Crypto World
Bitcoin Holds Rally Toward $73K Amid Concerning U.S. Data
Bitcoin reclaimed the $72,000 level on Thursday as markets weighed a blend of persistent inflation signals, softer-than-robust growth data, and geopolitical tension in the Middle East. The ascent came despite data suggesting inflation remains stubborn and economic expansion cooled, underscoring a market environment where scarce assets can stay in demand even as macro headwinds persist.
On the inflation front, the US Bureau of Economic Analysis reported that the core Personal Consumption Expenditures (PCE) index rose 0.4% in February, reinforcing concerns about sticky price pressures. In the same week, the fourth-quarter gross domestic product was revised to a 0.5% annualized growth rate, a modest pace that keeps the economy on a fragile footing and adds to recession-talk among traders. Taken together, these readings suggest the trajectory for inflation and growth remains uncertain, fueling continued volatility in risk assets including Bitcoin.
Geopolitical headlines complicated the scene. Oil prices surged back toward the mid-$90s and briefly around $97 per barrel after Iranian leaders signaled that the United States and Israel had violated the ceasefire negotiated in the region. The market also watched the political dynamic in the United States, where reports anchored to the Dubai-based and U.S. commentary of a ceasefire circulated in the days prior. In this environment, Bitcoin traders noted that the perceived fragility of any truce could weigh on upside momentum, potentially pushing the price toward support around $68,000 if risk-off conditions intensify. The backdrop was further influenced by statements from Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who highlighted alleged violations of the ceasefire by external actors, a narrative echoed in market chatter around Yahoo Finance reports.
Key takeaways
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Bitcoin briefly moved back above $72,000, signaling sustained demand for scarce assets amid a uncertain macro backdrop.
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Geopolitical tensions and a rebound in oil prices contributed to a guarded upside, with traders watching for signals about the durability of any Iran ceasefire and its implications for risk assets.
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US core PCE rose 0.4% in February, while Q4 GDP was revised to a 0.5% annualized pace, underscoring persistent inflation and a slower growth path that heighten recession risk concerns.
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The US dollar softened against a basket of currencies as liquidity expectations rose, but the macro mix kept the narrative complex for BTC and broader markets.
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Equities remained resilient—with the S&P 500 trading within striking distance of its all-time highs—while concerns about private credit markets and AI-related debt costs did not trigger an immediate broad sell-off.
Bitcoin’s move amid a mixed macro and geopolitical backdrop
Bitcoin’s climb back toward the $72,000 mark occurred amid a market environment where inflation remains persistent, yet growth signals are tepid. The price action hints at a dynamic in which investors are prioritizing scarce assets as potential hedges against fiat weakness and continued liquidity provision, even as they weigh the probability of policy shifts from the Federal Reserve and the broader risk of a recession.
Some market observers interpret BTC’s strength as a response to liquidity expectations rather than a pure inflation hedge. The narrative suggests that traders may be leaning on Bitcoin as a conditional store of value in an environment where traditional fixed income offers less compelling real yields and where the dollar’s strength has ebbed slightly versus a broad basket of currencies. Yet the pace and durability of BTC’s rally remain tethered to broader risk sentiment, which can change quickly with new macro data or geopolitical headlines.
Trading activity around BTC also reflected a nuanced relationship with traditional risk assets. While Bitcoin has shown correlations with equities at times, the degree of coupling appeared variable in the current week, with some traders noting the asset’s sensitivity to liquidity conditions and the appetite for scarce stores of value as opposed to direct inflation hedges alone. The interplay between BTC and the S&P 500 has been a focal point for market analysis, highlighting how cryptos fit into a broader risk-on or risk-off framework rather than behaving as stand-alone inflation hedges.
Geopolitics, energy markets and risk sentiment
Oil markets provided a live read on the risk environment. After initial spikes tied to Middle East tensions, prices pulled back from the highs as traders weighed the potential for a ceasefire to hold and as headlines suggested a tempered near-term risk. The situation underscored a core market truth: energy prices often act as a barometer for risk appetite. When geopolitical headlines flare, oil reacts quickly, and the broader risk-on or risk-off impulse tends to color equities and crypto alongside it.
The market’s reaction to the ceasefire narrative also illustrated how a single development can ripple across asset classes. The S&P 500 futures reached multi-week highs as some observers interpreted the news as a reduction in near-term geopolitical risk, yet the specter of a fragile truce remained. In such an environment, Bitcoin’s path becomes less about a single data point and more about the evolving balance of inflation expectations, growth prospects, and liquidity provisioning by policymakers.
In parallel, the broader equity backdrop remained robust. The S&P 500 traded only a short distance from all-time highs, a signal that investors were not overly fixated on private-credit stress or the debt-cost pressures facing AI infrastructure firms. For Bitcoin, this translated into a day of price action that leaned into the risk-on narrative, even as traders remained vigilant for any signs of renewed risk-off pressure should geopolitical or macro data deteriorate.
Macro data, the dollar, and the evolving narrative for BTC
The macro backdrop continued to shape expectations for Bitcoin and the crypto market at large. Despite inflation’s persistence, a softer dollar tends to help scarce assets perform, particularly when liquidity support remains in play. The weaker dollar narrative aligned with a view that policy accommodations could persist longer than previously anticipated, a stance that supports Bitcoin’s appeal as a non-sovereign store of value in certain market conditions.
Importantly, the latest inflation and growth readings did not provide a clear blueprint for a rapid rally. Core PCE’s 0.4% uptick and the GDP revision signaling slower growth underscore a scenario where inflation remains a constraint on policy normalization, while growth risks limit the Fed’s capacity to curb liquidity without consequences for financial conditions. In such a setting, traders are watching for any fresh guidance from policymakers that could tilt the liquidity balance—either through rate expectations or balance-sheet actions.
From a market structure perspective, Bitcoin’s correlation with the S&P 500 remains an area of scrutiny. The 30-day relationship oscillates as traders parse whether BTC acts as a hedge, a risk asset-like instrument, or something in between. The current readings suggest a nuanced dynamic: BTC is influenced by risk sentiment, liquidity flows, and macro surprises just as traditional assets are, but with a unique sensitivity to the crypto market’s own structural developments and adoption cycles.
What lies ahead for Bitcoin and the macro regime
While the immediate path remains uncertain, the prevailing thread is clear: recession risks are rising from a backdrop of ongoing inflation and tepid growth, even as demand for scarce assets persists. For Bitcoin, this means opportunities to test new resistance levels exist, but a sustained move higher will likely require a clearer shift in the macro narrative—whether through stronger inflation relief signals, a more definitive pivot in Fed policy expectations, or a tangible easing of geopolitical tensions that reduces risk-off pressure on markets broadly.
Investors will want to monitor several developing threads in the coming weeks: the trajectory of US inflation data, the pace of GDP revisions, the evolution of the dollar, and ongoing developments in the Iran situation and oil markets. Each of these factors can tilt risk appetite and liquidity, shaping Bitcoin’s short-term trajectory as traders reassess the balance between macro risks and the demand for non-sovereign assets.
As the picture evolves, traders should remain cautious about reading a single data point as a signal. The combination of persistent inflation, modest growth, a fragile geopolitical backdrop, and a fluctuating dollar makes the near-term Bitcoin path highly contingent on how these factors interact. What remains uncertain is how quickly policymakers will calibrate liquidity support and how resilient risk appetite will prove when faced with new headlines or data surprises.
Readers should stay attentive to geopolitical updates, oil-price movements, and any fresh guidance from policymakers that could influence market liquidity. The next few sessions could redefine BTC’s support and resistance landscape as investors reassess risk, inflation, and the evolving horizon for crypto adoption.
A new crypto law introduced by Manhattan District Attorney Alvin Bragg and New York State Senator Zellnor Myrie would convert unlicensed virtual currency operations from a civil regulatory issue into a criminal offense, carrying up to 15 years in prison for operators moving $1 million or more in a single year.
Summary
- The CRYPTO Act, or Cryptocurrency Regulation Yields Protections, Trust, and Oversight, was introduced January 14 and would add Section 408-b to New York’s Financial Services Law, creating a new offense of Unlicensed Virtual Currency Business Activity with graduated criminal penalties that currently do not exist at the state level
- Charges scale from a Class A misdemeanor at baseline to a Class E felony for $25,000 or more within 30 days, and a Class C felony carrying 5 to 15 years imprisonment for $1 million or more in a year; 18 other states and the federal system already criminalize unlicensed crypto activity
- The bill is a direct counter to the Trump administration’s April 2025 decision to pull back federal crypto enforcement, with Bragg positioning state prosecution as the necessary backstop where federal action has retreated
The announcement from the Manhattan DA’s office frames the legislation as a correction to the gap between New York’s existing BitLicense framework, which requires registration for crypto businesses, and the complete absence of criminal consequence for ignoring that requirement. Bragg told an audience at New York Law School that the crypto space needs accountability “on steroids.” Currently, unlicensed crypto operators in New York face only civil penalties. The CRYPTO Act would change that structure entirely, aligning the state with the majority of US jurisdictions that already criminalize the same conduct.
Any unlicensed virtual currency operation begins as a Class A misdemeanor. The charge escalates to a Class E felony once a business moves $25,000 or more within 30 days, or $250,000 or more in a year. A Class C felony, the top tier, applies to $1 million or more in a year and carries a maximum of 5 to 15 years in prison. Bragg made the stakes explicit: “Crypto is the go-to means for bad actors to move and hide the proceeds of crime. It is long past time for businesses that operate without a virtual currency license and flout due diligence requirements to face criminal penalties.”
Why New York Is Moving While Washington Steps Back
The Trump DOJ disbanded its National Cryptocurrency Enforcement Team in April 2025, directing federal prosecutors to focus on terrorism and drug cases rather than unlicensed money transmission or exchange level violations. Six Democratic senators have since challenged that decision as a conflict of interest. New York is moving in the opposite direction at the state level, asserting that the federal retreat has created a gap that state prosecutors must now fill using criminal law rather than civil penalties alone.
What the Bill Still Needs to Become Law
As crypto.news has reported, the federal regulatory framework for crypto is being built out under GENIUS Act implementation, with the FDIC, OCC, and Treasury each advancing separate rulemaking processes that apply only to licensed entities. As crypto.news has noted, the GENIUS Act’s compliance architecture leaves unlicensed operators in a regulatory blind spot, precisely the gap the CRYPTO Act targets through state criminal law. The bill still requires passage through the New York State legislature, and a legislative timeline has not been announced.
CAEX, a crypto platform tied to the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) ecosystem, has secured strategic backing from OKX Ventures and HashKey as it pursues participation in Vietnam’s pilot regime for crypto exchanges. The announcement positions CAEX to join VPBank Securities (VPBankS) and technology partner LynkiD as shareholders and aims to help the firm meet Vietnam’s minimum charter capital threshold of 10 trillion dong (about $380 million), a prerequisite for entering the pilot program.
According to a release shared with Cointelegraph, OKX Ventures and HashKey will supplement existing shareholders as CAEX eyes the regulatory milestone necessary to qualify for the five-year pilot, which is designed to tightly regulate digital asset activity while expanding the legitimate onshore market.
Key takeaways
- Vietnam’s five-year crypto pilot will license only a small number of exchanges; the window for licensing opened on January 20, with a cap of five licensed operators.
- The regulatory framework imposes a foreign ownership limit of 49% and requires at least 65% of capital to be held by institutional shareholders, creating substantial entry barriers for new players, even those backed by banks.
- CAEX’s new backing from OKX Ventures and HashKey aims to reach the 10 trillion dong charter capital, a core condition to participate in the pilot.
- OKX described its role as strategic, focusing on ensuring CAEX has the financial strength and technical capabilities to meet both user expectations and regulatory standards, while keeping details of investment undisclosed.
- Vietnam’s crypto market has surged in adoption, but regulators have tightened oversight amid fraud probes and external pressure to curb unlicensed offshore platforms.
Backing with capital to clear regulatory hurdles
CAEX’s funding arrangement signals a concerted push to clear a central gating factor for the pilot: charter capital. The company has been working to raise the mandated 10 trillion dong threshold, a measure designed to ensure onshore exchanges have robust financial firepower before serving Vietnamese users. OKX, as a strategic partner, indicated that the investment will be deployed to bolster CAEX’s ability to meet both the capital and capability requirements, including areas such as technical infrastructure, security, compliance, and risk management. The spokesperson noted that the size of the investment and the exact stake in CAEX could not be disclosed, and declined to comment on whether the funding confirms selection in the pilot, emphasizing that the process remains regulated and ongoing.
CAEX’s ties to VPBank place the platform within a broader financial ecosystem that the bank envisions expanding into the digital asset space. VPBank has previously signaled a push to bring crypto activity into a regulated framework, with CAEX in the foreground as a potential onshore operator. In recent months, CAEX has been in talks about a charter capital increase to reach the pilot’s capital requirements, a move aligned with VPBank’s broader ambitions in digital asset services. OKX’s role as a strategic partner underscores the emphasis on building a compliant, institution-grade platform capable of meeting the high standards expected in a regulated market.
Regulatory backdrop: Vietnam’s pilot and its strict guardrails
Vietnam’s financial authorities are moving forward with a five-year crypto pilot that aims to balance innovation with consumer protection and financial stability. The pilot will permit a limited number of licensed digital asset service providers to operate exchanges onshore. Officials have underscored that only up to five enterprises will be licensed to run exchanges as part of the program, which opened its licensing window in late January. In addition to the cap on participants, the framework imposes foreign ownership limits of 49% and requires institutional investors to hold at least 65% of each licensed entity’s capital, creating steep thresholds for new entrants—even those aligned with established banks or financial groups.
Authorities have also signaled stricter controls could extend to overseas platforms. Once the first onshore exchanges are operational, the regime may block access to unlicensed overseas exchanges, a move that heightens the stakes for foreign firms seeking a regulated route into Vietnam’s market. The regulatory posture reflects a broader pattern in Asia where regulators are tightening oversight of digital assets while encouraging qualified participants to operate under a formal framework.
Market momentum, risk, and the practical implications for CAEX
Vietnam has emerged as a notable hub of crypto activity, with adoption growth placing the country among the top markets in global rankings. Chainalysis ranked Vietnam fourth in global crypto adoption in 2025, underscoring the potential for a regulated, onshore market to attract user participation and institutional interest. The regulatory move toward a structured pilot aligns with a desire to curb fraud and protect investors, particularly after a period of high-profile scams and investigations within the sector.
Recent enforcement activity in Vietnam has illustrated the risk environment for crypto ventures. In March 2026, authorities detained multiple suspects connected to the ONUS project amid allegations of false promotions and manipulation that allegedly misappropriated billions of dollars of investor funds. While these actions are not specific to CAEX, they underscore the atmosphere in which Vietnam’s regulators are pushing for tighter oversight and greater transparency in digital asset platforms. CAEX’s leadership notes that a regulated framework is a constructive step for the country’s crypto industry, particularly as it seeks to foster innovation within clear compliance boundaries.
For investors and builders, the key takeaway is that entering Vietnam’s onshore market will increasingly depend on meeting rigorous capital and governance standards. CAEX’s collaboration with OKX Ventures and HashKey signals an intent to combine deep liquidity, technical expertise, and robust risk controls with a bank-tied ecosystem to pursue a compliant market entry. The interplay between capital adequacy, regulatory compliance, and strategic partnerships will likely shape which entities ultimately win licenses and how they scale within Vietnam’s five-year plan.
What comes next for CAEX and Vietnam’s crypto sector
If CAEX meets the charter capital threshold and secures a license under the pilot, the company could become one of the few onshore platforms to offer digital asset trading under Vietnam’s regulated framework. The involved parties—CAEX, VPBankS, LynkiD, and strategic backers like OKX and HashKey—will need to navigate ongoing regulatory reviews, capital deployment milestones, and the evolving requirements of supervision authorities.
Beyond CAEX, observers will be watching how other players respond to the regulator’s thresholds, including foreign-backed ventures seeking a foothold in Vietnam’s onshore market. The emphasis on capital strength, institutional ownership, and rigorous governance suggests that the pilot will favor operators with substantial financial and compliance capabilities, potentially skewing the competitive landscape toward bank-affiliated and well-capitalized firms.
As Vietnam charts a cautious path toward crypto innovation, what remains uncertain is the precise timeline for final licensing decisions and how the pilot will evolve over the ensuing years. Regulators may refine capital requirements, adjust ownership caps, or expand the pool of eligible service providers as the ecosystem matures. For CAEX, the immediate milestone is clear: secure the requisite capital and complete the regulatory steps to enter Vietnam’s carefully calibrated onshore regime.
Observers should keep an eye on the regulatory timetable, the outcomes of CAEX’s capital-raise efforts, and any further disclosures from the participating banks and strategic partners about their roles in developing a compliant, scalable crypto exchange in Vietnam.
Vietnam’s dynamic market remains a focal point for crypto innovation in Southeast Asia. With authorities signaling a pragmatic approach to regulation and industry players aligning capital, technology, and governance, the coming months will be critical in determining which platforms emerge as credible, licensed onshore options for Vietnamese users and global participants alike.
As always, readers should monitor regulatory developments, licensing announcements, and the evolving stance of both domestic and international players seeking a legitimate foothold in Vietnam’s regulated crypto landscape.
OKX Ventures and HashKey Capital are backing a new Vietnam-based crypto exchange as Hanoi accelerates efforts to bring one of the world’s most active retail crypto markets under formal regulation.
Vietnam Prosperity Crypto Asset Exchange (CAEX) said Friday that the two firms have agreed to invest and become strategic partners alongside founding shareholders VPBank Securities and digital-identity firm LynkiD.
The funding will bring CAEX’s capital base to VND 10 trillion — roughly $380 million — the minimum needed to enter a government pilot program for regulated crypto trading under Resolution 05/2025.
The deal lands as Vietnam’s Digital Technology Industry Law, which took effect in January, formally recognized crypto assets and laid the legal groundwork for licensing, oversight, and industry incentives. Now regulators are pushing to shift activity onshore through a pilot program expected to grant licenses to a handful of domestic exchanges, part of a broader effort to restrict offshore trading and tighten control over capital flows.
That combination — legal recognition paired with controlled market access — has triggered a race among local financial institutions and global crypto firms to lock in early positioning. Vietnamese users moved an estimated $200 billion in digital assets in the year through mid-2025, placing the country among the top crypto-adoption markets globally.
Under the partnership, OKX Ventures and HashKey will work with CAEX on infrastructure, security, compliance, and liquidity. The exchange sits within the VPBank ecosystem, drawing on VPBankS for financial backing and governance and LynkiD for core technology and digital identity.
Vietnam was added to the Financial Action Task Force grey list in 2023 for weak anti-money laundering controls, particularly regarding virtual assets. That designation has been a major motivator behind the regulatory push.
The new framework requires crypto firms to obtain licenses, verify user identities, monitor transactions and file reports — measures designed to bring Vietnam closer to global compliance standards.
For Hanoi, the bet is that a regulated crypto market can help repair the country’s financial reputation. For OKX and HashKey, the calculus is simpler: get in early, meet the compliance bar, and grow with the market while the rules are still being written..
The DOJ crypto conflict reached a formal accusation this week when six Democratic senators told Deputy Attorney General Todd Blanche he had a “glaring conflict of interest” after ProPublica reported he held between $158,000 and $470,000 in Bitcoin, Ethereum, and Solana when he issued the memo disbanding the National Cryptocurrency Enforcement Team.
Summary
- Blanche signed an ethics agreement in February 2025 promising to divest within 90 days and not to participate in matters affecting his digital asset interests, then issued the enforcement rollback memo in April 2025 before divesting, during which window his Bitcoin holdings alone appreciated 34 percent
- When Blanche eventually divested, he transferred holdings to his adult children and a grandchild rather than liquidating them outright, a move ethics experts told ProPublica is technically legal but against the spirit of conflict of interest law
- Senators Warren, Hirono, Durbin, Whitehouse, Coons, and Blumenthal set a February 11 deadline for Blanche to produce all communications with ethics officials and the crypto industry around the time of the memo; the Campaign Legal Center simultaneously filed a complaint with the DOJ Inspector General
ProPublica’s investigation documents that Blanche’s memo, titled Ending Regulation by Prosecution, disbanded the NCET, halted Biden-era investigations into crypto companies, and directed the DOJ to assist Trump’s crypto working group. The memo benefited the crypto industry broadly, including Blanche’s own portfolio. A DOJ spokesperson told ProPublica the actions were “appropriately flagged, addressed and cleared in advance,” without specifying who cleared them or how. The senators wrote directly to Blanche: “At the very least, you had a glaring conflict of interest and should have recused yourself.”
The NCET was established in 2022 and led the Binance investigation that resulted in a $4.3 billion settlement. Blanche’s memo disbanded it entirely and directed the Market Integrity and Major Frauds Unit to cease cryptocurrency enforcement in order to focus on other priorities including immigration and procurement fraud. Going forward, the DOJ would only pursue crypto cases involving terrorism, narcotics, human trafficking, hacking, and cartel financing. The senators cited a January 2026 Chainalysis report showing illicit crypto activity surged 162 percent the prior year, arguing their predictions about the consequences of the rollback had proven correct.
The Divestiture Problem
When Blanche transferred his crypto holdings to family members rather than selling them outright, ethics experts told ProPublica this approach was at odds with the spirit of the law. The Campaign Legal Center argued the transfers did not eliminate his potential financial interest because his family retained the appreciated assets. ProPublica calculated his Bitcoin holdings rose 34 percent between the date of the memo and the date he divested, a gain that reached approximately $105,000 on that position alone.
What the Senators Demanded and What Comes Next
As crypto.news has reported, the DOJ conflict question has become a live variable inside CLARITY Act negotiations, where Democratic senators are pushing for ethics language barring government officials from profiting from crypto. As crypto.news has noted, the federal regulatory framework is being rebuilt through financial regulators rather than criminal enforcement, a structural shift Blanche’s memo accelerated. The Inspector General complaint filed by the Campaign Legal Center remains open, and the DOJ has not responded publicly to the senators’ demand for documentation.
Shares of stablecoin issuer Circle Internet Group fell sharply Thursday following a Wall Street downgrade and reports tied to a legal probe connected to a recent crypto exploit.
Circle’s stock price closed near session lows in Nasdaq trading, falling 9.9% to $85.10.
The decline adds to a broader slide in the company’s shares, which are down nearly 24% over the past month and about 43% over the past six months, reflecting continued volatility after Circle’s high-profile public debut last year.
However, the latest pullback may also reflect profit-taking after Circle shares surged between February and March, driven largely by growing stablecoin adoption.
Nevertheless, some analysts are urging caution. On Thursday, Compass Point downgraded Circle to “sell” from “neutral” and issued a $77 price target, implying roughly 9% downside from current levels.
Circle has also faced pressure from regulatory uncertainty in the United States. Progress on market structure legislation has stalled, while banking industry groups continue to lobby against yield-bearing stablecoins.
Analysts at Bernstein said the concerns are overstated, noting that Circle’s underlying business remains unaffected and pointing to growing USDC (USDC) adoption and strong reserve income.
Related: Crypto investor sentiment will rise once CLARITY Act is passed: Bessent
Fallout from Drift Protocol exploit continues to weigh on crypto markets
Separately, legal scrutiny tied to the recent exploit of decentralized exchange Drift Protocol has added another layer of uncertainty to the broader crypto market, indirectly weighing on sentiment toward Circle.
According to a notice circulated this week, investors affected by the $280 million Drift exploit are being urged to contact the Oakland, California law firm Gibbs Mura for potential financial recovery. The outreach signals the early stages of a possible class-action investigation tied to losses from the incident.
While Circle is not directly implicated in the exploit, the episode has renewed concerns about counterparty risk and the stability of decentralized finance platforms — an overhang that can spill over into publicly traded crypto-linked equities.
The perpetrator of the Drift exploit moved the stolen assets into USDC, prompting speculation over whether the funds could have been frozen by Circle, though no action was taken.
Related: Crypto hacks fall to $49M in February as attackers shift to phishing scams
CAEX, a crypto platform linked to the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) ecosystem, said OKX Ventures and HashKey are backing the company as it seeks to qualify for Vietnam’s pilot regime for crypto exchanges.
CAEX said Friday that the two offshore companies will join VPBank Securities (VPBankS) and technology partner LynkiD as shareholders.
According to a release shared with Cointelegraph, their investment is intended to help CAEX reach Vietnam’s minimum charter capital threshold of 10 trillion dong (about $380 million), a key condition for participating in the pilot program.
Vietnam pilot sets high bar
The move comes as Vietnam’s Ministry of Finance and State Securities Commission press ahead with a five-year crypto pilot that will admit only a limited number of licensed digital asset service providers. Officials have said no more than five enterprises will be allowed to operate exchanges under the pilot, which opened its licensing window on Jan. 20.
The framework also caps foreign ownership at 49% and requires at least 65% of capital to be held by institutional shareholders, creating high barriers to entry even for bank-backed contenders.
Authorities have also signaled they may block access to unlicensed overseas platforms once the first onshore exchanges are operational, raising the stakes for foreign firms seeking a compliant route into the market.
A spokesperson for OKX told Cointelegraph they could not disclose the size of the investment or the companies’ stakes in CAEX, nor whether the investment confirms the exchange’s selection in the pilot, saying it would “not be appropriate to comment further on the regulatory process.” However, they said the investment would enable CAEX to meet the capital requirements to pursue entry into Vietnam’s regulated crypto pilot program.
CAEX is part of VPBank’s broader financial ecosystem and previously said it was in the final stages of raising its charter capital to 10 trillion dong to qualify for the pilot, while VPBank is one of Vietnam’s largest private lenders.
The OKX spokesperson said that, as a strategic partner, the company would work with the other shareholders “as appropriate” to ensure CAEX has “the financial strength and technical know-how” to meet user expectations and regulatory standards. Potential areas of collaboration include technical infrastructure, security systems, compliance and risk management, they said.
Related: Banks want to run Vietnam’s crypto exchanges, Boyaa’s $70M BTC plan: Asia Express
Vietnam’s crypto market has boomed, but regulation is tightening
Vietnam’s crypto market has boomed in recent years, with Chainalysis ranking the country fourth in global crypto adoption in 2025. However, that growth has been marred by several high-profile scams and fraud investigations, giving regulators additional impetus to tighten control.
In March 2026, Vietnamese authorities detained multiple ONUS-linked suspects after alleging they used false promotions and manipulated token trading to misappropriate billions of dollars of investor funds through the crypto platform.
The spokesperson said Vietnam is an important market for digital asset innovation, and that the “development of a regulated framework” is a “constructive step” for the country’s industry.
Big Questions: Is China hoarding gold so yuan becomes global reserve instead of USD?
TLDR
- Changpeng Zhao says U.S. crypto exchanges spent millions to block his pardon.
- Zhao made the claim in his memoir, which runs more than 300 pages.
- He also criticized reporting from The Wall Street Journal and Bloomberg.
- Politico reported that Binance paid lobbying firms to support Zhao’s pardon effort.
- Binance.US recently named Stephen Gregory as chief executive to expand in the U.S. market.
Changpeng Zhao says several U.S. crypto exchanges funded efforts to stop his presidential pardon, according to his memoir. He wrote that rivals feared Binance could return to the U.S. market after his legal case ended. Trump granted Zhao a pardon last October, after Zhao pleaded guilty in 2023 and left Binance’s top role.
Changpeng Zhao Details Pardon Fight in His Memoir
Zhao wrote that friends told him rival exchanges backed lobbying campaigns against his pardon. He said they feared stronger competition if Binance re-entered the United States.
He wrote, “They paid millions in lobbying fees to block the pardon, in fear of business competition.” He also said those efforts clashed with Trump’s push to make “America the crypto capital.”
Zhao also attacked media coverage tied to his legal case and pardon process. He called Wall Street Journal reports “false news” and Bloomberg stories “smear articles.”
In 2023, Zhao pleaded guilty to failing to maintain adequate anti-money-laundering controls at Binance. He also stepped down as chief executive after the plea.
Zhao wrote that prison time surprised him because earlier enforcement cases often ended with deferred prosecution or home confinement. He did not identify the exchanges that allegedly opposed the pardon.
Lobbying Records and Binance.US Plans
Politico reported that Binance spent hundreds of thousands of dollars while seeking Zhao’s pardon. The report said one firm received $450,000 for one month of work.
Politico described that firm as run by “a hunting buddy of Donald Trump Jr.” Binance used outside lobbyists while Zhao pursued clemency.
Zhao’s memoir also includes endorsements from BlackRock chief executive Larry Fink and Bridgewater founder Ray Dalio. Dalio praised Zhao for helping expand access to alternative forms of money.
He wrote, “As a great admirer of CZ for his contributions to making alternative monies accessible.” The memoir presents those testimonials alongside Zhao’s account of legal and political pressure.
Last month, Binance.US hired former Currency.com chief executive Stephen Gregory to lead the exchange. The company has said it wants a larger share of the U.S. market, where Coinbase leads.
That appointment came about one year after Binance.US restored fiat deposits and withdrawals for U.S. customers. The company had paused those services due to regulatory pressure.
Key Highlights
- Analysts believe that further decline in XRP’s price will result in its breakout.
- Market specialists are hesitant, attributing weak ETF flows and uncertain signs for its recovery.
- The price movements of XRP largely depend on Bitcoin’s performance.
Mixed Sentiment for XRP as the Market Bounces Back
There is evident optimism in the crypto market since Bitcoin managed to climb above the $70,000 mark, which boosted other coins’ prices.
Ethereum also demonstrated its growing value, thus raising hopes for a potential milestone. Yet, despite this positive outlook in the market, there remains controversy over the future prospects for XRP.
Indeed, while some cryptocurrencies have managed to demonstrate their recovery capabilities, XRP does not seem to be on a consistent rising trajectory just yet. The coin is being traded in a narrow range without any definite upward dynamics.
Analyst: Price Decline May Mean a Greater Breakout
In light of the volatility surrounding XRP, an analyst has provided his own contrarian opinion, saying that any price fall in XRP may increase the possibility of a great breakout in the long run. This is due to the fact that an extended drop means a bigger accumulation period, which would result in an even greater rise after resistance is breached.
Technical analysis dictates that any extended period of sideways trading or falling prices eventually leads to a strong breakout, with the downside providing greater gains than a breakout on the upside. Hence, the analyst suggests that the longer the period of decline, the more gains one would reap from such a breakout.
The analyst adds that should XRP break out at its current price levels, the upside gains may be relatively smaller in comparison to a breakout after an extended price decline period.
Experts Still Question the Potential for XRP Recovery
While this optimistic perspective holds true, some notable experts are still skeptical concerning the future success of XRP in recovering itself. Ric Edelman, financial advisor, recently revealed his skepticism toward XRP by saying that he does not believe XRP will achieve its past heights once again.
Furthermore, Edelman referred to the rather low levels of capital flowing into XRP-based exchange-traded funds, indicating that institutional investors have not shown much enthusiasm about the cryptocurrency. The absence of substantial investment indicates that any potential price rally is difficult to sustain.
Another ETF expert, Eric Balchunas, also suggested that XRP is directly dependent on the performance of Bitcoin. Although Balchunas predicted a price increase, he implied that more positive news is needed to ensure a noticeable price change, including regulatory support or wider acceptance around the world.
Will XRP Be Able to Break Out and Create a New ATH
The main concern for the investors will be the ability of XRP to break out of its consolidation stage and establish a new all-time high in this market cycle. Despite the positive patterns on the charts, the absence of any solid catalysts has restrained expectations.
For XRP to break out, multiple factors have to work in favor of the crypto asset. Stable performance by both Bitcoin and Ethereum might provide the necessary environment for XRP to rise, along with increased adoption and institutional presence. Developments related to regulations could be another significant driver for XRP in the future.
Meanwhile, XRP traders continue monitoring important support and resistance zones for signals about a breakout direction. Either way, XRP is expected to see more volatility in the near term.
The future of XRP is still uncertain but optimistic and skeptical at the same time. Some experts argue that a more substantial decline in price would create room for a robust breakout; however, some doubt if the coin can reassert its dominance amid heightened competition.
As the overall cryptocurrency market seems to be recovering, the next action for XRP may well depend on technical and non-technical factors alike. For the time being, traders and investors keep monitoring the coin’s progress, weighing the opportunities and risks involved.
$XRP – the lower we go, the higher the measured breakout will be! If we break out now, price target will be lower!
Regardless, Im ready to take more profits to retire whole family bloodline!
RT for updates! Make sure to take more profits on top of the #XRPArmy #XRPCommunity 🫡 pic.twitter.com/lHfQV8YByR
— JD 🇵🇭 (@jaydee_757) April 8, 2026
Solana (SOL) price trades at $82.20 on April 9, down 3% in 24 hours and 34% year-to-date. Yet leveraged traders are betting heavily on a bounce.
The seven-day liquidation map on Bybit shows $309 million in cumulative long leverage against just $127 million in shorts, a 2.4x mismatch that defies the price weakness. A bullish reversal pattern on the 12-hour chart and an on-chain supply wall may explain why the crowd refuses to turn bearish on Solana price despite the sustained bleed.
Price Weakness Meets a 2.4x Long Bias as a Reversal Pattern Takes Shape
Solana price has dropped almost 5% over the past 30 days while the broader market digested ceasefire uncertainty and capital rotation into equities. The 34% year-to-date decline makes SOL one of the weaker performers among top tokens.
The leverage picture tells a completely different story. On Bybit’s SOL/USDT perpetual market, cumulative long liquidation leverage stands at $308.79 million. Short liquidation leverage sits at $127.02 million. Longs outweigh shorts by roughly 2.4 to 1.
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The mismatch becomes less puzzling when the 12-hour chart is considered. SOL is forming an inverse head and shoulders, a bullish reversal pattern. The right shoulder is currently taking shape, and the price is sitting near its base. As long as the pattern remains valid (SOL stays above $76.63), the leveraged crowd appears to be betting that the current dip is the final leg of the right shoulder before a breakout.
However, a pattern alone does not justify $309 million in directional bets. The on-chain picture reveals where that conviction is coming from.
17.5 Million SOL Accumulated at the Exact Level Where the Right Shoulder Sits
The cost basis distribution heatmap from Glassnode shows the densest supply cluster sitting between $81.16 and $81.98. Approximately 17.47 million SOL has been accumulated at this range, making it the strongest holder concentration zone on the chart.
The right shoulder’s lowest wick sits at $81.67, directly inside this cluster. The alignment is not a coincidence. Traders and holders who bought between $81.16 and $81.98 are defending their cost basis. Every dip into this zone gets absorbed because selling here would mean realizing losses for a large portion of the supply.
This on-chain wall gives the inverse head and shoulders its structural credibility. The pattern is holding because a real supply base supports it, not just speculative leverage. The longs on Bybit appear to be reading the same signal and positioning accordingly.
However, a $175 million long liquidation cluster sits around $78. If the cost basis wall fails and Solana price drops through $78, the resulting cascade could wipe out the bullish thesis rather quickly.
The SOL price levels now determine which outcome plays out.
Solana Price Levels That Decide if the Longs Are Right
SOL trades at $82.20. The first hurdle sits at $84.12 at the 0.236 Fibonacci level. A 12-hour close above $84.12 would suggest the right shoulder was completed earlier and buyers are now pushing toward the neckline.
The neckline zone sits between $86.86 at the 0.5 level and $88.09 at the 0.618 level. A daily close above $88.09 would confirm the breakout and activate the 13.2% measured move projection from the neckline. That targets $98.47-$98.80, per target projection.
On the downside, $81.67 is the right shoulder floor and almost the base of the 17.5 million SOL supply wall. A 12-hour close below $81.67 would deepen the right shoulder and raise questions about the pattern’s validity.
Below that, $78.38 offers the next technical support. However, the $78 zone is where roughly $175 million in long liquidations are clustered. If SOL reaches that level, forced selling from liquidated positions would likely accelerate the decline and damage the pattern significantly. A break below $76.63 at the head invalidates the inverse head and shoulders entirely.
For now, $88.09 separates a confirmed breakout toward $98.80 from a failed right shoulder that risks triggering $175 million in long liquidations below $78.
The post Solana Price Drops 3% but Longs Keep Piling In: 17 Million SOL Explain Why appeared first on BeInCrypto.
A mechanical hand is on display at the Robot Mall, world’s first embodied intelligent robot 4S store, on August 13, 2025 in Beijing, China.
Vcg | Visual China Group | Getty Images
BEIJING — Alibaba Cloud is investing in a new type of artificial intelligence designed to better replicate the real world using a different approach from chatbots such as OpenAI’s ChatGPT.
The shift recognizes the limits of “large language models” trained primarily on text. Instead, developers are starting to focus more on “world models” built on videos and real-life physical scenarios.
To jump on the trend, Alibaba led a 2 billion yuan ($290 million) investment in ShengShu, the startup behind the AI video generation tool Vidu, the company announced Friday. TAL Education and Baidu Ventures also participated in the series B funding round.
The investment comes about two months after ShengShu raised 600 million yuan from Qiming Venture Partners and other backers. The startup declined to disclose its valuation.
ShengShu said the latest funding will support the development of a “general world model” that uses AI to bridge two currently separate domains: the digital world of games and AI-generated video, and the physical world of autonomous driving and robots.
“ShengShu believes that a general world model, built on multimodal data such as vision, audio, and touch, more naturally captures how the physical world works than large language models,” the three-year-old startup said in a statement.
“We aim to connect perception and action,” Zhu Jun, founder of ShengShu, added in a statement, allowing AI systems to better model and predict real-world behavior consistently.
ShengShu’s latest Vidu Q3 Pro model, released in January, ranks among the top 10 AI models for generating videos from text and images, according to Artificial Analysis.
The company launched Vidu globally months before OpenAI made its now-shuttered Sora tool for AI video generation widely available. Chinese short-video companies Kuaishou and ByteDance have also released similar competing AI tools for generating videos.
World model competition
Alibaba has expanded its investments in related startups.
The Chinese tech giant and Baidu Ventures last month led a $50 million investment in Tripo AI, a platform that uses AI to quickly generate digital 3D models from photographs. Tripo said it is also moving away from techniques used by language models toward AI tools grounded in physical space and is developing its own world model.
In September, Alibaba also led a $60 million investment in PixVerse, which released an AI world model earlier this year that allows users to direct how a video unfolds while it is being generated.
Alibaba, which got its start in e-commerce, has also released free, open-source AI models for video generation and, in February, launched one for powering robots.
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Shengshu said Friday it has strategic partnerships with companies developing embodied AI — systems such as humanoid robots that interact with the physical world — for use across industrial, commercial and home settings.
World models are critical for robotics because the technology needs more than LLMs to work, Kevin Kelly, co-founder of the U.S. tech magazine Wired, wrote last month on his Substack.
Ultimately, to replicate human intelligence, AI will need three things: reasoning, an understanding of the physical world and continuous learning, Kelly said. While AI for the learning category hasn’t been developed yet, LLM-powered chatbots have created the knowledge element, he said, making world models a key area requiring a breakthrough.
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