Wall Street’s biggest exchanges are embracing digital assets by aiming to put the $126 trillion equity market on blockchains — but they are not going at it alone; rather, they are relying on crypto exchanges to get there.

Over the past week, two of the world’s most powerful exchange operators — Nasdaq and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange — teamed up with digital asset exchanges to merge equities with blockchains through tokenization.

Nasdaq is developing a framework that would allow publicly listed companies to issue blockchain-based versions of their shares while preserving traditional ownership rights and governance. To distribute those tokenized stocks globally, the exchange is working with Payward, the parent company of crypto exchange Kraken. The offering could go live as soon as the first half of 2027.

Meanwhile, just days earlier, ICE revealed a strategic investment in crypto exchange OKX at a $25 billion valuation. That deal includes plans to launch new tokenized stocks and crypto futures, allowing the exchange operator to tap into OKX’s 120 million user base.

The “everything” exchange

The flurry of deals points to a bigger transformation in how markets might function in the future.

For decades, stocks, bonds and funds traded on separate systems with limited trading hours. Blockchain technology promises a unified, always-on marketplace — one that in the industry believe could eventually host the settlement of all financial assets in the forms of tokens.

Antoine Scalia, founder and CEO of crypto accounting and compliance platform Cryptio, said the developments point to a broader shift toward what he calls the “everything exchange” – a marketplace where all asset classes trade on the same infrastructure.

“For a very long time, it was just crypto people pushing the narrative that traditional finance and crypto would merge,” Scalia said. “Now we see the major exchanges moving.”

“That’s a realization that eventually all assets will settle on blockchain rails,” he said.

This shift is being accelerated by a January SEC Staff Statement on Tokenized Securities, which finally clarified that tokenized equities carry the same legal weight as their “paper” counterparts. That gives Wall Street incumbents the legal cover to enter the market for tokenized equity trading.

‘Frenemy’

However, the key question, Scalia added, is which platforms will dominate that future market: traditional exchanges like Nasdaq or crypto-native venues such as Coinbase (COIN) and Kraken.

But that doesn’t mean the two sides are purely rivals. In many cases, they need each other.

Traditional exchanges are looking for access to crypto-native traders, while crypto platforms want the distribution and credibility that established financial infrastructure provides, Scalia said.

“Distribution works both ways,” he said. “Traditional exchanges want exposure to the crypto trading population, and there’s huge demand from crypto users to trade other types of assets. At the same time, crypto-native firms benefit from the reach of these traditional players to bring more people into crypto markets.”

The result is an unusual, “frenemy”-like relationship between potential competitors. “It’s a very interesting dynamic with frictions and complementarity,” Scalia said. “And it will be interesting to see how it plays out.”

Why tokenized stocks matter

Tokenized equities – currently $1 billion – are only a fraction of the global equity market, but the potential is massive as all kinds of assets are increasingly move towards non-stop, around-the-clock trading.

A joint report by Boston Consulting Group and Ripple forecasted that tokenized assets could grow 53% a year, reaching $18.9 trillion across all asset classes by 2033 as their base case.

The market for tokenized stocks showcased even faster growth. The market value has tripled since mid-2025, RWA.xyz data shows, as Kraken, Ondo Finance, Robinhood and a slew of other exchanges and issuers rolled out token versions of equities.

The biggest advantage of putting traditional equities on blockchains is continuous price discovery, said Yuki Yuminaga, founder of tokenization startup Tenbin Labs. Unlike traditional stock markets today, which operate on fixed trading hours, blockchain-based assets never sleep and can trade around the clock. This will likely unlock more capital, improve liquidity and reduce market volatility.

Tokenizing stocks can also unlock more efficient lending and borrowing through decentralized finance (DeFi), Yuminaga added. Tokenized shares could be used as collateral in lending markets, increasing capital efficiency and enabling new financing opportunities, he said.

Giants like Nasdaq and NYSE entering the tokenized stocks game could also solve one of the biggest current pain points: liquidity.

“Tokenized equities have struggled with liquidity because traditional markets and onchain markets are separate,” Yuminaga said. “If Nasdaq connects those two pools of liquidity, that could change the equation.”

The author’s rather controversial recent history with crypto continues, this time, he said he keeps buying.

Robert Kiyosaki, the renowned investor, financial guru, and author, has called for yet another financial crash in his latest post on X, indicating that private credit funds are panicked, with investors pulling out funds.

He outlined his strategy during such a time of distress, and doubled down on the assets he wants to continue buying.

Crash Intensifies

After rightfully predicting the major 2008 banking crisis, the author of a few New York best-selling books has been frequently forecasting even more painful crashes. In his latest warning on the matter, he noted that the “crash accelerates,” which is evident from several factors:

“Private credit funds are panicked as investors withdraw their money. Major big-name banks and brand-name financial institutions are in trouble. Jim Rickards formally declares the US in the New Depression.”

These developments could only worsen if the situation in the Middle East continues for weeks or even months. As such, he asked his over a million followers on X, “What are you going to do?”

His strategy is quite promising, as he plans on “getting richer” and refuses to be the “victim who gets poorer.” Additionally, he laid out the financial assets he plans to continue accumulating to help him achieve his goal – oil, silver, gold, Bitcoin, and Ethereum.

He added that smart money is getting richer and stupid money is running like the “proverbial chicken with its head chopped off.” Kiyosaki concluded that this is not the time to be a “headless chicken.”

Recent Bitcoin History

After bashing the crypto industry for a few years, Kiyosaki changed his tune during the COVID-19 crash and has become a vocal proponent, especially for BTC and ETH as of more recently. However, his latest remarks on the matter have stirred some controversy, especially the lack of consistency in his claims about whether he stopped buying bitcoin.

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In one post, he noted that he hasn’t bought any BTC at prices over $6,000. In many others, though, he indicated on social media that he was purchasing more bitcoins when the asset traded well within five or even six-digit territory.

Nevertheless, he has asserted on a couple of occasions that he believes bitcoin is a better investment tool than gold.

Bitcoin edged toward a pivotal weekly finish, with traders watching a potential close above the $70,000 mark that would also reclaim a critical long-term indicator. The setup sits at a crossroads as macro risk remains in play and buyers test a sequence of technical levels that have defined the market for months. A close above $70,000 would not only validate a momentum shift on the weekly chart but would also put the price back above a notable trendline that has guided price action for much of this cycle. The broader backdrop remains mixed, with oil hovering near the century mark and geopolitical tensions contributing to risk-off sentiment during parts of the session.

Bitcoin (BTC) inched higher on Sunday as bulls sought to seal a weekly close above $70,000. The Sunday move followed a week of choppy action and strategic positioning by market participants who are evaluating whether this level can establish a renewed leg higher. The weekly picture matters because it encompasses a longer time horizon, and a break above the level could signal renewed confidence among buyers who have watched multiple attempts to push past the zone fail to sustain momentum. On the charts, Bitcoin was flirting with a reset of momentum after testing highs near the $72,000 area intraday before retreating, a pattern that traders described as a necessary consolidation before another move higher.

Data viewed by traders show that BTC remained on track for a seventh consecutive green daily candle, setting up the potential for the best daily finish in over a week if bidding holds into the close. The price managed to stay above two critical guardrails on the weekly timeframe: the 200-week exponential moving average (EMA) and a level associated with the 2021 all-time high around $68,300, followed by the $69,400 mark. These zones have historically served as magnets for price, attracting buyers when the market swings back toward them after excursions toward local highs. A sustained hold above these levels would be interpreted by many analysts as a sign that the long-term support structure remains intact even in the face of short-term volatility.

Analysts highlighted that recent price corrections have reflected routine risk-off behavior rather than a shift in the longer-term narrative. In a recent analysis, Michaël van de Poppe noted that the market could see a minor pullback as CME gap closure activity picks up around the weekend, but he projected a continued grind toward the next major resistances in the $75,000–$80,000 area if the momentum persists. The reflection aligns with a price action pattern in which buyers defend key levels and push the market higher on renewed demand, even as profit-taking emerges at local highs.

“Markets are turning back upwards again, probably we’ll see a slight pullback later today for CME gap closing appetite, but other than that, I would assume we’ll continue to grind upwards to the resistances at $75-80K.”

In a separate acknowledgment of the intraday dynamics, van de Poppe had previously forecast that the price would revisit Friday’s CME close around $71,325, underscoring the notion that short-term moves may oscillate within a defined corridor before the next directional breakout. As of the current update, BTC had logged a weekly gain of more than 8%, with March performance hovering near a 6.7% increase, underscoring the persistence of buyers seeking to reassert control after a period of volatility. A chart overview from CoinGlass capturing weekly returns corroborates the broader narrative of a risk-on tilt within a cautious macro environment. CoinGlass data show the week-to-date strength in the asset, even as macro risk factors remain in flux.

Macro turmoil spoils Bitcoin “relief rally”

Beyond the price action, macro and geopolitical factors continued to shape trader sentiment. While some participants hoped for a relief rally in calmer macro conditions, the backdrop remained precarious. Oil markets provided a parallel narrative, with WTI crude oil flirting with the $100-per-barrel mark as traders weighed supply shocks and demand dynamics. The persistent tension between risk-on and risk-off impulses has left Bitcoin oscillating between cautious optimism and a more defensive posture as investors digest global developments and central bank trajectories.

Market watchers such as Kyle Doops emphasized that, on a mid-term horizon, Bitcoin appears to be trading within a defined band. He highlighted a mid-term trading range defined by a longer-term market mean near $78,400 and a realized price baseline around $54,400, suggesting that price action tends to revert toward these anchors after excursions toward the upper and lower boundaries. In his assessment, whenever Bitcoin edges above $70,000, sellers re-emerge to take profits rather than trigger panic selling, reinforcing the view that the market has become comfortable with orderly, measured gains rather than sharp, outsized moves. These observations align with the broader theme of a market that has found a measure of discipline even as headlines around energy markets and global tensions continue to dominate the narrative.

Why it matters

The ongoing test of the $70,000 threshold matters for several reasons. First, a weekly close above that level would bolster the case for a renewed longer-term uptrend by reclaiming a major psychological and technical barrier that has capped upside in recent months. It would also validate the relevance of the 200-week EMA as a benchmark for long-term support, potentially reducing the probability of a rapid retrace as market participants reassess risk posture. For traders, a sustained close above the level could translate into a more constructive setup for those eyeing a move toward the upper end of the historically significant resistance corridor in the low-to-mid $80,000s, while still considering the structural dynamics shaped by macro headwinds.

Second, the price action underscores the interplay between technical patterns and macro realities. Even as Bitcoin demonstrates resilience, macro catalysts—most notably commodity markets and geopolitical risk—continue to influence risk appetite. In this context, a constructive weekly close could act as a spark for renewed liquidity and ETF considerations, though investors must remain mindful of potential overhangs from policy signals and energy prices. The evolving macro environment suggests that the market could enter a phase where patience and disciplined risk management become as important as any immediate price target.

Finally, the narrative around price discovery remains tethered to disciplined risk-control behavior among market participants. The repeated observation of profit-taking at local highs indicates a maturation in market behavior, where investors are more deliberate about entries and exits rather than chasing sensational moves. In a landscape where macro risk remains persistent, the ability to navigate the timing of entries and exits will likely be as important as predicting the next directional move.

What to watch next

• Watch for a weekly close above $70,000 and whether the price can sustain a hold above the 200-week EMA on a weekly basis.
• Monitor CME-related dynamics near the closing price around $71,325 and any subsequent gap-closing activity.
• Observe price action toward the $75,000–$80,000 resistance zone if momentum persists beyond the weekly close.
• Keep an eye on macro catalysts, particularly oil prices hovering near $100 and any geopolitical developments that could affect risk sentiment.

Sources & verification

• TradingView price data for BTCUSD, including the weekly candle count and interactions with the 200-week EMA.
• Analyses and social posts from Michaël van de Poppe discussing CME gaps and potential resistance targets around $75,000–$80,000.
• Kyle Doops’s commentary on the mid-term trading range anchored by a long-term mean near $78,400 and a realized price around $54,400.
• CoinGlass weekly return data illustrating the ~8% weekly gain and March gains of ~6.7% for Bitcoin.
• The referenced chart perspectives and historical levels, including the 200-week EMA around $68,300 and the $69,400 level tied to the 2021 all-time high.

Bitcoin price action and near-term outlook

As the week unfolds, the market’s trajectory hinges on whether Bitcoin can cement a weekly close above the $70,000 threshold and maintain a foothold above the 200-week EMA. The combination of technical support at long-standing levels and the persistence of bullish momentum on the daily chart creates a scenario in which a breakout could invite further upside toward the next major resistance bands. Yet the price action has repeatedly shown that the move higher can be met with measured profit-taking, particularly around round-number levels and at pivotal intraday highs near the $72,000 territory. The balance between demand and supply will likely define the near-term trajectory as traders weigh macro risk against the potential for a sustained look at higher targets.

In sum, Bitcoin is navigating a window of opportunity that could shape the narrative for the coming weeks. A successful close above the critical levels would reinforce the case for a renewed bullish phase, while a failure to sustain gains could bring the market back into a rangebound mode that tests patience and risk management alike. The next few sessions will be telling as the market absorbs macro cues, on-chain signals, and traders’ evolving appetite for risk.