Crypto World
Telegram CEO facing Russia probe over terrorism-facilitation claims
Russian authorities have opened a criminal case against Pavel Durov, the co‑founder and chief executive of Telegram, in what state media describe as an investigation into the alleged facilitation of terrorist activities. Rossiyskaya Gazeta, the official government newspaper, reported on February 24, 2026 that the Federal Security Service (FSB) is pursuing the case, with Kremlin spokesperson Dmitry Peskov confirming that the matter rests on materials produced by the FSB as part of its operational duties. The development marks a significant escalation in Russia’s ongoing scrutiny of Telegram, coming as state regulators previously tightened restrictions on the platform in early February. Telegram has not publicly responded to the reports by the time of publication, and attempts by media and Reuters could not secure an immediate comment from the company.
Key takeaways
- The case centers on allegations that Telegram facilitated terrorist activities, with the FSB providing the core evidentiary basis for investigators.
- Roskomnadzor, Russia’s communications watchdog, expanded and intensified restrictions on Telegram in early February, signaling a broader push to curb perceived extremist content on the platform.
- Telegram has reportedly refused to remove material flagged as extremist content, and authorities are considering whether the platform itself could be designated extremist, which would carry additional legal risks for users and the service.
- Analysts warn that a formal label of extremism could complicate or criminalize certain financial transactions on the platform, including payments for premium services and advertising, if such activity is deemed to facilitate prohibited activity.
- Pavel Durov argues the pressure is a broader political maneuver aimed at steering users toward a state-backed messenger, MAX, and he has pointed to similar attempts in other countries, including Iran, where authorities have sought to restrict usage while many citizens continue to favor Telegram for privacy and free expression.
Market context: The case in Russia emerges amid a broader global tightening of regulation around encrypted messaging services and online content moderation. Regulators in multiple jurisdictions are weighing how to balance security concerns with privacy and freedom of expression, a dynamic that increasingly intersects with fintech and digital payments as platforms expand into financial services and commerce.
Why it matters
The investigation underscores the vulnerability of large messaging platforms to state demands for content control in environments where authorities maintain broad powers to regulate information flows. For Telegram users in Russia and abroad, the case raises questions about access, censorship, and the potential criminalization of routine platform use in the event of extremism labeling. While Telegram has built a reputation for privacy protections and opposition to state surveillance, governments exploring how to police content on messaging apps could reconfigure the operating risks for the service and its users. The tension also highlights how geopolitical friction can spill over into digital platforms that cross borders, complicating compliance for a service with a global user base.
Beyond the immediate regulatory landscape, the incident feeds into a longer-running debate about how tech platforms should be regulated when they serve as conduits for information, finance, and social organization. Durov’s public comments and the high-profile nature of the investigation may influence both user sentiment and the strategic choices Telegram makes as it navigates competing demands from regulators, advertisers, and users who prize a degree of privacy and uncensored communication. The ongoing scrutiny also has implications for developers, investors, and policymakers who watch how platforms respond to perceived security risks while balancing civil liberties on an increasingly complex digital stage.
From a geopolitical perspective, the Russian case sits at the intersection of domestic policy and international diplomacy. Durov has framed the pressure as part of a broader effort to promote a state-controlled alternative messenger, a theme that has resonances in other jurisdictions where authorities seek to shape the digital communications landscape. While Russia emphasizes extremism and national security, observers note that the outcomes could influence global norms around the governance of encrypted messaging apps, particularly for platforms that operate across a mosaic of regulatory regimes and market priorities.
What to watch next
- Any formal public statements from the FSB or Roskomnadzor outlining the charges, evidence, or procedural steps in the case against Durov.
- Developments in Russia’s regulatory stance toward Telegram, including whether the platform faces further restrictions or a potential extremism designation.
- Responses from Telegram regarding the investigation, including any new compliance measures or policy changes in Russia or elsewhere.
- Related legal actions or investigations in other countries, such as France, where Durov has faced inquiries, and any outcomes that could affect cross-border service provisions.
- Any changes in the global regulatory environment for encrypted messaging services and how those shifts could impact user access and platform opportunities in the crypto and digital payments space.
Sources & verification
- Rossiyskaya Gazeta report detailing the FSB-led criminal probe and referencing the Kremlin spokesperson’s confirmation.
- Statement attributed to Dmitry Peskov confirming the investigation and referencing FSB materials.
- Roskomnadzor’s reported tightening of Telegram restrictions in early February as covered by major Russian tech outlets.
- Public reporting on Telegram’s response or lack thereof, and coverage of Durov’s broader legal exposure, including investigations abroad.
Russian case against Durov sheds light on Telegram’s regulatory pressure
Russia’s latest move against Telegram places Pavel Durov at the center of a high-stakes intersection between digital freedom, security, and the state’s capacity to police online content. The FSB’s involvement signals a level of scrutiny that goes beyond routine regulatory complaints, elevating the Telegram platform into the realm of criminal investigations when linked to alleged facilitation of extremist activity. Rossiyskaya Gazeta’s reporting on February 24, 2026, describes a case that is being handled with the involvement of the country’s premier security institution, a development that could have lasting implications for both the platform’s operations in Russia and its reputation globally.
The Kremlin’s confirmation, via Dmitry Peskov, that the investigation rests on FSB materials, reinforces the perception that Moscow regards Telegram as a strategic communications channel with potential cross-border impact. While the exact charges remain undisclosed in public materials, the use of criminal procedures in this context signals a hardening stance toward platforms that resist state-directed content moderation. The case aligns with a broader push by Roskomnadzor to tighten the screws on messaging apps, particularly those with robust privacy features and the capacity to host large volumes of user-generated content outside centralized control.
Telegram’s stance has been consistently positioned as a defense of user privacy and a refusal to remove content that authorities deem extremist or harmful. This friction is illustrated by the ongoing tension surrounding content moderation, with Russian regulators insisting on compliance and the platform resisting what it views as overreach. The numbers cited by state-connected outlets—namely, that roughly 155,000 channels, chats, and bots have not been removed in response to local requests—underscore the scale of Telegram’s footprint in Russia and the challenge regulators face in enforcing content rules across a platform that migrates between jurisdictions and languages. The broader implication is that a potential extremism designation could alter Telegram’s business model, affect user access, and complicate any monetization strategy anchored to the platform’s freedom of use.
Industry observers have flagged that the extremism label could carry far-reaching consequences beyond speech restrictions. German Klimenko, a former adviser to the Russian president on internet policy, warned that such a designation could criminalize payments related to Telegram Premium subscriptions and advertising on the platform. This kind of impact would affect not just end users but also service providers and advertisers who rely on Telegram as a channel for outreach and revenue. The possibility of criminal penalties or significant legal exposure for seemingly routine activities signals a broader risk landscape for digital platforms operating in regulated environments where state interests are closely aligned with national security imperatives.
Durov has publicly framed the investigation as part of a broader strategy to push users toward a state-backed messenger known as MAX, a claim that dovetails with his long-standing emphasis on privacy and freedom of expression. He has drawn parallels with other jurisdictions, including Iran, where authorities have attempted to restrict access to messaging apps while users continue to rely on them. In a February post on his Telegram channel, Durov argued that restricting citizens’ freedom is not a legitimate response and reiterated Telegram’s mission to defend privacy and speech rights in the face of pressure. This framing places Telegram’s predicament within a broader debate about how states balance security concerns with civil liberties in the digital era.
The legal and political dynamics surrounding Durov’s case extend beyond Russia’s borders. Durov’s international exposure—captured in ongoing inquiries abroad and previously including an arrest in France in 2024 and a travel ban that was lifted in 2025—illustrates how actions in one jurisdiction can resonate across multiple regulatory environments. The French developments, though not resolved in the public sphere at the time, emphasize that Telegram’s legal and regulatory challenges are not confined to a single country. As regulators and lawmakers reassess the balance between security, privacy, and platform openness, Telegram’s approach to compliance and user protection will likely shape the trajectory of encrypted messaging apps in the coming years. In the Russian context, the FSB-backed investigation remains a focal point for observers seeking to gauge how far the state will go in policing online communications and what this means for services that operate globally but must navigate local laws.
Crypto World
Coinbase Stablecoin Revenue Hits $1.35B: Bloomberg Sees 7x Growth Potential
Bloomberg Intelligence forecasts that Coinbase’s stablecoin revenue could jump sevenfold from its current $1.35 billion annual run rate.
Analysts point to a structural shift where stablecoins move beyond crypto trading collateral to become a primary rail for mainstream global payments.
Key Takeaways
- Coinbase generated approximately $1.35 billion in stablecoin revenue last year, accounting for 19% of its total income.
- Bloomberg Intelligence projects a potential 7x surge in this figure as regulatory frameworks drive payment adoption.
- The expansion hinges on the codified GENIUS Act, merchant integration via Stripe, and volume growth on the Base network.
Why Bloomberg Sees a Sevenfold Surge in Coinbase Stablecoin Revenue
Bloomberg Intelligence analysts, including Paul Gulberg, argue that the market is underestimating the utility phase of the stablecoin lifecycle.
While Coinbase reported $1.35 billion in stablecoin revenue for 2025, roughly 19% of its total top line, Bloomberg models suggest this figure is merely a baseline.
The forecast arrives despite Coinbase noting a net loss of $667 million in Q4 2025. The exchange’s revenue share agreement with Circle, the issuer of USDC, remains a bright spot, generating $364 million in the fourth quarter alone.
Bloomberg’s 7x multiple assumes that as interest rates stabilize, the sheer velocity of payment transactions will eclipse interest income as the primary revenue driver.
This thesis aligns with broader market data showing stablecoin transaction volumes hitting $33 trillion in 2025.
With USDC accounting for $18.3 trillion of that flow, the asset has already begun to decouple from pure crypto trading volumes.
The scale is big enough that the traditional finance sector can no longer ignore the fee generation potential.
Discover: The best Solana meme coins
How the GENIUS Act Is Accelerating Stablecoin Mainstream Adoption
The regulatory landscape shifted dramatically with the signing of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in July 2025.
By creating a federal regime for payment stablecoins, the legislation provided the legal certainty required for large-scale institutional participation.
The Act explicitly bars issuers like Circle from paying interest to holders, a move backed by the banking lobby to protect traditional deposits.
While the regulatory framework for digital assets remains complex, the GENIUS Act has effectively greenlit stablecoins for commercial usage.
This clarity allows Coinbase to market USDC settlements to Fortune 500 companies without the overhang of legal ambiguity that plagued the sector in previous years.
Stripe Integration and Base Network Expansion Drive Payment Ambitions
Operational catalysts are already live, fueling the Bloomberg projection. The integration of USDC into Stripe’s global payment rails has reopened crypto acceptance for millions of merchants, creating a direct funnel for transaction volume.
Simultaneously, Coinbase’s own Layer-2 blockchain, the Base network, is lowering the barrier to entry for micro-transactions.
Much like other scaling solutions, the Base network reduces gas fees to fractions of a cent, making dollar-denominated transfers economically viable for daily coffee purchases.
High-throughput networks are critical here, as the Bitcoin Lightning Network demonstrated with its $1 billion monthly volume milestones, low-fee environments rapidly attract payment liquidity.
By routing these payments through Base, Coinbase captures value twice: once through the underlying sequencer fees and again through its revenue share on the growing supply of USDC required to service this commerce.
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What a 7x Revenue Jump Would Mean for the Stablecoin Market
If Bloomberg’s 7x scenario plays out, stablecoin revenue would arguably become Coinbase’s most valuable business line, overshadowing its volatile trading fees.
This shift would fundamentally re-rate the stock, moving it from a cyclical crypto exchange play to a steady fintech payments processor. However, risks remain substantial.
The banking lobby is currently pushing the CLARITY Act in the Senate to close loopholes that allow exchanges like Coinbase to pass rewards to customers.
If new language bars these rewards, consumer adoption could slow.
Analysts at Monness Crespi maintain a sell rating, warning that optimistic projections effectively ignore the political target painted on stablecoin yields.
So, for Bloomberg’s 7x to be possible, Coinbase must defend its rewards program while successfully migrating user activity from holding USDC to spending it.
The post Coinbase Stablecoin Revenue Hits $1.35B: Bloomberg Sees 7x Growth Potential appeared first on Cryptonews.
Crypto World
$80 Floor fails, whales track this new crypto protocol
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Solana slides below key levels as investors shift focus to emerging DeFi protocol Mutuum Finance.
Summary
- Mutuum Finance rolls out dual P2C and P2P lending model with automated APY and LTV risk controls.
- V1 launches on Sepolia testnet, letting users trial WBTC, ETH, USDT, and LINK lending before mainnet.
- Health factor scoring, mtTokens, and real-time dashboards are powering Mutuum’s collateralized DeFi lending system.
Solana (SOL) is facing a difficult period as its price drops below key levels. The popular altcoin recently failed to hold its ground, causing a shift in market sentiment.
While many traders watch the charts with concern, a new crypto protocol, Mutuum Finance (MUTM), is gaining attention. Many large investors are now exploring this project as they look for fresh utility in the decentralized finance space.
Solana
Solana is currently trading at approximately $79, with its total market capitalization sitting near $45 billion. The critical $80 support level recently failed due to institutional sell-offs and global economic uncertainty.
This breakdown has led many analysts to predict a further slide toward the $67 range as long as buyers do not return quickly. Most investors now expect a period of consolidation as the network waits for a potential recovery in broader market confidence.
Despite the current price volatility, Solana continues to show significant resilience and remains a top-tier Layer-1 asset. On-chain data reveals that large wallet addresses, often called whales, have actually increased their holdings by over 2% in the last week, suggesting that major players are accumulating during this dip.
Furthermore, the ecosystem is preparing for the “Alpenglow” upgrade in early 2026, which aims to provide near-instant transaction finality and improve network stability. This combination of strong institutional interest in spot ETFs and ongoing technical improvements helps maintain long-term optimism even while the short-term market remains volatile.
Mutuum Finance
As the market searches for stability, Mutuum Finance is preparing a new decentralized lending platform. The project is developing a dual-market system that includes Peer-to-Contract (P2C) and Peer-to-Peer (P2P) lending.
According to the official project whitepaper, these markets aim to use automated mechanisms like Annual Percentage Yield (APY) and Loan-to-Value (LTV) ratios to manage rewards and risks. This setup would allow users to lend their assets for interest or borrow against them without needing a bank.
V1 protocol launch and features
The Mutuum Finance V1 protocol is now live on the Sepolia testnet. This allows users to test the system in a risk-free environment before the official mainnet launch. The platform supports major assets like WBTC, USDT, ETH, and LINK.
When users supply funds, they receive mtTokens as interest-bearing receipts. These tokens grow in value automatically as borrowers pay back their loans with interest. If users choose to borrow, they receive debt tokens to track their total balance including interest.
The entire system uses a health factor to ensure every loan stays stable and safe. This score tells users exactly how much collateral they have compared to their debt. Users can monitor their positions through a dedicated portfolio dashboard with real-time data. The dashboard also shows how pool usage affects interest rates as they change based on demand.
To ensure all asset valuations remain accurate, the protocol integrates decentralized oracles like Chainlink. These oracles provide real-time price feeds that prevent data manipulation and ensure that liquidation triggers are always fair and precise.
Why whales are tracking MUTM
Large-scale investors are moving toward Mutuum Finance as Solana’s momentum slows. The MUTM token is currently in the sale phase at a price of $0.04, having already raised over $20.6 million. With a growing base of 19,000 holders, the project has built strong community trust. This confidence is supported by a manual security audit from Halborn, which verified the safety of the protocol code.
Mutuum Finance offers a clear roadmap and a working protocol on testnet that proves its technology is unfolding. By combining high security with a transparent pricing structure, the project provides a steady alternative when navigating the current volatility of the crypto market.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Crypto World
Smarter Web Secures $30M Bitcoin Credit from Coinbase
United Kingdom-listed Bitcoin treasury firm The Smarter Web Company has secured a $30 million Bitcoin-backed credit facility from Coinbase Credit. The facility is secured against Bitcoin held in custody with Coinbase.
The company said Tuesday the facility is designed to help it deploy capital into Bitcoin (BTC) immediately after equity raises, reducing settlement timing risk during volatile markets. Smarter Web said it does not intend to use the facility as long-term debt to finance Bitcoin purchases.
Smarter Web is listed on the London Stock Exchange’s Main Market and also trades on the OTCQB Venture Market in the United States. The company describes Bitcoin as a core component of its treasury strategy and has previously said it aims to expand its digital asset holdings.
The move comes as digital asset treasuries (DATs) recorded billions in net inflows from late 2025 through January 2026 before cooling in February.

Data from DefiLlama shows DAT inflows reached $4 billion in December and $3.7 billion in January, before totalling just $363 million through Feb. 24.
While inflows remain positive in early 2026, February totals are tracking well below late-2025 peaks.
Smarter Web’s Bitcoin treasury holdings
According to data from BitcoinTreasuries.net, Smarter Web holds 2,689 Bitcoin, acquired at an average acquisition cost of $112,865 per coin.
At current prices, the company’s holdings are valued at roughly $170 million, reflecting an unrealized loss of about 44% based on the reported cost basis.
On Sept. 12, 2025, Smarter Web reported holding 2,470 BTC and described itself as the UK’s largest corporate Bitcoin holder at the time.
The company also signaled interest in acquiring competitors to expand its treasury and said it aspired to join the FTSE 100 index.
The latest tracker data suggests the company continued accumulating since then.
Smarter Web’s new facility would allow it to borrow against existing Bitcoin holdings to move more quickly following equity raises, then repay once fundraising proceeds settle.
Related: Top crypto treasury companies Strategy and Bitmine add to BTC, ETH stacks
Diverging corporate Bitcoin strategies
Smarter Web’s move comes as public companies take varied approaches to managing Bitcoin exposure.
On Monday, Strategy added 592 BTC to its balance sheet, bringing its total holdings to 717,722 BTC and marking its 100th BTC purchase since 2020.
By contrast, Bitdeer announced on Saturday that it had liquidated its entire Bitcoin treasury, reducing corporate holdings to zero while raising capital through a convertible debt offering.
Magazine: Bitdeer sells all Bitcoin, Metaplanet rejects misconduct claims: Asia Express
Crypto World
IBM Stock Just Had Its Worst Day Since 2000 – Jefferies Says Buy the Dip
TLDR
- IBM stock has dropped 28.6% in under a month, falling from $312.95 to $223.35
- The selloff was triggered by Anthropic highlighting COBOL functionality in Claude Code, raising fears AI could erode IBM’s legacy business
- Jefferies analyst Brent Thill maintained a Buy rating with a $370 price target, calling the dip a buying opportunity
- IBM’s watsonx Code Assistant for Z has been available since Q4 2023 and already converts COBOL to Java using generative AI
- IBM announced a new partnership with Deepgram, making it the first voice partner integrated into watsonx Orchestrate
IBM stock has had a rough few weeks. It has fallen 28.6% in less than a month, dropping from $312.95 on February 2 to $223.35, putting it near its 52-week low.
The single biggest blow came when the stock dropped 13% in one day — its largest single-day decline since 2000.
The catalyst was a blog post from Anthropic. The AI company highlighted COBOL functionality in its Claude Code platform, pointing out that hundreds of billions of COBOL lines remain active across finance, airlines, and government sectors.
International Business Machines Corporation, IBM
That spooked investors. IBM has long been a key player in COBOL-dependent systems like payment processing and financial infrastructure. The fear: AI could reduce demand for IBM’s legacy COBOL services.
The broader selloff also reflects a market-wide shift away from legacy tech, with investors moving toward quantum computing startups and high-yield bonds.
Jefferies Holds Its Ground
Not everyone is running. Jefferies analyst Brent Thill pushed back on the panic, arguing IBM is “already disrupting itself.”
Thill pointed to IBM’s watsonx Code Assistant for Z, which has been generally available since Q4 2023. The tool uses generative AI to convert COBOL into Java, interpret production code, and update legacy applications.
He argues this gives IBM a structural edge over general-purpose AI coding tools, which lack native access to mainframe data and operational context.
Thill also noted that IBM is building for a “multi-model, agentic world” by partnering with Anthropic, OpenAI, and others — meaning the very companies seen as threats are also partners.
He called the selloff a “near-term sentiment overhang on legacy services rather than an existential or structural risk” and maintained his Buy rating with a $370 price target, implying 66% upside from current levels.
Eleven other analysts share his bullish view. Five analysts have a Hold rating and one has a Sell, giving IBM a Moderate Buy consensus. The average price target sits at $337.53, pointing to roughly 51% upside over 12 months.
IBM Adds Voice AI Partner
On the same day, IBM announced a collaboration with Deepgram, making it IBM’s first voice AI partner.
Deepgram’s speech-to-text and text-to-speech technology will be embedded into IBM’s watsonx Orchestrate platform, allowing users to interact with AI agents using natural speech.
The integration supports multiple languages and dialects, including Arabic and Indian variants, and targets use cases in customer care, call analysis, and voice-driven data entry in healthcare and finance.
IBM’s P/E ratio currently sits at 20.3, and at least one analysis flags the stock as undervalued relative to its fair value.
Historically, IBM has only seen one comparable dip of 30% or more in under 30 days since 2010. Following that event, the stock posted a peak recovery of 42% within 12 months.
Crypto World
The ‘Digital Gold’ Narrative Fails Bitcoin (Again)
The correlation between the two assets has fallen hard recently.
Bitcoin is not in its ‘digital gold’ period, asserted the CEO and founder of the analytics company CryptoQuant. He based his conclusion on the fact that the correlation between the largest cryptocurrency and the biggest precious metal has diverged massively in the past several months.
Bitcoin is in a “not digital gold” period. pic.twitter.com/ka90HG8zmx
— Ki Young Ju (@ki_young_ju) February 24, 2026
When we examine the price performance of bitcoin and gold more closely, we can clearly see where this difference comes from. The correlation between the two was mostly in the green between 2022 and mid-2024.
Then, they broke out, going into red territory for the first time in years during and after the US presidential elections at the end of 2024. BTC skyrocketed to new peaks, while gold trailed behind.
Once the precious metal started to catch up, the correlation jumped to and over 0.5 by Q3 and early Q4 of 2025. However, that’s when the entire landscape in crypto broke, while the precious metal market continued to blossom.
Bitcoin experienced one of its most painful daily corrections on October 10 that altered the industry’s fabric. In a 24-hour period, the entire market collapsed, leaving more than $19 billion in liquidations.
Since then, the asset has not only been unable to recover to the previous heights, but it has continuously declined in value, dropping to $63,000 as of press time. In other words, it sits 50% away from its peak.
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In contrast, gold’s price tapped a new all-time high at $5,600 at the end of January, and, besides its instant and untypical crash to $4,400, has been mostly sitting around and above $5,000. It now trades 30% above its October 10 price of $4,000, and its market cap is north of $36.1 trillion. This means the difference between the two is roughly 30x in terms of market cap.
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Crypto World
Can Bhutan’s Solana-Backed Visa Revive Weak SOL Demand?
Solana price has slipped below a recent consolidation range, signaling weakening short-term momentum. SOL had been trading sideways for weeks before breaking lower.
The decline reflects muted investor demand. This cautious sentiment persists even as Solana expands real-world blockchain adoption.
Solana Bhutan Expand Collaboration
Bhutan recently launched the world’s first Solana-backed visa tailored for digital nomads. The initiative builds on the government’s earlier launch of a gold-backed token, TER, on the Solana blockchain. These developments highlight Solana’s expanding role in sovereign-backed digital infrastructure.
Government-level adoption strengthens Solana’s credibility as a scalable blockchain platform. However, adoption alone has not yet translated into immediate bullish price momentum for SOL.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Solana Holders Exhibit Concern
On-chain metrics show that SOL holders remain cautious. Realized net profit and loss data indicate investors continue selling at a loss. This pattern reflects fading confidence in a near-term rebound. Market participants appear focused on capital preservation rather than accumulation.
During the past 24 hours, as the broader crypto market declined, realized losses jumped by $68 million to $317 million. Elevated realized losses signal sustained bearish sentiment. Persistent selling pressure reduces recovery strength and reinforces short-term downside risks for the Solana price.
Bearishness has extended into the derivatives market. Liquidation data shows short positions currently dominate long exposure. Traders appear positioned for further downside. This imbalance suggests that speculative sentiment remains defensive despite ecosystem growth.
The liquidation map reveals $1.15 billion in potential short liquidations if SOL climbs to $89. By comparison, only $242 million in long liquidations would trigger if the price falls to $67. This skew indicates greater pressure on bearish positions during sharp upward moves.
SOL Price Is Looking At Volatility
Solana price is trading at $76 at the time of writing. Bollinger Bands are converging, signaling an impending volatility squeeze. Such setups often precede sharp price movements. Based on prevailing bearish indicators, downside risk currently appears elevated.
If SOL loses the $73 support level, the next downside target stands near $64. A drop to this zone could trigger long liquidations. Increased forced selling may intensify volatility and deepen short-term losses for holders.
Conversely, a shift in sentiment could support recovery. If bulls regain control, Solana price may reenter consolidation between $78 and $87. Sustained stability within this range would improve structure. A breakout above $89 could trigger $1.15 billion in short liquidations, accelerating upside momentum.
Crypto World
Crypto Execs Push Back on Viral Claim
A market analysis viewed almost 5 million times on X states that Bitcoin derivatives have turned the cryptocurrency’s 21-million-supply cap into a “theoretically infinite” one.
Past Bitcoin (BTC) falls had a clear catalyst, but sharp drops in the opening months of 2026 have sparked several theories, ranging from digital asset treasuries (DATs) blowing up under pressure to a lingering hangover from October’s mass liquidation cascade.
Robert Kendall, author of “The Kendall Report,” claimed he cracked it in his viral X post. He argued that Bitcoin’s valuation logic based on fixed supply “died” once cash-settled futures, exchange-traded funds (ETFs) and other financial instruments were layered on top of the asset.
However, executives and researchers across the digital asset industry rejected Kendall’s analysis. Several told Cointelegraph that leverage affects price dynamics without changing Bitcoin’s underlying supply.

Harriet Browning, vice president of sales at institutional staking company Twinstake, told Cointelegraph, “When institutions allocate via ETFs and DATs, they are not diluting scarcity, as there will still only ever be 21 million. They are not minting new Bitcoin.”
“Instead, they are putting Bitcoin into the hands of long-term institutional holders who deeply understand its value proposition, not speculative traders looking for a quick exit,” she added.
Scarcity, lost coins and the question of effective float
When Bitcoin was first introduced to the world, the only way to acquire it was to buy it from other enthusiasts, mine it or trade it for pizza. Soon, crypto exchanges became available and opened retail access to the spot market.
In 2026, investors can also gain exposure through financial products built on spot crypto. To put it simply, Bitcoin now has a paper market of its own. However, skeptics of Kendall’s analysis said that a paper market does not damage Bitcoin’s scarcity.
“Gold has a massive paper market in futures, ETFs and unallocated accounts that dwarfs physical supply, yet nobody argues gold isn’t scarce. Paper claims don’t change the amount of gold in the ground, and the same logic applies to Bitcoin,” Luke Nolan, a senior research associate at CoinShares, told Cointelegraph.
Bitcoin is often compared to gold for similarities like headlining the internet generation’s own gold rush, being a store of value and being a hedge against currency debasement. It is also programmed to a hard supply cap that doesn’t fluctuate even when investment products are built on top of it, much like a gold bar wouldn’t magically sprout out of its own derivatives.

Like precious metals, new Bitcoin enters the market through a process called mining. Instead of digging the earth, the system rewards those who verify transactions on the blockchain about every 10 minutes. Those rewards are sliced in half every four years, so Bitcoin’s supply growth slows over time, along with the amount of virgin Bitcoin entering the economy.
As of February, about 19.99 million BTC has been mined, though Nolan calls this metric misleading, as not all of these coins are available for investors. Users can lose their passwords or take them to their graves. Up to 4 million coins are estimated to be permanently lost.

With more spot Bitcoin becoming inaccessible, Nolan claimed that the institutional access layer actually reinforces Bitcoin’s scarcity.
“Spot ETFs require physical BTC to be held in custody, and in 2025 alone, combined ETF and corporate treasury holdings grew significantly. That is real supply being pulled off the market,” he said.
Related: Are quantum-proof Bitcoin wallets insurance or a fear tax?
Bitcoin’s shift to derivatives-led price formation
Even critics of Kendall’s supply argument acknowledge that Bitcoin’s short-term price discovery now leans heavily on instruments tied to institutional markets.
Derivative activity has increasingly shifted to traditional finance venues. CME futures overtook Binance in BTC futures open interest in late 2023, although Binance recently regained the lead.

“Derivatives markets have become the primary venue for expressing institutional views on Bitcoin, and as a result, they now play a central role in spot price discovery,” said Browning.
Browning added that derivatives and ETFs influence Bitcoin’s spot price through three main transmission channels.
First, markets like CME influence short-term price discovery because institutional traders express their bullish or bearish views in futures before the spot market. When futures prices diverge from spot prices, traders opt for arbitrage strategies, such as basis trades, to close the gap. According to Browning, hedge funds routinely buy spot Bitcoin or its ETFs while shorting CME futures to capture the premium between the two.
Second, when banks sell Bitcoin-linked notes to clients, they typically hedge their exposure by buying Bitcoin through ETFs, effectively creating more spot demand.
Related: Banks can’t seem to service crypto, even as it goes mainstream
Third, crypto-native perpetual futures can spill over into the spot market through funding-rate arbitrage. When funding rates are positive, heavy long positioning encourages traders to buy spot Bitcoin and short futures to earn funding payments, adding spot demand. When funding turns negative, that flow can reverse and pressure the price.
“Today, derivatives volumes frequently exceed spot volumes, and many institutional participants prefer derivatives, alongside ETFs, for capital efficiency, hedging and short exposure,” Browning said.
“Spot markets increasingly serve as the settlement and inventory layer, while derivatives increasingly influence marginal price discovery, and new price levels are negotiated.”
Derivatives don’t delete Bitcoin’s scarcity from the blockchain
The rise of Bitcoin’s paper market means investors no longer have to directly hold BTC to gain exposure.
Futures and perpetual contracts allow investors to express bullish or bearish views, hedge risk or deploy leverage. Similar derivatives have long existed in commodities markets without altering the physical amount of gold, oil or other assets in circulation.
Nima Beni, founder of crypto leasing platform BitLease, told Cointelegraph:
“The premise that synthetic exposure destroys scarcity is as flawed as a misapplied commodity-market analogy used about paper gold. It was wrong then; it’s wrong now.”
Kendall defended his position after Bitcoiners equipped with their own arguments flooded his viral post.
“I’m not arguing [derivatives] ‘delete’ scarcity from the blockchain. What I’m saying is they shift where marginal price is set,” he said.

Bitcoin’s 21-million cap remains unchanged in code. No derivative contract, ETF or structured product can mint new coins beyond that limit. But what has evolved around Bitcoin is price discovery.
Derivatives increasingly shape marginal price formation before flows filter back into spot. That alters how and where Bitcoin’s value is negotiated.
Both Kendall and his critics ultimately agree on that point.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum: BIP-360 co-author
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Crypto World
MoonPay unveils AI onramp for brave new agent economy
Cryptocurrency payments firm MoonPay has introduced a non-custodial financial layer that gives AI agents access to wallets, funds, and the ability to transact autonomously, the company said on Tuesday.
MoonPay Agents, as the new service is called, requires a user to verify and fund their agent’s wallet through MoonPay, and thereafter the agent can take over, trading, swapping, and moving money on its own.
While AI agents are primed and ready to trade, allocate capital and execute strategies, they are constrained inasmuch as they can’t participate in the economy without access to money, Moonpay said in an emailed press release. The idea of MoonPay Agents is to unlock that financial layer, from funding to execution to off-ramping back to fiat.
The AI service generates a MoonPay link to fund a wallet, and the user completes a one-time KYC and connects a payment method through MoonPay’s checkout, and the agent can then transact autonomously.
“AI agents can reason, but they cannot act economically without capital infrastructure,” said Ivan Soto-Wright, CEO and Founder of MoonPay. “MoonPay is the bridge between AI and money. The fastest way to move money is crypto, and we’ve built the infrastructure to let agents do exactly that: non-custodial, permissionless, and ready to use in minutes.”
Crypto World
Bitcoin Realized Losses Have Hit Bear Market Levels
Data from Glassnode shows loss-taking now outweighs profits, a shift rarely seen outside deep bear phases.
Bitcoin’s on-chain data has flashed a signal that has historically come before prolonged bear market conditions, with the Realized Profit/Loss Ratio confirming a regime shift toward loss-dominant selling.
The move suggests that liquidity is evaporating from the market, forcing investors to realize losses rather than book profits, a dynamic last seen during the deepest crypto winter periods of 2018 and 2022.
Key Metric Flips Below 1 Signaling Capitulation Risk
According to data from on-chain analytics firm Glassnode, the 90-day simple moving average of the Realized Profit/Loss Ratio has officially fallen below 1. The metric, which compares the total value of BTC sold at a profit versus those sold at a loss, indicates that loss-taking now outweighs profit-taking across the network.
“This confirms a full transition into an excess loss-realization regime,” Glassnode analysts noted in a February 24 update on X.
The firm highlighted that historically, breaks below this threshold have persisted for six months or more before reclaiming the 1 level, a recovery that typically signals a “constructive return of liquidity to the market.”
The reading represents the culmination of a trend that began in early February, when the ratio was hovering near 1.5, and late January, when it stood around 1.32.
Furthermore, the current on-chain structure shows confluence with previous bear market bottoms. CryptoQuant contributor _OnChain observed that indicators tied to whale activity, particularly Unspent Profitability Ratios (UPR) for various holder cohorts, have reached levels similar to May-June 2022, a period that preceded significant downside before the ultimate bottom formed later that year.
Market Context and Historical Parallels
The current sell-side pressure follows a dramatic cooldown in profit-taking that occurred in December 2025. Glassnode’s earlier data showed that 7-day average realized profits crashed from over $1 billion in Q4 2025 to just $183.8 million by December, which temporarily allowed Bitcoin to stabilize and rally above $96,000 in early January.
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However, that stabilization proved short-lived as macroeconomic headwinds intensified, with Bitcoin trading at approximately $63,200 at the time of writing, down 3.6% in 24 hours and almost 29% over the past month. The asset is also nearly 50% below its all-time high reached in October 2025.
Analysts have attributed the continued weakness to a combination of macro factors rather than a structural breakdown in Bitcoin’s fundamentals. U.S. President Donald Trump’s recent tariff announcements, including a proposed increase on taxes on global imports, have rattled risk assets across traditional and crypto markets.
Despite the bearish signals, some analysts maintain that Bitcoin’s long-term cycle remains intact. Bitwise CIO Matt Hougan recently framed current volatility as a necessary “teenage state” of monetary evolution, arguing that maturing assets must pass through speculative gradients before achieving institutional stability.
However, chartist Ali Martinez warned that a three-day “death cross” could be confirmed in late February, which foreshadowed final downside moves in 2014, 2018, and 2022, historically leading to additional declines of 30% to 50%.
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Crypto World
This Has Never Happened in Bitcoin’s History: Will BTC Finally Rebound?
The primary cryptocurrency experienced another substantial decline over the past 24 hours, potentially due to geopolitical tensions among other factors.
However, one important indicator signals that bulls might soon regain control.
First Time in History
As of this writing, Bitcoin trades around $63,000, down 5% on a daily basis, while its market capitalization has fallen below $1.3 trillion. Despite the grim reality, X user il Capo Of Crypto spotted an interesting development.
The analyst, who has almost 1 million followers, said the asset’s Relative Strength Index (RSI) has reached an oversold zone on a 10-day scale. Moreover, they argued that this has occurred for the first time in the history of BTC.
The technical analysis tool measures the speed and magnitude of recent price changes and is used by traders to identify potential trend reversals. It ranges from 0 to 100, and ratios below 30 indicate the asset is oversold and could be headed for a resurgence, whereas anything above 70 signals overbought territory.
One person commenting on the post claimed that “all sorts of indicators are going to be acting unusually going forward.” il Capo Of Crypto agreed with the thesis, saying the RSI is not going to be used as “a sole signal, but it’s great for confluence.”
BTC’s Market Value to Realized Value (MVRV) also suggests that a rebound might be knocking on the door. It compares the current value of all coins to the price at which people originally paid to acquire their holdings. According to CryptoQuant, readings below 1 indicate a bottom, whereas anything above 3.7 signals the top is in. Over the past seven days, the MVRV has been declining, currently pointing at 1.18.

The Bears Might be Resistant
Despite the aforementioned bullish factors, many other indicators suggest the bear market is far from over. Over the past several weeks, crypto funds have been bleeding heavily, with outflows significantly outpacing inflows.
According to SoSoValue, investors have withdrawn billions of dollars from spot BTC ETFs, a trend that may signal further downside risk for the price.

Meanwhile, the amount of BTC stored on crypto exchanges has risen over the last few days. This doesn’t guarantee a further correction but is often interpreted as a pre-sale step, thereby potentially setting the stage for additional weakness in the market.

The post This Has Never Happened in Bitcoin’s History: Will BTC Finally Rebound? appeared first on CryptoPotato.
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