potential support zone.

Chainlink’s LINK token outperformed a weaker crypto market following the launch of Cross-Chain Interoperability Protocol (CCIP) 2.0. 

The token gained about 6% in the session described in the supplied analysis, taking its 30-day advance to 30.3% and its year-to-date return into positive territory.

The upgrade gives financial institutions more control over transactions that move data or assets between blockchains. 

Traders appeared to welcome the announcement, though LINK’s approach to $15 brought a technical test after its recent rally.

CCIP 2.0 adds institution-operated verifiers

Cross-chain transfers require a way to confirm that an action occurred on one blockchain before a corresponding action is completed on another. CCIP provides that communication layer. 

Advertisement

With version 2.0, institutions and asset issuers can add Cross-Chain Verifiers to apply their own checks alongside Chainlink’s default verification network. Chainlink says starter kits will let users run those verifiers on infrastructure including Amazon Web Services and Google Cloud.

The added checks could matter to firms with internal security or compliance requirements. An issuer, for example, may want a transfer to proceed only after its own verifier has approved it. 

CCIP 2.0 also offers configurable compliance controls, fees, and execution options, allowing users to choose how a transaction is checked and completed. These features are optional; Chainlink says its existing verification network remains the default.

Speed is another part of the upgrade. CCIP 2.0 supports faster-than-finality transfers where a user’s chosen risk settings permit them. 

Advertisement

Chainlink also says it is working to support Ethereum’s Fast Confirmation Rule when that feature launches. Its future integration should not be treated as a speed improvement already available for every Ethereum transfer.

The supplied market analysis reported an 89% jump in LINK trading volume following the CCIP 2.0 announcement. 

Higher volume shows that more tokens changed hands during the move, but it does not, by itself, show whether buyers will remain in control.

The same analysis cited a recovery in Chainlink’s total value secured from about $43 billion in June to $57 billion in August. That metric describes value associated with assets using Chainlink services; it is distinct from revenue earned by Chainlink or the market value of the LINK token.

Advertisement

The product announcement gives traders a reason to reassess Chainlink’s role in institutional blockchain infrastructure. Even so, a network upgrade does not automatically create immediate demand for LINK. Adoption, usage, and the broader market’s direction will matter to whether the price move lasts.

Can LINK break above $15?

LINK’s advance encountered selling pressure near $15, a level the supplied daily-chart analysis identifies as immediate resistance. 

It also noted a bearish divergence in the relative strength index: price strengthened while the momentum reading weakened. Such a signal can precede a pause or pullback, although it does not establish that one must occur.

If LINK retreats, the analysis places a possible support zone at 12–13. Holding that area could leave the broader recovery intact, while a decisive break below it would weaken the bullish setup.

Advertisement

LINK/USD Daily Chart

A sustained move above $15 would shift attention toward higher levels, including the article’s $20 upside scenario. From $12, a rise to $20 would be roughly 67%, but that percentage describes a hypothetical entry and exit, not an expected return. 

For now, the clearest test is whether LINK can absorb selling around $15 while maintaining support if the wider crypto market remains under pressure.



Source link

Continue Reading

Crypto

Bitcoin beats gold, surge to $100,000 in play: Crypto Daily

Published

on

Bitcoin beats gold, surge to $100,000 in play: Crypto Daily

BTC’s move above $80,000 has triggered a “double-bottom breakout,” a technical analysis pattern confirming a bullish trend and opening the door for a rally to $100,000, according to Jurrien Timmer, director of global macro at Fidelity Investments.

“Bitcoin is looking particularly interesting here as it challenges key resistance at $80k. If it breaks it will confirm a double bottom targeting $100K,” Timmer wrote on X on Friday.

A double bottom looks like the letter W on a price chart. The price drops to a low, bounces, falls back to roughly the same level, then rises again. The two dips show buyers stepping in at the same price twice. The peak in the middle of the W acts as resistance. A break above it suggests sellers have run out of steam and a new uptrend may be starting.

Timmer’s chart shows bitcoin’s two lows this year at $60,033 and $57,742, with the middle peak near $82,800.

Advertisement

Chart patterns are not guarantees. Breakouts often fail, reversing quickly and trapping buyers who chased the move.

Still, the bullish setup is consistent with options traders positioning for more gains. The $90,000 call is the most popular bitcoin options bet on crypto exchange Deribit, with $2.45 billion in open interest. The $95,000 call follows with $2.33 billion, and the $100,000 call holds $1.79 billion. A call gives the buyer the right to buy at a set price and profits when the market rises above it.



Source link

Continue Reading

Crypto

XRP Price in Danger: Positive Funding Masks a Fragile Setup

Published

on

XRP price trades near $1.49 as positive funding meets futures selling, with $1.37 support and $1.57 resistance shaping the next move.

XRP price hovers under $1.49 after three consecutive daily declines left the token losing the $1.50 support, even as a modest bounce pulled it off session lows. CoinGlass data showed the long-to-short ratio at 0.975, meaning short positions marginally outnumbered longs, while the funding rate sat at a positive 0.008%, the reading that determines whether long or short traders pay a periodic fee to hold perpetual futures.

XRP price trades near $1.49 as positive funding meets futures selling, with $1.37 support and $1.57 resistance shaping the next move.

XRP Long Short Ratio, Coinglass

That combination is the crux of the problem. Traders are still paying to stay long, yet the spot price has not moved in a way that rewards the bet, and the disconnect between heavy spot selling and futures demand is the setup that tends to unwind fast once a key level gives way.

A 0.975 long-to-short ratio is not a bearish signal in any decisive sense. It sits close enough to 1.0 that it reads as near-balanced positioning rather than a market leaning hard in either direction.

XRP price trades near $1.49 as positive funding meets futures selling, with $1.37 support and $1.57 resistance shaping the next move.

XRP Funding Rate, Coinglass

Funding tells a more interesting story on its own. A positive rate means demand for long exposure in crypto derivatives is real enough that longs are compensating shorts to hold the position, which typically signals conviction that price moves higher.

Advertisement

However, it cuts both ways: if price falls further, those same leveraged longs become forced sellers, and a positive funding regime built on thin spot demand can flip into a liquidation cascade faster than one built on genuine accumulation.

CryptoQuant’s summary data flagged overheating conditions across both XRP’s spot and futures markets, alongside sell-side dominance in futures, meaning sellers have retained the upper hand in derivatives even as funding stays positive. That is the missing piece: positive funding shows traders are willing to hold bullish exposure, but it has not yet translated into enough buying pressure to absorb the futures selling and push through resistance. Earn $50 and Enter $300K Prize Draw on EdgeX

XRP Price and the $1.37 Support

The daily chart still leans bullish on a longer timeframe. XRP held above its 50-day price exponential moving average near $1.365 and its 200-day EMA near $1.369 through the three-day slide, with the 100-day EMA sitting lower at $1.307 as a secondary reference.

Momentum has cooled rather than reversed. The RSI sat near 55, close to neutral, and the MACD flattened around zero, a pattern consistent with consolidation after an earlier advance rather than an active breakdown.

Advertisement

The level that matters most sits at $1.37, where the 50-day and 200-day EMAs converge into a single support band. A clean break below that zone opens the $1.30 area, and a deeper slide would eventually put the $1.00 psychological level in play, though XRP would need to fall substantially before that becomes the immediate focus. On the upside, reclaiming the $1.574 resistance level is the trigger that would strengthen the case for a move toward $1.90.Trade XRP on Bybit and Get a Chance to Win Our $1,000 USDT Airdrop

What Happens Next for XRP?

Two scenarios frame the near-term path. If XRP holds the $1.37 zone, the market stays in a consolidation phase where positive funding continues to reflect trader appetite for long exposure, but that alone won’t confirm a breakout without a corresponding rise in open interest and spot volume.

Xrp (XRP)
24h7d30d1yAll time

If XRP price instead reclaims $1.574, the technical case for a run toward $1.90 gets meaningfully stronger, and that move would likely force shorts to cover into strength. The alternative is a sustained break below $1.37, which shifts focus to $1.30 as the next line of defense, with $1.00 as the deeper level only if that support also fails.

Either way, the current setup leaves no room for complacency on either side of the trade. Near-balanced positioning combined with positive funding and futures sell-side dominance is a fragile mix, and the next move in spot price will do more to settle the argument than another shift in the long-short ratio.

Advertisement

Discover: The Best Token Presales

The post XRP Price in Danger: Positive Funding Masks a Fragile Setup appeared first on Cryptonews.


Source link

Continue Reading

Crypto

Bitcoin recovers to $84,000 while stocks fall on bond market pressure

Published

on

Bitcoin recovers to $84,000 while stocks fall on bond market pressure

Bitcoin recovered Monday’s losses to trade at $84,170 on Tuesday, up 0.82% since midnight UTC and 1.4% over 24 hours, with 72 of the 100 CoinDesk 100 constituents higher and the index adding 0.89% to 1,904.49.

The bid is arriving despite conditions that have been suppressing risk assets for a week, the 10-year Treasury yield sitting at 5.234% after ending Monday above 5.2%, near levels last seen in 2007, and the 30-year at 5.549% having topped 5.56% on Monday, around a 2004 high.

U.S. stocks fell for a second session on Monday, the Dow dropping more than 300 points and the S&P 500 and Nasdaq Composite shedding 0.8% and 0.9%, with futures mixed on Tuesday morning.

Decentralized finance (DeFi) is driving the move for the second time in a week, with the DeFi Select Index (DFX) gaining 5.0% since midnight, led by lending protocol token aave at 11% and curve dao token at 5.2%. The CoinDesk 80 rose 2.0% against the CoinDesk 5’s 1.3%, though the ranking inverts over 24 hours, where the CD5’s 1.7% beats the CD80’s 0.44%.

Advertisement



Source link

Continue Reading

Trending

Copyright © 2025