Crypto World
Bitcoin price breaks past $68K as $1B short squeeze hits
Bitcoin price surged past $68,000 late Wednesday as a break above crowded liquidation levels forced short sellers to buy back positions, turning a gradual recovery into a one-minute price spike of roughly 4%.
Summary
- Bitcoin price jumped from below $65,000 to a high near $69,500 before settling around $68,500.
- More than $1 billion in crypto shorts were reportedly liquidated within one hour.
- The breakout cleared a 4-hour double-bottom neckline near $65,400.
- Bitcoin now faces daily resistance between $69,000 and $70,000 after its RSI entered overbought territory.
Market analyst Daan Crypto Trades said in an Aug. 19 X post that Bitcoin experienced a “massive squeeze” after crossing the $67,000 liquidation cluster. He said the resulting one-minute candle gained about 4%, exceeding the size of any full daily candle recorded in recent weeks.
Bitcoin price clears a two-month trading range
According to data from crypto.news, Bitcoin (BTC) price traded near $68,500 at the time of writing after reaching an intraday high of about $69,500 on Binance. The move represented a gain of nearly 6% from Wednesday’s opening price of around $64,725.
The rally followed several weeks of limited movement between approximately $62,000 and $66,000. Buyers had repeatedly failed to hold above $65,000, encouraging traders to build leveraged short positions around the upper end of that range.
Bitcoin reversed the setup within minutes. Once BTC price crossed $67,000, exchanges began closing positions that no longer had enough collateral, requiring short sellers to buy Bitcoin and adding further upward pressure.
The broader crypto market recorded more than $1 billion in short liquidations within one hour as Bitcoin climbed above $69,000. Total crypto short liquidations later reached $1.79 billion, suggesting that forced buying played a major role in accelerating the rally.
The three-day CoinGlass heatmap shows Bitcoin moving through multiple liquidation bands between $65,000 and $67,500 before reaching the upper cluster near $69,000. Much of the liquidity that had built above the previous trading range was therefore removed during the spike.
Treasury buybacks and SEC proposal support risk appetite
The squeeze followed a U.S. Treasury announcement that it would at least double the maximum size of liquidity-support buybacks for longer-dated government bonds.
Starting Sept. 9, the Treasury plans to raise the maximum purchase size for 10- to 30-year securities from $2 billion to at least $4 billion per operation. Long-term Treasury yields fell after the announcement, while the dollar weakened and US stocks advanced.
Lower bond yields can improve demand for risk assets by reducing the return available from government debt, although the Treasury described its purchases as a way to improve market liquidity rather than a monetary stimulus program.
Bitcoin also benefited from a more favorable US regulatory backdrop after the Securities and Exchange Commission proposed its new “Regulation Crypto Assets” framework on Aug. 18.
According to the SEC proposal, the framework would create tailored registration exemptions for certain crypto-related investment contracts. One exemption would allow eligible startups to raise up to $5 million over four years, while another would permit qualifying issuers to raise as much as $75 million in a 12-month period, subject to disclosures and other requirements.
The proposal has not taken effect and may change following public feedback. Its publication nevertheless added to expectations that US crypto companies could receive clearer fundraising rules.
Bitcoin breakout targets the $69,000 resistance zone
The 4-hour Bitcoin chart shows a double-bottom structure formed between late July and mid-August. Both lows developed near $62,200, while the neckline sat around $65,400.
Wednesday’s move broke through that neckline with one large candle, placing Bitcoin roughly $3,000 above the former resistance level. The pattern’s measured move points toward the $68,500–$69,000 region, which Bitcoin reached during the breakout.
Capital flow also strengthened alongside the price. The 4-hour Chaikin Money Flow reading rose to 0.26, indicating that buying pressure outweighed selling pressure during the move.
Short-term conditions have become stretched, however. The 4-hour relative strength index reached 83.49, well above the 70 level commonly associated with an overbought market. The RSI average stood near 69, showing how quickly momentum increased.
An overbought RSI does not require an immediate decline, especially during a short squeeze, but it raises the risk of profit-taking or a retest of the breakout. The long upper wick near $69,500 shows that sellers already responded above $69,000.
On the daily chart, Bitcoin reclaimed its 100-day simple moving average around $66,288. Price remained slightly below the 200-day average near $69,031, making the $69,000–$70,000 area the next test for the recovery.
A daily close above that zone would improve the case for a move toward $72,000. Analyst Ted Pillows identified $74,000 as the more important weekly level, arguing that reclaiming it would reduce the likelihood of Bitcoin falling below $55,000.
Failure to hold the breakout could return attention to $67,000, followed by the former neckline around $65,400. The strongest nearby support cluster visible on the liquidation heatmap sits between approximately $64,000 and $65,500.
ETF demand and weaker selling preceded Bitcoin breakout
Before Bitcoin broke above $65,700 on Wednesday evening, the Bitfinex analyst team told crypto.news that fading profit-taking and renewed spot ETF demand had created a more supportive supply setup.
The analysts said Bitcoin had begun rising while US equities fell, marking a break from the cross-asset pattern seen after the Iran-US conflict disrupted correlations in early March. At the time, rising Treasury yields and energy prices continued to pressure traditional markets while Bitcoin remained below $65,000.
On-chain spending also suggested that sellers had less capacity to realize gains. Bitfinex analysts said long-term holders who moved coins were recording small losses, while short-term holders were selling close to their purchase prices.
“Long-term holders are realising losses, albeit minimal, at the deepest ratios since June, short-term holders are transacting at break-even and the aggregate profit ratio of every coin moved on-chain has now closed below par for 10 consecutive sessions.”
The ratio between long-term and short-term holder spent output profit ratios had declined steadily since Bitcoin reached its $126,110 all-time high in October 2025. Short-term-holder distribution still exceeded selling by long-term holders, which Bitfinex described as a signal commonly associated with the later stages of a bear market.
“The supply available to be spent at a profit is increasingly constrained, and the constraint favours bullish price action by mitigating selling interest at the range highs,” the analysts said.
US spot Bitcoin ETFs added to that tightening supply. Bitfinex reported that the funds attracted $297.5 million on Aug. 17, their largest daily inflow of the month, followed by another $189.3 million on Aug. 18. The two sessions produced the first back-to-back net inflows since Aug. 7.
Bitfinex had identified $65,700 as the level Bitcoin needed to clear to extend its recovery. The later breakout carried BTC through that threshold and into the short liquidation clusters above $67,000, where forced buying accelerated the move toward $69,500.
The analysts linked the reduced selling pressure to a longer process of clearing coins held by investors who bought more than two years earlier.
“In December, we expressed that long-term holder sell pressure approaches saturation as the two-year supply overhang clears,” Bitfinex said. “This is what the terminal stage of that process looks like in the tape.”
The breakout supports the analysts’ supply-side assessment, although holding above $65,700 remains important. A return below that level would suggest the move was driven mainly by forced short covering, while continued ETF inflows and firm spot volume would provide stronger evidence of sustained demand.
Zhang’s broader outlook still warns against chasing
Zhang offered a more cautious view of Bitcoin’s longer-term position, arguing that signs of a bottoming process did not yet confirm a durable market bottom.
When Bitget Wallet’s research analyst spoke to crypto.news, Bitcoin price was trading between $64,000 and $64,700 after spending several weeks inside a $62,000–$66,000 range. She cited moderate leverage, compressed volatility, and slower selling by long-term holders as factors that reduced the likelihood of a sharp move in either direction.
“Bitcoin is showing signs of a bottoming process, but not a confirmed bottom,” Zhang said before the rally.
“If $60,000–$62,000 support holds, the setup offers asymmetric upside; confirmation of a durable bottom still requires sustained volume and less fear.”
The subsequent move invalidated the immediate expectation that Bitcoin would remain confined below $66,000, but it did not settle Zhang’s broader question about whether the market has established a durable low. The breakout relied partly on forced short covering, while the 4-hour RSI and rejection near the 200-day average leave room for a pullback.
Zhang expects Bitcoin to trade within a broad $55,000–$80,000 range through year-end. Holding above $65,400 after the initial squeeze would provide stronger evidence that spot buyers, rather than liquidations alone, can support the latest recovery.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
“Zelenskyy won elections in 2019, defeating the incumbent, and since then navigated an extremely complex terrain of Ukrainian politics,” he says. “He would defeat any other candidate.”
Sonin says in years past there were potential presidential alternatives—including General Valerii Zaluzhnyi—who might have been perceived as someone who could “prosecute the war better.”
Zaluzhnyi long held that he had no political ambitions; however, in July, Ukrainska Pravda reported that Zaluzhnyi told Zelenskyy he would run if elections were held in the fall, citing sources close to both men. Sources told the outlet that Zaluzhnyi had changed his mind because he didn’t want to disregard the trust that people had placed in him.
“Ukraine is not losing, and there is so much hope,” Sonin says. “I do not see how Zelenskyy would not win these elections.”
Recent polling, however, complicates Sonin’s assessment. SOCIS, a polling firm, found that Zelenskyy would finish first in the first round in an election against Fedorov, Zaluzhnyi, and Kyrylo Budanov—the current chief of staff for the President, who has not publicly expressed any intention to run. Zelenskyy would capture 22% of the vote as compared with Zaluzhnyi’s 21% and Fedorov’s 13%.
Bitcoin’s price suddenly jumped by a grand yesterday and tapped $65,000 for the first time in over a week, before it was stopped and now sits at around $64,000 again.
Most larger-cap alts have produced minor gains within the same timeframe, with ETH climbing above $1,900 and SOL trading above $75. BTW has stolen the show again.
BTC Tapped $65K
Bitcoin went through a few legs down last week after it was rejected at $65,400 first and then at $64,400. The culmination took place on Friday afternoon when the asset slumped to $62,500 for the first time in ten days. The bulls finally intervened after this nosedive and helped the asset recover to $63,000, where it spent the entire weekend without any moves in either direction.
Monday began with a dip to $62,600 before BTC jumped by a grand to $63,600. After a minor rejection there, the cryptocurrency went on the offensive again to $64,500. It was stopped there at first and slipped to $64,000. Then came the surprising uptick to $65,000, which became its highest price tag since last Monday.
BTC failed there and dipped to $64,100 earlier today, where it found some support and now sits a few hundred dollars higher. Its market cap has remained sideways at $1.290 trillion, while its dominance over the altcoins has lost some traction and is below 57% on CG now.
BTW In a League of Its Own
The top performer in the crypto market continues to be Bitway (BTW). The token has skyrocketed by over 900% in the past month. Its daily gains stand at a whopping 85%, and it just reached a new all-time high of $0.067 (CoinGecko data).
PUMP, CAKE, LINK, and DOT follow suit in terms of daily gains, but are significantly more modest at somewhere between 4% and 7%. Ethereum has jumped by just over 1% to $1,920, while SOL is at $77 after a 1.5% increase. XRP, TRX, DOGE, and ZEC are also slightly in the green, while HYPE and CC are down by around 2% each.
The total crypto market cap has added around $20 billion daily and is up to $2.280 trillion on CG.
The post Viral Altcoin Explodes to New All-Time High, Bitcoin (BTC) Touched $65K: Market Watch appeared first on CryptoPotato.
Although the past week was quite unpleasant for XRP token holders in terms of price action, the company behind the asset made a few significant moves.
Additionally, there’s more information on the XRP whale activity, which has shown a clear uptick. We will review all of that and much more, so let’s dive in.
Big Partnership
We kick things off with a fresh announcement from yesterday, which stated that Ripple collaborated with Jeonbuk Bank to begin the first deployment of Ripple Payments in South Korea to enable faster cross-border remittances.
The partnership aims to expedite international transfers for businesses and reduce delays associated with traditional banking methods.
“With this partnership with Ripple, JB Jeonbuk Bank is ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards. This partnership will become a new growth engine for the bank, and we will lead innovation that reshapes the financial paradigm, going beyond the adoption of new technology,” commented Jeonbuk Bank’s President, Park Choon-won.
The company’s recent activities in South Korea include another collaboration with Kyobo Life Insurance and KBank to enhance digital finance and blockchain integration.
Ripple Price Raises $275M
Another statement from yesterday said the company had secured a $275 million private placement of senior unsecured notes issued by Ripple Prime to support its ongoing and expanding business in the US. According to the team, a “diverse base of institutional investors in key financial markets” participated in the fundraiser.
Ripple Prime will use the proceeds for working capital and general corporate purposes within a regulated entity as client demand for a modern, multi-asset clearing, prime brokerage, and financial services platform rises.
Wall Street and XRP ETFs
The most recent SEC filings in the US showed that a growing number of Wall Street behemoths have gained exposure to XRP through the spot exchange-traded funds. Jane Street Group leads the pack with more than 1.2 million shares.
Other notable names that disclosed such exposure included Bank of America, Morgan Stanley, Wolverine Asset Management, Gallagher Capital Management, Main Street Group, and National Bank of Canada.
Meanwhile, the XRP ETFs ended the previous business week in the green again, but attracted a very modest amount of just over $2 million. On the plus side, net inflows reached $5.81 million on August 19, the highest for the month.
XRP Price Update
Ripple’s partnership, expansion news, or any other recent initiatives have failed to boost the underlying asset. Just the opposite, XRP has been consistently losing value, which eventually led to the almost inevitable dip below $1.00 for the first time in nearly two years. As of press time, the asset has been unable to reclaim that level decisively despite BTC’s resurgence to over $64,000.
On the flip side, the network activity has picked up the pace lately. Daily active addresses topped 35,500 in August, while the number of whales holding at least a million XRP increased by 32 in three months. In addition, these large market participants went on an impressive accumulation spree last week, scooping 72 million tokens in 24 hours.
Meanwhile, analysts continue with contradictory predictions about the asset’s future price performance. Some claimed that the dip below $1.00 could get a lot worse before the token rebounds, while others are adamant that it could bounce off the recent levels.
The post Important Ripple News and XRP Price Update: August 19 appeared first on CryptoPotato.
Grayscale Research says three altcoins could be the biggest winners from new US token rules. The asset manager points to Ethereum (ETH), Solana (SOL), and BNB Chain.
The Securities and Exchange Commission (SEC) proposed Regulation Crypto Assets, or Reg Crypto, on Tuesday. The plan would let startups sell newly issued tokens to US investors after years without a clear path.
Why Grayscale Sees ETH, SOL, and BNB as Winners
Grayscale published its case hours after the SEC released the proposal. Its logic is simple. Legal token sales would pull founders and investors onchain. The networks hosting those sales would capture the activity and the value.
The demand already has a track record. More than 1,500 projects raised a combined $12.9 billion through initial coin offerings (ICOs). That figure comes from research by the National Bureau of Economic Research (NBER). The wave peaked in 2017-18. However, later fundraising models moved offshore and shut out US investors.
“The SEC just proposed new crypto regulation. Since the ICO boom of 2017, token-based fundraising in the US has lacked regulations. “Reg Crypto” would change that,” Grayscale wrote.
The market is already moving. ETH trades near $2,179 after a 15% jump in 24 hours. Meanwhile, SOL sits at $86.98, and BNB holds near $630.
Grayscale has also put money behind the theme. This month, the firm made BNB its largest fund holding in its Smart Contract Fund, with a 30.6% weighting.
What the New US Token Rules Would Change
Reg Crypto creates two fundraising lanes. Startups could raise up to $5 million over four years under a one-time option. A second lane allows $75 million per year. That route requires financial statements and ongoing reports.
The proposal also gives tokens an exit from securities treatment. A token leaves once its issuer completes all essential managerial efforts. Officials call this the Investment Contract Safe Harbor.
That exit question fueled the SEC’s long court fight with Ripple over XRP. The new SEC crypto rules now answer it on paper.
SEC Commissioner Mark Uyeda backed the shift. He said clear rules should cut the incentive for founders to launch offshore. The proposal would also stand in for parts of the CLARITY Act. That broader market structure bill slipped to September in the Senate.
A 60-day comment period opens once the plan reaches the Federal Register. A separate innovation exemption for trading rules is expected later this year. The next test is simple. Will US founders actually bring their raises onchain?
The post 3 Altcoins Grayscale Says Could Win From New US Token Rules appeared first on BeInCrypto.
Much in the way oceans can become more acidic as they absorb more carbon dioxide, the same can be said for blood. “Bicarbonate,” said Larcombe in an email to TIME, “is the body’s main chemical ‘shock absorber’ for keeping blood from becoming too acidic, and a rising level is an indicator of the body compensating for more CO2.”
But bicarbonate can do only so much, and even over relatively small stretches, higher levels of CO2 in the blood can take a toll. “From short-term studies at moderately elevated CO2 (the sort of levels common in poorly ventilated rooms),” wrote Larcombe, “that means headache, tiredness, and declines in concentration and decision-making. Over longer periods, animal studies raise the possibility of oxidative stress, inflammation, tissue calcification in the kidneys and arteries, and effects on bone.”
At the same time bicarbonate levels have been rising in the blood, calcium and phosphorus levels have been falling, the study found. In addition to producing higher levels of bicarbonate, the body responds to rising carbon dioxide by drawing CO2 molecules out of the blood and storing them in bones in the form of carbonate—an ion composed of one carbon atom and three oxygen atoms. Phosphorus and calcium, which assist in this process, are drawn from blood into bone as well.
Bitcoin (BTC) just reclaimed $70,000 for the first time since June 2. The 78-day wait ended after President Donald Trump said a “sizable” government Bitcoin purchase has “been talked about.”
The Fed’s July minutes came and went without damage. Trump’s remarks gave the rally its second engine of the day.
How Bitcoin Reclaimed $70,000 After 78 Days
The BTC price briefly tested $70,000 today. Two days ago, it sat below $64,000. In early July, it was near $62,000.
The move crushed the other side of the trade. Crypto shorts lost $1.23 billion in a single hour. One whale on Hyperliquid lost an entire 1,800 BTC short worth about $117 million.
Washington lit the first fuse. The Treasury said it will double its long-end debt buybacks to at least $4 billion per operation. The 30-year yield fell from 5.337%, its highest since 2007. Cheaper long-term money favors assets that pay no income.
Perspective still matters. Even at $70,000, Bitcoin trades about 44% below its record of $126,080, set last October. But the reclaim breaks this year’s pattern, where gold beat bitcoin decisively, gaining 33% while BTC fell 46%.
The king of crypto topped out at $70,000 on Binance and $70,022 on Coinbase, as of this writing.
Trump Floats a ‘Sizable’ Bitcoin Buy as the Fed Stays Quiet
Then came the second fuse. Asked whether the administration plans to accumulate a sizable amount of Bitcoin, Trump did not rule it out. He tied the idea directly to the dollar.
“It’s been talked about. It’s been very, very good for the dollar. If you came in with recommendations, I would certainly listen.”
The remarks land on fertile ground. Trump created a Strategic Bitcoin Reserve in March 2025, built from seized coins rather than open-market buying. A sizable purchase would be a first.
The Fed offered no resistance either. The July minutes said inflation “remained elevated” but showed no hawkish push beyond the three known dissenters. September hike odds slipped to 34%, and the dollar weakened.
The mix is potent. Falling yields, a quiet Fed, and a president musing about buying. Whether BTC holds $70,000 overnight will show if the words carry real weight.
The post Bitcoin Reclaims $70,000 First Time Since June and Trump Just Hinted at More appeared first on BeInCrypto.
David Schwartz, Ripple’s CTO emeritus, has warned that government rules around AI safety and copyright could give authorities unprecedented control over political and social speech.
His argument centers on who gets to decide what AI systems can create, know, and discuss.
Two Legal Fights, One Argument
Schwartz laid out the case in a reply thread on X that started almost by accident. On August 18, he quote-posted a Change.org UK campaign asking the British government to limit how much coverage any one person can receive in the press, a petition launched after 249 articles covered sociology professor Jason Arday in the 22 days before his death on August 14.
Schwartz’s response to that campaign was a question: which poses more of a threat to free speech, artificial intelligence or, as he put it, natural stupidity.
When a user named Athena asked what he actually meant, Schwartz explained that AI has become the most effective tool for producing speech that exists, and that governments are currently fighting on multiple fronts over how much they can regulate it.
He then spelled out two specific fights. The first is over whether training an AI model on copyrighted material counts as infringement. Since Congress controls what exceptions to copyright law exist, a ruling against AI companies would mean the most powerful speech-generating tool in existence could only be used in ways Congress permits, effectively letting lawmakers decide what speech looks like.
The second fight is over AI safety regulation itself, which Schwartz argued follows the same logic: if the government sets the rules for what counts as safe, the most powerful tool for producing political and social speech becomes usable only in the ways officials allow.
“Again, a totally unprecedented threat to freedom of speech,” he wrote.
A Recurring Argument on X
This is not the first time Schwartz has pushed this line of thinking. In late July, Bitcoin advocate and ShapeShift founder Erik Voorhees argued on X that states should not get to decide what forms of intelligence count as safe, warning that a rule against discussing something as narrow as bioweapons could eventually expand into a broader government veto over speech and even encryption. Schwartz replied to that post with a simple agreement at the time.
The broader question of who gets to police speech-enabling technology has come up elsewhere too. Telegram founder Pavel Durov, already facing terrorism-related charges tied to content on his messaging app, drew a fresh international arrest warrant from Russia’s security service in late July, adding to a case that started with his 2024 arrest in France over similar allegations.
The debate also extends to proposals for government-backed AI testing after Google DeepMind CEO Demis Hassabis previously proposed a federally backed body to test and certify advanced models. While OpenAI CEO Sam Altman and Microsoft’s Satya Nadella expressed support for the idea, Coinbase chief Brian Armstrong took the opposite view, contending that existing laws covering fraud, torts, and consumer protection could already address harms caused by AI systems.
The post Ripple CTO Emeritus: AI Safety Rules and Copyright Laws Pose Threat to Free Speech appeared first on CryptoPotato.
[PRESS RELEASE – Dubai, United Arab Emirates, August 19th, 2026]
Swapiz Telegram Swap Bot announces its public launch. Designed with Telegram users in mind, the Swapiz Telegram Swap Bot allows users to make crypto-to-crypto swaps directly within the Telegram messaging app, without opening an external browser or exchange interface. Swapiz currently supports more than 50 cryptocurrencies and requires no KYC.
Swapiz is not the first crypto platform to turn to Telegram for swap capabilities. Over the past few years, Telegram has become a preferred channel for platforms offering crypto swap capabilities, emerging as one of the most important distribution channels in the crypto and blockchain space. The popular messaging app has more than 1 billion monthly active users and hosts numerous dedicated crypto communities. Swapiz is the latest platform to join the Telegram trend.
While the Swapiz Telegram Swap Bot is designed for users of all experience levels, its simple mechanics make it particularly accessible to crypto newcomers. After opening the bot on Telegram, users first create their Swapiz wallet and choose the cryptocurrency they want to deposit.
Once the deposit is confirmed and the funds appear in their balance, users can select “Exchange”, choose the cryptocurrency they want to swap and the cryptocurrency they want to receive, and enter the amount. The bot then displays the available exchange details for the transaction. After reviewing and confirming the swap, Swapiz processes the exchange using the funds already held in the user’s wallet, and the swapped new cryptocurrency is credited.
“We made the Swapiz Telegram Swap Bot with the Telegram crypto user in mind,” said Michael Rodriguez, Chief Technology Officer at Swapiz. “This is the convenience economy. People are looking for the easiest and quickest way to complete their crypto swaps. The Swapiz Telegram Swap Bot makes this possible.”
The Swapiz Telegram Swap Bot also incorporates secure data encryption and non-custodial swap technology to help protect transactions against potential threats. In addition to processing swaps quickly, the bot allows users to manage, track, and trade their assets without leaving the Telegram chat. Swapiz Support is also available around the clock via Telegram.
“The one area we refuse to compromise on is speed,” Rodriguez added. “At the moment, our swaps are completed in 2–15 minutes. We expect that time to drop to under two minutes within the next few months. This is the direction the entire industry is headed. Latency will no longer be tolerated, particularly in cross-chain and payment-focused applications. We want to be at the forefront of this transformation.”
About Swapiz
Swapiz is a privacy-first, non-custodial Telegram tool that allows users to instantly exchange cryptocurrencies across multiple blockchains. To use Swapiz for crypto-to-crypto swaps, users are not required to create an account, provide an email, or complete KYC verification.
The post Swapiz Telegram Swap Bot Launches to Remove Friction in Crypto-to-Crypto Swaps appeared first on CryptoPotato.
After weeks and weeks of sideways movements without any clear signs of a breakout in either direction, the crypto market is finally on the move.
Bitcoin led the charge with a massive surge that drove it to its highest price tag since the middle of June at just over $69,000.
Recall that BTC dipped below $63,000 at the end of the previous business week before it found some support and recovered to $63,000 during the weekend.
It started to show revival signs on Monday and Tuesday, but today’s increase is the most impressive in months.
Ethereum has soared past $2,000 for the first time in months as well, and has even tapped the $2,100.
XRP has finally rebounded above the key $1 support after dipping below it on a couple of occasions last week.
The liquidations are also on the rise given the sharp movement. Data from CoinGlass shows that $1.2 billion worth of leveraged positions has been wrecked in the past hour alone.
Naturally, the lion’s share is from shorts, as they are responsible for $1.14 billion out of the total.
BTC and ETH lead the pack, with $680 million and $425 million liquidated longs, respectively.
The post Over $1B in Liquidations as Bitcoin Surges to 2-Month High Above $69K appeared first on CryptoPotato.
Arthur Hayes has said that he is coming out of retirement to lead Flop Labs, a new project centered on a token called $FLOP that aims to work as a kind of currency for AI agents.
The announcement doubled as a defense of the move: Hayes, who has spent months warning that AI investment is a bubble, argued the excess sits in the debt piling up to build data centers, not in the underlying technology his new venture is built on.
A Fair Launch and a Compute-Backed Token
Hayes described $FLOP as “food for your AI agent” and said the token would launch without a presale or venture capital funding. “100% fair launch,” he wrote, adding that he expects a “massive airdrop in Q4” followed by a genesis block in the first quarter of 2027.
Flop Labs’ announcement describes the network as a proof-of-useful-inference protocol. Its stated goal is to give AI agents a native currency for buying computing power and storing memories. The project uses floating-point operations, or FLOPs, as the basis for its economic model. Miners would provide computing power and receive $FLOP through block rewards and inference payments.
Validators would verify that miners delivered the computing work requested by agents. They would also store agent memories and receive $FLOP through block rewards and inference payments.
On their part, AI agents would spend the token on computing and memory services, while community partners could receive $FLOP based on network activity.
Flop Labs stresses that the network has not launched and remains under development. Its current design can change, and the project makes no guarantees about receiving tokens or making money.
The AI Bubble Argument
Before announcing Flop Labs, Hayes had compared the AI buildout to the 2008 housing crisis, arguing that lenders, private credit funds, and governments are financing data centers on the assumption that demand keeps climbing without limit.
He expects AI capital spending to slow in 2027 before contracting, which he said would force governments into bailouts larger than those that followed the 2008 financial crisis, sending new money into crypto markets and potentially pushing Bitcoin toward $1 million.
When asked why he would build an AI project while calling AI a bubble, Hayes said the excess lies in debt used to fund data centers and in the shares of hyperscalers and frontier labs that are not yet profitable, not in agentic technology itself.
“Price is what you pay, value is what you get,” he wrote, adding that the compute overcapacity built on borrowed money strengthens his case for Flop Labs.
Hayes’s bet on an agent-native currency also arrives against thin real-world usage elsewhere. Analyst Jamie Coutts reported on August 12 that daily settlement volume on x402, the Coinbase-built payment protocol for AI agents, is down 93% year-to-date, with the seven-day average around $41,800, well below the $800,000 to $1 million peaks seen in late 2025.
Coutts called the drop a “reality check” on claims that the agentic economy has arrived, though he expects volume to climb again in the fourth quarter.
The post Arthur Hayes Called AI a Bubble, Now He’s Launching an AI Project appeared first on CryptoPotato.
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