CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1943.37, up 1.3% (+25.4) since 4 p.m. ET on Wednesday.

Seventeen of the 20 assets are trading higher.

Leaders: HBAR (+6.7%) and XLM (+4.2%).

Laggards: UNI (-1.9%) and BCH (-0.8%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

Nearly every major company in the world is experimenting with artificial intelligence, but almost none are changing meaningfully as a result, McKinsey’s chairman of Greater China, Joe Ngai, told Consensus Hong Kong on Thursday.

Internal surveys show 98% of corporate executives report implementing some form of AI, Ngai said. But when asked how much of that is deployed at scale, “that number drops significantly” to less than 20%, he said. When it comes to measurable profit impact, it’s 5%.

The bottleneck, Ngai argued, isn’t technical capability, it’s organizational design.

Modern corporations, he said, are built on “layers of people, hierarchies, managers and reporting.” In an AI-native world, that structure becomes friction.

Instead of reimagining business models, most firms are layering AI pilots onto legacy processes, seeking approvals, testing small use cases and protecting reporting lines.

“That is actually not where you get the most benefit out of AI,” Ngai said. “The bottleneck of AI implementation is actually people.”

From his vantage point in China, Ngai sees a different approach. Chinese companies have spent a decade digitizing operations around mobile and data. As a result, the “receptance … on agentic and AI is far greater,” with less resistance from labor structures and legacy governance.

Unlike Western discourse, which often centers on frontier models and artificial general intelligence, China’s focus is pragmatic: “There’s a lot less talk about the models … there’s a lot more talk around usage.”

Ngai also highlighted embodied AI, such as robotics, automation and autonomous driving, as a major frontier. Given China’s supply chain scale, he predicts a coming “robot dividend,” arguing the country may soon deploy more robots than humans, offsetting demographic decline and reshaping industrial productivity.

Ngai described 2026 as defined by two opposing forces: geopolitical uncertainty and technological acceleration. CEOs are navigating tariffs and fragmentation on one hand, and AI-driven transformation on the other. Yet corporate earnings remain resilient.

The traditional four-year crypto cycle, long-tethered to bitcoin’s BTC$66,218.86 halving events, may be a thing of the past.

Han Lin, founder and CEO of Gate and an early advocate of bitcoin, told CoinDesk on Thursday the digital asset market has matured into a global macroeconomic pillar that now moves in lockstep with U.S. equities and AI-driven technological shifts rather than internal supply shocks.

Lin, who leads the world’s fourth-largest exchange with daily volume exceeding $2 billion, laid out his vision of an industry that has transitioned from an “existential threat” to the foundational infrastructure of traditional finance.

The American Bankers Association (ABA) urged U.S. Congress to ban yield on payment stablecoins and revise open banking rules, framing the changes as necessary for consumer protection and competitive balance. Crypto and fintech critics say the ABA’s agenda would tilt the regulatory playing field toward banks by limiting how wallets, stablecoin issuers and apps can access users and their financial data.

“I don’t believe in the four-year cycle anymore,” Lin said, noting that Gate (formerly Gate.io) is positioning itself for an upward move driven by the convergence of crypto and TradFi. “The market is bigger now. It is more related to the global economy and the U.S. stock market. You cannot see it as isolated.”

Lin’s outlook comes as Gate executed a massive global rebranding, moving to the Gate.com domain and securing high-profile sponsorships with Oracle Red Bull Racing and Inter Milan. The goal, Lin says, is to prepare for a wave of real-world asset (RWA) tokenization that extends far beyond the current stablecoin market.

While stablecoins like USDC and USDT are the “most successful use cases” today, Lin anticipates a rapid migration of stocks, precious metals, and commodities onto the blockchain. Gate is already facilitating this shift, offering users access to traditional assets in a tokenized, 24/7 format.

“We will beat traditional exchanges and banks very soon,” Lin claimed, citing the inherent efficiency of onchain liquidity. He argues that while legacy institutions like the New York Stock Exchange are only now exploring 24/7 trading, crypto-native platforms have already perfected the infrastructure required for a round-the-clock global market.

Lin dismissed the idea that stablecoins are an inherent threat to bank deposits. Instead, he views them as a technological upgrade that banks are increasingly eager to adopt.

“I have talked with some banks; they are no longer eager to go against crypto,” Lin said. “They can use stablecoins to accelerate their own service. We use them as a rail for money transfer.”

Despite the competitive landscape, Lin confirmed that his crypto exchange has no plans to develop its own stablecoin, preferring to remain a neutral venue that integrates existing tokens like Circle’s USDC. This strategy focuses on “building the infrastructure” rather than competing with the assets themselves.

Market resilience and AI tailwinds

Despite a volatile 2025 that saw many retail participants sidelined, Lin remains bullish on the “believers” who continue to accumulate at low points. He points to the 15x growth in crypto-based payments over the last two years as evidence that digital assets are finding “real-world utility” beyond simple speculation.

Lin sees the current AI boom as a “strong support” for crypto. As investors hunt for the next technological frontier, the intersection of AI and blockchain, particularly in lowering the barrier to entry for new users, is expected to drive the next wave of adoption.

“We don’t care about the price alarms,” Lin concluded. “We care about the applications. We are making it lower cost and more efficient. The technology works, and nobody can stop that.”

Bitcoin price is approaching a critical $65,000 support zone where Fibonacci and channel confluence suggest a potential local bottom may form before a strong relief rally unfolds.

Bitcoin (BTC) price action remains corrective in the near term, with the market continuing to rotate lower within a broader rising channel. After failing to hold the channel midpoint, BTC has slipped into a weaker internal trend, putting downward pressure on the price as sellers remain in control.

Despite this weakness, the broader structure does not yet signal a macro breakdown. Instead, current conditions suggest Bitcoin may be nearing a high-probability support zone where a temporary bottom could form.

This type of environment often precedes internal rotations within an uptrend, where price revisits deeper support before attempting a recovery. The focus now shifts to whether Bitcoin can find demand near the lower boundary of its rising channel.

Bitcoin price key technical points

• Rising channel structure remains intact, despite the loss of mid-channel support
• 0.618 Fibonacci retracement aligns with channel support near the $64,400–$65,000 zone
• Bullish volume at support is required, to confirm a relief rally and trend continuation

Bitcoin has been trading within a rising channel that has guided price action over recent months. The recent loss of the channel midpoint marked an important shift in short-term momentum, indicating that buyers were unable to maintain control at higher value levels. Once this internal support failed, price began rotating lower toward the stronger structural support at the channel low.

This type of movement is common in trending markets. Rather than immediately reversing, price often seeks deeper liquidity and stronger technical confluence before stabilizing. The current downtrend on lower timeframes reflects this internal rotation rather than a full trend reversal.

Importantly, this move lower has occurred without aggressive expansion in bearish volume, suggesting controlled selling rather than panic-driven capitulation.

$65,000 support zone comes into focus

The next major technical level sits near the $64,400–$65,000 region. This zone represents a strong confluence of technical factors, including the 0.618 Fibonacci retracement of the broader move and the lower boundary of the rising channel. When Fibonacci retracements align with structural channel support, they often act as high-probability reaction zones.

A move into this area would complete the current internal rotation within the channel. As long as price holds this support on a closing basis, the broader bullish structure remains intact. This makes the $65,000 region a key area where buyers may step in to defend trend continuation.

‘No Man’s Land’ consolidation likely before support test

At present, Bitcoin is trading between major support and resistance levels, an area often described as “no man’s land.” In these zones, price action tends to be choppy, with limited follow-through in either direction. Consolidation in this region is typical as the market prepares for its next decisive move.

As long as BTC remains below reclaimed resistance and above major support, further ranging and slow drift lower remain likely. This environment often frustrates both bulls and bears, but it is a necessary phase before larger rotations unfold.

What to expect in the coming price action

From a technical, price-action, and market-structure perspective, Bitcoin appears to be nearing the latter stages of its current corrective rotation. While short-term downside risk remains, the $64,400–$65,000 region stands out as a potential bottoming zone.

For a meaningful relief rally to begin, Bitcoin will need to show a clear reaction at its support level. This includes strong bullish volume, rejection wicks, and acceptance back above short-term value levels.

If these conditions are met, price could rotate back toward the upper boundary of the rising channel, with the $75,000 region acting as the next major resistance target.

Pakistan didn’t just wake up one morning and decide that it loves crypto, said the chairman of the country’s Virtual Assets Regulatory Authority (PVARA).

The country was in the unusual position of having one of the largest crypto markets on the planet, but no guardrails at all, PVARA chairman Bilal Bin Saqib told Consensus Hong Kong 2026 on Thursday.

“In 2025, Pakistan did realize that we have approximately 40 million of its citizens who are already trading digital assets with zero rules, zero protection, and zero benefit flowing back to the state,” Bin Saqib said via virtual link. “The market existed, but the regulations didn’t. So essentially, we tried to move from a gray market into a governed market.”

In fact, Pakistan boasts the third largest crypto market by retail activity, ahead of places like Germany and Japan, Bin Saqib said. This is because Pakistan isn’t just an emerging economy, it’s also a young country in terms of demographics. Some 70% of the 250 million population are under the age of 30.

“We are one of the most tech savvy youth populations on the planet,” the PVARA chairman said. “We have over 100 million unbanked citizens, people who have no saving tools, no investment tools, no way to break out of their economic class. And hence why crypto and blockchain are not a luxury for Pakistan. It’s a ladder for the masses.”

Pakistan’s bitcoin strategic reserve and national mining plans

One area of interest for the crypto industry was Bin Saqib’s announcement last year at Bitcoin Las Vegas that Pakistan was planning to establish a strategic bitcoin BTC $68,087.00 reserve and support bitcoin mining.

Bin Saqib pointed out it wasn’t just “an announcement,” but added that “when you are dealing with something as strategic as the Bitcoin reserve or the national energy allocation, speed without structure can be dangerous.”

As for the reserve, “the first step is we’ve identified the digital assets that are held by the state, moving them into a formal state controlled custody framework, and that establishes transparency, accountability and the standards. It’s not about speculation; it’s about treating digital assets as sovereign wealth,” Bin Saqib said.

On the mining side, he said: “We’ve identified the sites where we have surplus electricity, and now we are assessing the economics and the impacts, and at the same time, we are also engaging with global miners and also AI compute operators.”

The project is about following a “responsible partnership model,” Bin Saqib said, because this is not just a stand alone crypto experiment.

“It’s part of a broader strategy around energy optimization, compute capacity and our national digital infrastructure. Because Bitcoin mining and AI data centers are the two mechanisms for converting unused energy into productive capacity for our country.”

TLDR

• Sharplink executives Joe Lubin and Joseph Chalom emphasize the importance of ether as a productive financial asset.
• Despite market volatility, Sharplink continues to treat ether as a long-term investment to generate consistent returns.
• Sharplink’s strategy contrasts with traditional ETFs by focusing on permanent capital and staking ether for yield.
• Chalom highlights Ethereum’s growing role in global finance through stablecoins and tokenization.
• Lubin compares the evolution of blockchain to the early internet era, predicting that every company will soon be a blockchain company.

As Ether prices face sharp fluctuations, Sharplink Gaming continues to defend its strategy of treating Ether as a productive asset. The company’s approach revolves around utilizing ether not just as an investment but as a means to generate consistent financial returns. Sharplink’s executives, Joe Lubin and Joseph Chalom, have emphasized the long-term value of decentralized finance (DeFi) solutions during a panel discussion at Consensus Hong Kong 2026.

Sharplink’s Commitment to Ether as a Long-Term Asset

Sharplink Gaming’s executives have expressed strong confidence in the potential of Ether (ETH) as a valuable asset. Chalom pointed out that, despite the market’s volatility, the broader outlook for Ethereum has never been stronger.

“The actual macro tailwinds for Ethereum have never been better in its 10-and-a-half-year history,” he stated.

He referred to the growing adoption of stablecoins and the rise of tokenization as key factors behind the blockchain’s expanding role in global finance. Chalom also highlighted a comment by BlackRock’s Larry Fink, noting that $14 trillion of assets are expected to be tokenized, with over 65% of this occurring on Ethereum.

Sharplink’s approach contrasts with the passive investment strategy of traditional crypto exchange-traded funds (ETFs). Instead of relying on daily liquidity, the company focuses on deploying permanent capital into ether.

According to Lubin, the yield generated through ether staking is a key aspect of their strategy.

“Ether would be a much better asset… because it is a productive asset. It yields. It has a risk-free rate,” Lubin said.

Sharplink’s decision to stake nearly all of its ether holdings has allowed the company to accumulate consistent returns.

Evolving DeFi Strategies for Institutional Investors

Sharplink’s strategy also emphasizes the importance of “good institutional DeFi,” according to Chalom. The company focuses on long-term locked capital, aiming for stable, risk-adjusted returns rather than high-risk, high-reward ventures typical of venture capital (VC) investments.

“We’re not looking for convex VC 10x outcomes, we’re looking for the best risk-adjusted yield for our investors,” Chalom explained. This method, according to Chalom, helps improve the DeFi ecosystem by setting higher standards for institutional engagement.

In their view, the institutional adoption of DeFi will increase over time as firms seek more stable, productive assets on their balance sheets. Lubin compared the evolution of blockchain to the early days of the internet. He noted that while companies once existed solely as internet companies, soon every firm will be a blockchain company. According to Lubin, the future will see more corporations holding tokens on their balance sheets and using sophisticated onchain treasury tools.

Argentine fintech groups had welcomed the possibility that, for the first time, workers could deposit their salaries into virtual wallets. However, lawmakers removed the provision, a move widely seen as favoring traditional banking interests.

During negotiations to secure broader support for the bill, President Javier Milei’s party agreed to exclude the article, despite polls indicating that a large majority of Argentines prefer the freedom to choose where their salaries are deposited.

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Distrust In Banks Drives Wallet Adoption

Argentine law today stipulates that workers must deposit their salaries into traditional bank accounts. Despite that law, digital wallet adoption in Argentina has soared over the past few decades. 

In part, that growth reflects limited access to banking. A 2022 Central Bank survey found that only 47% of Argentines had a bank account, a gap largely driven by longstanding distrust of traditional systems.

Decades of financial instability, including the 2001 “corralito” deposit freeze, persistent inflation, and repeated restrictions on access to funds, have eroded public trust in banks and accelerated a shift toward cash and dollar-denominated savings.

In response, fintech-run digital wallets, operated by non-bank payment service providers, have expanded access to financial services across Argentina.

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Platforms such as Mercado Pago, Modo, Ualá, and Lemon now rank among the most widely used. Many users without access to traditional bank accounts rely on these apps as their first point of entry into the formal digital financial system.

That’s why fintech leaders welcomed a provision that would have allowed Argentines to deposit their salaries directly into virtual wallets. However, the article was cut out of the proposed labor reform before it was even debated in Congress.

“The exclusion of Article 35 from the labor reform eliminated the possibility for Argentinians to freely choose where to receive their salary. In practice, the obligation to channel salaries through traditional banks was maintained, following strong pressure from the sector,” Maximiliano Raimondi, CFO of Lemon told BeInCrypto. “Governing involves negotiation, but it’s paradoxical that in a context where economic freedom is a central tenet, there has been a setback on a point that expanded a concrete freedom.”

That setback followed an intense lobbying effort by Argentina’s banking sector, which moved quickly to block the proposal.

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Political Trade Off Favors Banks

Banking associations sent letters to key senators this week outlining their objections to allowing salary deposits into digital wallets.

They argued that digital wallets lack adequate regulation, pose potential systemic risks, and could deepen financial exclusion.

“They do not have a regulatory, prudential or supervisory framework equivalent to that of banks and their approval would generate legal, financial, asset and systemic risks that would directly affect workers and the functioning of the financial system,” said Banco Provincia, a leading Argentine bank, in a statement. 

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Fintech organizations pushed back, arguing that these claims were false. 

“All Payment Service Providers (PSPs) are regulated and supervised by the Central Bank of Argentina (BCRA)… digital wallets were the gateway to financial services for millions of people who were able to open a virtual account easily and free of charge, and access better financial solutions,” Lemon said in a statement.

A recent study by consulting firm Isonomía also found that 9 out of 10 Argentines wanted the option to choose where to deposit their salaries. The tendency was even stronger among independent workers and those who work in the informal sector. The report also revealed that 75% of Argentines already use digital wallets daily.

Ultimately, the banking sector prevailed before the bill reached a Senate vote. According to reports, the government removed the provision to avoid straining relations with banks and to improve the bill’s chances of securing final approval.

TLDR

• 21Shares has expanded its partnership with BitGo to include custody and staking services for its crypto ETPs.
• BitGo will offer regulated custody, trading, execution services, and integrated staking infrastructure for 21Shares’ products.
• The partnership will support 21Shares’ US exchange-traded funds and global crypto ETPs across both the US and Europe.
• BitGo’s services will be delivered through its OCC-approved trust bank in the US and MiCA-licensed operations in Europe.
• 21Shares manages over $5.4 billion in assets across 59 exchange-traded products listed on 13 global exchanges.

21Shares has announced an expansion of its partnership with BitGo to enhance its custody and staking services. The collaboration will support 21Shares’ crypto exchange-traded products (ETPs) across the United States and Europe. BitGo will provide regulated custody, trading, execution services, and integrated staking infrastructure for these products.

This agreement allows 21Shares to offer investors seamless access to its US exchange-traded funds (ETFs) and global ETPs. BitGo will also provide liquidity across various electronic and over-the-counter markets.

The services will be offered through BitGo’s regulated entities in both the US and Europe. This includes the federally chartered trust bank approved by the Office of the Comptroller of the Currency (OCC) and MiCA-licensed operations authorized by Germany’s Federal Financial Supervisory Authority.

BitGo to Support 21Shares’ US and Global ETPs

The expanded partnership will enable BitGo to offer a range of services that support 21Shares’ exchange-traded products. BitGo’s services will include both custody and staking solutions for 21Shares’ clients. With a presence in the US and Europe, BitGo’s platform offers strong compliance with regulatory standards. This includes its OCC-approved US trust bank and MiCA-licensed European operations.

21Shares, a subsidiary of FalconX, is one of the world’s largest crypto ETP issuers. As of February 11, the company manages over $5.4 billion in assets across 59 products listed on 13 exchanges. This move marks another milestone in BitGo’s ongoing efforts to provide institutional-grade services to crypto investors.

21Shares Benefits from BitGo’s Custody and Staking Infrastructure

The partnership will also enhance 21Shares’ ability to tap into the growing demand for yield-generating crypto infrastructure. Staking services have become a key feature for institutional investors seeking enhanced returns from their crypto holdings. BitGo’s fully regulated framework will offer these investors access to secure custody and staking services.

This move comes just weeks after BitGo began trading on the New York Stock Exchange under the ticker BTGO. The crypto industry has seen a rise in staking services, with platforms like Coinbase and Anchorage Digital also expanding their staking offerings. The growing interest in liquid staking, which allows users to stake while maintaining liquidity, further supports the demand for BitGo’s services.

TLDR

• SEC Chair Paul Atkins is under scrutiny for pausing the case against Justin Sun.
• Democratic lawmakers question whether political ties influence the SEC’s enforcement decisions.
• The SEC’s overall legal actions dropped by 30% in 2025, with a 60% decline in crypto-related cases.
• Paul Atkins defends the SEC’s approach, emphasizing a balanced enforcement strategy.
• Lawmakers express concerns about the SEC’s decision to drop high-profile crypto cases like Binance and Ripple.

The U.S. Securities and Exchange Commission (SEC) Chair, Paul Atkins, is facing increased scrutiny from lawmakers regarding the agency’s shifting approach to cryptocurrency regulation. At a House Financial Services Committee hearing, lawmakers questioned his leadership as the SEC’s enforcement actions have slowed. The hearing focused on the SEC’s decision to pause the case against Tron founder Justin Sun, amid concerns about political connections and the agency’s declining crypto-related actions.

Paul Atkins Faces Lawmaker Scrutiny Over Enforcement Shifts

During the hearing, Democratic lawmakers voiced concerns about the SEC’s decision to pause the case against Justin Sun, founder of Tron. Representative Maxine Waters questioned whether industry ties to former President Donald Trump influenced the agency’s enforcement actions. She also pointed to the broader decline in enforcement efforts after Trump took office, and new leadership under Paul Atkins was appointed to the SEC in 2025.

Waters specifically referenced the SEC’s 2023 lawsuit against Sun. The lawsuit accused him of organizing the unregistered sale of crypto securities related to the TRX and BTT tokens and manipulating trading volumes. However, in February 2025, the SEC requested that a federal court pause the case. Since then, Sun has emerged as a prominent financial backer of Trump-affiliated crypto ventures.

SEC Chair Defends Reduced Enforcement in Cryptocurrency Cases

Atkins defended the SEC’s approach, asserting that the agency continues to pursue a robust enforcement effort. He emphasized that the SEC is still active in bringing cases against violators, but the total number of actions has dropped. According to Cornerstone Research, the SEC’s overall legal actions fell 30% in 2025, with crypto-related cases dropping by 60%.

When asked about the SEC’s leniency toward some high-profile crypto cases, including those involving Binance, Ripple, Coinbase, Kraken, and Robinhood, Atkins responded cautiously. He declined to discuss specific cases, citing confidentiality concerns. However, he did reiterate his commitment to a balanced approach in overseeing the cryptocurrency market.

Lawmakers Raise Concerns About SEC’s Crypto Enforcement Priorities

Lawmakers were quick to question the SEC’s decisions to drop several high-profile cases against major players in the crypto industry. The SEC dismissed its lawsuit against Binance in May 2025, which had accused the company of offering unlicensed services and misleading investors about its trading controls. The agency also ended litigation involving Ripple, Coinbase, and other firms linked to the crypto industry.

Representative Stephen Lynch expressed frustration, asking how such high-profile cases could end without any enforcement actions. He emphasized the reputational damage the SEC has suffered due to these decisions. Despite these concerns, Paul Atkins maintained that the agency’s overall strategy is focused on ensuring market integrity while maintaining flexibility in enforcement.

Coinbase reported a net loss of $667 million in the fourth quarter of 2025, snapping the crypto exchange’s eight-quarter straight streak of profitability.

In its Q4 earnings released on Thursday, Coinbase said its earnings per share came in at 66 cents, which missed analyst expectations of 92 cents per share by 26 cents.

The company said its net revenue fell 21.5% year-on-year to $1.78 billion, falling short of analyst expectations of $1.85 billion.

Transaction-related revenue dropped nearly 37% year-on-year to $982.7 million, while subscription and services revenue jumped more than 13% from the year prior to $727.4 million.

It’s the first net loss Coinbase has reported since the third quarter of 2023, and comes as the crypto market fell over the quarter, with Bitcoin (BTC) dropping nearly 30% from a high of $126,080 in early October to under $88,500 by Dec. 31.

Bitcoin has fallen 25.6% to $65,760 so far this year, having climbed from a crash to under $60,000 earlier this month.

Despite the earnings miss, shares in Coinbase (COIN) rose 2.9% in after-hours trading on Thursday to $145.18 after a 7.9% decline over the trading day to close at $141.1.

For its Q1 outlook, the crypto platform said that it had generated $420 million in transaction revenue as of Feb. 10 but expects its subscription and services revenue to fall from $727.4 million to the $550 million to $630 million range.

Coinbase added that 2025 was a “strong year” for the company, both operationally and financially, with its full-year 2025 revenues climbing 9.4% from 2024 to $6.88 billion.

Related: Coinbase unveils crypto wallets designed specifically for AI agents

“In 2025, more than 12% of all crypto in the world resided on Coinbase,” the company said. “We’re building and connecting more products to facilitate customers doing more with their assets.”