Crypto World
Tumbling market sets giants into ‘plunge protection’ mode: Crypto Daybook Americas
:Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market’s beating on Thursday spurred industry heavyweights into “plunge protection” mode, a term for coordinated moves to steady a sinking ship.
As bitcoin neared $81,000, the lowest since November, and analysts warned of a deeper drop, Binance sprang into action. The largest crypto exchange by volume traded said it will switch its user protection fund into bitcoin from stablecoins and, more importantly, buy BTC to replenish the fund back to $1 billion if the value fell below $800 million.
Crypto billionaire and Tron founder Justin Sun acknowledged Binance’s effort, announcing on X that Tron will also buy more bitcoin in the future.
These moves are likely aimed at calming market nerves and, potentially, putting a floor under BTC prices. But traditional markets teach us that such efforts can be overpowered by broader forces. For instance, how many times has the Bank of Japan’s intervention failed to stem the yen’s slide?
In other words, the market needs a clear bullish catalyst to stabilize and the odds appear stacked against that. Dollar liquidity is tightening, as noted by Maelstrom CIO Arthur Hayes, and the rise of Kevin Warsh, a former hawkish Fed official who cited inflation risks after the 2008 crash, as a preferred candidate for the central bank’s chairmanship, is seen as a generally adverse development for BTC and other risk assets. Still, though a hawk, Warsh has on occasion spoken positively about bitcoin and has had investments in crypto adjacent projects in the past.
Bitcoin has shown no respite so far. It recently traded near $82,700, slightly up from overnight lows, but still down over 6% on a 24-hour basis. Other major tokens, ether , XRP , solana , , and BNB , posted similar losses.
At the same time, BTC’s market dominance slipped to 59.16%. This might signal altcoins’ relative resilience from underlying demand, setting them up for a big move higher once sentiment stabilizes. But that’s not necessarily true: Altcoins underperformed throughout bitcoin’s bull run from early 2023 to October 2025, with limited participation, it might be they’re simply holding up better as the bull market unravels.
In traditional markets, precious metals like gold and silver, plus industrial copper, have pulled back sharply from record highs. Analysts noted earlier this month that once these trends run out of steam, money could rotate back to crypto. We’ll see if that plays out. Stay alert!
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
What to Watch
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Crypto
- Macro
- Jan. 30, 5 a.m.: European Economic Area GDP growth rate YoY (Flash) for Q4 (Prev. 1.4%), QoQ (Flash) (Prev. 0.3%)
- Jan. 30, 8:30 a.m.: U.S. PPI YoY for December (Prev. 3%), Core PPI YoY (Prev 3%)
- Earnings (Estimates based on FactSet data)
Token Events
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
- Governance votes & calls
- Jan. 30: Conflux Network to host its quarterly community call.
- GMX DAO is voting on a two-year funding framework for GMX Labs, establishing an annual operating budget of $7 million–$9 million sourced from V2 protocol fees. Voting ends Jan. 30.
- Unlocks
- Token Launches
- Jan. 30: Kindred Labs (KIN) to be listed on Binance Alpha, KuCoin, and others.
- Feb. 1: Story Foundation’s planned IP token buyback program ends.
Conferences
For a more comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead“.
Market Movements
- BTC is down 2.49% from 4 p.m. ET Thursday at $82,293.08 (24hrs: -5.69%)
- ETH is down 3.37% at $2,720.41 (24hrs: -6.45%)
- CoinDesk 20 is down 2.9% at 2,499.34 (24hrs: -5.92%)
- Ether CESR Composite Staking Rate is up 6 bps at 2.87%
- BTC funding rate is at 0.0009% (1.0063% annualized) on Binance
- DXY is up 0.33% at 96.60
- Gold futures are down 4.61% at $5,108.00
- Silver futures are down 12.69% at $99.90
- Nikkei 225 closed down 0.1% at 53,322.85
- Hang Seng closed down 2.08% at 27,387.11
- FTSE is up 0.16% at 10,188.28
- Euro Stoxx 50 is up 0.58% at 5,926.34
- DJIA closed on Thursday up 0.11% at 49,071.56
- S&P 500 closed down 0.13% at 6,969.01
- Nasdaq Composite closed down 0.72% at 23,685.12
- S&P/TSX Composite closed down 0.48% at 33,016.13
- S&P 40 Latin America closed up 0.24% at 3,760.03
- U.S. 10-Year Treasury rate is up 3 bps at 4.257%
- E-mini S&P 500 futures are down 0.75% at 6,940.50
- E-mini Nasdaq-100 futures are down 0.87% at 25,773.75
- E-mini Dow Jones Industrial Average Index futures are down 0.72% at 48,815.00
Bitcoin Stats
- BTC Dominance: 59.29% (-0.09%)
- Ether-bitcoin ratio: 0.03305 (-0.85%)
- Hashrate (seven-day moving average): 837 EH/s
- Hashprice (spot): $36.83
- Total fees: 2.74 BTC / $236,749
- CME Futures Open Interest: 117,145 BTC
- BTC priced in gold: 16.1 oz.
- BTC vs gold market cap: 5.54%
Technical Analysis
- The chart shows weekly swings in the 10-year U.S. Treasury yield since late 2024.
- The yield has risen over two basis points to 2.27% this week, testing the bearish trendline characterizing a year-long decline.
- A move past this trendline would confirm what analysts call a bullish breakout — a sign that the downtrend is over and more gains lie ahead.
- Continued hardening of the yield could dent the appeal of stocks and other risky assets.
Crypto Equities
- Coinbase Global (COIN): closed on Thursday at $199.18 (-4.89%), -2.63% at $193.95 in pre-market
- Circle Internet (CRCL): closed at $67.55 (-7.26%), -2.16% at $66.09
- Galaxy Digital (GLXY): closed at $29.96 (-6.08%), -3.81% at $28.82
- Bullish (BLSH): closed at $32.66 (-4.86%), -2.63% at $31.80
- MARA Holdings (MARA): closed at $9.86 (-4.92%), -3.45% at $9.52
- Riot Platforms (RIOT): closed at $16.97 (-3.30%), -3.71% at $16.34
- Core Scientific (CORZ): closed at $18.84 (-3.34%), -2.97% at $18.28
- CleanSpark (CLSK): closed at $12.59 (-6.39%), -4.61% at $12.01
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $48.74 (-5.12%), -2.67% at $47.44
- Exodus Movement (EXOD): closed at $13.98 (-2.44%)
Crypto Treasury Companies
- Strategy (MSTR): closed at $143.19 (-9.63%), -3.45% at $138.25
- Strive (ASST): closed at $0.79 (-2.00%), -2.93% at $0.76
- SharpLink Gaming (SBET): closed at $9.37 (-6.02%), -3.42% at $9.05
- Upexi (UPXI): closed at $1.83 (-6.63%)
- Lite Strategy (LITS): closed at $1.25 (-4.58%)
ETF Flows
Spot BTC ETFs
- Daily net flows: -$817.8 million
- Cumulative net flows: $55.5 billion
- Total BTC holdings ~1.29 million
Spot ETH ETFs
- Daily net flows: -$155.7 million
- Cumulative net flows: $12.26 billion
- Total ETH holdings ~6.05 million
Source: Farside Investors
While You Were Sleeping
A key oil market metric that has preceded major market collapses since 1987 is closing in on its danger zone.
The crude’s 12-month rate of change (ROC) is now sitting at 91%. Analysts suggest that each time this metric breached 100%, a market crash followed.
Five Crashes, One Oil Playbook
Analyst and trader Jack Prandelli noted that the pattern spans nearly four decades. In 1987, 1990, the dot-com bust, the 2008 financial crisis, and the 2022 bear market, oil’s 12-month ROC crossed the 100% line.
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The current 91% reading leaves a narrow 9-point buffer, one that may be quickly erased as supply shocks build. Oil prices have surged since the US-Israeli strikes on Iran began on February 28, rattling energy markets and fueling recession fears.
“When oil moves this fast, economies break. Will this time be different? History says no,” Prandelli remarked.
Nick Colas, co-founder of DataTrek Research, previously noted that when oil prices double within a 12-month window, it may be a warning sign that a recession could follow.
“The rule of thumb I learned from auto industry economics in the 1990s is that if oil prices go up 100% in a one-year period, expect a recession,” he said.
Meanwhile, the supply disruption that could push oil past that threshold may already be underway. Tanker traffic through the Strait of Hormuz, which carried roughly 20% of global oil supply before the conflict, has stalled.
US President Trump has issued a fresh ultimatum. He threatened strikes on Iran’s infrastructure if the strait is not reopened by Tuesday. Iranian officials, however, say the waterway will remain closed until war reparations are addressed.
On Monday, Brent crude climbed above $111 per barrel, up 1.9%. West Texas Intermediate hovered near $112 in Asian trading hours. Amid the surging prices, the question may no longer be whether the pattern holds. It is whether the trigger gets pulled.
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The post The Oil Signal That Preceded Major Market Crashes Since 1987 Is Flashing Again appeared first on BeInCrypto.
Crypto markets bounced 2.5% as US President Donald Trump sent mixed signals over a potential deal with Iran to reopen the Strait of Hormuz, including reports of a possible ceasefire that could permanently end the war.
In an expletive-laden post on the Truth Social platform on Sunday, Trump threatened that Iran would be “living in Hell” if the Strait of Hormuz is not reopened.
However, he also acknowledged in a Fox News interview that Iran is “negotiating now” and expressed optimism about a “good chance” of a deal within 24 hours.
Total market capitalization has climbed about $70 billion, or 2.5%, to an 11-day high of $2.44 trillion in early trading on Monday on the news. Bitcoin tapped $69,500 on Coinbase, according to TradingView.
The small jump has led to total liquidations of around $255 million over 24 hours, 73% of them being short positions, according to data from CoinGlass.
Trump’s comments come after more than a month of war, contributing to surging global oil prices that some fear could lead to a global economic recession.
Trump initially gave Iran a 10-day window to reopen the Strait of Hormuz, but his latest post suggests that Iran now has until Tuesday to reopen the waterway, or the US would attack Iran’s power plants and bridges.
“There will be nothing like it!!! Open the fuckin’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH!” he said.
A potential deal within 24 hours
Despite the aggressive rhetoric, Trump also acknowledged that Iran is “negotiating now” and expressed optimism about a “good chance” of a deal within 24 hours.
He also said, “If they don’t make a deal and fast, I’m considering blowing everything up and taking over the oil.”
Related: New Bitcoin price lows ‘matter of time’ says trader with BTC stuck at $67K
A report from Axios, meanwhile, suggests that the US, Iran and a group of regional mediators are discussing the terms of a 45-day ceasefire that could lead to an end of the war, adding further mixed signals.
Oil prices surge, adding inflation pressure
The ongoing war in the Middle East and the closure of the Strait of Hormuz have pushed crude oil prices back up to about $112 per barrel on Monday morning.
The Kobeissi Letter predicted that if current levels are sustained for another seven weeks, US Consumer Price Index-related inflation will rise to around 3.7%.
Meanwhile, Americans have spent an additional $240 million per day on fuel costs since the Iran war began Feb. 28, it added.
Magazine: No more 85% Bitcoin collapses, Taiwan needs BTC war reserve: Hodler’s Digest
Bitcoin jumped 3% to $69,120 on Monday as traders returned from the Easter weekend to a burst of optimism around a potential Iran ceasefire, pushing the largest cryptocurrency to its highest level in over a week and squeezing $196 million in short positions over the past 24 hours.
Ether led a bump among major tokens with a 3.7% gain to $2,130, its strongest daily move in the past week. SOL rose 2% to $82, XRP added 2.2% to $1.34, and dogecoin climbed 1.7% to $0.093. The broad rally pushed the total crypto market cap back above $2.5 trillion.
The catalyst was an Axios report that the U.S., Iran, and a group of regional mediators are discussing terms for a potential 45-day ceasefire that could lead to a permanent end to the six-week-old conflict.
Reports that more ships had passed through the Strait of Hormuz added to the relief, even as Trump issued increasingly aggressive threats to destroy Iran’s power plants starting Tuesday.
The liquidation data tells the story of how the market was positioned heading into the weekend.
Of the $273.8 million in total 24-hour liquidations across 81,819 traders, shorts accounted for $196.7 million versus $77.1 million in longs, a ratio of nearly 3-to-1 that indicates traders were heavily positioned for further downside after last week’s sentiment collapse. The largest single liquidation was a $10.17 million ETH-USDT short on Binance.
Bitcoin’s 24-hour range stretched from $66,634 to $69,350, a $2,700 swing that caught the worst of the short positioning.
The move came after Santiment data over the weekend showed social media sentiment had hit its most bearish skew since the war began, with five negative posts for every four positive ones. As is often the case in crypto, the most bearish sentiment reading of the cycle produced the sharpest bounce.
The move reclaims the top of bitcoin’s five-week war range but does not break it. The $65,000 to $73,000 channel that has contained every rally and selloff since the conflict began remains intact.
Resistance levels at $71,500 and $81,200, corresponding to the Lower Band and Trader On-chain Realized Price indicators as tracked in a CoinDesk report, sit overhead as the next meaningful tests if the ceasefire momentum holds.
Whether this rally has more substance than the last three depends entirely on whether the 45-day ceasefire materializes or becomes another headline that gets walked back within 48 hours.
Rwanda’s central bank has doubled down on its crypto stance, warning that payments and trading using the local currency remain illegal even as Bybit rolls out support for the Rwandan franc on its peer-to-peer (P2P) platform. The National Bank of Rwanda (NBR) said crypto-assets are not authorized for FRW payments, FRW conversions, or FRW-based P2P trading, flagging “serious financial risks and no recourse in case of loss.”
The warning followed Bybit’s Friday post announcing that the Rwandan franc could be used to buy and sell crypto via its P2P service. In a separate note, the NBR underscored that FRW is the sole legal tender in the country and that NBR-licensed financial institutions are prohibited from converting FRW into crypto assets or vice versa. Critics say the move reflects Rwanda’s broader policy of keeping monetary sovereignty tightly controlled while still pursuing digital-era infrastructure through non-cash instruments.
Bybit did not immediately respond to requests for comment, and the exchange’s announcement appears to sit at odds with the central bank’s reiterated position. The clash illustrates the tension between global crypto offerings and national regulators that have pressed to limit on- and off-ramp activity in local currencies.
Rwanda has been quietly advancing a digital-money agenda alongside its fiat framework. The country has an ongoing effort centered on a central bank digital currency (CBDC) known as the e-franc rwandais, which remains in a proof-of-concept stage with potential to move into a pilot phase. The e-franc is part of a broader push in parts of Africa to explore digital currencies while enforcing strict controls on the use of private crypto assets.
Rwanda is not alone in this approach. Across the continent, policymakers have sought to preserve monetary sovereignty and regulate crypto services more narrowly, a stance that has intensified as the sector grows. In Rwanda’s case, authorities emphasize that while they are open to regulated innovation, crypto should not replace the FRW in everyday transactions.
Key takeaways
- NBR warning on FRW-based crypto activity: Crypto payments, FRW conversion, and FRW FRW-based P2P trading remain outside the legal framework, with officials flagging financial risk and lack of recourse.
Bybit has enabled FRW for P2P crypto trading, but the central bank maintains that such activity is not authorized under current law. The e-franc rwandais is in a proof-of-concept stage and could progress to a pilot, signaling a measured move toward digital-state money. A draft law from the Capital Market Authority aims to regulate virtual asset service providers, with licensing and supervision, and specific prohibitions on mining, mixers, and FRW-pegged tokens. Chainalysis data place Rwanda low in Sub-Saharan crypto adoption for 2024–2025, highlighting a contrast with higher-adoption peers in the region and suggesting regulatory clarity will be pivotal for future growth.
NBR’s stance and the Bybit friction
The central bank’s message was issued via its official communications channel, reaffirming that FRW remains the only legal tender and stressing that licensed institutions are barred from converting FRW into crypto assets or the reverse. This stance aligns with a cautious regulatory environment that has accompanied Rwanda’s broader efforts to regulate and supervise crypto-related activities through licensing regimes rather than embracing open, unrestricted crypto use. The stated risk is not merely financial but also anchored in a lack of formal recourse for losses arising from crypto trades executed in FRW terms.
Bybit’s involvement underscores a growing appetite among global exchanges to experiment with fiat-backed P2P rails in markets with strict crypto rules. The exchange’s Friday post indicated that users could leverage FRW to engage in crypto trades on its platform, effectively creating a channel for on-and-off ramps that regulators have not approved. The net effect is a policy ambiguity that can complicate decision-making for local users and financial institutions alike.
Regulatory momentum: licensing, supervision, and the path forward
In March, Rwanda’s Capital Market Authority released a draft framework aimed at regulating virtual asset service providers. The document frames a licensing and supervision scheme intended to foster “responsible innovation” while limiting potential risk to financial stability. The bill would prohibit crypto assets as legal tender, ban crypto mining, disallow mixing services, and bar tokens pegged to the FRW. It also outlines a pathway for crypto service providers to operate under a formal license, signaling a more formalized approach to crypto activity in the country.
These developments come as Rwanda seeks to balance digital modernization with prudent oversight. The CMA’s draft suggests a future in which regulated entities can offer crypto-related services without eroding the authority of the FRW-based financial system. In practical terms, this means licensed exchanges and wallet providers could operate within a defined legal framework, while unregulated activity remains off-limits or subject to penalties.
Adoption landscape and regional context
Chainalysis data illustrate a nuanced picture of crypto adoption in Sub-Saharan Africa, placing Rwanda toward the lower end of the spectrum for 2024–2025. The analysis shows that residents in Rwanda captured only a fraction of the crypto value observed in higher-adoption countries such as Nigeria and South Africa. Policymakers in Rwanda have repeatedly cited financial sovereignty and consumer protection as reasons for tightening crypto access, even as the country explores digital central bank money and modern payment rails.
Observers note that Rwanda’s cautious approach could shape how quickly crypto services gain traction in the country. A clearer licensing regime and defined boundaries between FRW and crypto usage could reduce regulatory risk for compliant providers, but the absence of a clear green light from the central bank can also dampen consumer and merchant enthusiasm for crypto as a payments instrument.
As Kigali advances its digital-money strategy, market participants will be watching for the CMA’s final version of the virtual assets bill, any official guidance on P2P FRW activity, and how the e-franc PoC evolves toward a broader rollout. The balance between enabling innovation and maintaining monetary control will likely define Rwanda’s crypto trajectory in the near term.
Readers should stay tuned for updates on regulatory progress, the evolution of the e-franc project, and any practical clarifications from the NBR and CMA that could affect the viability of FRW-linked crypto services in the country.
Ethereum (ETH) derivatives activity has surged to levels that dwarf the spot market. On Binance, futures volumes are now running roughly seven times higher than the actual buying and selling of the asset.
The imbalance signals that speculative positioning, not organic demand, is the primary force behind recent ETH price movements.
Binance Dominates a Leverage-Heavy ETH Market
According to analyst Darkfost, ETH open interest across exchanges is approximately 6.4 million ETH. That figure approaches the all-time high of 7.8 million ETH set in July 2025, following a gradual recovery from a low of around 5 million ETH in October 2025.
Binance alone accounts for roughly 2.3 million ETH in open interest, or about 36% of the global total. Moreover, the spot-to-futures trading volume ratio on the exchange has fallen to 0.13, marking the lowest annual reading ever recorded for Ethereum.
“In practical terms, this means that futures volumes are now about seven times larger than spot volumes. In other words, for every $1 traded on the spot market, roughly $7 flows through futures contracts,” the analyst said.
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The analyst warns that leverage-heavy positioning leaves ETH exposed to sharp swings, as forced liquidations or position unwinds could trigger outsized price moves.
“This dynamic suggests that speculation is currently driving price movements on Ethereum. The extensive use of leverage does not provide a strong structural foundation and can amplify volatility through position adjustments or liquidation events,” Darkfost wrote.
Geopolitical Stress Fuels the Divide
The derivatives-heavy structure has taken shape against a volatile macro backdrop. The ongoing US-Israeli military conflict with Iran and disruptions near the Strait of Hormuz have pushed oil prices sharply higher throughout 2026.
Rising energy costs have fed inflation expectations and dampened risk appetite across traditional and digital asset markets. Darkfost said that this environment has pushed more cautious investors to the sidelines.
However, speculative participants remain active in the derivatives market, widening the gap between leveraged and spot-based activity.
Heavy reliance on leverage without a strong spot demand foundation makes the market vulnerable to sudden dislocations. When large leveraged positions begin to unwind, cascading liquidations can follow, amplifying price swings in both directions.
Whether spot demand returns to stabilize the structure may depend on how quickly geopolitical and macroeconomic conditions improve.
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The post Ethereum Derivatives Flash Warning as Leverage Outpaces Spot Demand appeared first on BeInCrypto.
The US labor market appears increasingly reliant on a single driver. Labor Department data shows that healthcare and social assistance have accounted for nearly all net private-sector job growth since December 2024, while the rest of the economy has shed jobs.
A breakdown of the numbers reveals a sharp divide between one booming sector and widespread weakness across virtually every other industry.
Healthcare Props Up US Labor Market as Rest of Private Sector Contracts
The Global Markets Investor noted that the US economy has added an average of just 21,000 jobs each month since the beginning of 2025. This represents an annual pace of roughly 0.2%.
The post stated that the job creation has “never been this weak” outside of a formal recession. To put this in perspective, annual employment growth averaged about 2.2% between 1948 and 1979, slowed to 1.5% from 1980 to 2007, and dropped further to roughly 0.8% during both 2008–2019 and 2020–2024.
At present, job growth is running at a pace nearly four times weaker than during the post-financial crisis period and more than ten times weaker than during the post-war expansion.
Meanwhile, healthcare and social assistance have added approximately 57,000 jobs per month since December 2024. That means the rest of the private sector has been losing an estimated 21,500 jobs per month over the same stretch.
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“Since December 2024, healthcare and social assistance has added ~855,000 jobs, while the rest of the private sector has lost -322,000. That means a single sector is masking a broad-based CONTRACTION across the rest of the world’s largest economy,” Global Markets Investor wrote. “Healthcare and social assistance now represents NEARLY ALL net private-sector job creation since the end of 2024.”
The March 2026 jobs report reinforced the pattern. The economy added 178,000 nonfarm payrolls, but healthcare alone accounted for 76,000 of those positions.
“Remove one sector and the labor market is already in a RECESSION,” the post added.
This concentration raises a key concern: without one sector propping up employment, the broader labor market may already resemble recessionary conditions, even as headline figures suggest continued growth.
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The post US Labor Market Shows Recession-Level Weakness Outside One Sector appeared first on BeInCrypto.
Michael Saylor has hinted his Bitcoin treasury firm is back on track with its weekly Bitcoin purchases after taking a rare week off at the end of March.
In an X post on Sunday, Saylor shared a screenshot from StrategyTracker with the caption “Back to Work.” He often posts the chart ahead of purchase announcements.
The firm took a week off from buying BTC at the end of March, breaking its weekly buying streak for the first time this year. The firm’s last purchase was reported on March 23, buying about $77 million worth of BTC at $74,326 per coin.
One of the main avenues Strategy uses to fund Bitcoin purchases is via the sale of its perpetual preferred stock, Stretch (STRC). The stock is designed to generally trade around its par value of $100, which is aided by a monthly dividend adjustment mechanism.
Related: Bitcoin and the US dollar have a ‘symbiotic’ relationship: BPI exec
Strategy issues new shares of STRC and then allocates the proceeds generated from the market into Bitcoin buys.
According to estimates from STRC.LIVE, Strategy could be set for a purchase of at least 1,821 BTC based on funds raised for the week ending April 3.
Despite the week off, the firm is showing no signs of slowing down. In late March, Strategy announced plans to raise $44.1 billion to fund BTC purchases primarily via the selling of its common MSTR shares and STRC.
According to Strategy’s website, the firm has acquired a total of 762,099 BTC for an average cost of $75,694 per coin. At current prices of about $69,100, Strategy’s holdings are in the red overall.
However, Bitcoin is in the green over the last month, increasing by 1.2% over the past 30 days, according to data from CoinGecko. The price is still down 20.9% year-to-date amid geopolitical tensions and a challenging macro climate.
Bitchat, a decentralized peer-to-peer messaging app developed by Block CEO Jack Dorsey, has been removed from Apple’s App Store in China for allegedly violating its internet service regulations.
In an X post on Sunday, Dorsey shared a screenshot from Apple’s app review team informing him that Bitchat had been removed from the App Store in February and that the TestFlight beta version would no longer be available in China at the request of the Cyberspace Administration of China (CAC).
“Bitchat pulled from the China App Store,” he said.
Bitchat has seen its popularity rise during protests in Madagascar, Uganda, Nepal, Indonesia and Iran in recent months, as governments attempted to shut down regular communication channels and internet access to curb dissent.
The peer-to-peer encrypted messaging service runs entirely over Bluetooth and mesh networks and operates without an internet connection, which could put it at odds with China’s internet-censorship-prone regime.
Bitchat violated internet regulator’s provision
The CAC argued Bitchat violated Article 3 of its regulations governing online services with public opinion or social mobilization capabilities, which came into force in 2018.
Under the provisions, any online services that could influence public opinion or enable social mobilization are required to conduct a security assessment before launch and “be responsible for the assessment results,” according to a Google Translate version of the regulations.
The app review team also said all apps on its store must comply with local requirements in the countries where they are available.
Related: Dorsey shares AI-integrated workplace vision weeks after Block’s 40% staff cut
“We know this stuff is complicated, but it is your responsibility to understand and make sure your app conforms with all local laws, not just the guidelines below. And of course, apps that solicit, promote or encourage criminal or reckless behavior will be rejected,” they added.
Still available in other countries
Despite being pulled in China, Bitchat remains available in other countries, according to Apple’s app review team.
Chrome download stats show the app has been downloaded more than three million times, with more than 92,000 in the past week. The Google Play Store has recorded more than one million registered downloads.
However, neither specifies which regions were responsible for the bulk of downloads.
By comparison, WeChat, developed and operated by Tencent, one of China’s largest tech companies, has an estimated 810 million users in China, out of a national population of more than 1.4 billion.
Magazine: Bitcoin may take 7 years to upgrade to post-quantum — BIP-360 co-author
Xandeum, a scalable, smart contract-native storage layer for Solana, has officially launched STOINC (Storage Income) on mainnet.
With STOINC now live, Xandeum introduces a usage-driven, on-chain storage economy, enabling applications, node operators, and the broader network to participate in value creation tied to actual storage demand.
Unlike traditional reward mechanisms that rely on token emissions, STOINC is powered by actual storage usage. Every interaction with the Xandeum storage layer generates fees that are collected and distributed across the network.
At the end of each cycle, storage fees are distributed across the Xandeum network economy, rewarding pNode participation, supporting staking incentives as they come online, and funding continued ecosystem growth.
“Storage must become a first-class citizen in Web3,” said Bernie Blume, Founder of Xandeum. With mainnet live and community pNodes already online, STOINC marks the beginning of a usage-based storage economy designed to support the next generation of storage-enabled dApps on Solana. “With STOINC, we’re moving beyond theory into real usage, where storage activity directly translates into economic value.”
The launch addresses a key limitation in blockchain infrastructure: scalable, native storage for smart contracts. By enabling this, Xandeum supports a new category of applications known as storage-enabled dApps (sedApps).
Upcoming developments include XAND staking to pNodes, deployment of native applications, and expansion into enterprise use cases.
As Web3 evolves toward real-world utility, scalable storage becomes critical infrastructure. STOINC positions Xandeum as a key player in this transition, where usage drives value creation.
About Xandeum
Xandeum is building a scalable, smart contract-native storage layer for Solana, enabling decentralized applications to access large-scale storage with seamless integration.
The post Xandeum Launches STOINC on Mainnet, Introducing Usage-Based Storage Income for Web3 appeared first on BeInCrypto.
A familiar voice is back with a familiar, and controversial, call on bitcoin .
Mike McGlone, senior commodity strategist for Bloomberg Intelligence, is reiterating that bitcoin could crash to $10,000.
But this time, he’s framed it with a very clear line in the sand: $75,000.
If bitcoin decisively reclaims and holds that level, the bearish thesis breaks. If it can’t, McGlone’s view is that the path of least resistance is sharply lower, with prices falling all the way to $10,000, the level last seen in early 2020.
The $10,000 magnet
McGlone’s uber bearish forecast of a crash to $10,000 isn’t new. It’s been circling for weeks, and it is based more on market structure than short-term catalysts.
The cryptocurrency spent a long stretch hovering around $10,000 before the massive wave of fiat liquidity hit the markets following the coronavirus-induced 2020 crash. That era of zero rates, stimulus checks and aggressive liquidity easing by central banks torched unprecedented risk-taking across all corners of the financial markets. It played a major role in lifting BTC permanently above $10,000.
“Before the biggest money pump in history in 2020-21, Bitcoin hovered around $10,000, and it may be reverting. Roughly $10,000 is also the first-born crypto’s most traded price since 2017, when futures were launched,” McGlone noted on LinkedIn.
With that era of abundant liquidity now behind us, McGlone suggests that bitcoin may revert to what he considers its equilibrium price — around $10,000.
According to him, $10,000 has been the most heavily traded price zone since 2017, when the CME futures began trading. In other words, $10,000 isn’t just a round number — it’s where a huge amount of historical volume sits.
McGlone also points to the crypto market’s explosive growth as a potential drag on bitcoin. In 2017, bitcoin largely defined the space, but today, millions of tokens compete for attention and drain capital away from the industry leader. In his view, that surge in supply has become a structural headwind rather than a tailwind.
“Unlimited crypto supply and use-case rivals are Bitcoin headwinds,” McGlone said on LinkedIn, adding that stablecoins represent “the most enduring trend” in crypto. He expects ether to become bigger than ether and eventually bitcoin.
“I expect the ‘flippening’ to continue, with Tether’s AUM topping Ethereum in 2026 and eventually Bitcoin,” he said.
The $75K invalidation level
McGlone’s bearish forecast hinges on prices staying below $75,000. This level has been a major turning point for market trends over the past 12 months. The March-April 2025 slide ran out of steam at around $75,000, while the early 2024 rally stalled there. Furthermore, $75,000 corresponds to key Fibonacci retracement levels.
Think of it as a market verdict threshold. A sustained move above it would suggest that bitcoin has re-established strong structural demand, ending the downtrend that began at October highs above $126,000. It would imply that institutional flows, macro conditions, or both are strong enough to override his reversion thesis.
Fail to get there — or get rejected again — and the argument flips: bitcoin may still be trapped in a longer-term decline to $10,000.
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