Crypto World
ISM Manufacturing PMI Rise is Bullish For Bitcoin
A metric tracking the health of the US economy has just posted its highest monthly score since August 2022, and crypto analysts say it could signal a turnaround for Bitcoin, which is trading at $78,000.
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI), a measure of manufacturing activity in the US, recorded a score of 52.6 in January, beating the market consensus of about 48.5 and ending 26 consecutive months of economic contraction, ISM stated in a report on Monday.
The index score is a closely watched metric by investors and the Federal Reserve in assessing economic strength, inflation risks, and whether to tighten or ease monetary policy.
A score above 50 indicates the economy is expanding, while a score below 50 indicates it is contracting. The last time the ISM reading was above 52.6 was in August 2022.
Bitcoin analysts say the strong ISM reading could signal a turnaround for Bitcoin after it hit a 10-month low of $75,442 on Monday.
Data show that the rise and fall of the manufacturing index from mid-2020 to 2023 closely mirrored Bitcoin’s (BTC) price changes over the same period.
“Historically, these PMI reversals mark the shift to risk-on conditions,” Strive’s vice president of Bitcoin strategy, Joe Burnett, said, pointing out that Bitcoin has rallied after rises in the manufacturing output index score in 2013, 2016, and 2020.
Pseudonymous Bitcoin analyst, Plan C, added: “If you don’t upgrade your understanding of the Bitcoin cycle from the 4-year halving mirage mindset to a business cycle / macro mindset fast… You will miss the boat completely on the second massive leg of this Bitcoin bull market!”
On the other hand, Into The Cryptoverse founder and CEO Benjamin Cowen noted that Bitcoin doesn’t always move in lockstep with the manufacturing index, adding that “Bitcoin is not the economy.”
The ISM Manufacturing PMI fell or remained flat across several months last year while Bitcoin rose toward its $126,080 high.
BTC price predictions are far and wide
Bitcoin has seen a turbulent few months since the Oct. 10 liquidation event, when over $19 billion in leveraged crypto positions were suddenly liquidated from the ecosystem.
At its current price, Bitcoin is down nearly 38% from its October high, while precious metals and the stock market have mostly trended upward, prompting a fall in Bitcoin market sentiment.
Institutional investors have varying opinions on how Bitcoin would fare in 2026.
Related: 4 reasons why $75K may have been Bitcoin’s 2026 price bottom
In a 2026 prediction report, crypto venture capital firm Dragonfly said Bitcoin would trade above $150,000 by the end of the year, while Fundstrat research head Tom Lee on Jan. 20 tipped Bitcoin would retrace further before making a late-stage comeback and set a new high.
Galaxy Digital took a pass on making a prediction and said 2026 would be “too chaotic” to even guess, saying Bitcoin could end up anywhere between $50,000 and $250,000.
Magazine: A ‘tsunami’ of wealth is headed for crypto: Nansen’s Alex Svane
Pi Network price has fallen by over 38% as investors sold the Kraken listing news.
Summary
- Pi Network price has fallen over 10% in the past 24 hours and about 38% from its recent peak as bearish technical indicators signal further downside risk.
- A confirmed MACD bearish crossover and weakening momentum suggest sellers have gained control while the token approaches key support near $0.1900.
- Investor sentiment has also turned cautious ahead of a scheduled unlock of roughly 17 million PI tokens, which could increase supply pressure.
Pi Network (PI) price has dropped over 10% over the past 24 hours and 38% from its highest point on Friday, March 13.
It remains at risk of more downside as technical indicators present a bearish outlook for the coming sessions.
On the 24-hour/USDT price chart, the PI price has confirmed a MACD crossover, which happens when the MACD line crosses below the signal line. When such a bearish crossover forms, an asset has historically signaled a period of consolidation or further price declines as momentum shifts in favour of the sellers.
Additionally, the Pi Network price is closing in on the 50-day SMA, which had been serving as key support for the token during its recent recovery phase. A drop below the $0.176 level could trigger a sharp sell-off, potentially leading to a significant price decline toward the next psychological floor.
At the same time, the Money Flow Index is closing in on neutral territory, a sign that the intense buying and selling pressure in the market is starting to balance out after the recent volatility.
Based on the confluence of bearish technicals, the Pi Network risks a drop to its Feb. 23 low of $0.1560 with no immediate support to cushion the fall if current levels fail to hold.
Pi Network’s recent downtrend began after its listing on crypto exchange Kraken on March 13. Investors likely sold the news as they booked profits after the token surged nearly 30% after the listing.
A more recent bearish development that has turned investors cautious is the token unlock event scheduled for later today. Notably, about 17 million PI tokens will be entering circulation following the event, which adds to the existing supply overhead.
Investors are likely reducing exposure to the token as they expect that the market will not be immediately able to absorb the newly released tokens, which tends to reduce scarcity and put downward pressure on the price.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
TLDR
- WULF shares climbed 11.86% during Monday’s trading session, finishing at $16.41
- Morgan Stanley provided a $500M delayed-draw bridge credit facility to the company
- Capital will finance a new data center facility in Hawesville, Kentucky
- The Kentucky location features 480 MW of existing power capacity with expansion potential
- Institutional investors hold 62.49% of shares, while analyst consensus leans Moderate Buy
TeraWulf (WULF) posted impressive gains on Monday, with shares climbing 11.86% to settle at $16.41. The surge came after the company announced a $500 million credit facility with Morgan Stanley designated for data center construction in Hawesville, Kentucky.
The financing arrangement takes the form of a delayed-draw bridge credit facility, allowing TeraWulf to access capital incrementally as construction and development proceed at the new location.
Under the agreement’s terms, TeraWulf has two interest rate structures available. The first option uses SOFR with a 2.75% spread. The alternative base rate option uses the greater of: the federal funds rate plus 0.50%, Morgan Stanley’s prime lending rate, one-month SOFR, or 1% with a 1.75% spread added.
The Kentucky location brings substantial infrastructure advantages. The former industrial property encompasses 250 developable acres and includes high-voltage transmission infrastructure, an existing substation facility, and direct grid connectivity. The site currently supports 480 MW of power with staged expansion capabilities planned.
This credit agreement builds on last month’s disclosure that TeraWulf acquired two separate land parcels — one located in Kentucky and another in Maryland — supporting its strategic data center expansion initiative. The Kentucky acquisition represents the Hawesville location now receiving development funding.
Institutional and Analyst Interest
Beyond the financing announcement, WULF has attracted considerable institutional investor activity. Multiple institutional players established fresh positions during the third quarter of last year.
Fortress Investment Group initiated a position valued at approximately $1.71 million. Azora Capital topped institutional buyers with an $11.89 million new stake. Boothbay Fund Management expanded its holdings by 129.6%. Institutional investors collectively control 62.49% of outstanding shares.
Company insiders maintain a 19.90% ownership stake. Director Michael Bucella purchased 3,171 additional shares on March 4th at $15.78 per share, increasing his total position to 270,129 shares.
Analyst Ratings
Wall Street coverage remains predominantly bullish. Morgan Stanley initiated research coverage in February with an Overweight recommendation and $37 price target — substantially above current trading levels. Cantor Fitzgerald elevated its price objective from $18 to $24. Keefe, Bruyette & Woods made a modest reduction from $24 to $23 while maintaining an Outperform stance.
Rosenblatt Securities increased its price target from $20 to $23 alongside a Buy recommendation. Among 14 covering analysts, the consensus stands at Moderate Buy with a mean price target of $20.62. The rating distribution shows 12 Buy ratings, 1 Hold, and 1 Sell.
WULF began Monday’s session at $14.67 before advancing to higher levels. The stock’s 52-week trading range spans $2.06 to $18.51, illustrating significant appreciation from lows. The 50-day moving average stands at $14.72, while the 200-day average registers $13.35.
The company maintains a market capitalization near $6.22 billion with a beta coefficient of 3.66 — indicating substantial price volatility. The price-to-earnings ratio currently sits at -9.00, reflecting ongoing operational losses.
Shares concluded Monday’s trading at $16.41 following the credit facility disclosure.
The post TeraWulf (WULF) Stock Soars 12% Following $500M Morgan Stanley Financing Deal appeared first on Blockonomi.
Strategy (MSTR) has, for the first time last week, used its perpetual preferred stock as the primary vehicle to accumulate bitcoin, marking a potential shift in how the company funds its bitcoin strategy.
The company Monday announced it purchased 22,337 BTC in the preceding week, its fifth-largest acquisition on record.
Issuance through its STRC perpetual preferred stock was $1.18 billion, equivalent to roughly 16,800 BTC at the average price of $70,000, far exceeding the $396 million raised via its common stock at-the-market (ATM) program, which had historically been the primary tool used to build its bitcoin holdings, now totaling 761,068 BTC.
At STRC’s current 11.5% dividend rate, the $1.18 billion issuance implies roughly $135 million in annual dividend obligations. This has pushed the company’s total annual dividend burden above $1 billion.
That said, the company has set aside approximately $2.25 billion in USD reserves to fund these obligations, providing a buffer amid rising capital costs.
With the company’s common stock down more than 70%, it appears incentivized to support a higher share price without further dilution.
As a result, common equity may be used more selectively, primarily when mNAV (multiple to net asset value) is meaningfully above 1 or when the company looks to build USD reserves. In practice, this suggests reduced reliance on common stock sales, while leaning more heavily on STRC, which avoids issuing new common shares.
Taken together, Strategy is increasingly funding bitcoin accumulation through its preferred capital base, with STRC now at the center of that approach.
Another dividend increase incoming?
STRC is showing early signs of pricing pressure. The preferred has now spent three consecutive days trading below its $100 par value following its March 15 ex-dividend date. With its one-month volume-weighted average price below par, the company may look to increase the dividend by a further 25 basis points to support the price.
Read More: The math behind Strategy’s path to 1 million bitcoin by the end of 2026
There’s a specific type of crypto participant who doesn’t chase price charts. They look for infrastructure. They look for systems that generate Bitcoin — not promises of Bitcoin, not tokens that might convert to Bitcoin someday — but actual BTC, flowing from real network activity.
That participant is exactly who Bitcoin Everlight was built for.
And right now, during an open presale window, those participants are beginning to activate shards.
The question worth asking isn’t whether Bitcoin validation infrastructure is interesting. It clearly is. The question is whether this particular platform has built something worth getting into early — and what “early” actually looks like in practice.
A Network That Pays You in the Only Coin That Matters
Strip away the terminology for a moment and Bitcoin Everlight is doing something genuinely simple: it runs a distributed Transaction Validation Node network, and it shares the fees that network generates with the people who participate in it.
Those fees are paid in BTC.
Not in a governance token. Not in a project-native coin whose value depends entirely on whether the project succeeds. In Bitcoin — the asset that has been the benchmark for the entire crypto industry for over a decade.
The platform introduced Everlight Shards as its participation layer: a simplified activation model sitting on top of the validation node framework. Everlight users don’t need a technical background or a rack of mining equipment. They acquire BTCL tokens, hit a tier threshold, and the shard activates — pulling them into the network automatically.
The project completed dual smart contract audits through Spywolf and Solidproof, alongside dual KYC verifications through Spywolf and Vital Block — all completed before the presale opened.
From First Token to First Reward — The Actual Process
The path from zero to active shard is four steps long, and none of them require anything technical.
You acquire BTCL tokens. The presale is live right now at $0.0008 per token, with entry points beginning at $50 — meaning the barrier to getting a position in this network is quite low.
Once your holdings reach a tier threshold, your shard activates automatically based on the USD value committed at the time of purchase. There’s no manual trigger, no application, no waiting for approval.
From that point, your activated shard participates in validation through the distributed infrastructure — passively, continuously, without any ongoing management on your end.
Rewards begin flowing immediately upon activation. During the presale phase, those rewards are paid in BTCL at a fixed rate tied to your tier. After mainnet launches, the model transitions to performance-based BTC distribution — meaning what you earn scales with how much real transaction activity moves through the network.
How the Shard Tiers Are Structured
The shard tier structure is built around three activation levels, each one carrying a different reward rate and a different level of network participation:
Azure Shard activates at $500 and earns up to 12% APY in BTCL during the presale phase, transitioning to BTC earnings at mainnet.
Violet Shard activates at $1,500 and earns up to 20% APY during presale — the mid-tier entry point for participants looking to deepen their position in the network.
Radiant Shard activates at $3,000 with up to 28% APY during presale, representing the highest participation tier currently available.
Users who hold tokens below any threshold aren’t locked out — they hold a dormant shard position that activates the moment their balance crosses the next tier. The system is designed to reward genuine alignment with the network instead of short-term speculation.
The Thing Most Crypto Reward Systems Get Wrong
The vast majority of passive reward models in crypto share one structural flaw: the reward is the same token you already own. Your earnings are denominated in the project’s own asset, which means their real-world value is completely circular — it depends on whether other people keep buying the same thing you bought.
Bitcoin Everlight breaks that loop. Post-mainnet rewards come from BTC-denominated transaction routing fees generated by actual network usage. Participation isn’t rewarded with inflation. It’s rewarded with a share of real economic activity, paid in an asset that doesn’t depend on the platform’s own price performance to have value.
That’s the structural difference. And for participants thinking beyond the presale phase — thinking about what they’re holding a year from now — it’s the part worth paying attention to.
Six Days. Phase 1 Pricing. Then It Changes.
Bitcoin Everlight’s Phase 1 presale has 472,500,000 tokens remaining at $0.0008 per token. The window is approximately six days from today.
When Phase 1 closes, the pricing available right now closes with it. Shards activated during this phase lock in at the earliest available entry point — and the BTCL rewards begin accumulating from the moment of activation, not from some future launch date.
As Bitcoin Everlight continues expanding its validation infrastructure, early participants are beginning to explore what the shard activation model means for their own BTC exposure strategy.
Users interested in understanding how Everlight Shards work — and what the activation process looks like — can explore the platform directly here.
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South Korea’s National Police Agency is moving to standardize how seized cryptocurrencies are stored and managed, drafting guidelines that cover privacy-focused assets as authorities seek more robust asset handling. The initiative comes as investigations increasingly involve digital assets, and past incidents exposed gaps in custody processes. The KNPA’s draft directive outlines compliance requirements at each stage of crypto seizure, including the management of software wallets and private keys. The move mirrors a broader push among regulators to tighten control over the lifecycle of digital assets once they land in government custody, and it places a spotlight on the risks tied to custody for privacy-focused tokens and mainstream coins alike.
Key takeaways
- The KNPA’s draft directive aims to standardize seizure handling, with explicit procedures for wallet addresses, private keys, and custody workflows across cases involving digital assets.
- Plans to select a private custody provider are scheduled for the first half of 2026 after three bidding attempts in 2025 failed to yield a suitable partner.
- Budget constraints are a recurring challenge, with a reported allocation of 83 million won (about $55,600) to manage seized crypto assets, underscoring risk despite limited funding.
- A phishing-related custody incident intensified scrutiny earlier this year when government-held Bitcoin disappeared from prosecutors’ custody, prompting a rapid push to strengthen controls.
- Historically, authorities have disclosed that a substantial share of seized crypto comes from the Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH) ecosystems, with multi-year totals used for public treasuries and ongoing cases.
- The policy also contemplates privacy-focused tokens, such as Zcash (CRYPTO: ZEC), signaling a broader risk-management approach that extends beyond the most liquid assets.
Market context: The move to codify seizure custody aligns with a broader trend of tightening regulatory oversight around digital assets, as authorities increasingly require auditable chains of custody and documented controls. In a market where liquidity and risk sentiment can shift quickly, formal custody arrangements may reduce the potential for asset loss and improve transparency during investigations.
Why it matters
What to watch next
- The KNPA will finalize the bid process for a custody provider in the first half of 2026, clarifying who will manage seized assets going forward.
- A formal, published directive detailing custody procedures, wallet management, and asset tracking is expected to accompany the provider selection, offering a concrete playbook for investigators.
- Regulatory and policy scrutiny around privacy-enhanced assets such as Zcash (CRYPTO: ZEC) will likely shape custody guidelines, especially in relation to privacy-preserving features and auditability.
- Precedents from high-profile custody cases—where assets were temporarily lost or mishandled—will inform risk controls and internal training programs for Korean law enforcement and prosecutors.
Sources & verification
- Asiae article detailing KNPA’s draft directive and custody considerations: https://www.asiae.co.kr/article/2026031702455599002
- Cointelegraph report on privacy-focused tokens and custody implications: https://cointelegraph.com/news/zcash-leads-privacy-coin-rally-market-cap-passes-10b
- Cointelegraph coverage of the January phishing incident and missing BTC: https://cointelegraph.com/news/south-korea-seized-bitcoin-stolen-phishing-scam-report
- Cointelegraph follow-up on recovery of the missing BTC: https://cointelegraph.com/news/south-korea-prosecutors-recover-320-bitcoin-returned-phishing
- Cointelegraph update on the subsequent sale of recovered assets and transfer to the treasury: https://cointelegraph.com/news/south-korea-sells-21-5m-in-recovered-bitcoin-after-custody-breach
South Korea tightens crypto custody protocols amid seizure challenges
The National Police Agency’s forthcoming custody framework is poised to redefine how authorities handle digital assets from the moment of seizure through eventual disposition. By mandating systematic governance of wallet addresses, wallet access controls, and the private keys that unlock asset movement, the draft directive seeks to prevent the kind of misplacement or mishandling that has plagued past cases. In a jurisdiction where public authorities have seized substantial sums in crypto over the years, the ability to demonstrate a clear chain of custody is not merely an administrative concern—it is a matter of due process and public accountability.
In aggregated terms, seizures over the past five years have been substantial, with estimates indicating the value of seized crypto totaling around 54.5 billion won (roughly $36.5 million). The lion’s share of that amount has come from Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH), with about 50.7 billion won in Bitcoin and 1.8 billion won attributed to Ether. This composition underscores the importance of asset-specific storage protocols, as the differing liquidity profiles, transaction speeds, and security considerations of each asset class demand tailored custody solutions. The emphasis on privacy-focused tokens, such as Zcash (CRYPTO: ZEC), further complicates custody, given the additional considerations for privacy-preserving transactions while maintaining verifiable audit trails.
The phishing episode that catalyzed renewed attention to custody didn’t just expose a technical vulnerability; it highlighted the human and procedural gaps that persist in asset handling. Authorities confirmed that around 320 Bitcoin disappeared from prosecutors’ custody during an August 2025 investigation. Although the unknown actor returned the coins in February of the following year, the episode culminated in a March decision to tranfer proceeds totaling roughly 21.5 million USD to the national treasury, illustrating how seized assets transition into public coffers when custody is breached. The incident has underscored the need for formalized, auditable procedures that can withstand the scrutiny of investigations and public reporting.
As the KNPA moves forward, the planned engagement with a private custody provider could help institutionalize best practices across the asset lifecycle—from secure key management to robust access controls and transparent reporting. The procurement effort in 2026, following unsuccessful bids in 2025, signals a shift toward professional asset stewardship, even as budget constraints loom. The combination of regulatory intent, practical risk considerations, and the evolving landscape of digital-asset custody will shape how Korean authorities respond to future investigations and how market participants perceive the reliability of government custody in high-stakes cases.
The toolkit integrates with Coinbase’s x402 protocol, giving platforms a way to verify a real person stands behind an automated agent — without revealing who that person is.
World — the crypto project co-founded by Sam Altman — announced today that it has launched AgentKit beta, a developer toolkit that extends its World ID proof-of-human system to AI agents, according to a press release shared with The Defiant.
AgentKit integrates with x402 — an payments protocol for AI agents developed by Coinbase and Cloudflare — and enables verified humans to cryptographically delegate their World ID to AI agents. The result is what World calls a “human-backed agent”: an automated actor that can prove a unique real person stands behind it, without revealing who that person is.
“Payments are the ‘how’ of agentic commerce, but identity is the ‘who,’” said Erik Reppel, Head of Engineering at Coinbase Developer Platform and Founder of x402. “By integrating World ID with the x402 protocol, developers now have a complete trust stack.”
Back in early 2023, when World ID launched alongside GPT-4, the project was already positioning itself as a counterweight to the coming wave of AI-generated accounts and automated activity online. The core pitch has barely changed — what has changed is the urgency. AI agents are now a reality, not a forecast.
The project has repeatedly attracted regulatory intervention globally over its biometric data collection practices, with suspensions and investigations in Kenya, Spain, Portugal, Hong Kong, and South Korea. As recently as last year, the High Court of Kenya ruled that Worldcoin’s collection of biometric data from Kenyan citizens in 2023 was illegal and violated the country’s data protection laws. Spain also mandated deletion of all iris scan data collected there, citing inadequate data handling practices.
Those concerns don’t disappear with AgentKit. While World frames its zero-knowledge architecture as privacy-preserving — users prove uniqueness without sharing personal information — critics have long argued that building a global identity layer on top of biometric iris scans introduces systemic risks that clever cryptography alone cannot resolve. The prospect of that same biometric infrastructure being extended to a sprawling ecosystem of autonomous AI agents is likely to sharpen that debate further.
World reports that its network now includes nearly 18 million verified humans across more than 160 countries. AgentKit beta is available now to developers who hold a verified World ID. The current release is built on existing World ID architecture, with a more advanced version planned as the next generation of the protocol rolls out.
The Rise of the Agent Economy
The announcement arrives at a pivotal moment for on-chain agentic activity. Since the start of 2026, the number of agents using the ERC-8004 standard across blockchain networks has grown from 337 to nearly 130,000 — an increase of over 39,000%, as The Defiant reported this week. As that explosion in agent activity has accelerated, so have questions about trust, accountability, and how platforms can distinguish between legitimate users and coordinated bot swarms.
The broader agentic economy continues to accelerate. Circle recently launched Nanopayments on testnet, offering gas-free USDC transactions designed specifically for AI agents making rapid, sub-cent payments for services like pay-per-call APIs and machine-to-machine marketplaces.
CoinFello last week released an open-source skill allowing agents to execute on-chain transactions via MetaMask without ever accessing a user’s private keys —addressing a core security vulnerability in how most agent wallets currently operate.
World’s AgentKit adds a third pillar to this emerging stack: alongside payments and secure key management, agents can now carry verifiable proof that a real human is behind them.
This article was written with the assistance of AI workflows. All our stories are curated, edited and fact-checked by a human.
XRP is showing a modest recovery attempt, but the bigger picture still looks cautious on both the USDT and BTC pairs. The price has bounced from recent lows, and short-term momentum has improved, yet XRP is still trading below major moving averages and within broader bearish structures. That means buyers are improving the short-term picture, but they have not fully changed the trend yet.
Ripple Price Analysis: The USDT Pair
On the XRP/USDT chart, the cross-border token has pushed up toward the $1.50 psychological level after spending several sessions consolidating above the $1.10 to $1.20 support zone. This bounce is constructive, especially with RSI pushing higher, but XRP still sits below the descending trendline, 100-day and 200-day moving averages, and the heavy $1.75 to $1.80 resistance area. That zone remains the first major test for buyers.
If the asset can reclaim that region, the next upside target would be the broader $2.40 to $2.50 supply zone. But the price must also break above the 200-day moving average, located around $2.10, before reaching this zone. Until then, the current move looks more like a relief bounce inside a larger downtrend than a confirmed reversal. But as long as the price holds above the $1.10 to $1.20 base, buyers still have a platform to build on.
The BTC Pair
Against Bitcoin, XRP is also trying to stabilize after holding the key 2,000 sats support area. The pair has bounced back above 2,000 sats and is now attempting to regain some short-term momentum, but it remains below both the 100-day and 200-day moving averages, which continue to cap the structure from above.
The first important resistance on the XRP/BTC chart sits around 2,200 sats, where the two major moving averages are located. The next key horizontal level will be the 2,400 to 2,500 sats area. A clean move above those levels would improve the outlook and suggest that relative weakness versus Bitcoin is starting to fade. If the pair gets rejected again, though, the 2,000 sats zone remains the key support to watch, with a break below it reopening the path toward the lower boundary of the channel around 1,700 sats.
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A view of the Mastercard company logo on its stand during the Mobile World Congress in Barcelona on March 1, 2017.
Joan Cros Garcia – Corbis | Corbis News | Getty Images
Mastercard on Tuesday said it agreed to acquire BVNK, a London-based stablecoin infrastructure firm, for up to $1.8 billion. It’s the payment network’s biggest bet yet on the mainstreaming of digital currencies.
The deal includes $300 million in payments that are contingent on BVNK hitting certain performance metrics and is expected to close this year, Mastercard said in a statement.
The acquisition gives Mastercard, the world’s second-largest payment network after Visa, the ability to connect traditional payment rails with emerging blockchain-based systems. That will allow Mastercard to enmesh itself in payments systems involving stablecoins and tokenized deposits as they gain adoption in coming years.
“We expect that most financial institutions and fintechs will in time provide digital currency services,” Mastercard Chief Product Officer Jorn Lambert said in his firm’s release.
BVNK, which was founded in 2021 and told CNBC last year that its valuation was above $750 million, says its platform currently supports transactions on all major blockchain networks in more than 130 countries.
Stablecoin startups have been a hot commodity since the reelection of President Donald Trump in late 2024 ushered in a new era of crypto-friendly regulation.
BVNK reportedly entertained takeover interest from Coinbase as well as Mastercard, and Mastercard had been interested in acquiring a different crypto company, Zerohash, earlier this year.
Crypto World
Phantom wins CFTC no-action relief, clearing path for crypto wallet access to regulated derivatives markets
Phantom, a developer of self-custodial crypto wallets particularly popular in the Solana ecosystem, secured a no-action letter from the U.S. Commodity Futures Trading Commission (CFTC), allowing it to offer users access to certain regulated derivatives markets without registering as a broker.
In a statement Tuesday, the CFTC’s Market Participants Division said it would not recommend enforcement action against Phantom for failing to register as an introducing broker, provided the firm meets a set of conditions. The relief applies to Phantom’s software acting as a non-custodial interface that connects users directly with CFTC-registered entities, such as futures commission merchants and designated contract markets.
Phantom said in a blog post that the letter enables it to integrate access to regulated derivatives and event contracts directly in its app through registered partners, while ensuring users submit orders straight to exchanges. The company emphasized it does not custody customer funds or intermediate trades.
Phantom described the outcome as “first-of-its-kind” for this model and the result of proactive engagement with regulators. “Rather than building first and seeking forgiveness later, we took a different approach,” the team wrote in the blog post, adding that early dialogue with the CFTC helped clarify how non-custodial interfaces can operate within existing rules.
“A critical part of making crypto safe and easy to use is building financial products that are governed by clear, common-sense regulations. When warranted, engaging regulators early to find compliant pathways for these new products produces better outcomes for our users, for the industry, and for regulators themselves. This letter is proof of that,” said Phantom CEO Brandon Millman in a blog post.
“We’re grateful to the CFTC for working through a genuinely novel question with us, and we look forward to bringing more innovative products to consumers in a way that gives them confidence and sets the right precedent,” he added.
Read: Prediction Markets Are Coming to Phantom’s 20M User Via Kalshi
A court in Argentina has ordered a nationwide block of the major crypto-based prediction market platform Polymarket over unauthorized gambling.
Argentina’s national regulator for communications and media, ENACOM, received a court directive to block access to Polymarket and its variants across the country, according to a ruling dated March 11. The measure was issued by the Buenos Aires Court of First Instance in Criminal, Contravention and Minor Offenses No. 31, which is examining Polymarket under the Criminal Code for allegedly offering gambling services without proper authorization. The judge instructed ENACOM to implement the block either directly or through internet service providers and to report any technical obstacles that could hinder full compliance.
Key takeaways
- The Buenos Aires court issued a nationwide access block to Polymarket, expanding enforcement against unlicensed online gambling platforms in Argentina.
- The case centers on potential violations of gambling regulations, with prosecutors alleging Polymarket allowed bets without sufficient identity or age verification.
- The order also targets mobile apps, directing Google and Apple to remove Polymarket from Android and iOS stores for Argentina-based users.
- Local reporting indicates the case was launched after a complaint from LOTBA, the city’s gambling regulator, triggering an investigation by FEJA, the specialized gaming prosecutor’s office.
- Observers note that the decision comes in the context of global scrutiny of crypto-related prediction markets and further underscores regulatory risk for platforms operating across borders.
Sentiment: Neutral
Price impact: Neutral. The regulatory action does not provide a clear, immediate signal for asset prices or trading activity.
Market context: The case sits within a broader pattern of regulators tightening oversight of so-called prediction markets and enforcing KYC/AML requirements. Across Europe and Latin America, authorities have taken steps to curb unregistered gambling platforms and to ensure consumer protections are in place, often prompting platform operators to adjust or suspend services in affected regions.
Why it matters
The Buenos Aires ruling highlights the friction between innovative, crypto-enabled betting markets and traditional regulatory frameworks. Polymarket built its value proposition on offering prediction markets that cover a wide range of topics, including inflation and geopolitical events. When a municipal or national regulator steps in to block access, it underscores the importance of compliant user verification processes and license regimes for platforms that facilitate real-money wagering or wagering-like activities.
From a regulatory perspective, the case draws attention to the ongoing debate over whether and how crypto-relates prediction services should be regulated. Critics have pointed to concerns about consumer protection and the potential for underage participation when platforms operate with limited KYC checks. Proponents, meanwhile, argue that well-structured prediction markets can improve information discovery and provide hedging tools, provided that operators adhere to robust verification standards and clear licensing terms.
For users and developers in the broader crypto ecosystem, the episode serves as a reminder that cross-border services face a patchwork of rules that can shift quickly. Even as some jurisdictions pursue innovation in digital markets, others lean toward strict licensing, content restrictions, or outright bans. In Latin America, regulators have already warned or acted against several crypto-related activities perceived as unregistered or insufficiently regulated, reinforcing the need for clear compliance pathways if platforms intend to serve local audiences.
Colombia, for example, has previously voiced cautions about Polymarket’s operations in the region, while countries such as the Netherlands, Hungary, Portugal, and Ukraine have likewise moved to curb or block similar services. These developments collectively shape the risk landscape for prediction-market platforms and for users who rely on them for hedging or informational purposes. At the same time, observers note that the enforcement environment can influence where and how such services operate, potentially shifting user activity toward jurisdictions with clearer regulatory guidance or licensing regimes.
Polymarket has not provided immediate public comment on the Argentine case. The evolving situation underscores the degree to which regulatory actions, rather than technical performance or user demand alone, can determine the feasibility and reach of prediction-market platforms within a given country.
Related: CFTC chair backs blockchain-based prediction markets as ‘truth machines’
The Argentine action aligns with broader global scrutiny of prediction markets and the need for clear compliance frameworks as the space grows. In Latin America, authorities have signaled a willingness to police unregistered gambling activities online, even as the same platforms aim to attract users seeking information and hedging opportunities through data-driven markets. The enforcement trajectory in Buenos Aires may influence how Polymarket and similar platforms structure their offerings, licensing, and geographic reach going forward.
In the past, the platform’s inflation-linked markets drew notable attention for their alignment with official statistics, sparking debates about insider information and data integrity. While those questions predate the present enforcement action, they color the ongoing discussion about how prediction markets should be governed and who bears responsibility when data sources or verification standards fall short of regulatory expectations.
As the regulatory environment evolves, Polymarket’s trajectory will likely hinge on whether it secures required licenses or restructures its service to comply with local rules. Researchers and practitioners are watching closely to see whether the company seeks clarifications from regulators, pivots its product design, or withdraws from particular markets in jurisdictions deemed high-risk or under regulatory watch. In any case, the case in Buenos Aires adds a notable data point to the global conversation about how to balance innovation with safeguarding consumers in a rapidly evolving digital economy.
Source: ENACOM
What to watch next
- Whether ENACOM will complete the block nationwide and if providers can regain access through exemptions or technical workarounds.
- Any formal statements from Polymarket regarding licensing, compliance steps, or potential adaptations to operating in Argentina.
- Follow-up actions by LOTBA and FEJA, including any further court filings or appeals related to the case.
- Potential responses from Google and Apple on app removals and any subsequent reinstatement or new compliance requirements for the platform.
Sources & verification
- ENACOM court filing and the March 11 ruling (PDF): https://www.enacom.gob.ar/multimedia/noticias/archivos/202603/archivo_20260313091955_8827.pdf
- Lanación coverage on the case and the LOTBA complaint: https://www.lanacion.com.ar/economia/mercado-de-predicciones-la-justicia-portena-bloqueo-el-acceso-a-polymarket-en-todo-el-territorio-nid16032026/
- Local reporting on the FEJA investigation and the LOTBA filing: referenced in the article
- Public social posts noting the actions and the court’s scope: Reddit discussion and X/Twitter mentions cited in reporting
Argentina blocks Polymarket nationwide over unlicensed gambling
The Buenos Aires court’s decision to instruct ENACOM to block Polymarket across Argentina marks a significant enforcement milestone for a platform that has drawn regulatory attention in multiple jurisdictions. The core concern cited by authorities revolves around the lack of robust identity and age verification, which raises questions about whether minors or unverified users could participate in bets on the platform. The order also extends to mobile apps, directing the major app stores to remove Polymarket from Android and iOS within the country, a move that could substantially reduce the platform’s on-device reach for Argentine users.
The regulatory sequence began with a complaint from LOTBA, the city’s gambling regulator, prompting FEJA to open an investigation that culminated in the court action. The case underscores the tension between innovative digital markets and the traditional oversight expected of gambling services. While Polymarket has sought to position itself as a data-centric, information-driven platform, regulators emphasize consumer protection and licensing compliance as prerequisites for operation in their jurisdictions.
Observers note that the court’s jurisdictional reach, combined with the request to block access via ISPs and major app stores, suggests a comprehensive attempt to curb cross-border traffic tied to Argentine users. This approach aligns with a broader pattern in which nations reassess the legality of online prediction markets and the channels through which residents can access them. While some markets have argued that such platforms can enhance information flows, others view them as risky financial services requiring stringent licensing and governance standards.
As the situation unfolds, policymakers and market participants will watch for defined licensing pathways, potential amendments to local gambling regulations, and any appellate decisions that could shape how prediction markets operate in Argentina and similar markets in the region. The case also serves as a touchstone for ongoing global debates about how best to regulate crypto-enabled prediction tools without stifling legitimate innovation or compromising user safety.
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