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The battle for XRP's future is playing out in real-time on the blockchain. After multiple failed attempts to break higher, the price has returned to the critical $2.00 level, a major psychological and technical battleground for the asset.
The Whale Exodus
A significant shift is underway among major holders. In a clear signal of frustration, wallets holding between 1 million and 10 million XRP have offloaded over 390 million tokens in the past week. At current prices, this massive distribution amounts to a staggering $783 million leaving whale wallets, creating substantial selling pressure on the market.
The Counterforce: Long-Term Conviction
However, this whale sell-off is being met with a wave of quiet accumulation. Data shows that the share of the XRP supply held by investors who bought their tokens one to two years ago has grown from 8.58% to 9.81% in the same period. This suggests a cohort of maturing holders is using the price weakness and whale exits as an opportunity to increase their positions, providing a crucial counterbalance to the downward pressure.
The Stalemate at $2.00
This tug-of-war has resulted in a stalemate. XRP is currently trading right at the $2.00 support level, with analysts expecting it to remain range-bound between $2.00 and $2.20 until a major catalyst emerges. The immediate future hinges on which group prevails. If bearish momentum intensifies and the $1.94 support breaks, a drop toward $1.85 becomes likely. For bulls to regain control, they will need to overcome this selling pressure and push for a clean break above recent resistance.

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The once-dominant force in decentralized perpetual trading is facing a brutal reality check. Hyperliquid's HYPE token has plummeted to a seven-month low of $29.24, a level not seen since May, after dropping over 4% in a day. This sharp decline triggered a cascade of over $11 million in leveraged position liquidations, adding fuel to the sell-off.
📉 The Fall from Grace
The price crash reflects a deeper, more structural problem for the protocol. Data reveals a stunning collapse in Hyperliquid's market dominance within the on-chain perpetuals sector.
Market Share Erosion: Its commanding share of the market has cratered from a peak of nearly 70% to below 20%.Rival Competition: Aggressive new competitors like Aster and Lighter have successfully captured volume with more attractive incentive programs, causing investors to rethink HYPE's future.Internal Moves Shake Confidence: Confidence took another hit last month when team-controlled wallets unstaked a massive 2.6 million HYPE (worth ~$89 million). While some was restaked, the market focused on the large portion that remained liquid or was moved to a market maker.
😔 The Aftermath
The combined weight of fierce competition and shaken trust has taken a severe toll:
HYPE has shed nearly 30% of its value in the past month, making it the worst performer among the top 20 cryptocurrencies by market cap.The bearish sentiment is palpable, with some analysts, like trader Duo Nine, warning the token's value could fall as low as $10.
The narrative around HYPE has fundamentally shifted. It's no longer seen as the sector's inevitable winner but as a legacy platform fighting to retain its relevance in an increasingly crowded and competitive field.

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In a groundbreaking legislative move, Indiana State Representative Kyle Pierce (R-Anderson) has introduced a bill that would make cryptocurrency investment options a standard feature in the state's public retirement and savings programs.
Formally known as House Bill 1042, the legislation would require the administrators of several key state plans to offer cryptocurrency exchange-traded funds (ETFs) as regular investment choices. This mandate would apply to the retirement plans for public employees and teachers, the legislators' own defined contribution plan, and even the Indiana 529 education savings plan.
"For everyday Hoosiers, this is about choice," said Representative Pierce, emphasizing that digital assets are becoming a regular part of the financial landscape. "This bill gives Hoosiers more investment choices while establishing guardrails".
The bill’s scope extends beyond mandating options for individual savers. It would also explicitly permit certain state pension funds, like those for judges and public safety officers, to invest their pooled assets directly into crypto ETFs. Furthermore, it authorizes the state treasurer to invest assets from specific state-held funds into ETFs tied to stablecoins.
If passed, Indiana would become the first state in the nation to require publicly managed retirement programs to provide Bitcoin exposure as a standard option.
A Broader Push for Crypto Clarity and Rights
House Bill 1042 is not solely about investments; it's a comprehensive effort to define Indiana's approach to digital assets. A significant portion of the legislation aims to prevent local governments from creating a patchwork of restrictive rules.
It would prohibit cities and counties from adopting ordinances that "unreasonably" restrict digital asset payments, self-custody of crypto using private wallets, or cryptocurrency mining, especially when similar traditional activities are allowed. The bill also includes strong protections for self-custody, stating that an individual's private cryptographic keys could only be compelled by a court order if no other method can provide access to the assets.
To study the technology's potential further, the bill proposes creating a Blockchain and Digital Assets Task Force. This group would evaluate uses for state government and consumer protection, ultimately recommending pilot projects for blockchain technology in Indiana.
The National Context: States Forge Their Own Path
Indiana's proposal is part of a growing trend of state-level crypto policy innovation. While states like Wyoming have passed laws allowing public pensions to invest in digital assets, and Arizona has considered bills for Bitcoin ETFs in retirement accounts, Indiana's mandate would be the most assertive step yet.
Other states are exploring related avenues. Texas recently became the first state to purchase Bitcoin directly through a spot ETF for a state-held strategic reserve. Meanwhile, Ohio has finalized plans to accept cryptocurrency for state payments, and Kentucky has formally recognized the right to self-custody digital assets.
The move in Indiana reflects a wider political and financial shift, with digital assets gaining backing from national leaders and major institutions. As federal regulators continue to develop broader frameworks, states like Indiana are not waiting to establish their own rules and provide access for their residents.
The bill received its first hearing in the House Financial Institutions Committee on December 4, 2025. The committee is not expected to vote on the proposal until the legislative session resumes in January.

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Clear regulations are proving to be rocket fuel for Europe's digital currency market. In the year since the European Union's landmark Markets in Crypto-Assets (MiCA) framework took effect, the market for euro-denominated stablecoins has not only recovered—it has exploded.
A new 2025 trends report from payments company Decta reveals a stunning reversal. In the 12 months leading up to MiCA's June 2024 rollout, the total market value of these euro-pegged tokens had actually shrunk by 48%. In the 12 months after the rules came into force, that value more than doubled, soaring by 102%.
This growth significantly outpaced the broader stablecoin market, which advanced by 26% over the same period. Driven by MiCA's requirements for standardized reserves and stronger issuer obligations, the combined market capitalization climbed to around $500 million by May 2025 and has continued to grow. For context, this vibrant growth is occurring in a sector that remains a small fraction of the colossal $300 billion market for U.S. dollar stablecoins.
Leading Tokens and Surging Use
The boom has been led by a few standout performers. Malta-based Stasis's EURS token saw the most dramatic rise, skyrocketing by 644% to reach a market cap of $283.9 million by October 2025. Other major gainers include EURC, issued by Circle, and EURCV, from the French banking giant Société Générale.
It's not just about stored value—people are using these coins. Monthly transaction volume for euro stablecoins surged nearly ninefold after MiCA, jumping from $383 million to $3.83 billion. EURC and EURCV were at the forefront of this activity, with their transaction volumes expanding by 1,139% and 343%, respectively. This surge is driven by their increasing use for payments, converting cash to crypto, and digital asset trading.
A Continent Wakes Up to "Crypto Euros"
The report also indicates a sharp rise in public interest across the European Union. Analysis of search data shows consumer curiosity about obtaining stablecoins has spiked dramatically in several countries, with Finland (up 400%) and Italy (up 313.3%) showing the most pronounced growth.
The message is clear: by establishing a harmonized rulebook for issuers, MiCA has provided the clarity and security needed to unlock rapid growth. Europe is building its own competitive digital currency ecosystem, and the market is responding with enthusiasm.

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