Blockchain project MemeCore’s M token collapsed about 74% over 24 hours, sliding from a high near $2.92 to as low as $0.51 before steadying around $0.74, with no exploit, hack or announcement to account for the drop.

The fall erased close to $3 billion in market value. M’s market capitalization dropped below $1 billion, to about $969 million, from roughly $3.8 billion before the slide, per CoinDesk data.

Trading was thin relative to the size of the move, with only about $21 million changing hands over the day.

No confirmed catalyst has emerged. But M is a token that widely-known onchain investigator ZachXBT publicly questioned months ago.

In an April post, he asked why the exchange Kraken had listed M for spot trading in July 2025 and how it cleared the exchange’s due diligence, alleging that insiders had “manipulated the price” to a $6 billion market capitalization and an $18 billion fully diluted valuation. The latter is the value the token would carry if every coin that will ever exist were already circulating.

Bitcoin dropped to $59,175 overnight, its lowest point since early June, before recovering to about $61,500 by Thursday morning, per CoinDesk data. Nearly $1 billion worth of futures positions were liquidated across crypto majors, such as bitcoin, ether, solana, and others, to tokenized versions of stocks, such as Micron Technology Inc (MU) and Sandisk (SNDK).

The dip triggered roughly $430 million in long liquidations on bitcoin-tracked futures, or bets on higher prices that were automatically closed as the price fell.

No single catalyst drove the move. Bitcoin has lost about 10% since Monday’s peak near $65,500, pulled lower by the same forces that have dominated all week: a hawkish Fed, six straight weeks of ETF outflows, thinning summer liquidity, and a quarter-end options expiry on June 30 that traders say is keeping the market unstable.

Major market-maker Wintermute had flagged $59,000 as the bear-market low to watch in its Tuesday’s note.

The bounce came from outside crypto. Micron Technology reported quarterly earnings after the close that shattered analyst estimates, sending its shares sharply higher and lifting the broader memory chip complex.

SK Hynix separately disclosed plans for a U.S. stock listing seeking roughly $29 billion, one of the largest offerings ever. Samsung and Kioxia rallied in Asia Thursday morning.

The same AI chip trade that sent the Kospi down 10% on Monday on fears the spending boom was stalling is now the thing steadying crypto, with Micron’s results reading as confirmation that demand for AI memory is structural, not speculative.

The quarter-end remains the week’s live risk. Bitcoin’s $59,000 low held, but $1.6 billion in leveraged long positions sit clustered below $58,000, per CoinGlass, meaning a break there would accelerate the drop.

Thursday’s PCE inflation print, the Fed’s preferred price gauge, is the next data point that could move the market in either direction.

Coinbase has established Luxembourg as its European crypto hub under the EU’s Markets in Crypto-Assets framework, one year after securing a license from the Commission de Surveillance du Secteur Financier. 

The company used its latest office opening to confirm Luxembourg as its MiCA home for all 27 EU member states. The setup allows Coinbase Luxembourg S.A. to offer crypto-asset services across the EEA through passporting.

“Luxembourg is officially our MiCA home,” Coinbase said on X. 

The exchange said it plans to welcome users from across the EU under one licensing base. It has also pointed to Luxembourg’s financial sector, blockchain laws, and clear oversight as reasons for the move.

MiCA passport widens market access

Coinbase secured its MiCA license from the CSSF in June 2025. As crypto.news reported, the license lets the exchange expand services to customers across all 27 EU member states. Coinbase had earlier built local license coverage in Germany, France, Ireland, Italy, the Netherlands, and Spain.

Under MiCA, crypto firms can use one national authorization to serve users across the bloc after completing required notifications. That setup gives large firms a clearer path than separate local approvals. It also places more pressure on exchanges that still lack approval before the July 1 transition deadline.

Ripple adds Luxembourg momentum

The Coinbase update came after Ripple received preliminary CASP approval from Luxembourg’s CSSF. As crypto.news reported, the approval came through a “Green Light Letter” and remains subject to final conditions. Ripple said the license would support regulated cryptoasset and stablecoin payment services for banks, fintechs, and businesses across the EEA.

Ripple’s move gives Luxembourg another major U.S.-linked crypto firm seeking access through its regulator. The firm also holds an EMI license in Europe and has framed its CASP plan as part of its payments and RLUSD stablecoin strategy. The timing places Luxembourg at the center of regulated crypto payments, tokenization, and exchange services.

Europe deadline raises pressure

The broader market faces a tighter MiCA clock. As crypto.news reported, OpenPayd secured MiCA authorization days before the July 1 deadline, covering stablecoin conversions, custody, wallet infrastructure, and transfers. France has also warned unlicensed crypto firms to secure approval or wind down.

Binance faces more uncertainty. In a previous article, crypto.news discussed Reuters’ report that Binance’s Greek MiCA application was expected to be rejected, putting its EU service access at risk. Binance said at the time it had worked with regulators and had no formal indication of a denial.

Coinbase’s position is clearer because its Luxembourg entity already holds authorization. “Luxembourg has established itself as the EU’s leading hub for institutional crypto and tokenization,” said Coinbase chief policy officer Faryar Shirzad. He said the country had taken a thoughtful, innovation-oriented approach to blockchain and digital assets.

The next phase will test how licensed firms use MiCA in practice. Coinbase can now compete for EU users through one regulatory base, while Ripple awaits final conditions and other firms race to complete approvals. The licensing gap may shape which platforms keep broad European access after the transition period ends.

Shareholders of Sweden’s H100 approved the issuance of shares needed to complete the company’s acquisition of Moonshot AS and Never Say Die AS, clearing a key condition for a transaction that would increase its Bitcoin holdings from 1,051 BTC to about 3,500 BTC.

The approval allows H100, a Nordic SME-listed health technology company, to acquire the two Norwegian investment firms, which collectively hold about 2,450 Bitcoin, in exchange for newly issued H100 shares. Under terms announced in March, the owners of Moonshot and Never Say Die would become majority shareholders of H100, owning roughly 70% of the combined company following the transaction.

Source: H100Group

The deal is structured as a share-for-share transaction with no cash consideration, with ownership of the combined company based on the amount of Bitcoin (BTC) contributed by each party.

If completed, the acquisition would increase H100’s Bitcoin treasury to approximately 3,500 BTC, likely making it Europe’s second-largest publicly traded Bitcoin treasury company behind Germany’s Bitcoin Group SE, according to data from BitcoinTreasuries.com.

H100 shares closed 9.6% higher on Tuesday. Despite the gain, the stock remains down about 30% since the start of 2026, per Yahoo Finance data.

Related: Multi-year Bitcoin holder selling falls to 19-month low as halving model flags new market bottom date

BTC treasury companies face pressure

H100’s planned expansion comes as Bitcoin treasury companies face a more challenging market environment following months of declining cryptocurrency prices and signs of strain in some of the financing models used to fund BTC purchases.

In May, France-based semiconductor maker Sequans Communications said it would abandon the Bitcoin treasury strategy it adopted less than a year earlier and gradually liquidate its remaining holdings to refocus on its core Internet of Things semiconductor business. The company held 658 Bitcoin at the time and said it would monetize the remaining holdings over time.

Strategy, the world’s largest corporate Bitcoin holder, has also faced challenges in recent months. Earlier this month, its preferred stock STRC fell below its intended $100 par value and traded at a steep discount to its liquidation preference.

The company’s pace of Bitcoin accumulation has also slowed in recent months. After purchasing more than 34,000 BTC in a single week in April and nearly 25,000 BTC in a week in May, the company added roughly 1,500 BTC in each of the first two weeks of June.

Market data analytics provider CryptoQuant on Wednesday said the company led by Michael Saylor should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% year-to-date.

“They should pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing,” wrote the market data analytics provider’s CEO Ki Young Ju in a Wednesday X post, adding that the biggest public Bitcoin treasury holder should also create a “disciplined selling framework” for the next bull market.

Source: Strategy.com

Magazine: AI is banking the unbanked in Africa… faster than crypto

A group of law enforcement organizations and a coalition of Catholic organizations have become the latest two groups urging caution over the US CLARITY Act, which is heading for a key hearing in July.  

In letters sent Tuesday, four law enforcement organizations reached out to White House officials with concerns that the CLARITY Act could create oversight gaps when it comes to illicit activity. 

“Regulatory certainty should not come at the expense of accountability, transparency, victim protection, or public safety,” they said. The Alliance to End Human Trafficking, founded by US Catholic Sisters, said these oversights could make it harder to crack down on human trafficking. 

The CLARITY Act, which is set for a House hearing on July 17, aims to establish a regulatory framework for digital assets but has garnered a number of critics. It cleared the Senate Banking Committee in May, with most Democrats voting against it, while the banking industry has also pushed back, arguing the bill would allow crypto firms to offer stablecoin yields without facing the same requirements as traditional financial institutions.

The law enforcement group includes the National District Attorneys Association, the National Association of Assistant United States Attorneys, the International Association of Chiefs of Police and the National Sheriffs’ Association.

In the letter addressed to Acting Attorney General Todd Blanche and White House digital assets adviser Patrick Witt, the group said it was concerned with the Blockchain Regulatory Certainty Act, or Section 604 of the legislation, which it claims would create oversight gaps, hinder illicit-activity probes and weaken Know-Your-Customer and Anti-Money-Laundering requirements compared with traditional finance.

Section 604 of the market structure bill addresses the regulatory framework for digital asset service providers and seeks to protect non-controlling developers, open-source contributors, self-custody tools and certain DeFi infrastructure from being automatically classified as money transmitters.

The letter said there was no concern with individuals who write or publish software code or with responsible technological innovation, but with exemptions on crypto transactions that may affect law enforcement’s ability to investigate. 

“Our concern is with broad exemptions that may shield individuals or entities whose activities facilitate the movement of digital assets, create obstacles to legitimate oversight, or weaken longstanding investigative and enforcement authorities relied upon by law enforcement.”

However, Lindsay Fraser, chief policy officer at the Blockchain Association, said the letter showed a “fundamental misunderstanding” of the CLARITY Act. 

“Section 604 does one narrow thing,” she said. “It prevents non-custodial software developers from being misclassified as money transmitters when they do not custody assets or control transactions.”

“It does not immunize criminals. It does not limit sanctions enforcement. It does not stop prosecutions for money laundering, fraud, or terrorist financing.”

Anti-trafficking advocates push back

Meanwhile, the Alliance to End Human Trafficking sent a similar letter Tuesday to Senate Republican Leader John Thune and Senate Democratic Leader Chuck Schumer, also flagging Section 604 but from a human rights abuse perspective. 

Related: Crypto isn’t the problem with the US economy, says senator

Certain provisions under Section 604 could create “broad carveouts and regulatory ambiguities” that may make it “more difficult to responsibly monitor illicit financial activity tied to trafficking, organized crime, child exploitation, sanctions evasion and other forms of abuse,” it said. 

“The test of any financial system is not simply whether it generates wealth or innovation, but whether it safeguards human life and dignity.”

Screenshot of June 23 AEHT letter. Source: Punchbowl News

CLARITY Act proponent Senator Cynthia Lummis took the opposite view, stating Thursday that “Regulatory ambiguity doesn’t just hurt builders. It helps criminals… The CLARITY Act closes the gaps bad actors exploit.”

“The CLARITY Act is clear: writing code is not money transmission. That distinction will matter for a generation of builders,” she added on Tuesday. 

Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express

U.S. Senate Democrats have renewed pressure on Republican leaders to convene hearings into a reported $500 million arrangement connecting Donald Trump’s crypto-linked World Liberty Financial to Abu Dhabi-linked investors. In a letter to the chamber’s leadership, the lawmakers argue that Congress should examine whether the investment—and the administration’s subsequent actions—raised national security concerns or created conflicts of interest.

The request comes amid ongoing U.S. scrutiny of crypto regulatory policy, enforcement priorities, and cross-border dealings. For compliance teams and regulated entities, the episode highlights how crypto commercialization, stablecoin-linked payment structures, and foreign capital flows may intersect with sanctions and national security review frameworks.

Key takeaways

• Senate Democrats are urging Republican leaders to hold “immediate” hearings into a reported UAE-related investment in World Liberty Financial.
• The lawmakers ask for sworn testimony from Trump administration officials and want Congress to evaluate whether the investment influenced presidential actions.
• The letter cites concerns about potential national security exposure tied to U.S.–UAE technology and arms arrangements.
• Democrats also link the matter to broader concerns about weaker crypto enforcement, including exemptions from financial services regulations and dismantling elements of DOJ crypto enforcement.
• Past Democratic inquiries referenced by the letter include calls for CFIUS review and SEC-related questions connected to World Liberty Financial backers.

Democrats demand hearings over reported UAE investment

In their Tuesday letter, Senators Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden said Republican Senate leadership should convene hearings to examine the reported investment and its implications. The lawmakers asked that administration officials testify under oath, framing the request around what they characterize as unanswered questions regarding what the UAE may have obtained and whether U.S. national security was affected by foreign participation in a Trump-connected crypto enterprise.

The underlying reporting referenced by the senators traces to a January account by The Wall Street Journal, which said an Abu Dhabi investment company backed by Sheikh Tahnoon bin Zayed Al Nahyan—an adviser closely associated with the UAE’s national security apparatus—agreed to buy a 49% stake in World Liberty Financial. The platform is described in the reporting as tied to President Donald Trump.

Democrats argue that Congress has an obligation to investigate whether such foreign investments bear on official decision-making. The thrust is not limited to the transaction itself; it is also aimed at whether subsequent policy or administrative actions could be perceived as favoring connected interests.

National security and technology deal cited as context

Democrats’ letter places the reported World Liberty Financial investment in a broader geopolitical and policy context, pointing to a later U.S.–UAE arms and artificial intelligence chip agreement described as occurring in May. According to the senators, that deal proceeded even after concerns were raised by U.S. national security officials about the possibility that China could access the chips involved.

Although President Trump has denied awareness of the World Liberty Financial investment reported by the press, the senators’ position is that the sequence of events warrants congressional examination. For institutional stakeholders, this is an example of how foreign capital in crypto ventures can become intertwined with national security review considerations—especially where cross-border technology, sensitive supply chains, or strategic industrial relationships are implicated.

The practical compliance implication is clear: regulated firms operating with international counterparties may face heightened oversight when transactions intersect with national security considerations or appear to create improper influence pathways. Even absent proof of wrongdoing, congressional scrutiny can translate into more intense regulatory expectations around governance, disclosures, and documentation.

Enforcement concerns and the committee agenda

Beyond the UAE-related investment, the letter expands to encompass broader worries about U.S. crypto enforcement. The senators said they are concerned about steps they view as weakening enforcement—citing, among other items, efforts to exempt crypto service providers from financial services regulations and reports that the Justice Department’s crypto enforcement team was disbanded.

From a regulatory monitoring perspective, this matters because enforcement posture often drives institutional behavior. When enforcement resources are reduced or compliance obligations appear to be narrowed, entities can face uncertainty about how regulators will interpret risk, monitor market conduct, or pursue investigations. Conversely, high-profile congressional attention can also signal that political and oversight pressure may intensify even if enforcement structures are changing.

The letter therefore functions both as a transaction-specific request and as part of an accountability narrative about the direction of U.S. oversight. It also serves as a signal to compliance departments that congressional inquiries—especially those tied to foreign involvement—may affect reporting requirements, due diligence expectations, and the scrutiny applied to relationships with regulated financial intermediaries.

Prior Democratic probes: CFIUS, SEC scrutiny, and pardons

The letter also situates the new request within a pattern of prior congressional actions and demands for review. The lawmakers note earlier calls by Senator Warren for a national security review of the UAE deal, urging Treasury leadership in February to determine whether it should be subjected to a Committee on Foreign Investment in the United States (CFIUS) probe. CFIUS is a key U.S. interagency process through which foreign investment can be reviewed for national security risks, and the invocation of CFIUS underscores the senators’ view that the World Liberty Financial stake could implicate sensitive interests.

Democrats have previously pressed regulators connected to enforcement outcomes involving World Liberty Financial backers. According to references in the letter, senators pursued questions related to the Securities and Exchange Commission after a fraud case involving Justin Sun—a major World Liberty Financial supporter—was dropped. The letter also cites additional inquiry initiatives earlier in the year that questioned pardons issued during the Trump administration, including a pardon for Binance co-founder Changpeng Zhao.

In the reporting referenced within the article, Democratic lawmakers linked that pardon sequence to Binance’s early-2025 acceptance of a reported $2 billion investment from an Abu Dhabi fund and to an agreement that the funds would be paid in World Liberty Financial’s stablecoin, USD1. These assertions are included in the senators’ broader narrative about whether crypto industry relationships and official actions may be connected.

For institutional readers, the throughline is that congressional oversight is increasingly focused on the governance and regulatory interface of crypto businesses: how foreign investors participate, how stablecoin arrangements are used, and how enforcement decisions are perceived by lawmakers and the public.

Closing perspective

What happens next will likely depend on whether the Senate leadership agrees to convene hearings and the scope of witness testimony, including any discussion of national security review pathways and crypto enforcement policy. For compliance and legal teams, the episode is a reminder that cross-border crypto capital and stablecoin-linked arrangements can rapidly become subject to heightened congressional scrutiny, even when the core facts are still developing in public reporting.

DeFi is losing ground again. Total value locked (TVL) across decentralized finance has dropped by roughly 39% in 2026 so far, sliding to a little over $70 billion from about $115 billion in January, according to a report shared this week by CryptoRank.

CryptoRank links the decline largely to the market’s post-October 2025 correction, after Bitcoin’s sharp run-up ended in a major liquidation event. But security incidents are also taking their toll—either by directly draining funds from protocols or by nudging users toward the exits more quickly than they otherwise might.

Key takeaways

• CryptoRank estimates DeFi TVL is down about 39% in 2026 to just over $70 billion, versus roughly $115 billion in January.
• CryptoRank points to the broader deleveraging after Bitcoin’s Oct. 10, 2025 liquidation event as a primary driver of the TVL drawdown.
• CryptoRank reports 121 hacks and about $942 million in losses year-to-date, which may be weighing on user confidence and capital allocation.
• Nansen analysis highlighted that the April 18 Kelp DAO exploit triggered rapid outflows, compressing what would normally be a slower capital rotation.
• While the total stolen in 2026 quarters appears lower than historical peaks, analysts argue this can reflect attackers shifting to new targets rather than genuine security progress.

DeFi TVL down as the 2025 selloff reverberates

The foundation for 2026’s contraction traces back to a broader correction that followed Bitcoin’s late-2025 peak. After Bitcoin pushed above $122,000, a market-wide liquidation event on Oct. 10, 2025 erased more than $19 billion in leveraged positions, according to the CryptoRank report. That liquidation intensified a wider deleveraging cycle across digital assets, which then translated into weaker demand and reduced liquidity across DeFi.

CryptoRank said that despite the double-digit drawdown seen this year, the current DeFi decline is materially smaller than the stress phase during the 2021–2022 bear market. In other words, the drawdown appears severe—but not as extreme as the earlier cycle’s contraction—suggesting DeFi has some resilience even when risk appetite falls.

Security incidents: fewer headlines, still meaningful pressure

CryptoRank also flagged security as a continuing headwind for DeFi activity in 2026. The provider reported 121 hacks and roughly $942 million in losses year-to-date. In CryptoRank’s view, exploits may not be the sole cause of TVL falling, but their frequency can still influence user sentiment and hasten capital outflows.

This distinction matters for investors and operators. If TVL is declining mainly because of market-wide deleveraging, risk management is largely about cycle navigation. If security events are accelerating outflows, however, the issue becomes more protocol-specific—turning “time to confidence” into a measurable performance variable for DeFi platforms.

Kelp DAO exploit illustrates how quickly capital can flee

One incident that demonstrates the speed of capital rotation was the Kelp DAO exploit on April 18, an event described by Cointelegraph as involving $293 million. According to Nicolai Søndergaard, senior research analyst at Nansen, the fallout from the breach concentrated into days rather than dragging out over weeks.

Søndergaard’s analysis indicated that Aave users withdrew about $15 billion in deposits within four days after the exploit. The scale and speed of those withdrawals underline how DeFi markets can reprice trust rapidly: once a high-profile event breaks user confidence, liquidity providers and depositors often act immediately to reduce exposure, even if broader conditions would likely have pressured TVL anyway.

The same period also reinforced that the industry’s incident pace remains elevated. CryptoRank described Q2 2026 as the most-hacked quarter on record by incident count, with 83 exploits targeting crypto protocols. Yet the total value stolen during the quarter—$755 million—was far below the $3.56 billion lost in Q4 2020, which Cointelegraph describes as the costliest quarter for hacks on record.

Lower stolen value doesn’t necessarily mean better security

Some readers may interpret smaller aggregate losses as an improvement in security. But multiple perspectives in the reporting suggest the reality is more complex.

HackenProof CEO Dmytro Matviiv argued that the decline in total stolen funds can be “misread as progress.” He said that while leading protocols may be harder to exploit, attackers adapt by expanding their attack surface—seeking out new targets rather than disappearing entirely. The implication for DeFi participants is that security performance may improve at the top end, while risk can migrate to less mature or more exposed systems.

Bitget Wallet COO Alvin Kan added a related behavioral angle: exploits make users more cautious, but the resulting capital shifts can also move liquidity away from “weaker” venues toward “stronger venues” with clearer yield models. Kan suggested this dynamic may encourage consolidation, where protocols with more credible risk assumptions attract deposits, while others struggle to regain capital after incidents.

Taken together, these points suggest that the DeFi TVL trend is being shaped by two overlapping forces: macro liquidity conditions that reduce leverage and risk-taking, and micro-level trust events that determine which protocols retain or regain capital once stress hits.

For the months ahead, the key question is whether TVL stabilizes as leverage normalizes—or whether security events continue to accelerate outflows for individual protocols. Monitoring both incident frequency and how quickly capital returns after major exploits may offer the clearest signal of whether DeFi’s drawdown is settling or still widening.

Financial infrastructure provider OpenPayd said Wednesday that it has secured authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA), allowing it to offer crypto services across the European Economic Area (EEA) via passporting.

The license lets OpenPayd operate as a crypto asset service provider (CASP) to offer services such as fiat-to-stablecoin on-ramping and off-ramping, the company said in a statement seen by Cointelegraph.

“Stablecoins are rapidly becoming part of mainstream financial infrastructure,” OpenPayd CEO Iana Dimitrova said, adding that MiCA gives businesses greater confidence to use digital asset technology for payments, treasury operations and growth.

The license was issued by the Malta Financial Services Authority (MFSA), an OpenPayd spokesperson told Cointelegraph. The regulator has also granted MiCA licenses to crypto companies, including OKX and Gemini.

The approval comes days before a July 1 MiCA transitional deadline, as crypto companies race to secure authorization under the bloc’s crypto rules. On Tuesday alone, Bitcoin Suisse secured a MiCA license in Liechtenstein and Ripple announced preliminary CASP approval in Luxembourg.

OpenPayd counts Kraken, OKX among its clients

OpenPayd’s MiCA authorization comes about a year after the company launched its stablecoin infrastructure, which allows businesses to manage fiat currencies and digital assets through a single platform.

The company said it processes more than $240 billion in annualized transaction volume for over 1,100 businesses worldwide, including Kraken, eToro, OKX and B2C2.

Source: OpenPayd

OpenPayd was founded in London in 2018 by Ozan Ozerk, a fintech entrepreneur who also founded European Merchant Bank, a Lithuania-based digital bank.

Related: EU committee advances digital euro bill after key vote

OpenPayd eyes Nasdaq debut

OpenPayd’s MiCA license news comes as the company is pursuing a public listing in the US.

Earlier in June, OpenPayd announced a proposed merger with special purpose acquisition company Titan Acquisition Corp, a deal that would see its shares trade on Nasdaq under the ticker “OP” if approved.

The transaction values OpenPayd at about $1.1 billion and is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals.

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

The launch delivers on a memorandum of understanding the two firms signed in August 2025 and builds on a relationship dating to 2016, when Ripple and SBI began working together on cross-border payments and blockchain infrastructure in Asia.

RLUSD will “serve as a bridge for payments, tokenization and collateral management,” connecting Japanese businesses to global dollar liquidity, said Jack McDonald, Ripple’s senior vice president of stablecoins, in a statement.

RLUSD is Ripple’s bet on the regulated end of the stablecoin market, and it is separate from XRP, the closely-linked token the company is best known for. Ripple has long pitched RLUSD as an enterprise token for settlements and tokenization, the practice of issuing real-world assets onchain.

The Japan launch extends that effort into Asia at a moment when stablecoins are drawing formal rules in the U.S., Europe and across the region, turning the dollar-token market into a race for official approval as much as for users.

Whether RLUSD can close the gap on USDT and USDC remains to be seen, however. Approvals like Japan’s give it the credentials to compete for institutional use, but it still has to convert that standing into the volume and liquidity its much larger rivals already command.

The bitcoin BTC$61,118.21 market has found a new support level, and Thursday’s U.S. core PCE release may test its mettle.

That level is $59,000, which has emerged as strong support, capping downside moves in recent days.

A support level in trading is a specific price point or range where a downtrend tends to pause or reverse, paving the way for a bounce as concentrated buying interest becomes strong enough to counter selling pressure. However, a single instance does not make a level a strong support. Traders typically look for at least two instances of price holding or bouncing from a specific level before identifying it as new support.

On Wednesday, as the sell-off gathered pace, prices fell to nearly $59,000 before bouncing back to $61,000 overnight. As of this writing, BTC is trading near $60,800, according to CoinDesk data. A similar move occurred earlier this month on June 5, when the sell-off lost steam near $59,000, paving the way for a bounce to $67,000 in the following days.

That explains why $59,000 is now the key support, a new line in the sand that bulls need to defend to avoid a deeper slide.