Polymarket plans to challenge France’s decision to block its website, arguing the order prevents users from accessing its market probabilities even though trading from the country has been disabled since November 2024.

France’s National Gambling Authority ordered internet providers to block the platform last week, saying it exposed users to potential losses and offered markets that could be manipulated.

Polymarket said it would challenge the decision through the French legal system and called the order disproportionate because it covers users who visit the site for information rather than to trade.

“We were surprised at the ANJ decision to block access to our entire website because their measure targets people going to Polymarket purely for information,” the company said in a press release. 

“We are proud that most people come to Polymarket solely to learn the probability of future events relevant to their everyday life with no intention to trade,” the company added. “Prediction markets help source truth.”

The dispute turns in part on how Polymarket’s contracts should be classified. The company describes them as blockchain-based financial instruments traded directly between users, with prices set by market activity.

The bitcoin BTC$65,521.87 market is facing a macro environment unlike any it has encountered in its 17-year existence.

That’s tied to inflation-adjusted returns on bonds. The 30-year Treasury Inflation-Protected Security (TIPS) is now offering a yield of close to 3%, the highest in 17 years, according to TreasuryBonds.com.

“This is one of the greatest wealth preservation opportunities in decades. Investors can lock in nearly 3% annual returns above inflation for the next three decades, backed by the U.S. government,” the site noted.

In traditional markets, bonds are considered safe havens. When a haven asset offers a 3% return in excess of inflation, it raises the opportunity cost of holding non-yielding or riskier assets like gold and bitcoin. But for many, especially in the crypto community, bitcoin’s decentralized and censorship-resistant nature makes it a superior store of value and safe haven – and that argument is not without merit. Housing prices measured in bitcoin, for instance, appear significantly cheaper than when measured in dollars.

Key takeaways

• Zcash (ZEC) is trading above $500 but continues to face selling pressure beneath a descending resistance trendline.
• The token remains above its 50-day EMA at $489 and 200-day EMA at $407, preserving its longer-term bullish structure.
• Technical indicators show mixed signals, with the RSI near neutral and the MACD slipping below zero.

Zcash (ZEC) extended its recent pullback on Thursday, trading above the $500 level as sellers continued to defend a key descending resistance trendline.

Although short-term momentum has weakened, the privacy-focused cryptocurrency remains above important long-term support levels, suggesting that the broader uptrend has not yet been invalidated.

Descending trendline limits upside

ZEC has struggled to overcome a descending trendline that currently sits near $581. Repeated rejections at this resistance level indicate that sellers remain active during rallies, preventing the token from extending its previous bullish advance.

Despite the recent weakness, Zcash continues to trade above both its 50-day Exponential Moving Average (EMA) at $489 and the 200-day Exponential Moving Average (EMA) at $407

Holding above these moving averages suggests that buyers still retain control of the longer-term trend, even as short-term momentum cools.

Momentum indicators currently provide a balanced outlook for Zcash. The Relative Strength Index (RSI) is hovering around 52, remaining close to the neutral 50 level. This indicates that neither buyers nor sellers have established clear dominance, reflecting a period of consolidation.

Meanwhile, the Moving Average Convergence Divergence (MACD) has slipped below the zero line, signaling that bullish momentum has weakened in the near term.

While the MACD points to increasing downside pressure, the broader market structure remains constructive as long as key support levels continue to hold.

Key resistance levels

The first major challenge for ZEC is the descending resistance trendline near $581. A successful breakout above this barrier would strengthen the bullish outlook and could pave the way for a retest of the previous swing high around $690.

Reclaiming these levels would signal renewed buying interest and potentially restart the broader uptrend.

On the downside, the 50-day EMA at $489 serves as the most important immediate support.

A sustained move below this level could expose ZEC to additional selling pressure, although the 200-day EMA at $407 remains a strong longer-term support zone that could attract buyers if the correction deepens.

Zcash remains in a healthy long-term uptrend despite its recent pullback. While weakening momentum and resistance around $581 continue to cap gains, the token’s ability to remain above both its 50-day and 200-day EMAs suggests that the broader bullish structure remains intact.

A decisive break above the descending trendline would likely shift momentum back in favor of buyers, while a loss of support at the 50-day EMA could trigger a deeper correction before the next upward move.

Kazakhstan, one of the world’s largest Bitcoin mining hubs, approved a new framework for large-scale crypto mining that links access to electricity with contributions to a state-backed digital asset reserve.

The government approved rules for strategic digital mining on July 18, Kazakhstan-based news outlet Zakon.kz reported Wednesday, citing Government Resolution No. 638 published in the PRG.kz legal database.

The rules define strategic digital mining as a framework that gives miners access to electricity quotas at regulated tariffs in exchange for transferring part of their mined crypto assets to Astana Hub, a government-backed technology cluster.

Kazakhstan ranked fifth globally by Bitcoin mining activity in the Cambridge Digital Mining Industry Report published in April 2025.

New rules set higher bar for strategic miners

Under the new framework, miners seeking strategic status must meet strict infrastructure requirements before receiving approval.

According to Zakon.kz, applicants need to own a digital mining data center with at least 150 megawatts (MW) of capacity and use mining hardware where each unit has a minimum computing power of 150 terahashes per second (TH/s).

Kazakhstan ranked fifth globally by Bitcoin mining activity. Source: Cambridge Centre for Alternative Finance.

The rules also require miners to have qualified technical staff, repair facilities at their data centers, multiple internet service contracts and be up to date on required tax and other payments. The government resolution will enter into force on Aug. 1, 2026, according to Zakon.kz.

Miners must transfer part of mined assets

Approved miners must sign agreements with Astana Hub’s autonomous cluster fund and buy electricity from eligible power-generating companies under the new framework.

The rules require miners to transfer part of their mined crypto assets to a reserve mechanism, but they do not specify the share. Local media reports cited a 10% transfer rate, though Cointelegraph could not independently verify that figure.

Source: National Business Kazakhstan/Telegram

The new mining rules build on Kazakhstan’s broader push to develop state-backed digital asset infrastructure. In September 2025, Kazakhstan launched the Alem Crypto Fund, a state-backed vehicle focused on long-term digital asset reserves, with its first investment involving BNB through a partnership with Binance Kazakhstan.

Related: Kazakhstan president signs decree to accelerate crypto adoption

The country has also moved toward wider crypto adoption through regulated financial services. In July 2026, Alatau City Bank and Binance Kazakhstan launched Crypto Pay, a service allowing users to make crypto payments through QR codes and point-of-sale terminals connected to the bank’s acquiring network.

Magazine: Peter Brandt predicts the exact day Bitcoin’s bear market will be over

BitMEX, a landmark crypto derivatives exchange that helped popularize perpetual swaps, is shutting down its trading services. The company says it will stop exchange operations on Sept. 23, 2026, at 04:00 UTC, urging users to close positions and withdraw funds before the deadline.

BitMEX’s owner and operator, HDR Global Trading Limited, decided to close the exchange following a strategic review. In an announcement shared with users, BitMEX said it wants to reassure customers that their assets remain “fully safe and under your control during this transition period,” while declining to provide additional details on the reasons behind the decision.

Key takeaways

• BitMEX will cease trading services on Sept. 23, 2026 at 04:00 UTC, after stopping new account registrations immediately.
• Risk limits introduced on Aug. 26, 2026 will prevent opening new positions while allowing users to reduce existing exposure.
• BitMEX says it will close remaining open positions at shutdown time to wind down markets in an orderly way.
• Users who don’t withdraw by the end will still be able to access wallet balances and historical transaction records after trading stops.
• The closure comes amid recent executive departures, with Peter Wilkinson stepping in as CEO.

Shutdown timeline: from account freeze to forced closes

BitMEX said it stopped accepting new account registrations immediately, but will continue operating normally until the scheduled closure date. The exchange then plans to tighten trading conditions ahead of time: on Aug. 26, 2026 it will implement risk limits designed to stop users from opening additional positions while still permitting them to close or reduce existing positions.

At the moment trading shuts down, BitMEX says it will force-close any remaining open positions. The exchange framed this as part of an “orderly wind-down” process intended to bring derivatives markets to a close cleanly rather than leaving positions active without a functioning trading venue.

BitMEX also advised users to withdraw their funds before Sept. 23, 2026. The exchange noted that while wallet balances and historical transaction records will remain accessible after trading services end, users should not assume they will be able to continue interacting with the exchange as they have in the past.

Withdrawal warnings and proof-of-reserves process

In its user communication, BitMEX warned about potential phishing attempts and fake withdrawal offers, emphasizing that it does not offer an expedited withdrawal service. BitMEX also indicated it may apply additional withdrawal reviews and network restrictions during the transition period if withdrawal activity spikes.

The exchange further stated that its proof-of-reserves and liabilities process shows user assets exceed liabilities. While BitMEX did not add new performance metrics or third-party verification details in the available text, the company’s decision to reference this process suggests it wants users to understand the basis of its solvency assurances as it transitions out of operations.

What led to the closure: strategic review and leadership change

BitMEX’s shutdown follows a leadership transition and a decision by HDR Global Trading Limited to close the business after a strategic review. The exchange did not disclose further factors behind the decision, and it did not provide additional comments beyond the user-facing assurances.

According to BitMEX, CEO Stephan Lutz, chief financial officer Ina Steiner, and chief growth officer Raphael Polansky departed last month. Peter Wilkinson—previously BitMEX’s general counsel and chief operating officer—has taken over as CEO.

The timeline matters for market participants because leadership departures often coincide with shifts in risk posture, product strategy, or operational priorities. In this case, however, BitMEX did not connect the leadership changes directly to the closure rationale, leaving users to interpret the strategic review in the context of a broader industry transition.

BitMEX’s role in derivatives—and why the shutdown lands now

BitMEX launched in 2014 and became widely known for introducing the 100x leverage perpetual swap—an instrument that enables traders to speculate on crypto prices without a fixed expiry date. Over time, BitMEX said the product became one of the most traded in the crypto industry and was adopted by thousands of users and other exchanges.

The exchange’s exit reflects a market reality that has been shifting for some time: decentralized derivatives platforms are capturing increasing attention and liquidity relative to traditional centralized venues. The available report notes that, according to CoinGecko’s Q2 2026 Crypto Industry Report, CEX perpetual futures volume fell 10% to $12.7 trillion during the quarter, while decentralized platforms continued gaining ground.

Within that decentralized growth narrative, Hyperliquid is highlighted as a leading decentralized perpetual exchange. CoinGecko’s report ranks Hyperliquid second by open interest behind Binance. This kind of data point underscores why BitMEX’s closure may resonate beyond its user base: it’s the winding down of a pioneering CEX derivatives venue at a time when traders increasingly have competitive decentralized alternatives.

How users should think about the end of trading

For BitMEX customers, the most practical takeaway is timing: the exchange will block new position creation starting Aug. 26 and will close remaining positions at the shutdown moment, while also urging users to withdraw ahead of Sept. 23. In the final stretch, users should also be alert to withdrawal-related social engineering, especially given BitMEX’s explicit warning about fake withdrawal offers and phishing.

Looking ahead, the key uncertainty for market participants is not whether balances and records will remain available—BitMEX says they will—but how the wind-down will be experienced by individual traders with open exposure, and whether broader liquidity continues flowing to other venues as BitMEX exits. With decentralized perpetuals still expanding their footprint, users should watch how open interest and order flow redistribute in the weeks following the account-freeze and risk-limit milestones.

Bitcoin (BTC) is “finally showing signs of a bottom,” but the next bull market will have a different source.

Key points:

• TradFi integrations, particularly Hyperliquid and Robinhood, will drive the next crypto bull market, says Bitwise’s Matt Hougan.
• The resulting tide should “lift” the largest cryptocurrencies with it, including Bitcoin and Ether.
• Apparent demand for BTC is already showing signs of reversal, per Bitwise data.

Hyperliquid, Robinhood catalyst to “lift most of” crypto sector

In a blog post on Wednesday, Matt Hougan, chief investment officer at crypto asset manager Bitwise, revealed his picks for what will “lift” BTC price action going forward.

BTC/USD is gaining ground against US stocks, Hougan notes, but investors should look elsewhere for the next long-term crypto comeback.

“So how should you start positioning for the new bull market?” he queried. 

“By looking at two entities that are leading this convergence from opposite sides: Hyperliquid (HYPE) and Robinhood (HOOD).”

For Hougan, the bull market will depend on crypto-focused integrations that bring the market’s inherent benefits, such as 24/7 trading, to the TradFi realm.

“Today, nearly half the volume on Hyperliquid is in conventional assets like oil, silver, and the S&P 500. It’s expanding into spot commodities, prediction markets, and options,” he said about Hyperliquid.

HYPE/USDT one-day chart. Source: Cointelegraph/TradingView

Hougan also sees competition from traditional financial players, like the Robinhood Chain layer-2 network, as a key catalyst to bring about a broader crypto renaissance.

“I suspect the coming bull market will be big enough to lift most of the sector,” he said. 

“I’m bullish on the majors—Bitcoin, Ethereum, Solana, etc.—and on crypto equities. But there are two types of investments I think are particularly well positioned.”

HOOD/USD one-day chart. Source: Cointelegraph/TradingView

The Bitwise executive has remained optimistic on Bitcoin and the wider market throughout 2026, in February predicting that the end of crypto winter would come “sooner rather than later.”

“Here’s the good news: We’re closer than you think,” he wrote at the time.

Bitcoin apparent demand reverses higher

As Cointelegraph reported, Bitcoin traders broadly agree that while some bottom signals are already flashing, the bear market has several months or more left to run.

Related: Bitcoin analysis eyes ‘serious volume’ after Binance sees 9K BTC daily outflow

Spot demand remains weak and has become a key talking point, even on shorter time frames. Here, however, Bitwise also sees a potential shift underway.

In an X post on Thursday, European head of research, Andre Dragosch, described “re-accelerating” apparent demand.

Apparent demand measures the difference between newly-mined BTC and the supply inactive for at least one year. 

Bitcoin apparent demand data. Source: Andre Dragosch on X.com

The crypto market is consolidating on Thursday, with bitcoin BTC$65,751.27 a modest 0.62% lower since midnight UTC at $65,674 as it settles into a range between $64,000 and $66,800 that has held for the past week.

The price action reflects a market catching its breath. Bitcoin has rallied more than 13% since its July 1 low of $57,750, and after failing to convincingly break above the $66,000 level of resistance on Tuesday, the path of least resistance in the short term appears to be sideways rather than sharply in either direction.

Traditional markets are offering little direction. Nasdaq 100 and S&P 500 futures are both marginally lower by around 0.3%, the dollar index (DXY) is broadly flat, and gold and silver are both pulling back after yesterday’s safe haven rally, leaving crypto without a clear macro catalyst to lean on in either direction.

Derivatives positioning

• Period of stasis: The crypto futures market appears to be in a state of stasis, with 24-hour trading volumes down just 1% at $147 billion and open interest (OI) holding steady around $111 billion. The 24-hour long-short ratio, which tracks taker volume, is nearly balanced. Taker volume refers to buy and sell trades executed immediately at ongoing market prices, and the current equilibrium suggests a lack of aggressive directional conviction among traders.
• Open interest shifts in major assets: Bitcoin’s futures open interest has slipped back to 743K BTC from the highs of over 760K BTC seen early this week. This decline indicates an unwinding of existing bets as the price rally stalls and valuations pull back slightly. A potential silver lining for bulls is that the drop in OI suggests the price weakness is being driven by long liquidations rather than the entry of fresh shorts betting on a deeper decline. In contrast, ETH’s OI has ticked up during the overnight price drop. However, the price action is still being led by buyers using market orders rather than passive limit orders, as evidenced by ETH’s positive 24-hour OI-adjusted cumulative volume delta (CVD).
• Mixed sentiment in altcoins: The broader market shows a split in aggressive leadership. Several coins, including ZEC, HBAR, LTC, AVAX, and SUI, are currently posting positive CVDs, indicating taker-buy pressure. However, there are just as many prominent names on the opposite side of the fence showing negative CVDs, including BTC, XLM, DOGE, and SHIB, signaling that aggressive sellers remain active in those specific markets.
• Rising volatility signals potential caution: Bitcoin’s 30-day implied volatility index, BVIV, has now increased for the fifth straight day. Traders may want to keep a close eye on this metric because, since the launch of spot ETFs, the correlation between Bitcoin’s spot price and the BVIV has been consistently negative. Under this regime, an upswing in the BVIV often serves as a warning of an impending price drop. Meanwhile, ether’s volatility index, EVIV, remains relatively stable.
• Options flows and evaporating fear: Flows across the Deribit exchange and the OTC desk Paradigm featured notable demand for the BTC $70,000 call option expiring Aug. 7. While some traders were positioned for upside, others simultaneously picked up longer-duration puts as a downside hedge. Ethereum options have also seen a general demand for upside exposure. Broadly speaking, market fear appears to be evaporating as put-call skews for both BTC and ETH slip toward zero. Notably, ETH’s one-week skew briefly turned negative yesterday, marking a temporary bullish shift in sentiment where calls became more expensive than puts.

Token talk

• WLFI$0.06311 was the standout mover on Thursday, surging 12.18% to $0.063. The Donald Trump family-linked token has now recovered to a $2 billion market cap, though it remains deep in the red from its all-time high.
• MORPHO$1.9912 extended its recent run, rising nearly 4% to $1.989, keeping it among the more consistent AI outperformers of the past fortnight.
• Ethena (ENA) added 2% to $0.092, continuing a quiet rehabilitation that has seen it outperform most DeFi peers over the past week despite sitting more than 90% below its September 2025 peak.
• Lighter (LIT) continued to slide, falling 2.96% as profit-taking weighs on the token for a third consecutive session following its 200%-plus rally between May and early July.
• CoinMarketCap’s altcoin season indicator holds at 51/100 as the market waits for bitcoin to make a decisive move.