On 21 July, Stats NZ reported an acceleration in inflation: the Consumer Price Index rose 1.5% in the second quarter, while the annual inflation rate climbed to 4.1%, its highest level in more than two years and slightly above analysts’ consensus forecast of 4.0%. The increase was driven primarily by higher fuel prices amid tensions in the Middle East. The data was released after the Reserve Bank of New Zealand raised the official cash rate to 2.50% on 8 July, reinforcing expectations of further monetary tightening in September. However, the impact proved short-lived, as escalating tensions between the US and Iran boosted demand for the US dollar as a safe-haven asset, causing the New Zealand dollar to surrender part of its recent gains during the second half of the week.

Technical Outlook

On the four-hour chart, NZD/USD has been developing a short-term uptrend since 26 June, with a trendline forming as the pair advanced towards 0.5870, where resistance emerged. The pair subsequently broke below the trendline, fell beneath the lower boundary of the current market profile and declined to the 0.5765 area, where the green support level is now located. Following a rebound from this zone, the pair moved on to test the lower boundary of the market profile at 0.5810. If this level holds and the price turns lower, the green support at 0.5765 could provide support. Should the pair continue to rise, attention may return to the POC area at 0.5840.

It is worth noting the close proximity of the upper boundary of the market profile at 0.5860 and the red resistance zone at 0.5870, making this a potentially strong resistance area. The RSI + MAs indicator currently reads 46, 37 and 46. It is also worth noting that the slower moving average has yet to leave the neutral zone, while the RSI briefly entered oversold territory before returning to neutral, casting doubt on the strength of the current breakout.

Summary

The pair’s near-term direction will likely depend on whether sellers can defend the lower boundary of the market profile. From a fundamental perspective, interest in the pair will hinge on whether the support provided by the stronger US dollar amid tensions in the Middle East proves more durable than the positive impact of New Zealand’s unexpectedly strong inflation data.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

The U.S. Commodity Futures Trading Commission has issued a second warning this year to prediction-market operators over broad, template-style self-certifications for event contracts. 

The agency’s Division of Market Oversight said registered exchanges must provide the terms, settlement method, data sources and compliance analysis for each contract they plan to list.

Meanwhile, the July 24 advisory does not remove the self-certification route. Designated contract markets can still list event contracts without waiting for prior Commission approval when they meet the Commodity Exchange Act and CFTC rules. 

As BitMart moves toward a planned wind-down, customer withdrawals are becoming the market’s most immediate stress test. Blockchain analytics account Lookonchain reported that withdrawals appeared to slow significantly after the exchange announced operational restrictions tied to its closure timetable.

On Monday, Lookonchain said it observed 58 wallets withdrawing roughly $805,000 in more than 24 hours. It also claimed BitMart processed no withdrawals during the latest eight-hour window it tracked, while some users on X described delays and account warnings related to withdrawal processing.

Key takeaways

• Lookonchain reported only 58 withdrawals totaling about $805,000 over 24+ hours, with no withdrawals during an eight-hour period tracked.
• Some users on X claimed they received “completed” withdrawal emails despite on-chain withdrawal freezes or pending transactions.
• BitMart has said withdrawals remain available, but requests may face additional compliance and security reviews.
• BitMart’s wind-down includes ending trading services on Aug. 26 and ceasing operations entirely on Jan. 31, 2027.
• On-chain data cited by Arkham suggests BitMart-linked wallets held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6.

Withdrawal activity under scrutiny

The clearest measurable signal so far comes from Lookonchain, which framed Monday’s results as a slowdown in outflows from BitMart. In its report on X, it did not present a verified explanation for the pause, but the figures—58 withdrawing wallets totaling approximately $805,000 over 24 hours—highlight a stark contrast to the normal behavior many exchanges see during stable operating periods.

Lookonchain also added that BitMart did not process any withdrawals during the final eight hours of its tracking window. If the pattern holds, it would suggest that either fewer customers are attempting withdrawals or that outgoing transfers are being held back by internal checks.

That uncertainty is compounded by user reports. Two X posts described issues that could align with additional screening or operational constraints. One user said an email indicated a USDT withdrawal had been completed even though they claimed no transaction had appeared and their account displayed an “on-chain withdrawal freeze.” Another user said a $30 test withdrawal remained pending for more than 30 minutes.

These individual accounts have not been independently verified, but they are consistent with the kind of operational friction customers often expect when an exchange is preparing to wind down—particularly when withdrawals are still enabled but processing may be gated.

BitMart’s “orderly” wind-down and what it means for customers

BitMart has previously stated that withdrawals will remain available, while warning that requests may face additional compliance and security checks. According to the exchange’s published notice regarding the orderly cessation of operations, these reviews can include examinations of customer identities, login devices, withdrawal addresses, trading histories, and sources of funds.

The notice also indicates the exchange may request proof of identity, address, source of funds, or ownership of the receiving wallet. For customers, this matters because even when withdrawals are technically possible, the timing can vary depending on whether an account or transaction triggers enhanced verification.

In that context, the key question for users is not only whether withdrawals are enabled, but whether the promised “orderly” wind-down translates into predictable processing for the remaining volume. If withdrawal handling stays consistent, the episode could remain contained. If delays broaden—or appear uneven across customers—it could intensify confidence concerns.

Cointelegraph attempted to contact BitMart for comment, but did not receive a response before publication.

Trading shutdown dates and the broader market backdrop

BitMart’s wind-down plan has already been laid out. Earlier, the exchange announced it would stop accepting new registrations and deposits and would restrict new spot orders and futures positions. Trading services are scheduled to end on Aug. 26, with the platform expected to cease operations entirely on Jan. 31, 2027.

As that timeline approaches, analysts and investors typically watch for two related indicators: whether customer funds can exit efficiently, and whether the exchange’s remaining token ecosystem reflects mounting pressure.

Arkham-identified wallets attributed to BitMart held about $69 million in crypto assets on Monday, down from roughly $102 million on July 6, according to the entity’s on-chain listing. While this does not, by itself, prove the pace of customer withdrawals, it provides a snapshot of the scale of assets tied to BitMart-linked addresses as the wind-down progresses.

Meanwhile, BitMart’s BMX token continued to struggle. CoinGecko data cited in the underlying reporting put BMX near $0.057 on Monday, after falling about 81.5% over seven days. The token was trading around $0.31 late Friday before the exchange’s shutdown became widely public.

The decline has also kept an eye on a separate but related issue: whether stronger exchanges might absorb smaller competitors during closures. Binance co-founder Changpeng Zhao previously commented that acquiring a centralized exchange can be more complicated than purchasing other types of businesses, because buyers could inherit security vulnerabilities left behind by previous teams, including potential backdoors. He said acquisitions remain possible but require greater scrutiny.

What to watch next for BitMart customers

For customers and observers, the next datapoints to track are straightforward: whether Lookonchain continues to show a near-total slowdown in withdrawals, whether pending and “freeze” reports on X persist across more accounts, and whether BitMart’s compliance checks translate into consistent processing times for approved requests. As trading winds down ahead of Aug. 26 and the cessation date approaches in 2027, withdrawal reliability will likely remain the single most important signal of whether confidence erosion stays contained or escalates into a broader exit narrative.

KB Kookmin Bank has expanded its blockchain strategy by preparing to launch a Kinexys-powered cross-border corporate payment service next month, becoming the first South Korean bank to use J.P. Morgan’s blockchain payment network for trade settlements.

South Korea’s Yonhap News Agency reported that KB Kookmin Bank plans to introduce the service through a partnership with Kinexys by J.P. Morgan, with the rollout scheduled for next month. 

According to the report, the bank will become the country’s first financial institution to adopt the blockchain payment network for corporate import and export settlements.

KB Kookmin Bank brings Kinexys to corporate payments

The upcoming service will be offered through KB Kookmin Bank’s domestic operations in South Korea as well as its Singapore branch, according to Yonhap. At launch, the bank plans to prioritize U.S. dollar transfers involving 10 countries: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa.

Kinexys is J.P. Morgan’s blockchain business that provides programmable payments, asset tokenization and near-real-time settlement for institutional clients. By connecting to the network, corporate customers will be able to process cross-border trade payments through blockchain infrastructure instead of relying entirely on conventional settlement systems.

The report did not disclose transaction limits or the categories of businesses that will receive access during the initial phase. It also did not specify whether additional currencies or countries will be added after the first rollout.

For KB Kookmin Bank, the planned launch adds another production deployment to a blockchain strategy that has gradually expanded across payments, fundraising and digital financial infrastructure rather than remaining limited to pilot programs.

Earlier blockchain projects have covered fundraising

The latest payment initiative follows another blockchain milestone completed by the bank earlier this year.

In June, KB Kookmin Bank completed a $100 million blockchain-based digital bond issuance, becoming the first South Korean bank to raise foreign-currency funding through distributed ledger technology, according to previous local media reports.

The two-year U.S. dollar-denominated bond was privately placed in Hong Kong and priced at the Secured Overnight Financing Rate, or SOFR, plus 0.4 percentage points. HSBC served as the sole bookrunner, while the issuance was carried out on Orion, the bank’s digital asset platform.

According to the bank, blockchain technology supported the entire bond lifecycle, including issuance, registration, trading and settlement. The new structure shortened settlement from five business days under conventional processes to three business days. A bank official told local media at the time that the approach simplified operational procedures while reducing settlement default risk.

The lender described the transaction as a practical application of blockchain technology for capital raising instead of a proof-of-concept exercise, placing it among the first production-grade blockchain fundraising deals completed by a South Korean commercial bank.

Blockchain development within KB Financial Group has also extended into consumer payments.

Earlier this year, KB Kookmin Card announced that it was working with Avalanche and OpenAsset to build a hybrid stablecoin credit card system. According to local outlet JoongAng Economy, cited previously by multiple industry publications, the design allows users to connect a blockchain stablecoin wallet to an existing credit card.

Under the patented payment structure, purchases are first deducted from the customer’s stablecoin wallet. If the available balance is insufficient, the remaining amount is automatically charged to the linked credit card while merchants continue receiving settlement through existing payment infrastructure.

Avalanche is expected to manage the blockchain portion of the system, including stablecoin issuance, wallet transfers and on-chain settlement, while KB Kookmin’s traditional card network continues handling authorization, clearing and merchant payouts.

According to earlier statements from the bank, customers will continue receiving existing card benefits and reward programs despite the addition of blockchain payment functionality.

South Korea’s banking sector has increased blockchain adoption

The latest Kinexys partnership also arrives as more South Korean financial institutions experiment with blockchain infrastructure under regulated frameworks.

Government-backed initiatives have already included KB Kookmin Bank among participating institutions. Earlier this year, South Korea’s Ministry of Economy and Finance selected a regulatory sandbox project that will use tokenized bank deposits for public-sector spending, with implementation planned for the fourth quarter of 2026.

Nine banks, including KB Kookmin, Shinhan, Woori and Hana, are participating in that program. According to the ministry, the system will connect the government’s Digital Budget and Accounting System with a distributed ledger network, allowing spending conditions to be programmed in advance while creating an auditable record of public fund usage.

Stripe’s stablecoin partnerships head, Connor Fitzgerald, has stepped down after helping build the company’s global stablecoin card program from launch to operations across more than 100 markets.

Connor Fitzgerald announced on X that last week was his final week at Stripe and its stablecoin infrastructure business Bridge, ending a tenure that began shortly after Stripe completed its acquisition of the stablecoin platform.

Fitzgerald said he joined Bridge one month after Stripe completed the acquisition, at a time when no company had built a stablecoin card program backed by a sponsor bank. He said his work focused on establishing the banking and card network relationships required to launch the program before expanding it internationally.

According to Fitzgerald, the early stages required building sponsor bank partnerships from scratch while working through regulatory and operational requirements on a market-by-market basis. He said the team also created the infrastructure needed to support global expansion.

Over the following year, Fitzgerald said the program reached more than 100 markets, introduced the first stablecoin settlement flow in the United States, and increased annualized payment volume from zero to tens of millions of dollars.

“I also got to work with some of the best people in fintech, many of whom became close friends, while seeing up close how Stripe builds and operates at scale,” Fitzgerald wrote.

Connor Fitzgerald served as Stripe’s head of partnerships, where he worked with payment networks, financial institutions, and fintech companies. During his tenure, Stripe expanded relationships with companies including Visa to support stablecoin-backed card issuance for wallet providers and fintech platforms.

His departure comes as Stripe continues expanding the payments infrastructure it has built around stablecoins following its acquisition of Bridge.

Bridge acquisition strengthened Stripe’s blockchain payments business

Stripe completed its roughly $1.1 billion acquisition of Bridge to accelerate its stablecoin payments business, adding infrastructure designed to help businesses move money using blockchain-based payment rails.

Since then, the company has introduced new stablecoin products while extending regulated payment services into additional regions.

As previously reported by crypto.news, Bridge received both a Markets in Crypto-Assets (MiCA) crypto-asset service provider authorization and an Electronic Money Institution license in Luxembourg earlier this month. The approvals allow the company to provide regulated services across all 27 European Union member states under a single regulatory framework.

According to Bridge, the licenses let businesses issue custom euro-backed stablecoins, create named virtual IBANs, and offer euro accounts throughout the European Union without establishing separate banking relationships in each country.

Bridge also said fintech companies can integrate cross-border euro accounts through a single connection, while enterprises can use stablecoins to move funds between subsidiaries instead of relying on traditional correspondent banking networks.

The regulatory approvals followed another expansion announced earlier this year. In March, Visa said it was extending its partnership with the Stripe-owned company to launch stablecoin-backed Visa card programs in more than 100 countries by the end of 2026.

Fitzgerald joined Bridge shortly after the acquisition closed and said the company built much of the underlying sponsor bank, regulatory, and network infrastructure during that period before scaling the program internationally.

Fitzgerald says banking will be built natively onchain

Looking ahead, Fitzgerald indicated that his next venture will remain closely connected to blockchain-based financial infrastructure.

After working with dozens of stablecoin companies during his time at Stripe and Bridge, Fitzgerald said he concluded that the next generation of global banking would be built natively onchain.

He did not disclose his future plans but said more information would be shared soon.

The comments come as stablecoin payment infrastructure continues to attract investment from payment companies seeking to expand blockchain-based financial services alongside conventional payment rails.

Stablecoins remain central to Stripe’s payments strategy

Stripe has continued integrating stablecoins into its broader payments business while pursuing regulated expansion across major markets.

The company has combined Bridge’s infrastructure with its own global payments network to support cross-border settlement, stablecoin payments, and card issuance for businesses and developers.

Stripe’s interest in digital payments has also extended beyond Bridge. As previously reported by Reuters, the company joined private equity firm Advent International in June to submit a roughly $53 billion proposal to acquire PayPal.

According to Reuters, PayPal’s board concluded the $60.50-per-share proposal undervalued the company while also considering financing certainty, regulatory hurdles, and execution risks before deciding how to proceed. Reuters also reported that negotiations remained active, with Stripe and Advent continuing discussions despite the board’s reservations.

The proposed acquisition would bring together PayPal’s crypto payment products, including the PYUSD stablecoin issued by Paxos, with Stripe’s growing stablecoin infrastructure built through Bridge. Reuters reported that Stripe and Advent also explored potential structural remedies should antitrust regulators require changes to the transaction.

Quantum computing is a risk factor for every encrypted system on the planet, including major banks. But crypto, due to the way it works, may be the technology that gets tested first.

“Cryptocurrencies are the canary in the coal mine,” Eddy Zervigon, CEO of Quantum Xchange, said in an interview with CoinDesk. Zervigon’s firm builds infrastructure to shield networks, including financial ones, from quantum-enabled attacks, and he’s blunt about where the first casualty is likely to show up.

“That’s the first place of attack because of the decentralized nature,” Zervigon said. “Once you see it happening there, then you know that someone somewhere has a cryptographically relevant quantum computer.”

A cryptographically relevant quantum computer, capable of breaking the elliptic-curve cryptography underpinning the Bitcoin blockchain’s signatures, along with the encryption securing bank rails, doesn’t exist yet. The consensus estimate for when it will is compressing, not stretching.

“The folks spending billions of dollars, like Microsoft, IBM, and others developing quantum computers, generally believe there will be a commercially relevant, cryptographically relevant quantum computer in the 2029 timeframe,” Zervigon said. “That’s not me making stuff up. That’s based on what people like Arvind Krishna at IBM have said.”