Tax authorities, meanwhile, are concerned about widespread underreporting. In the financial year ended March 2023, fewer than a quarter of the 645,000 individuals who transacted in crypto actually declared those gains on their tax returns.

Transactions executed on offshore exchanges and peer-to-peer platforms, especially those denominated in rupees, remain difficult to track, trace and tax.

Indian crypto investors have been operating in a regulatory grey zone since the Supreme Court struck down the RBI’s 2018 ban. It is neither outright illegal nor clearly regulated. A 2021 draft bill to ban private cryptocurrencies was never presented and policy discussions have been repeatedly delayed.

While the government has spoken of balancing innovation with risk management, the latest internal documents suggest key agencies are still not ready to embrace digital assets.

India’s reluctance can partly be explained by its heavy dependence on energy imports and persistent current account deficits. The fragility of this position was recently exposed when tensions with Iran drove oil prices higher, inflating the energy import bill and pushing the rupee to record lows. Authorities are concerned that widespread crypto adoption could accelerate capital outflows, bypassing traditional banking channels and worsening the external deficit.

The US dollar has entered a period of consolidation following last week’s sharp price swings, as market participants turn their attention to the release of the Federal Reserve’s latest meeting minutes. Investors are looking for additional guidance on the future path of interest rates and whether support for a hawkish monetary policy stance remains widespread within the Fed.

Further uncertainty was created by last week’s mixed US labour market data, which raised concerns about the resilience of the US economy but did not trigger a significant reassessment of Federal Reserve policy expectations. Attention has now shifted to the FOMC minutes, with traders focusing on the Fed’s assessment of inflation risks and its outlook for future interest rate decisions. Confirmation of a hawkish stance could provide fresh support for the US dollar, while a more cautious assessment of economic conditions may strengthen expectations of future policy easing.

USD/JPY

Against this backdrop, USD/JPY is consolidating after retreating sharply from multi-year highs. The yen remains under pressure due to the wide interest rate differential between the United States and Japan. However, with the pair trading close to multi-year highs, concerns over possible intervention by the Japanese authorities continue to limit further upside.

From a technical perspective, USD/JPY may retest the 162.60–162.90 area after forming a Piercing Line candlestick pattern on the daily chart following the recent pullback. A deeper correction would become more likely if the pair closes decisively below 160.50.

Key events for USD/JPY:

• Today, 14:00 (GMT+3): MBA Weekly Mortgage Applications (US)
• Today, 21:00 (GMT+3): FOMC meeting minutes
• Tomorrow, 02:50 (GMT+3): Japan Foreign Bond Investment

USD/CAD

USD/CAD continues to trade sideways within the 1.4140–1.4250 range, suggesting the market is building momentum for a potential breakout. A sustained move above 1.4250 would open the door for further gains towards 1.4300–1.4400. Conversely, a break below 1.4140 could trigger a deeper correction towards the 1.4020–1.4080 region.

Key events for USD/CAD:

• Today, 17:30 (GMT+3): US Crude Oil Inventories
• Tomorrow, 15:30 (GMT+3): US Initial Jobless Claims
• Tomorrow, 17:00 (GMT+3): US Existing Home Sales

The US dollar remains in a holding pattern ahead of the release of the FOMC minutes, which could become the key catalyst for its next move. If the document confirms that Fed officials remain concerned about persistent inflation and continue to favour a hawkish policy stance, the dollar could receive renewed support. On the other hand, a more cautious assessment of the economy and the monetary policy outlook may encourage profit-taking on long dollar positions and lead to a broader corrective move.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Kenya has moved to procure a blockchain surveillance platform capable of tracking transactions across more than 20 blockchain networks as the country prepares to supervise licensed crypto businesses under its new virtual assets law.

According to tender documents reviewed by Capital FM Africa, Kenya’s Capital Markets Authority (CMA) is seeking an advanced blockchain analytics system that can monitor digital asset activity in both real time and retrospectively. 

The proposed platform would support regulatory investigations, identify suspicious transactions, and strengthen compliance oversight as the country’s crypto licensing framework moves toward implementation.

Under the tender specifications, the system must support Bitcoin, Ethereum, and at least 20 other blockchain networks. It would generate automated alerts for high-risk wallets, unusually large transfers, coin mixers, darknet-linked addresses, and entities listed on sanctions databases maintained by the United Nations and the U.S. Office of Foreign Assets Control.

The regulator also wants software capable of mapping wallet relationships, rebuilding transaction histories, tracing funds across multiple blockchains, and assigning risk scores linked to money laundering, ransomware, fraud, and terrorism financing. In addition, the CMA plans to use the platform to identify the cryptocurrency exchanges most frequently used by Kenyan residents and detect offshore platforms serving local users without regulatory approval.

Surveillance tools to support new crypto rules

The surveillance purchase comes after Kenya introduced its first comprehensive legal framework for digital assets. President William Ruto signed the Virtual Assets Service Providers Act into law in October, with the legislation taking effect the following month.

The law divides regulatory responsibilities between the Central Bank of Kenya and the CMA. While the central bank oversees payment services, stablecoins, and custodial wallet providers, the CMA is responsible for regulating cryptocurrency exchanges, brokers, investment advisers, and tokenization platforms as Kenya aligns its regulatory framework with anti-money laundering standards set by the Financial Action Task Force.

Although the legal framework is already in force, no crypto firms have received licences so far. The National Treasury released draft regulations in March, and existing operators have until November 2026 to meet the new compliance requirements.

Earlier this year, Kenya’s Finance Bill 2026 proposed additional reporting obligations for Virtual Asset Service Providers. Under the proposal, crypto firms would submit annual reports to the Kenya Revenue Authority containing information on reportable users and controlling persons, while the country would also be able to exchange virtual asset transaction data with foreign tax authorities under international reporting standards, according to an analysis published by KPMG Kenya.

Kenya joins global regulators using blockchain analytics

The capabilities outlined in the CMA’s tender closely match commercial blockchain intelligence platforms offered by companies including Chainalysis, TRM Labs, and Elliptic, which supply transaction monitoring software to regulators and law enforcement agencies in several countries.

Kenya remains one of Africa’s largest cryptocurrency markets. According to Chainalysis, users in the country received roughly $19 billion worth of crypto between July 2024 and June 2025, placing Kenya fourth on the continent. The report also estimated that more than six million Kenyans use digital assets, with a significant share of activity taking place through peer-to-peer trading channels.

Similar blockchain monitoring tools are already being used elsewhere. In the United States, Immigration and Customs Enforcement moved last year to acquire forensic software from TRM Labs and Chainalysis, while both companies already provide services to agencies including the FBI, DEA, and IRS. Britain’s tax authority, HMRC, has also contracted TRM Labs to assist in tracing suspicious cryptocurrency transactions.

Key takeaways

• Hyperliquid (HYPE) has fallen below $70, extending its losing streak as broader crypto market sentiment turns risk-off.
• Retail participation is weakening, with futures open interest declining and long liquidations dominating the derivatives market.

Hyperliquid (HYPE) continued to trade lower on Wednesday, slipping below the $70 level as cautious sentiment across the cryptocurrency market dampened retail participation.

The token has recorded three consecutive days of losses, reflecting growing uncertainty among short-term traders. Despite the pullback, institutional investors continue to show confidence, highlighting a divergence between retail and professional market participants.

Retail traders reduce exposure

Recent derivatives data points to weakening retail demand for HYPE. According to CoinGlass, Hyperliquid futures open interest (OI) declined by more than 2% over the past 24 hours to $2.80 billion, indicating that traders are either reducing leverage or closing positions altogether.

During the same period, the market recorded $7.09 million in liquidations, with approximately $6.29 million coming from long positions. 

The dominance of long liquidations suggests that bullish traders have been forced to exit as prices moved lower, reinforcing short-term selling pressure.

Despite the decline in positioning, the funding rate remains positive at 0.0078%, indicating that some traders continue to maintain bullish expectations and are willing to pay a premium to hold long positions.

While retail sentiment has weakened, institutional interest continues to provide support.

Data from CoinGlass shows that HYPE exchange-traded funds (ETFs) attracted $4.32 million in net inflows on Tuesday, following $8.43 million in inflows recorded on Monday.

The continued inflows suggest that larger investors remain optimistic about Hyperliquid’s longer-term outlook despite ongoing short-term market volatility.

This divergence between institutional accumulation and cautious retail positioning could become an important factor in determining the token’s next major move.

Hyperliquid price outlook: Support near $64.75 comes into focus

At the time of writing, HYPE is trading around $68, maintaining its broader bullish structure despite recent weakness.

The token remains comfortably above its 50-day Exponential Moving Average (EMA) at $62.36, which continues to trend above the 200-day EMA at $48.40—a positive sign for the longer-term trend.

However, the recent rejection from a local resistance trendline near $72.75 has increased the likelihood of a deeper short-term correction.

From a technical standpoint, HYPE could continue sliding toward a rising support trendline around $64.75, an area reinforced by the nearby 50-day EMA.

Momentum indicators continue to lean cautiously bullish but show signs of slowing. The Moving Average Convergence Divergence (MACD) remains slightly above its signal line, indicating that positive momentum has not disappeared completely.

Meanwhile, the Relative Strength Index (RSI) sits around 54, reflecting moderate buying strength while gradually moving back toward neutral territory.

Unless buying activity strengthens, the current pullback could continue before the broader uptrend resumes.

The first major support lies near the ascending trendline around $64.75, followed by the 50-day EMA at $62.36. A decisive break below these levels could expose HYPE to a deeper correction, potentially bringing the $60 level into focus.

On the upside, bulls must reclaim the $72.73 resistance zone, which aligns with the recent descending trendline. A successful breakout above this level could restore upward momentum and pave the way toward the R1 Pivot Point at $77.09, followed by the R2 Pivot Point at $89.14.

For now, the short-term outlook remains cautious, with weakening retail demand offset by continued institutional accumulation.

Key takeaways

• Zcash (ZEC) climbed more than 4% after developers announced progress toward proving its new privacy system is free from undetectable counterfeiting vulnerabilities.
• Project Tachyon is close to completing a mathematical verification of Zcash’s upcoming Ironwood shielded pool.

Zcash’s native token ZEC surged more than 4% on Wednesday after developers announced they are close to mathematically proving that the network’s next-generation privacy system is free from a critical class of counterfeiting vulnerabilities.

The announcement restored investor confidence following last month’s disclosure of a security flaw in Zcash’s existing shielded transaction system, helping the privacy-focused cryptocurrency reclaim the $500 level for the first time since early June.

Project Tachyon nears verification of Ironwood Shielded Pool

The latest update comes from Project Tachyon, the team leading the formal verification of Zcash’s upcoming Ironwood shielded pool, which is set to replace the current Orchard privacy pool.

According to the developers, they are close to producing a mathematical proof confirming that Ironwood does not contain undetectable counterfeiting bugs.

Zcash founder Zooko Wilcox said the project is “on the verge” of completing a formal proof demonstrating that the latest generation of Zcash shielded pools is secure against this class of vulnerability.

If successful, the verification would provide stronger security guarantees for one of the network’s core privacy features.

Investor confidence was shaken last month after developers disclosed a critical vulnerability affecting Zcash’s Orchard shielded pool.

The flaw could have theoretically allowed an attacker to create counterfeit ZEC within the privacy pool without detection.

Although developers quickly patched the issue and said they found no evidence that the vulnerability had ever been exploited, Zcash’s privacy architecture made it impossible to cryptographically prove that no counterfeit coins had been created.

The disclosure triggered a sharp market reaction, sending ZEC down more than 40% in just two days.

Will ZEC reclaim $550?

The ZEC/USD 4-hour chart remains bullish and efficient following the recent rally. The momentum indicators suggest that the bulls could push ZEC’s price higher.

The RSI of 57 shows that ZEC is above the neutral zone, while the MACD lines reinforce the bullish bias.

If the bulls remain in control, ZEC could rally past the Tuesday high of $510 and set a new weekly high around $550. 

A decisive candle close above this level could allow ZEC to reclaim the $600 psychological zone in the near term. 

However, if the bears come into the picture, ZEC could retest the 4-hour TLQ at $438 over the next few hours.

Key Takeaways

• Tom Narayan from RBC Capital increased Tesla’s price target from $475 to $500, pointing to potential SpaceX acquisition scenarios
• An all-stock transaction with SpaceX purchasing Tesla at a 20–30% premium represents the most probable deal structure
• JPMorgan acknowledged strategic merit in combining the companies but highlighted significant regulatory obstacles, especially concerning China
• Shares of TSLA settled near $402.90 on Tuesday, sliding more than 4%, with continued weakness in Wednesday’s pre-market session
• Analyst consensus leans toward Hold on TSLA, with an average target price of $399.71 across Wall Street

Tuesday saw Tesla (TSLA) shares settle near $402.90, marking a decline exceeding 4%, as financial analysts began evaluating an intriguing proposition: could Tesla and SpaceX merge into a single corporate entity?

Tesla, Inc., TSLA

Speculation intensified following SpaceX’s completion of a groundbreaking $75 billion IPO that assigned the company a $1.77 trillion market valuation. This milestone thrust Elon Musk’s business portfolio into the spotlight, prompting market participants to consider whether his two flagship ventures might consolidate into one comprehensive platform spanning artificial intelligence, robotics, sustainable energy, transportation, and aerospace.

Tom Narayan, an analyst at RBC Capital, took the lead by increasing his TSLA price objective from $475 to $500 while maintaining his Buy recommendation. He explained that growing media discussion surrounding a potential Tesla-SpaceX combination had sparked investor curiosity about the financial implications of such a union.

Narayan presented his analysis with precision. According to his assessment, the most feasible transaction framework would involve an all-stock arrangement where SpaceX purchases Tesla while offering shareholders a 20–30% premium over current market prices. This premium calculation forms the foundation for his $500 target.

He further explained that Tesla shareholders would probably insist on this premium compensation, particularly since Elon Musk’s ownership stake would expand beyond 50% in the combined organization — substantially higher than his existing 20% position in Tesla alone.

Excluding any merger scenario, Narayan calculates Tesla’s independent valuation at approximately $435, representing roughly 10% upside from recent trading levels.

Revised Business Unit Valuations

Narayan’s analysis also included updated assessments across Tesla’s various business divisions. He increased his robotaxi valuation by 20% following an upward revision to his global fleet projections, identifying this segment as Tesla’s most compelling long-term growth avenue within a $4.2 trillion total addressable market.

The humanoid robotics division experienced a downward adjustment. Narayan reduced this segment’s valuation by approximately 40% after lowering his U.S. market penetration forecast from 50% to 20%. Despite this cut, humanoid robots still represent roughly 25% of his overall valuation model.

Energy storage also faced a 30% reduction, reflecting a weaker market environment and intensifying competition that’s pressuring profit margins — despite ongoing demand growth from AI data center infrastructure.

JPMorgan Expresses Reservations

Rajat Gupta, an analyst at JPMorgan, recognized the strategic rationale behind a merger, characterizing such a combination as “strategically coherent on paper.” Tesla contributes electric vehicles, battery technology, autonomous driving software, and robotics capabilities. SpaceX adds rocket launch systems, Starlink satellite networks, orbital infrastructure, and defense-sector connections.

Combined, these assets would create what resembles an integrated industrial technology conglomerate rather than two distinct companies.

However, Gupta stopped short of recommending the stock based on merger speculation. He identified considerable regulatory and geopolitical challenges, with China representing the most significant complication. Tesla maintains substantial manufacturing operations and revenue generation in Chinese markets. Meanwhile, SpaceX operates in sensitive satellite communications and defense-adjacent sectors that could trigger political resistance from Beijing authorities.

Gupta maintained his Hold rating on Tesla shares.

The prevailing Wall Street sentiment aligns with this cautious stance. Among analysts who’ve issued ratings on TSLA within the past three months, 10 recommend Buy, 15 advise Hold, and three suggest Sell. The consensus price target stands at $399.71 — indicating modest downside from present trading levels.

TSLA continued trading lower in Wednesday’s pre-market session.

The XRP Ledger’s newest server software, v3.2.0, designed to make the network cheaper to run, more stable, and more attractive for institutional use, is gaining adoption. However, it has yet to overtake the previous version (3.1.3) across the wider network, and the key security fixes that come with it remain in the voting process.

Of the approximately 833 active nodes on the XRP Ledger, the machines that store and relay the ledger, about 43% are running v3.2.0 and 51% are still on v3.1.3, XRPSCAN data shows.

While overall node adoption appears relatively slow, validators, or entities that matter most to the network, have largely already upgraded.

The XRP Ledger runs on a trusted set of validators known as the Unique Node List (UNL). For a new software version or amendment to activate, it needs sustained support from more than 80% of validators on that list for two straight weeks.

On the default UNL of 35 validators, 31 are running v3.2.0, about 89%, clearing the threshold the network treats as sufficiently updated. That figure, not the raw node or all-validator percentages, is what determines whether the upgrade completes.

The amendment lagging behind

Bundled with the software is a separate matter that sits well behind it.

Coinbase-backed Ethereum layer-2 network Base is set to activate its B20 token standard on mainnet, introducing a native framework for stablecoins, tokenized real-world assets (RWAs) and other fungible tokens. 

According to Base documentation, B20 is scheduled to go live at 6 pm UTC on the mainnet, enabling developers to begin creating tokens under the new standard.

The activation will enable developers to use Base’s native token standard to create stablecoins, RWAs, tokenized equities and other fungible tokens without requiring them to build and audit custom ERC-20 contracts.

The standard supports two variants: asset and stablecoin. The asset variant has configurable decimals between six and 18, while the stablecoin variant has fixed six-decimal formatting and requires issuers to specify a fiat currency denomination, such as the US dollar or euro.

B20 supports two variants. Source: Base

B20 was introduced as part of the network’s Beryl upgrade, which went live on June 26. The upgrade shortened withdrawal waiting periods from seven days to five days and added technical changes aimed at improving network performance. 

Base said B20 tokens are compatible with standard ERC-20 tokens but come with built-in issuer controls. Those features include supply limits, transfer rules, minting, burning, pausing and transaction notes.

B20 activation follows Base outages

The B20 activation follows back-to-back outages linked to its sequencer infrastructure. 

On June 25, Base encountered an outage caused by a consensus issue. At the time, the network said an invalid block had been sequenced, preventing new blocks from being created. Base resumed block production on the same day, after a nearly two-hour halt.

Related: Coinbase restores trading after AWS outage disrupts markets

In a post-mortem, Base said that a sequencer bug caused back-to-back outages on June 25 and June 26. The first incident lasted for about 116 minutes, while a second outage lasted about 20 minutes after a race condition prevented sequencers from catching up after a system reset. 

The initial outage occurred hours before the scheduled Beryl upgrade, which was delayed by one day due to a separate B20 activation registry timing issue.

Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’