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STABLE also posted notable gains, while one little known altcoin recorded an eye catching 360% rally on CoinGecko.

Bitcoin failed to build on the momentum it generated earlier this week, slipping toward the $65,000 level before finding support. Meanwhile, most large cap altcoins traded within a narrow range over the past 24 hours, with WLFI emerging as one of the standout performers.

Bitcoin Stabilizes Below $66K

Bitcoin ended last week on a weaker note after failing to extend its rally above $65,600, which followed the release of favorable US Consumer Price Index data for June. Selling pressure pushed the leading cryptocurrency down to $62,500 on Friday, but the decline proved short lived as BTC recovered to around $64,000 over the weekend.

The asset attempted another move above $65,000 on Monday but was once again rejected, retreating to approximately $63,750. Buyers quickly stepped in, fueling a two day recovery that lifted Bitcoin to $67,000 on Tuesday morning, its highest level in more than a month.

Despite the strong rebound, BTC was unable to break above that resistance and has since eased back to $65,600 before dipping to $65,300 earlier today. That level attracted renewed buying interest, allowing the cryptocurrency to stabilize just below the $66,000 mark.

Bitcoin’s market capitalization remains under $1.32 trillion, while its share of the overall crypto market has slipped to 56.5%, according to CoinGecko.

BCAP Explodes While WLFI Leads Major Altcoins

A new entrant among the top 100 cryptocurrencies by market capitalization stole the spotlight today. Blockchain Capital’s BCAP surged by more than 360% over the past 24 hours, reaching roughly $106. CoinGecko, however, showed zero reported trading volume despite the token approaching a market capitalization of nearly $1 billion.

Among established cryptocurrencies, WLFI posted the strongest performance, climbing more than 11% to trade around $0.063. STABLE also recorded solid gains, while HBAR and UNI advanced by roughly 4% each.

Elsewhere, most major altcoins posted modest increases of up to 2%, including XMR. In contrast, BCH, XLM, CC, and TRX traded slightly lower over the same period.

The total cryptocurrency market capitalization remained largely unchanged at just above $2.3 trillion, according to CoinGecko.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

The shutdown will bring one of the most influential chapters in crypto derivatives trading to a close.

BitMEX, one of the earliest cryptocurrency derivatives exchanges and the platform that introduced the 100x perpetual swap, has announced it will permanently shut down on September 23 after deciding to wind down its business.

The exchange has operated for more than 11 years, making its closure a significant moment for the cryptocurrency industry.

BitMEX Confirms Shutdown

In a statement released today, BitMEX said it will officially cease operations on September 23 at 04:00 UTC. Its parent company, HDR Global Trading Limited, explained that the decision followed a comprehensive strategic review of both the business and the broader crypto market.

The exchange has already stopped accepting new account registrations and is advising existing users to close all open positions and withdraw their funds before the deadline.

Founded in 2014, BitMEX played a pivotal role in shaping the modern crypto derivatives market. It pioneered the 100x leveraged perpetual swap, an innovation that later became the industry benchmark and was widely adopted by leading derivatives exchanges. At its peak, BitMEX ranked among the world’s largest crypto trading platforms, attracting professional traders with deep liquidity and sophisticated trading features.

The company also highlighted its strong security track record, noting that no customer funds were ever lost in a hack throughout its years of operation.

Why BitMEX Is Closing

Although BitMEX experienced rapid growth in its early years, it came under scrutiny from United States authorities in 2020 over anti money laundering violations related to insufficient Know Your Customer procedures. The company later reached a settlement with US regulators, while former CEO Arthur Hayes and several other executives pleaded guilty to violations of the Bank Secrecy Act.

While the exchange continued operating after resolving those legal issues, it gradually lost market share as new competitors gained traction.

BitMEX said trading services will remain available over the coming months, although restrictions will be introduced in stages. Beginning August 26, users will no longer be able to open new positions and will only be allowed to reduce existing ones. After the official shutdown on September 23, customers will still be able to log into their accounts to check balances, review transaction history, and withdraw any remaining assets.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Movement Labs has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware, marking the latest chapter in a difficult period marked by token controversy, declining network activity, and mounting financial pressure.

The MOVE token is now trading more than 99% below its all time high after recently falling to a new record low.

Bankruptcy Follows Months of Turmoil

According to court filings, Movement Labs has fewer than 1,000 creditors, assets valued between $100,000 and $500,000, and liabilities exceeding $1 million.

The company’s largest unsecured creditor is former co founder Ruhikesh Manche, who is owed more than $1.6 million. Other significant creditors include the Delaware Division of Revenue and Anchorage Digital.

Movement’s troubles began shortly after the launch of its MOVE token in December 2024. Following the token’s listing on Binance, approximately $66 million worth of MOVE entered the market through a market making agreement with Rentech, triggering heavy selling pressure that erased billions of dollars in market value within days.

Binance later removed Rentech from its platform, accusing the firm of selling nearly its entire allocation within a day of the listing while providing minimal buy side liquidity. The exchange said the market maker generated roughly $38 million in profit before being banned in March.

In response, Movement launched a token buyback initiative aimed at restoring liquidity and rebuilding confidence. The company also hired Groom Lake to investigate its agreement with Rentech. The review reportedly uncovered links between Rentech and Chinese market maker Web3Port, ultimately leading to Manche’s dismissal.

The first hearing in the bankruptcy proceedings is scheduled for August 20.

Heavy Funding Failed to Prevent Decline

Despite raising approximately $141.4 million across multiple funding rounds, including a Series A led by Polychain Capital, Movement struggled to convert investor backing into sustainable network growth.

Data from DeFiLlama shows that application revenue has remained below $800 per day since November 2025. Blockchain fee generation has been even weaker, with the network collecting only about $8 in fees over the past 24 hours.

MOVE has also experienced a dramatic collapse in market value. After trading near $0.041 in January, the token fell to a record low of around $0.01043 on July 20. At the time of writing, it remained only slightly above that level, representing a decline of more than 99% from its all time high of $1.45, according to CoinGecko.

Meanwhile, the network’s total value locked stands at roughly $133 million.

Movement was initially developed as a Layer 2 network designed to connect Move based blockchains with Ethereum. However, in June the project shifted its strategic focus toward cross border payments, remittances, and dollar based savings products in an effort to revive adoption.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

The Digital Chamber has launched a legal challenge against Illinois’ new Digital Asset Tax Act, arguing that the law unfairly singles out cryptocurrency transactions and violates constitutional protections by treating blockchain users differently from participants in traditional financial markets.

The lawsuit marks the first major court challenge to a state law imposing a dedicated tax on digital asset transactions.

Industry Seeks to Block Illinois Crypto Tax

Illinois’ Digital Asset Tax Act is set to take effect on January 1, 2027. Under the legislation, a 0.02% tax would be applied to the full value of every digital asset transfer.

The measure targets crypto exchanges, wallet providers, and custodians operating in Illinois or generating more than $100,000 in annual revenue from customers in the state.

As the first state level tax of its kind in the United States, the law has drawn sharp criticism from the crypto industry. Opponents argue that the tax could be imposed multiple times throughout the lifecycle of a single transaction, increasing costs and discouraging blockchain activity within Illinois.

Andreessen Horowitz crypto executive Miles Jennings previously described the legislation as one of the most hostile crypto laws introduced in the United States.

The Digital Chamber is asking the court to prevent the law from taking effect, arguing that digital asset users should not face tax rules that differ from those applied to traditional financial transactions.

The organization also claims the tax provision was added to the state budget the night before the final legislative vote, leaving lawmakers with little opportunity for public debate or committee review.

In addition to blocking enforcement, the group is asking the court to declare the law unconstitutional under both state and federal law and to require Illinois to cover its legal fees and court costs.

Lawsuit Claims Unequal Treatment

According to the complaint, the legislation taxes digital asset transfers regardless of whether they generate a profit or a loss.

The Digital Chamber argues that the law bases its tax treatment on the technology used to record ownership rather than the economic outcome of the transaction. As a result, transfers recorded on blockchain networks are treated differently from comparable transactions conducted through traditional financial systems.

The organization maintains that this unequal treatment violates fundamental constitutional principles and argues that taxpayers should not face different rules simply because they use blockchain technology.

Digital Chamber Chief Executive Officer Cody Carbone said tax policy should be designed to ensure fairness for all participants and explained that the lawsuit seeks to protect both consumers and businesses operating in the digital asset sector.

While Illinois is moving forward with a dedicated crypto transaction tax, several other US states have adopted a more supportive stance toward digital assets. Texas has approved legislation allowing Bitcoin to be held in state reserves, while Florida has banned the use of central bank digital currencies and eased regulations for noncustodial crypto service providers.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Bitwise Chief Investment Officer Matt Hougan believes the next major crypto bull market could be fueled by the growing integration of blockchain technology into traditional finance. As the market shows signs of stabilizing, he says investors should focus on two categories of opportunities that may lead the next wave of growth.

In a recent market update, Hougan described these themes as the “Hyperliquid Lane” and the “Robinhood Lane.”

Hyperliquid Style Protocols Could Drive the Next Cycle

Hougan expects the next stage of the crypto market to be shaped by the increasing adoption of stablecoins, tokenization, around the clock trading, instant settlement, and institutional decentralized finance.

Although he believes it is still too early to confirm that the market has fully recovered, improving sentiment, stronger spot Bitcoin ETF inflows, and Bitcoin’s recent price performance have prompted investors to look ahead to what could power the next bull run.

The first investment theme focuses on crypto protocols that generate substantial revenue while directly rewarding token holders through well designed tokenomics.

Hougan pointed to Hyperliquid as a leading example. The decentralized trading platform has expanded beyond crypto derivatives into traditional financial markets and surpassed $1 billion in cumulative revenue in June. It is also projected to generate roughly $800 million in revenue this year.

One of the platform’s defining features is its token model, which allocates 99% of protocol revenue toward buying back HYPE tokens from the open market. By reducing the circulating supply, the strategy aims to strengthen long term value for token holders.

According to Hougan, the combination of strong revenue generation and an aggressive buyback mechanism sets Hyperliquid apart from many earlier crypto projects that attracted users but offered limited value to their token holders.

He expects more blockchain protocols to adopt similar economic models as the industry matures.

Blockchain Focused Financial Companies Also Stand to Benefit

The second investment theme centers on established financial companies that are actively integrating blockchain technology into their core businesses rather than treating it as an experimental initiative.

Hougan highlighted Robinhood as a prime example following the launch of its Layer 2 blockchain on July 1.

Within just two weeks, Robinhood Chain attracted more than $300 million in deposits and processed approximately 3.6 million transactions per day.

Hougan argued that companies deploying blockchain technology at scale are likely to gain a competitive advantage over firms that remain limited to small pilot programs. By operating real blockchain based financial services today, they are building the expertise needed to capitalize on the continued evolution of digital finance.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Crypto analyst EGRAG CRYPTO believes Bitcoin may be developing a classic Adam and Eve double bottom on the weekly chart, a technical formation that could pave the way for a rally toward $173,000 if confirmed.

However, the analyst stressed that the pattern remains incomplete and requires several key price levels to be reclaimed before the bullish target becomes realistic.

$83K Identified as the Key Breakout Level

According to EGRAG, the pattern is forming within a major support range between $51,000 and $67,000. The setup features a sharp V shaped recovery representing the Adam bottom, followed by a slower, rounded formation that makes up the Eve bottom.

The neckline of the pattern sits near $83,000, which the analyst considers the most important resistance level.

To validate the structure, Bitcoin must first hold its current support, reclaim the $68,000 level, then secure a weekly close above $83,000 before successfully retesting it as support. If those conditions are met, the analyst believes Bitcoin could advance toward $103,000, then the $120,000 to $126,000 range, with a longer term target of $173,000.

EGRAG also warned that a weekly close below $51,000 would invalidate the entire setup and eliminate the bullish outlook.

Analysts Offer Mixed Outlook

Other market analysts have also highlighted signs of improving momentum.

Ted Pillows noted that Bitcoin’s daily Supertrend indicator has turned bullish. The last time this occurred, Bitcoin gained nearly 15% over the following four weeks. A similar move would place the asset near $76,000 by August.

Not everyone shares that optimism, however. ChartNerd continues to view the current recovery as a countertrend rally, arguing that the 200 week exponential moving average around $68,000 could act as a local top before another decline later in the third or fourth quarter.

Meanwhile, Axel Adler Jr. pointed to improving market conditions beneath the surface. He observed that realized volatility has dropped 31% this month to its lowest level since 2016, while leverage, measured by open interest relative to market capitalization, has declined for 21 consecutive days. According to Adler, this combination makes the recent rebound from the June 30 low less vulnerable to large scale liquidation events.

Markus Thielen of 10x Research also noted rising optimism in the derivatives market. He said implied volatility for Bitcoin and Ethereum options has climbed back to 36% after previously falling to 31%, suggesting traders are increasingly positioning for further upside during the typically quieter summer period.

Bitcoin Holds Near $66K

At the time of writing, Bitcoin was trading close to $66,000, posting modest daily losses but remaining more than 2% higher over the past week and nearly 3% higher over the past month.

The cryptocurrency recently approached the $67,000 mark before retreating, leaving it roughly 47% below its all time high recorded in October 2025.

The latest recovery has been supported by renewed inflows into US spot Bitcoin exchange traded funds after eight consecutive weeks of outflows. Investor sentiment has also improved following progress on the ethics provisions of the CLARITY Act.

Bitfinex analysts have identified the area between $67,900 and $68,300 as Bitcoin’s next major test, warning that a sustained breakout will require strong spot market demand rather than speculative buying.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Large XRP investors have continued increasing their holdings even as smaller retail wallets reduce exposure, a trend that market intelligence platform Santiment believes could support further price gains.

XRP recently climbed above $1.16, with the rally appearing to be driven primarily by major holders rather than retail investors.

Large Investors Continue to Buy

According to Santiment, wallets holding between 100,000 and 100 million XRP increased their combined balances by 2.8% over the past five weeks. In contrast, wallets containing less than 0.01 XRP reduced their holdings by 5.2% during the same period.

The analytics firm noted that XRP has historically followed the behavior of larger holders more closely than that of the smallest retail investors. This divergence between whale accumulation and retail selling has often coincided with stronger price performance.

Santiment also pointed to several fundamental developments supporting XRP’s outlook, including the resolution of Ripple’s legal battle with the US Securities and Exchange Commission, continued growth across the XRP Ledger in areas such as payments, tokenization, and RLUSD, as well as sustained institutional interest in US spot XRP exchange traded funds.

Spot XRP ETFs have attracted nearly $12.5 million in net inflows so far this month, further reinforcing institutional demand.

The firm added that previous periods marked by aggressive accumulation from large investors and declining retail participation have frequently preceded additional upside for XRP.

Analysts Watch Key Price Levels

From a technical standpoint, market analyst ChartNerd said XRP recently faced resistance at its daily 50 day exponential moving average, the same indicator that capped its previous two rallies.

After the rejection, the token pulled back toward $1.13. Despite the decline, the analyst believes the broader bullish structure remains intact as long as XRP holds the support zone between $1.09 and $1.11.

If buyers successfully defend that range, XRP could regain momentum and target $1.25. However, a break below support would weaken the current setup and increase the risk of a decline toward the $1 level.

ChartNerd also dismissed recent social media claims that XRP had already broken out of the downtrend that began in July 2025.

Analyst Ali Martinez shared a similar outlook, stating that a decisive move above $1.13 would confirm a bullish breakout and strengthen the case for additional gains.

Some market observers remain more cautious, arguing that XRP is still trading within a year long descending pattern. In their view, only a sustained move above the $1.20 to $1.30 range would invalidate that longer term bearish structure.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Balance Coin (BLC) lost more than 99% of its value on Tuesday after decentralized finance platform 42DAO suffered an exploit that blockchain security firms estimate resulted in losses of roughly $915,000.

The attack sent BLC crashing from nearly $1 to just a fraction of a cent, marking another major DeFi security breach in 2026.

Oracle Flaw Enabled Instant Liquidations

Blockchain security firm PeckShield was the first to report the exploit, estimating losses of approximately $915,000. Security researchers at SlowMist later placed the figure at around $912,000 and identified the protocol’s Median Oracle as the source of the vulnerability.

According to SlowMist, the oracle supplied an abnormally low BTCB price to the protocol after the attacker invoked the Spotter contract’s poke function. Because the Spotter contract lacked critical safety mechanisms, including price deviation checks, maximum drawdown limits, and a minimum price threshold, the manipulated price was accepted without resistance.

Once the false price was recorded in the protocol’s accounting system, the Dog liquidation module immediately acted on it. With no delay or additional validation of oracle data, the attacker was able to trigger liquidations across multiple BTCB vaults within a single transaction.

Researchers identified the attacker’s wallet and the affected smart contracts while continuing to monitor the movement of the stolen funds.

BLC Price Collapses

The exploit triggered an immediate market selloff. According to GeckoTerminal data, BLC was trading near $0.0025 at the time of writing, representing a 99.75% decline from its previous price of roughly $0.997.

The token’s market capitalization has shrunk to around $12,000, while trading volume reached nearly $95,000 across more than 1,600 transactions. Most of those trades were buy orders, though heavy selling pressure continued to dominate price action.

DeFi Exploits Continue to Mount

The 42DAO incident adds to a growing list of decentralized finance hacks this year.

On July 20, cross chain stablecoin bridge Allbridge suspended operations after attackers exploited its liquidity pools and stole approximately $1.65 million through a flash loan based manipulation.

In June, Syscoin suffered a bridge exploit that enabled an attacker to mint up to 5 billion SYS tokens, sending the cryptocurrency down nearly 20%.

A month earlier, Echo Protocol halted cross chain transfers after an exploit involving the unauthorized minting of 1,000 eBTC. The incident also triggered a sharp decline of more than 12% in Echo’s native token.

Although each exploit involved different technical methods, the 42DAO attack highlights a recurring weakness across DeFi platforms. Rather than breaking encryption or compromising private keys, attackers continue to exploit inadequate safeguards surrounding oracle price feeds and liquidation mechanisms.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Bitcoin is approaching a critical resistance level after posting its third straight week of gains, with Bitfinex analysts warning that the market’s next move could depend on whether buyers can push the asset above $68,000.

The leading cryptocurrency ended last week near $65,000, gaining 1.7% over the seven day period and extending its three week recovery to 11.5%. Despite recent market volatility, BTC has continued to hold above the important $61,360 demand zone.

Why $68,000 Is a Critical Resistance

According to Bitfinex, the region between $67,900 and $68,300 represents a significant technical barrier. The zone aligns with both the short term holder realized price and the opening price for the second quarter, making it an area where selling pressure could intensify.

Analysts explained that many investors who bought Bitcoin around those levels may choose to exit once they return to break even. Similar price retests have previously triggered increased selling activity, making this resistance level especially important for Bitcoin’s near term outlook.

Bitfinex believes that a successful breakout will require sustained demand from spot market buyers rather than leverage driven speculation. Without consistent buying interest, Bitcoin could once again be rejected and retreat toward lower support levels established during its recent recovery.

Institutional demand is expected to play a crucial role in determining whether Bitcoin can overcome this barrier. Although US spot Bitcoin exchange traded funds have shifted from persistent outflows to more balanced capital flows, analysts noted that fresh demand continues to rely heavily on inflows into BlackRock’s IBIT fund.

Improving Macro Conditions Support Bitcoin

Beyond technical factors, the broader economic backdrop has also become more favorable for risk assets.

Bitcoin has recently accounted for a larger share of total cryptocurrency spot trading volume. However, Bitfinex believes this reflects investors rotating away from altcoins into Bitcoin rather than renewed confidence across the entire crypto market.

Meanwhile, June inflation data in the United States showed the first monthly decline in six years, helped by lower energy prices. The housing market also continued to weaken, with building permits falling and housing inventories rising.

Despite these signs of cooling economic activity, consumer spending and business investment have remained resilient. As a result, second quarter US economic growth estimates have stayed near 2.5%, creating a more balanced environment for the Federal Reserve while providing continued support for risk assets such as Bitcoin.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

China has stepped in with one of its biggest market support measures in recent years, directing more than $10 billion into equities and exchange traded funds after a sharp selloff in the country’s technology sector. The intervention is drawing attention from the crypto industry, particularly Bitcoin miners that are increasingly relying on AI related businesses for future growth.

China Moves to Stabilize Tech Markets

Chinese authorities recorded a record 13.8 billion yuan in daily inflows into the ChinaAMC STAR 50 ETF, which tracks the 50 largest companies listed on Shanghai’s STAR Market, many of them semiconductor firms.

The support followed a steep decline in Chinese technology stocks that peaked on July 17. During the downturn, the Shanghai Composite Index had fallen 9.1% for the month, while several other major indexes had dropped by more than 22%.

State backed investment firms China Reform Holdings and China Chengtong Holdings announced on Sunday that they had invested approximately 60 billion yuan, or $8.9 billion, into equities and ETFs. Combined with other government support, total intervention has now exceeded $10 billion.

The market selloff was largely driven by global volatility and increasing investor caution toward risk assets.

AI Expansion Links Bitcoin Miners to the Chip Industry

As profit margins from Bitcoin mining continue to shrink, many of the industry’s largest companies are expanding into artificial intelligence infrastructure instead of focusing solely on increasing mining capacity. That shift has made their fortunes increasingly dependent on the semiconductor industry, the same sector Beijing is now working to stabilize.

US based Bitcoin miner Hut 8 recently signed a 15 year lease valued at $9.8 billion, increasing its contracted AI business to $26.6 billion. Meanwhile, IREN announced $2.8 billion worth of long term cloud computing agreements.

The broader technology downturn has also affected global chipmakers. During the recent selloff, the Philadelphia Semiconductor Index declined 20% from its latest peak, highlighting continued weakness across the sector.

Crypto investors are closely watching semiconductor stocks because they play a critical role in both AI infrastructure and Bitcoin mining. A June report from VanEck estimated that Bitcoin mining companies require an additional $50 billion to fund planned expansion projects. If miners struggle to secure that capital, they could be forced to liquidate Bitcoin holdings, potentially adding selling pressure to the market.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic