Quick Overview

• HYPE has retreated 22% from its peak of $76.9, now hovering around $66
• Critical support zone between $50 and $54 coincides with the 50-day EMA
• Trader engagement has declined with open interest falling from $2.2B to $1.73B
• Spot market pressure is declining, though spot CVD stays negative at -$95M
• Crypto analyst Altcoin Sherpa identifies $55–$64 as an attractive accumulation range targeting $100

The HYPE token from Hyperliquid has experienced a 22% decline from its all-time peak of $76.9 achieved in recent trading sessions. Currently changing hands near $66, market participants are evaluating whether the bullish momentum that began in January remains intact.

The correction emerged after the token failed to sustain levels above its record high near $76. During midweek trading, HYPE dipped beneath the $60 threshold before finding stability. The 50-day exponential moving average, which has provided consistent support during the March-initiated rally, is now facing a critical test.

Futures market metrics continue to reflect optimistic sentiment. Data from CoinGlass indicates a long-to-short ratio standing at 1.03, accompanied by positive funding rates of 0.0042%. This configuration shows long position holders are compensating short sellers, indicating prevailing expectations for upward price movement.

Spot Market Pressure Shows Signs of Relief

The intensity of spot selling has diminished compared to early June levels. The aggregated spot cumulative volume delta (CVD) has recovered from recent lows, although it maintains a substantially negative reading around -$95 million. When prices dropped from $76 in early June, spot selling pressure peaked at $110 million.

The derivatives landscape tells a more reserved story. Open interest has contracted from $2.2 billion down to $1.73 billion. Derivatives CVD hovers near -$389 million. This suggests market participants are reducing their positions rather than establishing fresh trades.

Social dominance metrics for HYPE have been declining since June 17, currently registering at 0.175% per Santiment data. Increased retail engagement following the all-time highs has emerged, which certain market observers interpret as a potential caution signal for short-term price action.

Spot ETF activity has remained subdued throughout the week, with SoSoValue reporting minimal institutional involvement.

Critical $50–$54 Zone Emerges as Pivotal Support

The most significant support level appears between $50 and $54. This zone aligns with both the ascending 50-day EMA and an unfilled daily fair-value gap. A daily candle closing beneath $53 would mark the first bearish structural shift on the daily timeframe for this year.

Beneath this level, the 100-day EMA positioned at $51.57 represents the subsequent support, with $49 following. More substantial support exists around the $38 level.

Cryptocurrency analyst Altcoin Sherpa provided his perspective on the current market structure: “HYPE, I think anywhere in the 55–64 area is a pretty good place to accumulate this one. I think it goes to $100 later this year personally and is still the best altcoin…but it’s going to also depend a lot on bitcoin IMO.”

For bullish continuation, a daily close exceeding $74.60 would clear the pathway toward establishing fresh highs. The 50-day EMA currently resides at $58.94, the 100-day at $51.57, and the 200-day at $44.68, all positioned below current price action and indicating the broader uptrend structure remains unbroken.

The Relative Strength Index reads approximately 53 on the daily timeframe, while the MACD displays marginally negative values, indicating momentum has moderated without transitioning to bearish territory.

CoinEx has rejected claims that it helped Iranian state-linked entities move funds through its crypto exchange after a Wall Street Journal report cited $3.84 billion in Iran-linked transactions since 2019.

The exchange said it had “never established any commercial relationship” with Iranian government-related entities, Iranian domestic exchanges, the Revolutionary Guard, or sanctioned parties. CoinEx said it does not have an office or operating entity in Iran.

CoinEx also said its official domain had been blocked in Iran since 2021 after it was blacklisted by the Iranian government. The exchange said that fact shows it was not a platform backed or recognized by Iranian authorities.

The company said some users promoted CoinEx through its global referral program, but it denied organizing Iran-focused promotion. It said ordinary user activity should not be treated as proof of state-level sanctions evasion.

CoinEx disputes on-chain reading

The WSJ report said investigators traced unusual transactions from two wallets controlled by Iran’s central bank. It also said further tracing showed links to funds stolen from Bybit by North Korean hackers.

CoinEx said the report relied too heavily on on-chain interpretation. The exchange said blockchain transactions are open and traceable, but a fund passing through a platform does not prove that the platform knew about, supported, or joined the related activity.

The company also challenged the reported aggregate amount. It said combining two-way fund flows into one number and presenting it as funds “processed” by CoinEx was misleading.

CoinEx said third-party blockchain analytics platforms can reach different results. It added that on-chain attribution has limits and depends on how analysts interpret wallet links and transaction paths.

Bybit hack reference draws response

CoinEx also addressed the Bybit theft cited in the WSJ report. It said it helped Bybit block accounts and freeze assets after learning about the incident. CoinEx said it would conduct an internal review of the transactions mentioned in the report.

WSJ said investigators linked the Iranian central bank wallet trail to assets stolen from Bybit by North Korean hackers. The Bybit hack remains one of the largest crypto thefts reported by the industry.

In a previous article, crypto.news discussed how the Bybit hacker laundered more than half of the stolen Ethereum in less than a week, mainly through THORChain swaps. That activity kept attention on cross-platform money movement after large thefts.

CoinEx said it had also been a hacking victim in 2023, when North Korea-linked actors were reported to have stolen funds from the exchange. In another previous article, crypto.news discussed CoinEx’s plan to resume services after the $70 million Lazarus-linked hack.

Compliance measures expanded

CoinEx said it started a full review and exit process for Iran-related risk exposure after sanctions against Iranian domestic exchanges. The exchange said it strengthened checks for Iranian users, blocked registrations from Iranian regions, and started compliance off-boarding for identified accounts.

It also said it expanded geo-fencing, access restrictions, KYT monitoring, sanctions screening, and transaction freezes for high-risk activity. CoinEx said it would restrict or freeze accounts and assets tied to any sanctioned entity or person.

The response comes during a broader U.S. sanctions push against Iranian crypto activity. As previously reported, the U.S. Treasury sanctioned Nobitex, Wallex, Bitpin, and Ramzinex, accusing them of helping sanctioned entities access digital asset markets.

Treasury said Nobitex processed more than 50% of Iranian digital asset inflows in 2025. It also accused the exchange of helping Iranian regime insiders access international platforms and move funds across jurisdictions.

CoinEx said it will keep investing in KYC, AML, sanctions screening, and on-chain risk monitoring. The exchange also said it would respond to concerns from users, partners, and authorities.

Indonesia’s financial regulator has moved to tighten rules governing “finfluencers,” requiring certified competency for individuals who recommend crypto and other digital financial assets. The change signals a broader push to bring social-media promotions within formal financial-consumer protection and licensing frameworks.

Under Financial Services Authority Regulation (POJK) No. 6 of 2026, announced Wednesday, individuals who provide recommendations about digital assets must hold competency certifications unless they are already covered by a separate licensing requirement. The regulation also limits what influencers can recommend and sets conditions on how marketing is carried out and by whom.

Key takeaways

• Competency certification required: POJK No. 6 of 2026 introduces competency certification obligations for influencers recommending digital assets.
• Scope restricted to authorized listings: Influencers may recommend only digital assets that are listed on authorized exchanges.
• Licensed service-provider rule: Any service providers recommended by influencers must be licensed.
• Marketing must route through regulated businesses: Promotions must be carried out by regulated financial services businesses responsible for the content and distributed via their official communication channels.

Indonesia’s POJK No. 6 of 2026: what changes

Indonesia’s Financial Services Authority (OJK) is framing the regulation as part of its expanded oversight of financial promotions on social media. POJK No. 6 of 2026 focuses on the behavior of “financial information deliverers,” which includes influencers who promote crypto and other digital financial products.

Practically, the regulation creates a compliance pathway and a gatekeeping mechanism. Influencers providing recommendations about digital assets are expected to obtain competency certification unless they fall under another licensing regime. This approach differs from rules that rely only on whether a promoter is formally acting as a licensed intermediary; it instead adds a targeted competency requirement for social-media recommendation activity.

The regulation also narrows the promotional universe. Influencers are permitted to recommend only digital assets that appear on authorized exchanges, which reduces the risk of promoting unapproved offerings. In addition, any service provider promoted alongside such recommendations must be licensed, tying influencer marketing to the status of the underlying entities offering access to regulated services.

Finally, POJK No. 6 of 2026 imposes content and channel controls. Marketing campaigns must be run through regulated financial services businesses, which are responsible for the promotional content. The campaigns must then be distributed through those businesses’ official communication channels. For compliance teams, this structure is significant: it places accountability on regulated firms to ensure that promotional material is aligned with requirements and that distribution does not occur solely through third-party influencer channels outside the regulated firm’s control.

Why certification and channel rules matter for compliance

For institutional stakeholders, influencer promotion requirements are not merely reputational issues—they can create legal exposure, distribution-risk, and documentation gaps across marketing operations.

Certification requirements can affect onboarding and contracting. Firms that engage finfluencers may need to verify whether individuals recommending digital assets have the required competency certification or whether their activities fall under an alternative licensing framework. This can change due diligence procedures, recordkeeping expectations, and the compliance review workflow for campaigns.

Authorized-asset constraints also alter governance. The requirement that influencers recommend only assets listed on authorized exchanges means that firms must maintain an up-to-date inventory of eligible assets and align campaign content with that list. It introduces an ongoing monitoring obligation, especially if exchange authorization status changes or if new assets are promoted in response to market developments.

Licensed-provider requirements shift scrutiny toward partnerships. Even where an influencer’s role is limited to promotion, POJK No. 6 of 2026 conditions recommendations on the licensing status of service providers involved in the promoted services. That makes it necessary for regulated businesses to verify licensing and ensure that contracts with marketing partners do not result in promotion of non-compliant counterparties.

Channel control and content responsibility are likely the most operationally consequential element. By requiring that campaigns be distributed through regulated financial services businesses’ official channels, the regulation may limit the ability of influencers to independently disseminate promotional materials. This creates clearer lines of responsibility for compliance monitoring and supports a record trail for regulators and internal audit.

Indonesia’s move in a broader finfluencer enforcement trend

Indonesia is not acting in isolation. Several jurisdictions have tightened their approaches to influencer marketing tied to regulated financial products, reflecting a wider recognition that social-media endorsements can function as financial promotion and, in some cases, as de facto advice or transaction facilitation.

In March 2022, the Australian Securities and Investments Commission (ASIC) stated that influencers may require a financial services license when content constitutes financial advice or helps arrange transactions. ASIC also highlighted potential liability risks for licensed financial firms that engage influencers who engage in misconduct—an important reminder that regulated entities can face enforcement consequences tied to how they structure third-party arrangements.

In the UK, the Financial Conduct Authority (FCA) issued guidance in 2024 indicating that unauthorized influencers may commit a criminal offense when promoting regulated financial products without appropriate approval from an authorized firm. In a later enforcement push, the FCA led an international “week of action” on April 24, reporting participation from 17 regulators and describing account-takedown efforts affecting a large volume of illegal financial advertisements reaching substantial social media audiences.

Elsewhere in the region, the Philippines introduced crypto-specific marketing restrictions in 2025, covering endorsements, sponsored content, social media posts, podcasts, livestreams, and certain paid educational content. Under those rules, crypto asset service providers must disclose authorized third-party marketers to the Philippine Securities and Exchange Commission—again reinforcing the theme that regulators are seeking greater visibility and accountability in the influencer ecosystem.

Potential implications for market participants in Indonesia

POJK No. 6 of 2026 is likely to change how firms in Indonesia plan, approve, and document digital-asset promotional activities. Companies operating as regulated financial services businesses may face pressure to adjust marketing governance so that influencer campaigns are routed through official channels and supported by compliance oversight of both the content and the parties involved.

For exchanges and other market intermediaries, the authorized-list condition creates a compliance dependency on exchange authorization status. For platforms and service providers partnering with influencers, the licensing requirement means that marketing arrangements must be treated as a regulatory-sensitive activity, not simply a branding exercise.

Cross-border considerations also matter. Influencer marketing often spans jurisdictions, and promotional content created for one market can be repurposed elsewhere. Firms will need to assess how Indonesian requirements interact with local rules in other countries—particularly where the same campaign is distributed through global social-media accounts that may not distinguish between audiences subject to different regulatory standards.

Closing perspective

Indonesia’s POJK No. 6 of 2026 adds certification, licensing, and channel controls aimed at reducing compliance risk from crypto promotions on social media. Market participants should monitor OJK implementation details—such as how competency certification is administered and verified—and align influencer contracting, asset eligibility checks, and distribution workflows accordingly.

Kanga, a Poland-founded crypto exchange, says it has secured a Markets in Crypto-Assets Regulation (MiCA) license in Latvia—an approval it says will let it operate across the European Union through passporting.

In a Wednesday statement shared with Cointelegraph, Kanga’s operator, SIA AlphaRoute, said it received a Class 3 MiCA license from the Bank of Latvia after the regulator’s Supervisory Committee approved the authorization. The license was granted on June 18 and, according to the exchange, authorizes services including crypto custody, trading, and transfers across the EU.

Key takeaways

• Kanga (via SIA AlphaRoute) obtained a Class 3 MiCA license from the Bank of Latvia, enabling EU passporting.
• The authorization covers core exchange activities including custody, trading, and transfers, per the exchange’s announcement.
• Kanga says it began Latvia pre-licensing in November 2025 to prepare for MiCA’s transitional period.
• Poland remains without MiCA implementation legislation as the EU’s July 1 transitional deadline approaches, due in part to a recurring legislative deadlock.

Latvia licensing sets up EU-wide expansion

MiCA’s framework is designed to harmonize crypto regulation across the EU, but implementation schedules and national legislative processes have differed. Kanga’s move to obtain licensing in Latvia effectively positions it to serve EU customers under a compliant path while other jurisdictions—such as Poland—remain in flux.

According to Kanga’s statement, the relevant authorization was granted after the Bank of Latvia’s Supervisory Committee approved SIA AlphaRoute’s application. The exchange emphasized that the license permits it to provide crypto services across EU member states once passporting mechanisms are used.

Kanga also described how it planned for the regulatory shift. Its chief executive, Dominik Tomczyk, said the company began the pre-licensing process in Latvia in November 2025 after reviewing multiple jurisdictions. He framed the decision around using MiCA’s transitional period to ready internal systems and the organization for the new rules.

“From the very beginning, we knew that we had to use the transitional period provided for under the MiCA regulation to prepare the organisation to operate within the new regulatory framework,” Tomczyk said.

The exchange added that it will share additional information about operational changes and service terms through its official communication channels, pointing to a likely period of adjustment for customers as it aligns offerings with MiCA requirements.

Why passporting matters as MiCA deadlines loom

For operators, MiCA passporting is often the difference between being able to scale across borders quickly and being forced to run separate regulatory processes in each country. By securing a Class 3 license in Latvia, Kanga is effectively aligning itself with an EU-wide compliance route rather than waiting for national legislation elsewhere to catch up.

The timing is notable. The EU’s transitional deadline is set for July 1, and the broader compliance landscape remains uneven across member states. Kanga’s license—granted June 18—arrives shortly before that deadline, during a window when exchanges and custody providers may be reassessing market access and legal certainty.

That context is especially relevant for Poland-based firms. If a home market delays implementation, companies may seek licensing in other EU jurisdictions to avoid service uncertainty and to continue serving EU customers under a stable regulatory framework.

Poland’s legislative deadlock continues

While Kanga points to regulatory progress in Latvia, its home country still faces obstacles to MiCA implementation. According to earlier coverage from Cointelegraph, Poland has remained without MiCA implementation legislation ahead of the EU’s July 1 transitional deadline, with lawmakers attempting to break a deadlock after the Polish president vetoed a government-backed crypto bill three separate times.

Cointelegraph reports that President Nawrocki vetoed the bill for a third time on June 11, arguing that successive versions failed to address his objections—especially provisions he considered overly burdensome for crypto companies. Following the veto, members of the Poland 2050 party, part of Prime Minister Donald Tusk’s governing coalition, reportedly submitted a new proposal incorporating changes requested by the president.

As described by the bill’s sponsors, the latest proposal would reduce some fees, remove certain regulatory provisions, and make the overall framework less restrictive for crypto firms. Poland 2050 has reportedly called for the legislation to be fast-tracked through parliament.

At the same time, regulatory pressure in Poland is not limited to legislative timing. The country’s crypto sector has also faced increased scrutiny following a fraud investigation into Zonda, which Cointelegraph previously reported as Estonia’s largest crypto exchange. Prosecutors reportedly estimate customer losses exceed 350 million zlotys (about $92.7 million). Developments tied to that case may affect how regulators and lawmakers approach compliance and oversight of crypto platforms.

What to watch next for Kanga and EU MiCA adoption

Kanga’s Latvia license provides a concrete example of how crypto firms may navigate MiCA’s rollout when national implementation is delayed. Investors and customers will likely want to monitor how Kanga communicates specific operational changes, and whether Poland’s MiCA bill ultimately passes in the near term—since the pace of home-country legislation can still influence competition, costs, and compliance strategies for exchanges headquartered in Poland.

With the EU transitional deadline approaching, the next key signal will be whether other exchanges follow similar cross-border licensing paths—or whether Poland’s legislative process finally catches up, narrowing the gap between “ready under MiCA” and “still waiting for national law.”

Kanga, a crypto exchange founded in Poland, said it has obtained a Markets in Crypto-Assets Regulation (MiCA) license in Latvia, allowing it to passport its services across the European Union.

The exchange’s operator, SIA AlphaRoute, received a Class 3 MiCA license from the Bank of Latvia after its Supervisory Committee approved the authorization, according to a Wednesday statement shared with Cointelegraph.

The license was granted on June 18 and authorizes the company to provide services, including crypto custody, trading and transfers, across the EU, said the exchange.

Kanga’s approval comes as Poland remains without MiCA implementation legislation ahead of the EU’s July 1 transitional deadline, with lawmakers still trying to break a deadlock following three presidential vetoes.

Source: Kanga

Kanga’s path to EU-wide operations

Kanga began the pre-licensing process in Latvia in November 2025 after reviewing several jurisdictions, according to SIA AlphaRoute CEO Dominik Tomczyk.

“From the very beginning, we knew that we had to use the transitional period provided for under the MiCA regulation to prepare the organisation to operate within the new regulatory framework,” Tomczyk said.

Related: Binance withdraws Greece-filed MiCA application

The company said it will provide customers with additional details about operational changes and service terms through its official communication channels.

Poland’s MiCA deadlock

President Nawrocki vetoed a government-backed crypto bill for a third time on June 11, saying successive versions failed to address his objections, including provisions he considered overly burdensome for crypto companies.

Members of the Poland 2050 party, part of Prime Minister Donald Tusk’s governing coalition, have since reportedly submitted a new proposal incorporating several changes requested by the president.

According to the bill’s sponsors, the proposal would reduce some fees, remove certain regulatory provisions and make the framework less restrictive for crypto companies. Poland 2050 reportedly called for the legislation to be fast-tracked through parliament.

Poland’s crypto sector also faces heightened scrutiny following a fraud investigation into Zonda, the country’s largest crypto exchange, where prosecutors estimate customer losses exceed 350 million zlotys (about $92.7 million).

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