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  • Bits Recap: Pi Network, Dogecoin, and June 19 Highlights

    Bits Recap: Pi Network, Dogecoin, and June 19 Highlights

    Pi Network Pushes Ecosystem Growth Amidst Protocol Upgrades

    The often-discussed cryptocurrency project Pi Network is demonstrating significant activity, with its development team rolling out substantial updates and enhancements to its ecosystem.

    Dogecoin and Cardano Face Market Pressures

    Meanwhile, the original meme coin, Dogecoin (DOGE), has experienced a considerable downturn recently, and several indicators suggest this sell-off could persist in the immediate future. Cardano’s native token, ADA, is also struggling, with some analysts predicting further price declines.

    Pi Network’s Protocol and Ecosystem Expansion

    At the beginning of June, the Pi Network Core Team announced the successful implementation of protocol v24. This upgrade primarily focused on bolstering the underlying infrastructure that supports node operations and mainnet activity. The next major objective, v25, was initially slated for completion by June 18. However, the team recently indicated that additional time might be required, suggesting a potential delay.

    Beyond infrastructure, Pi Network is actively encouraging its users, referred to as “Pioneers,” to contribute to ecosystem expansion. This involves inviting developers to integrate their AI-driven applications into the project’s distribution network via Pi App Studio. This initiative is set to continue until Pi2Day, a community-recognized celebration observed annually on June 28.

    The Core Team also provided an update on the testing phase of the Pi Launchpad, which is currently utilizing a new test token named SLICE. The objective of this development is to familiarize users with novel ecosystem token mechanics and to educate the community on engaging with decentralized finance (DeFi) mechanisms.

    “The updated participation flow is simpler and clearer,” a statement from the team explained. “Participation is now centered around the commitment amount, which has a direct effect on token acquisition. A Pioneer chooses how much Test-Pi they want to commit, and the Launchpad automatically calculates the related ‘fair-access hold,’ and then shows the commitment amount, hold amount, and total together before confirmation.”

    More recently, Pi Network announced that its Ecosystem Directory Staking feature has received a “new look and improved user experience.” The team elaborated that by staking PI coins, Pioneers can collectively support applications and services. Simultaneously, developers and creators can leverage this feature to promote their products and access Pi’s community of over 60 million engaged users to attract new customers.

    Dogecoin’s Downturn and Whale Activity

    The largest meme coin by market capitalization has been impacted by the prolonged bear market, with its price falling 52% over the past year to $0.08. Furthermore, recent activity among large holders, or “whales,” suggests that bullish sentiment may face continued challenges in the short term.

    According to reports, approximately 420 million DOGE have been moved by these market participants in the last seven days, and their total holdings have decreased to nearly 35 billion coins.

    While this does not definitively signal an imminent collapse, it indicates that these investors may be positioning themselves for further declines. Their actions are closely monitored by retail traders, who could potentially follow suit and amplify any sell-off.

    Cardano Faces Significant Price Drops

    Cardano’s native token has experienced an even steeper decline than DOGE. Its valuation has fallen to around $0.16, with its market capitalization dropping below $6 billion. The asset is at risk of falling out of the top 20 cryptocurrencies by market cap.

    Worrying commentary from Cardano’s co-founder, Charles Hoskinson, has reportedly fueled further unease within the community, and some prominent analysts believe conditions could deteriorate further.

    For instance, analyst Ali Martinez noted that ADA has been forming a bearish flag pattern since the beginning of June and is now breaking out of this structure. Martinez suggested that “the odds have significantly increased for a bigger price correction towards $0.13.”

  • Strive CEO: STRC, SATA Drops Due to Liquidations, Not Credit Issues

    Strive CEO: STRC, SATA Drops Due to Liquidations, Not Credit Issues

    Strive CEO: Sharp STRC, SATA Drops Were Leverage Liquidations, Not Credit Failures

    Strive CEO Matt Cole stated on June 19 that the recent sharp sell-off in Strategy’s STRC and his company’s SATA was driven by forced liquidations from leveraged investors, rather than any decline in the issuers’ financial strength.

    His remarks followed one of the most volatile trading sessions the sector has experienced. STRC plummeted to $82.50 and SATA dropped into the low $90s before both instruments recovered as buyers re-entered the market.

    In an extensive post on X, the Strive chief described Thursday as the most challenging day in the history of what he termed “Digital Credit.” He explained that investors seeking higher yields had increasingly borrowed against assets like STRC and SATA. However, as prices began to fall, margin calls triggered further selling, creating a cascade effect that depressed prices irrespective of underlying fundamentals.

    “What happened today was a leverage liquidation event, not a deterioration in underlying credit quality,” Cole wrote.

    He drew a parallel to past failures in leveraged Treasury trades, arguing that those collapses were not due to Treasuries becoming bad credits but rather to investors overextending themselves while chasing yield on assets they perceived as safe.

    Regarding Strive specifically, Cole asserted that the firm’s dividend reserves remained untouched and that the company was not under any financial strain. He further noted that leveraged sell-offs are not necessarily indicative of weak collateral. In fact, he suggested, they often occur because the collateral appeared stable enough to entice investors to pile on leverage in the first place.

    However, when pressed by Udi Wertheimer, co-founder of Taproot Wizards, on why STRC’s peak had appeared weak even before the crash, with the stock only reaching $97 around its last ex-dividend date, Cole conceded that demand had softened somewhat. He attributed this to a weak Bitcoin market, jitters surrounding Strategy’s recent corporate actions, and unease over the company’s use of cash to pay down a convertible note.

    Cole also emphasized that a more significant factor was the nature of the buying activity.

    “If a security has billions of dollars of demand from long-only institutions, that is very different from demand driven by highly leveraged buyers,” the executive observed. “The latter can create strong demand on the way in, but also a much sharper unwind when prices move against them as we saw.”

    According to Cole, Strive possesses a straightforward mechanism with SATA to manage situations where growth outpaces demand: reducing the interest rate to slow down activity.

    Market data indicates that STRC has since recovered to approximately $89 following the sell-off. This figure remains below its $100 par value, placing its effective yield near 13% with 30-day volatility around 21%. Meanwhile, SATA, its newer and smaller counterpart, has shown more resilience, trading just above $97 at the time of this report.

    Strategy has stated that its Bitcoin treasury, currently valued at around $53 billion given Bitcoin’s price near $63,000, is sufficient to cover dividends for 32 years, considering the firm’s annual obligations of approximately $1.7 billion. Critics, such as Peter Schiff, have frequently challenged this projection, arguing that it assumes Bitcoin’s price will not decline and the dividend rate will not increase.

  • Pi Network Update Streamlines Pioneer Experience

    Pi Network Update Streamlines Pioneer Experience

    Pi Network Enhances Staking Feature Amidst Community Scrutiny

    Despite facing community skepticism regarding product longevity, the Pi Network team is actively pursuing enhancements to its ecosystem, rolling out new updates and features. The latest development, unveiled recently, centers on staking, aiming to streamline and improve the user experience.

    With Pi2Day, the project’s annual celebration, less than ten days away on June 28, the Pi Network team published an update on X highlighting the advantages of staking. The Ecosystem Directory Staking feature, initially launched during last year’s Pi2Day, has been revamped with a “new look and improved user experience,” according to the post.

    This staking mechanism allows users to increase the visibility of their applications within the Pi community, a move intended to generate more impressions and “potentially more user traffic.” Pioneers who stake their coins can collectively back applications and services. Concurrently, developers and creators can leverage the engaged Pi Network community of over 60 million Pioneers to promote their offerings and attract new users.

    The team stated that this update “prepares the feature for further utilization by developers, creators, vibe coders, and Pioneers as more apps onboard to the ecosystem.”

    It is important to note that, unlike conventional cryptocurrency staking, Pi Network’s approach does not offer protocol-level rewards. However, the announcement reassured users that their “original staked amount will be returned once the staked duration has ended.”

    Regardless of the significance of the ecosystem updates, the underlying asset, PI, has struggled to gain traction. The token experienced a surge to $0.30 in mid-March, fueled by anticipation of a Kraken listing. However, this momentum was short-lived, with the price rapidly declining below $0.20 within days.

    A subsequent market correction in June led to further price drops, with PI falling below $0.12 to reach a new all-time low. Despite attempts at recovery, the token stalled at $0.14 earlier this week and is currently trading just above $0.13.

    The token unlock schedule for the upcoming month appears less burdensome, with the average daily release of coins projected to be under 4.3 million. This reduction in selling pressure could potentially aid PI’s recovery, particularly if the broader market stabilizes.

  • $2.1B Crypto Expiry Looms: Market Impact Unclear

    $2.1B Crypto Expiry Looms: Market Impact Unclear

    Bitcoin Options Expiry Set to Pass with Minimal Market Impact

    Approximately 30,500 Bitcoin options contracts, representing a notional value of around $1.9 billion, are set to expire on Friday, June 19. While a significant sum, this event is slightly smaller than the previous week’s and is not anticipated to significantly influence spot market prices.

    The broader cryptocurrency market experienced a modest gain early in the week before retreating in the latter half. The total market capitalization has hovered near the $2.25 trillion mark, with approximately $70 billion exiting the space since Monday.

    Geopolitical and economic factors have also contributed to market sentiment. A recently signed peace deal between the United States and Iran has not bolstered confidence, while Federal Reserve Chair Kevin Warsh maintained interest rates at their current level on Wednesday, as widely expected. However, the possibility of future rate hikes remains if inflation continues its upward trend.

    This week’s Bitcoin options contracts exhibit a put/call ratio of 0.78, indicating a slight dominance of sellers of long (call) contracts over sellers of short (put) contracts. The “max pain” point, the price at which most options would expire worthless, is estimated at $65,000. This is approximately $2,000 above current spot prices, suggesting that many option holders may face losses upon expiry.

    Open interest (OI), representing the total value or number of outstanding Bitcoin options contracts, remains highest at the $80,000 strike price on Deribit, with $1.6 billion. However, short sellers still hold $1.3 billion in OI at the $60,000 strike. Across all exchanges, total BTC options OI has been on an upward trajectory over the past week, reaching $36 billion, according to data from Coinglass.

    Derivatives provider Greeks Live has identified the $60,000 strike as a “critical threshold.” The firm warned that a sustained breach below this level could shift dealer hedging flows from a stabilizing role to one that reinforces a downward trend, thereby increasing the likelihood of a more rapid price decline. Conversely, the $70,000 to $82,000 range is considered a “positive gamma range,” where trading activity is expected to exert a “natural dampening effect on volatility.”

    Derivatives analytics provider Laevitas commented on the market’s recent behavior, noting that “a week of grinding calm has gutted the front of the BTC volume surface.” This sentiment was echoed in a social media post, which highlighted a significant drop in seven-day at-the-money implied volatility (IV) from approximately 46 to 36, while longer-dated volatility remained near 43. The curve, which was inverted a week prior, suggesting a “classic fear-front,” has since normalized.

    Ethereum and Broader Market Performance

    In addition to the Bitcoin options, approximately 137,600 Ethereum contracts are also expiring, with a notional value of $234 million. The max pain point for Ethereum options is set at $1,725, and the put/call ratio stands at 1.0. Total ETH options OI across all exchanges is approximately $6 billion.

    Cumulatively, the total notional value of crypto options expiring today amounts to around $2.1 billion, characterizing it as a relatively minor expiry event.

    The cryptocurrency market is experiencing a downturn this Friday morning in Asia, with total capitalization falling by 2.4%. Bitcoin has dropped from its intraday high of $64,500 to approximately $62,800 at the time of writing, and a retest of recent lows appears probable as market momentum wanes. Ethereum has declined by 3% on the day and is nearing a fall below $1,700, trading near its lowest levels in over a year. Other cryptocurrencies, including Hyperliquid, Zcash, Sui, and Avalanche, are also registering more substantial losses.

  • Midjourney Shifts Focus to Medical Imaging, Developing MRI Alternative

    Midjourney Shifts Focus to Medical Imaging, Developing MRI Alternative

    Midjourney, the AI company renowned for its image generation platform, is venturing into the healthcare sector with the unveiling of Midjourney Medical. This new division is developing a novel full-body imaging system dubbed “Ultrasonic CT,” which merges ultrasound hardware with AI-driven image reconstruction. The company claims this technology can produce detailed three-dimensional body scans in approximately 60 seconds.

    A Bold Leap into Medical Imaging

    Midjourney outlined ambitious deployment plans, stating in a release, “Our goal at Midjourney Medical is to deploy around 50,000 of these scanners around the world over the next six years and use this fleet of sensors to do a billion full-body scans every month.” This strategic pivot into medical imaging hardware, healthcare research, and wellness services marks a significant departure for the company, which launched in 2022 as an AI text-to-image generation platform.

    The proposed scanner involves users entering a water-filled chamber and being lowered through a ring equipped with roughly 500,000 ultrasonic transmitters and receivers. “As you descend into the water, hundreds of thousands of tiny elements take turns, sending out waves, listening together, compressing and then streaming data to a massive cluster where thousands of computers split the task,” the company explained.

    Wellness Facilities and Future Potential

    Midjourney intends to introduce this technology through the Midjourney Spa, a wellness facility slated to open in San Francisco in late 2027. The spa will feature amenities such as hot tubs, saunas, cold plunges, and scanning rooms, with plans for expansion in 2028. The company expressed optimism about the technology’s impact, stating, “We think it’s completely possible that with enough early imaging in the future, the world could avoid 30% of all deaths and 50% of all healthcare costs. The cultural, physical, and mental health benefits of all of this are hard to comprehend, but also hard to overstate.”

    Looking ahead, Midjourney envisions the system eventually generating MRI-like images in about 60 seconds, bypassing the need for radiation or strong magnetic fields. This contrasts sharply with conventional full-body MRI scans, which typically require 30 minutes or longer. The company plans to dedicate the next year to research trials, algorithm development, and refining scanner hardware. Initially, it will offer body composition maps while seeking regulatory approvals for diagnostic applications.

    The AI Healthcare Landscape

    Midjourney’s announcement arrives as AI developers increasingly explore the healthcare domain, though often through digital solutions. OpenAI has introduced ChatGPT Health and ChatGPT for Clinicians, enabling users and providers to integrate medical records and wellness data with its AI. Anthropic has also expanded Claude’s applications into healthcare and life sciences, covering areas like clinical research, patient data analysis, and administrative tasks. Elon Musk has similarly suggested Grok for medical advice.

    However, Midjourney’s approach distinguishes itself by focusing on medical imaging hardware rather than software. The company is betting on advancements in AI, sensor technology, and computing power to make full-body scans more accessible, affordable, and rapid. “We hope with this announcement you start to see that Midjourney is a research lab that’s constantly asking what we can build for people, and what we can change within the foundations of the human experience,” the company concluded.

  • CFTC Bans Celsius Founder Alex Mashinsky From Trading

    CFTC Bans Celsius Founder Alex Mashinsky From Trading

    CFTC Settles With Celsius Founder Alex Mashinsky, Imposing Permanent Trading Ban

    The Commodity Futures Trading Commission (CFTC) has concluded its 2023 enforcement action against Celsius founder Alex Mashinsky, permanently barring him from participating in markets regulated by the agency.

    The consent order also includes a lifetime ban on Mashinsky’s registration with the CFTC. This resolution marks the culmination of the regulator’s inaugural case against a digital asset lending platform, as noted in its 2023 press release.

    Mashinsky, who also served as CEO of Celsius, was sentenced to 12 years in prison after pleading guilty to charges of securities and commodities fraud. These charges stemmed from the collapse of his lending business, which halted withdrawals and left customers unable to access billions of dollars in deposits.

    Following the withdrawal freeze, Celsius filed for bankruptcy in an attempt to salvage its operations. However, these efforts proved unsuccessful, resulting in customers losing over $5 billion.

    In addition to criminal proceedings, Mashinsky faced civil lawsuits from the Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC), alongside the CFTC. Some of these allegations included claims that he misappropriated approximately $42 million from customers.

    Earlier this year, the Federal Trade Commission and Mashinsky reached a settlement that reduced an initial $4.7 billion judgment to $10 million. This settlement is contingent on Mashinsky’s full and material disclosure of assets, with the judgment potentially reinstated if he fails to comply. The agreement also permanently prohibits Mashinsky from working within the cryptocurrency industry.

    In May, just over a year after his sentencing, Mashinsky submitted a handwritten motion seeking to overturn his 12-year prison sentence. He cited ineffective legal counsel and a conflict of interest, alleging that his legal firm’s prior engagement with FTX co-founder and former CEO Sam Bankman-Fried, widely known as SBF, created such a conflict.

    Mashinsky contends that Bankman-Fried manipulated Celsius’s native token, CEL, leading to financial harm for both his firm and its customers. Bankman-Fried is currently serving a 25-year prison sentence for fraud convictions related to the collapse of FTX. Last week, he lost an appeal to overturn his sentence and conviction.

  • ASTER Soars 23% as DEX Funnels 99% Fees to Token Buybacks

    ASTER Soars 23% as DEX Funnels 99% Fees to Token Buybacks

    Aster DEX Overhauls Tokenomics, Funneling 99% of Fees to Buybacks

    Aster DEX, a decentralized exchange ranked 48th by market capitalization, has implemented a significant shift in its tokenomics, directing 99% of its platform fees towards ASTER token buybacks. This new model, which went live on June 17 at 12:00 PM UTC, also includes a one-to-one burn from reserves for every token purchased.

    The exchange, supported by YZ Labs, announced the upgrade via a post on X. Under the revised framework, 99% of daily platform fees will be automatically used to repurchase ASTER tokens. These purchases will be executed through time-weighted average price (TWAP) mechanisms throughout the day and settled on the blockchain.

    Crucially, each token bought back will trigger an equivalent burn from Aster’s reserves. The team’s allocation of tokens will be the first to be burned, resulting in what the exchange describes as a “198% buyback” – a 99% repurchase of tokens and a 99% burn from reserves.

    However, the repurchased tokens will not be permanently removed from circulation. Instead, they will be directed to stakers, added to the protocol’s Loyalty Reward pool, which already distributes 300,000 ASTER per epoch.

    The burn target is substantial. Aster DEX launched with a total supply of 8 billion tokens and aims to reduce this to 3 billion, earmarking over 60% of the supply for destruction. According to CoinGecko, the current circulating supply stands at approximately 2.68 billion tokens, with a total supply of 7.82 billion, indicating a considerable path ahead to reach the burn objective.

    The announcement of the new tokenomics had an immediate market impact. ASTER’s value surged by 23%, climbing from around $0.64 to $0.79, as reported by CoinGecko. However, the token has since relinquished a portion of these gains, trading near $0.65 at the time of reporting. This price remains nearly 73% below its all-time high of $2.41, reached in September 2025.

    This is not the first time Aster DEX has introduced a buyback program. In December 2025, the exchange announced a similar initiative, allocating 80% of daily fees to token repurchases. That plan involved automatic daily buys using 40% of fees, with an additional 20% to 40% held in a discretionary strategic reserve for targeted market purchases.

    The December 2025 announcement also coincided with a brief price increase, with ASTER spiking 30% to $1.30, partly fueled by news that former Binance CEO Changpeng Zhao held over $2.5 million worth of the cryptocurrency. The current plan eliminates the strategic reserve component entirely, significantly increasing the allocation towards automatic buybacks, with almost all platform fee revenue now directed to this purpose.

  • MiCA Deadline Looms: Europe’s Crypto Firms Under Pressure

    MiCA Deadline Looms: Europe’s Crypto Firms Under Pressure

    Europe’s cryptocurrency industry is poised for a significant transformation as the Markets in Crypto-Assets (MiCA) regulation’s transition period concludes on July 1. This deadline marks the end of an era where crypto firms could operate under older national frameworks, ushering in a new requirement for companies serving EU users to obtain a MiCA license. This single authorization will grant them passporting rights across all 27 member states.

    A New Phase of Growth, or a Squeeze?

    Proponents of MiCA view the upcoming deadline as a pivotal moment. Alexis Sirkia, head of trading infrastructure firm Yellow Network, believes the regulation will propel the industry into a “new phase of growth,” with its clearer rules fostering transparency and trust. He contends that MiCA’s ultimate success will be judged not by the number of licenses issued, but by its ability to drive broader adoption of digital assets.

    However, the on-the-ground reality appears more complex. According to the European Securities and Markets Authority’s (ESMA) public register, only around 200 firms currently hold full Crypto-Asset Service Provider (CASP) authorization, a small fraction of the market that existed before MiCA.

    Avital Haitovich, a partner and head of blockchain at law firm Gornitzky, finds this low figure unsurprising. She points to a demanding application process that can involve hundreds of pages detailing governance, anti-money laundering controls, capital adequacy, and operational resilience, often followed by multiple rounds of regulator inquiries. She also noted that by mid-2026, not all member states had even issued their first licenses.

    Haitovich suggests that while MiCA is strengthening the European market, it also risks pushing liquidity elsewhere. This, she explained, is the “core trade-off in any early regulatory framework.” The single passport and common rules are intended to simplify navigation for institutions, but the high cost of compliance is “likely to accelerate consolidation,” potentially leading to a market that is “smaller, more concentrated, and more tightly supervised.”

    Major Players Face Scrutiny

    The impact of this regulatory shift is already being felt at the highest levels. Binance, the world’s largest cryptocurrency exchange, is reportedly facing denial of an EU license, with Greece’s market regulator expected to reject its application before the deadline, according to Reuters. Binance has stated its belief that it is compliant and remains “willing and ready to operate under a truly harmonized MiCA regime.” However, the exchange has cautioned that disruptions to its access could diminish liquidity and competition within the bloc.

    For some, this consolidation is a welcome development. Joe Buttram, CEO of digital asset infrastructure firm Field Digital, described the situation as an “inflection point in Europe’s crypto brokerage sector.” He argued that European brokerages have historically been fragmented, hindering their competitiveness against global rivals, and anticipates an increase in acquisitions in the near future.

    VC Investment Shifts Focus

    The regulatory shake-out is also influencing venture capital investment. Varun Datta, CEO and founder of early-stage venture firm Truth Ventures, highlighted the Binance situation as evidence that “scale is not the same as durability.” He believes that regulatory clarity is now acting as a “filter that directs capital toward founders building for long-term adoption,” favoring companies that prioritize compliance and governance as integral to their product offering.

    The DeFi Question Looms

    Even as centralized firms adapt to the new regulations, authorities are beginning to address the complexities of decentralized finance (DeFi). Malta’s financial regulator has initiated an exploration into how DeFi might be incorporated within the MiCA framework. The regulator noted that many projects presented as “decentralized” still retain centralized elements, such as administrator keys, governance control, and protocol upgrade rights.

    In a discussion paper open for feedback until July 10, the Malta Financial Services Authority is seeking input on whether decentralization should be viewed as a spectrum rather than a binary concept, and under what conditions a protocol might fall outside MiCA’s purview.

    Datta commented that the end of MiCA’s transition period is merely the initial step in establishing Europe’s regulatory landscape. He added that Malta’s examination of DeFi’s place within MiCA underscores “the growing importance of decentralized infrastructure and on-chain financial services.” He concluded that if Europe strikes the right balance, MiCA could serve as “a catalyst for attracting the next generation of blockchain startups and institutional capital to the region.”

  • DOGE Sees Massive Influx: Market Signal or Hype?

    DOGE Sees Massive Influx: Market Signal or Hype?

    Dogecoin’s Recent Downturn Sparks Concern Amidst Whale Activity

    The original meme coin, Dogecoin (DOGE), has experienced a significant downturn in recent months, falling out of the top 10 cryptocurrencies by market capitalization. While some market observers remain hopeful for a recovery, recent actions by large investors, often referred to as “whales,” suggest that a further decline is a distinct possibility.

    Whale Distribution Raises Red Flags

    Prominent crypto analyst Ali Martinez revealed that over the past seven days, whales have distributed approximately 420 million DOGE. At current market rates, this amounts to roughly $35 million. These large holders now collectively possess nearly 35 billion DOGE, representing 22.7% of the token’s circulating supply.

    While this distribution does not definitively signal an impending price crash, it indicates that these major investors may be preparing for such a scenario. Some analysts suggest these market participants are seasoned players who might possess insider information, allowing them to strategically position themselves before significant market shifts. Their movements are closely watched by retail investors, who could potentially follow suit, thereby amplifying any sell-off.

    Mixed Signals and Humorous Explanations

    Others have offered more lighthearted interpretations of the recent whale activity. One X user, Lynor, humorously suggested that DOGE whales were cashing out to “pay rent this week.”

    Martinez himself has been a vocal commentator on DOGE, with his previous analyses leaning towards optimism. Earlier in June, he noted that the Tom DeMark Sequential indicator had flashed a buy signal for DOGE, suggesting a potential rebound. This technical tool had previously accurately predicted the meme coin’s pullback in early May, when its value dropped from $0.113 to $0.078.

    Technical Indicators Offer Contrasting Views

    Martinez also highlighted the $0.081 level as a crucial “lower mid-range boundary” within a five-year parallel channel dating back to 2021. He posited that maintaining a price above this level could pave the way for another “parabolic move.”

    Further supporting a bullish outlook, Dogecoin’s Relative Strength Index (RSI) has fallen to 30, indicating that the asset is in oversold territory and may be poised for a resurgence. The RSI, which ranges from 0 to 100, typically sees readings above 70 as a warning of a potential correction.

    Finally, an examination of DOGE’s exchange netflow reveals that outflows have consistently exceeded inflows in recent weeks. This trend suggests a growing preference among investors for self-custody, which naturally reduces immediate selling pressure on the cryptocurrency.

  • Powell Backs Fed Stablecoin Rules; Warsh Abstains

    Powell Backs Fed Stablecoin Rules; Warsh Abstains

    Fed Proposes New Rules for Crypto Firms Following Stablecoin Legalization

    The Federal Reserve unveiled proposed regulations on Thursday that will govern how U.S. cryptocurrency firms must vet their customers and combat money laundering, now that stablecoins have been officially legalized.

    The rulemaking, developed in conjunction with agencies from President Donald Trump’s administration, including the Treasury Department and the FDIC, outlines the implementation of customer identification provisions within the GENIUS Act. This legislation, passed last summer, formally sanctioned the issuance of stablecoins, which are cryptocurrencies designed to maintain a stable value, typically pegged to the U.S. dollar.

    All members of the Federal Reserve’s board of governors voted in favor of the proposed rulemaking. However, a notable abstention came from Kevin Warsh, President Trump’s appointed Fed Chair. Warsh offered no public explanation for his decision, and a Fed spokesperson did not immediately respond to requests for comment.

    Under the proposed rules, “digital asset service providers”—defined as any U.S. individual or entity involved in the exchange, transfer, or custody of cryptocurrency—will be required to implement specific safeguards. These measures are intended to prevent the facilitation of stablecoin-related services for illicit organizations.

    These requirements include verifying customer names, birthdates, and addresses, and cross-referencing this information with government-provided lists of terrorists and sanctioned individuals or groups.

    A significant aspect of the proposed rules, mirroring the GENIUS Act itself, is the exemption for decentralized protocols. This exemption drew criticism from Fed Governor Michael Barr, who, despite voting for the proposal, issued a statement expressing his reservations.

    “I support the issuance of this proposal,” Barr stated. “I remain concerned, however, that the GENIUS Act regulatory framework does not do enough so far to address the risks of illicit finance conducted through secondary market transactions in payment stablecoins.”

    The proposed rulemaking will now undergo a 60-day public comment period.