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Bitcoin at $68,000 as majors see strongest bounce in weeks

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Crypto majors dive despite tech-led lift in Asian markets

Bitcoin came within touching distance of $70,000 on Wednesday before pulling back to around $68,300 in Thursday morning trading, a nearly 5% swing from the session high to the overnight low of $67,700.

The move marks the strongest attempt to reclaim the $70,000 level since the Feb. 5 crash but stopped short of a clean breakout.

The more interesting story was underneath. Altcoins outperformed across the board, with ether up 8.5%, solana gaining 6.9%, cardano surging 10.8%, and dogecoin adding 8.3%. Bitcoin’s 4.3% gain was among the smallest in the top 10.

That kind of divergence typically signals risk appetite returning to the edges of the market, where traders chase higher-beta moves once they believe the worst of the selling is done.

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“The wave of forced selling is starting to clear out,” said Daniel Reis-Faria, CEO of ZeroStack, in an email. “Altcoins are outperforming again, and more of them are ahead of bitcoin. That tells me we’re seeing a rotation.”

The bounce arrived alongside a muted reaction to Nvidia’s quarterly earnings, which beat estimates but failed to sustain a rally. Nasdaq 100 futures slipped 0.3% after the report, and Nvidia shares erased most of their post-earnings gains to edge up just 0.2% in extended trading.

The world’s most valuable company signaled concerns about an overheated AI economy, tempering what had been a multi-day recovery in tech stocks.

Meanwhile, the macro backdrop remains fragile for a continued movement in crypto markets. Market maker Wintermute noted that cryptocurrencies have been losing ground alongside tech stocks as capital rotates into defensive and tangible assets.

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Crypto finance platform Matrixport flagged stagnation in stablecoin supply as a “significant obstacle” for bitcoin, and onchain data firm Glassnode expects broader liquidity to recover in six months at the earliest.

The near-term risk is straightforward. Cryptoquant data shows selling has slowed on Binance, which supports the case for a short-term bounce. Elsewhere, crypto exchange Bitrue warned that a break below $60,000 could open up a move toward $50,000-$55,000 or even $47,000 if cascading liquidations accelerate.

The gap between the short-term bounce and the medium-term trend remains wide — and Wednesday’s rejection at $70,000 did nothing to close it.

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Wikipedia vs. On-Chain: Why Jimmy Wales’ Bitcoin Bubble Call Clashes With Polymarket Data

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Wikipedia vs. On-Chain: Why Jimmy Wales' Bitcoin Bubble Call Clashes With Polymarket Data

Wikipedia founder Jimmy Wales is calling Bitcoin a bubble again. In a recent tweet on X, Wales predicted the asset would collapse to $10,000 by 2050, dismissing the trillion-dollar network as a “complete failure” of a currency that serves no real human purpose.

The market is taking the other side of that trade. Polymarket bettors and traders are currently pricing in a roughly 66% probability of continued upside, with millions in volume backing a bullish trajectory rather than a collapse. Smart money is betting on expansion, not extinction.

This creates a sharp divergence between a famous tech skeptic and the actual localized market sentiment driving price action.

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Key Takeaways

  • The Skeptic: Jimmy Wales predicts a crash to $10,000, calling the asset a failure.
  • The Data: Prediction markets signal a 66% confidence in bullish continuation.
  • The Divergence: On-chain volume and ETF flows contradict the “bubble” narrative.

The Bear Case: Wales Predicts Bitcoin Bubble Bursts to $10K

Wales’ argument is not new, but his timeline is specific. He posits that Bitcoin will slowly bleed out to $10,000 by 2050 as the “bubble” deflates relative to inflation and utility.

Speaking recently, he characterized the banking system’s engagement with crypto as predatory rather than supportive, suggesting institutions are merely extracting fees before the inevitable collapse.

This narrative echoes his past predictions that have largely failed to materialize. Yet, it resonates with a segment of the market concerned about sustainability.

Wales argues that without being an effective medium of exchange, the store-of-value proposition is hollow.

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What Polymarket Is Actually Saying

Prediction markets offer a quantified rebuttal to opinion. On Polymarket, the leading decentralized prediction platform, the odds tell a story of confidence.

Contracts tracking Bitcoin’s price trajectory show a dominant preference for higher targets in 2024 and 2025.

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Wikipedia vs. On-Chain: Why Jimmy Wales' Bitcoin Bubble Call Clashes With Polymarket Data
Source: Polymarket

The majority of Polymarket bettors believe the bull case is remaining intact, although they have different ideas about where the ceiling might be.

A staggering 86% see bitcoin rising to $75,000 contrasting with 71% who see it falling down to $55,000, a level described as a plausible bear case by Standard Chartered and CryptoQuant analysts.

Additionally, institutions are still quietly doubling down on Bitcoin. Both Strategy and Metaplanet revealed they intend to keep adding to their BTC treasuries.

If Wales is right, the industry smart money is spectacularly wrong. But if the market is right, Wales is fighting a phenomenon fueled by many billions in institutional treasuries and ETF liquidity.

On-Chain Data: Accumulation or Distribution?

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To settle the debate, Bitcoin analysis must turn to the blockchain itself. Current on-chain metrics show a stark difference from the 2017 or 2021 tops.

Exchange reserves are deepening their multi-year downtrend. Coins are moving off exchanges into cold storage, a signal that usually precedes supply shocks.

Wikipedia vs. On-Chain: Why Jimmy Wales' Bitcoin Bubble Call Clashes With Polymarket Data
Source: CryptoQuant

This accumulation is apparent globally. Whales are not distributing into this rally; they are buying the dips.

The recent defense of the $60,000 level proves this. When $370 million in long liquidations flushed the market, buyers stepped in immediately.

That is not the behavior of a popping bubble. It is the behavior of a market establishing a new fair value.

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Will the Bitcoin Bubble Burst? The Million Dollar Question

The technical structure for Bitcoin remains constructively bullish as long as it doesn’t slip below the $60,000 support block. A move down to $55k opens the road to further new bottoms.

In the last 24 hours, Bitcoin rose 4% to trade near $68,200 at the time of writing. The next big milestone will be $75k, the preferred price target for most Polymarket bettors, and an indication of its psychological significance.

Clear that, and price discovery mode begins. However, if the broader crypto market weakens, a retest of $62,000 and the threat of a collapse down to $55k hang ominously over the industry.

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The post Wikipedia vs. On-Chain: Why Jimmy Wales’ Bitcoin Bubble Call Clashes With Polymarket Data appeared first on Cryptonews.

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U.S. banking regulator OCC proposes stablecoin rules to implement GENIUS act

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U.S. banking regulator OCC proposes stablecoin rules to implement GENIUS act

The Office of the Comptroller of the Currency (OCC) has unveiled a comprehensive proposal to implement the GENIUS Act, marking a significant step toward federally regulated stablecoin activity in the United States.

Summary

  • The OCC has proposed detailed stablecoin regulations to implement the GENIUS Act, covering issuance, supervision, reserves, liquidity, and redemption requirements.
  • A 60-day public comment period has been opened to refine the draft rules before finalization, with AML and sanctions provisions to be added later.
  • The move marks a major regulatory milestone in bringing payment stablecoins under federal banking oversight following the GENIUS Act’s enactment.

New OCC stablecoin rule proposal seeks federal oversight

The notice of proposed rulemaking, issued on February 25, outlines how payment stablecoins can be issued, backed, supervised, and potentially revoked under federal banking oversight.

Under the draft rules, the OCC would regulate “permitted payment stablecoin issuers” including subsidiaries of national banks, federal qualified issuers, certain state qualified issuers, and foreign stablecoin issuers meeting specified requirements.

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The proposal sets standards for reserve assets, mandatory redemption at par, liquidity and risk management, audits, supervisory examinations, custody, and application pathways laying the groundwork for stablecoins to operate within the traditional banking system.

The OCC has opened a 60-day public comment period to gather industry, stakeholder, and public feedback before finalizing the rules. Key aspects such as anti-money-laundering provisions, Bank Secrecy Act requirements, and sanctions rules will be addressed separately in coordination with the U.S. Department of the Treasury.

Comptroller Jonathan V. Gould described the proposed framework as designed to help the stablecoin sector “flourish in a safe and sound manner,” while providing clarity and regulatory certainty for issuers operating under federal supervision.

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The GENIUS Act, enacted in July 2025, created a federal regulatory structure for payment stablecoins after years of debate over how to integrate digital assets into U.S. financial law.

The OCC’s proposal represents a landmark effort to translate that statute into enforceable federal rules, potentially shaping how banks, nonbanks, and foreign firms issue and manage stablecoins in the years ahead.

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Colgate Stock Shines, Up 23% So Far This Year

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Colgate Stock Shines, Up 23% So Far This Year

Colgate-Palmolive (CL) stock is rising fast and it got a gold star as its Relative Strength (RS) Rating climbed from 64 on Monday to 73 on Tuesday. The upgraded rating shows that Colgate stock topped 73% of all other stocks for price performance this past year. Colgate Stock Racing Higher This Year The upgrade comes as Colgate-Palmolive rises at a…

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USD/JPY and USD/CAD at Key Levels Awaiting News Catalysts

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USD/JPY and USD/CAD at Key Levels Awaiting News Catalysts

The dollar is trading mixed against the major currencies as investors await important macroeconomic releases and foreign policy signals. Market participants remain cautious ahead of upcoming US data, as well as potential statements following contacts between Washington and Beijing. The trade negotiations factor and the prospect of a meeting between Donald Trump and the Chinese leader remain in focus, as any signs of progress or escalation could influence demand for safe-haven assets and the dollar’s trajectory.

Upcoming macroeconomic releases and developments in the US–China trade agenda will be decisive: either the dollar maintains its advantage and continues to strengthen, or the market shifts into a deeper correction from current levels.

USD/JPY

The USD/JPY pair showed a strong upward impulse at the start of the week and moved closer to recent highs. The rally reflects steady demand for the dollar and relative weakness of the yen amid stable expectations regarding Federal Reserve policy and the accommodative stance of the Bank of Japan. Additional support for the dollar comes from expectations surrounding US economic data, which may confirm the resilience of the American economy.

Should the data come in strong, the move towards fresh highs may continue, while weaker figures could trigger profit-taking and a short-term correction.

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Key events for USD/JPY:

  • Today at 15:30 (GMT+2): US initial jobless claims;
  • Today at 17:00 (GMT+2): Speech by Federal Open Market Committee (FOMC) member Michelle Bowman;
  • Tomorrow at 01:30 (GMT+2): Tokyo core Consumer Price Index (CPI), Japan.

USD/CAD

The USD/CAD pair remains in a sideways phase. The pair tested the upper boundary of the range but encountered resistance and shifted into a moderate pullback. Technical analysis suggests a possible move towards the lower boundary of the medium-term range, as a “doji” reversal pattern has formed on the daily timeframe.

A confident break and consolidation above 1.3730 could allow the upward momentum to resume.

Key events for USD/CAD:

  • Today at 15:30 (GMT+2): Canadian wholesale sales;
  • Tomorrow at 15:30 (GMT+2): Canada GDP (q/q);
  • Tomorrow at 15:30 (GMT+2): US Producer Price Index (PPI).

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Gate Secures Malta PSD2 License for EU Payment Services

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Gate Secures Malta PSD2 License for EU Payment Services

Crypto exchange Gate has secured a Payment Institution license in Malta, a license under the European Union’s PSD2 framework, giving the crypto exchange a regulated foothold to offer payment services across the bloc alongside its existing crypto permissions.

The company said Thursday that its Malta-based entity, Gate Technology, received the license from the Malta Financial Services Authority (MFSA). Gate said the approval supports its strategy of linking traditional payment infrastructure with Web3 services in Europe.

The authorization adds payment capabilities to Gate’s existing EU crypto permissions. On Oct. 1, 2025, Gate announced that it had obtained a license under the EU’s Markets in Crypto-Assets Regulation, allowing it to provide exchange and custody services across member states.

EU crypto companies offering payment services in stablecoins must hold either a Payment Institution or an Electronic Money Institution authorization. With PSD2 approval, Gate can passport regulated payment services across the bloc, expanding beyond trading into fiat and stablecoin payment infrastructure.

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Gate says its flagship exchange serves more than 49 million users globally, though it does not publicly disclose a breakdown of users in the EU.