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The Sandbox (SAND) is a blockchain-based metaverse platform where users can create, own, and monetize digital assets. SAND recorded a 60% price increase in January, even as the broader market corrected and fear sentiment returned.

The following article examines the factors that signal both opportunities and risks for SAND traders in January.

What Is Driving SAND’s Price in January?

The Sandbox (SAND) has climbed above $0.17, rising more than 60% since the start of the year. Its upward momentum closely resembles the recent rally seen in Axie Infinity (AXS).

Data shows that traders on Upbit are among the main forces behind this surge.

The Sandbox Markets. Source: Coingeko

SAND trading volume on Upbit accounts for more than 23% of total volume. Prices on Upbit also trade at a premium compared with other exchanges. AXS experienced a similar Upbit-driven effect, which pushed its price up more than threefold in January.

Korean investors appear to be showing renewed interest in the gaming theme. Artemis data indicates that the gaming sector has led overall market performance since the beginning of the year.

Crypto Sector Performance. Source: Artemis.

With capital continuing to flow into this sector and dynamics similar to those of AXS, SAND could extend its rally further. Compared with AXS’s gain of more than 200%, SAND’s performance still looks relatively modest.

Analysts expect SAND to break above the $0.20 resistance zone. Some projections suggest a move toward $1 if GameFi interest continues to build.

What Risks Should Traders Watch?

Although price action has not yet shown clear signs of exhaustion, several concerning signals have emerged.

CryptoQuant data shows that SAND reserves on spot centralized exchanges have reached a one-year high. Around 1 billion SAND is currently held on exchanges, representing more than 33% of the total supply.

The Sandbox (SAND) Exchange Reserve. Source: CryptoQuant.

Rising exchange reserves often imply a higher risk of price dumps, as tokens become easier to sell on the open market. This dynamic threatens the current uptrend. It suggests that the SAND breakout could turn into a trap if new capital inflows are insufficient to absorb selling pressure.

In addition, Altcoin Vector, Swissblock’s institutional altcoin report, notes that the metaverse and gaming narrative—once considered dead—is making a comeback. However, the rebound appears to rely more on speculation than on sustainable growth.

Altcoin Vector’s Altcoin Quadrant shows that most altcoins remain in the “Accumulation” phase. By contrast, metaverse assets such as AXS and SAND have jumped directly into the “Scalp” zone, a rare exception.

“Ride the META narrative, but proceed with caution. For a sustained long-term rally, growth must stem from infrastructure and adoption, not just narrative. Without a solid base in core assets, this remains a speculative play,” Altcoin Vector concluded.

Altcoin Quadrant. Source: Altcoin Vector.

The report also explains that small-cap tokens often lead market performance when fast-moving capital seeks short-term profits. A lasting rally requires real infrastructure growth, genuine adoption, and a broader recovery led by Bitcoin and Ethereum.

Pi Network’s Pi Coin (PI) posted modest gains as the team unveiled new App Studio updates alongside a survey that offers Pi credits as rewards.

These changes aim to expand access, encourage creativity, and increase Pi’s utility in applications, even for users without technical backgrounds.

What Are The New Pi App Studio Updates?

In a recent blog post, the Pi Core Team announced two major updates. The first update introduces Pi payment integration through the App Studio.

It allows Pioneers to add in-app Pi payments without technical expertise. The payments are limited to Test-Pi for now and apply within a single active session. It enables features such as unlocking extra in-app features or purchasing items.

“With the current version of the feature, creators can add Test-Pi payment interactions that apply during a single active session (while the app is in use)… A single “session” refers to one self-contained instance of activity in an app, such as a round, task, or experience,” the blog read.

In parallel, the team rolled out an option that lets Pioneers deploy app iterations by watching ads instead of paying Pi. The update is intended to broaden access for non-migrated users and those with limited Pi balances.

“The feature will be available if Pioneers have a balance in the App Studio that goes below 0.25 Pi. Note that these ads do not cover the actual cost of deploying an app on Pi App studio, but rather expands accessibility for creators and lowers costs for app iterations while preventing spamming and exploitation,” the team added.

Alongside these updates, Pi App Studio launched a community survey. The initiative invites Pioneers to share feedback and highlight useful applications built on the platform.

The team revealed that the first 1,000 qualified responses will receive 5 Pi credits, which respondents can use exclusively in the Pi App Studio for app creation and customization.

The credits are intended to reduce the friction associated with AI-generated iterations and deployments, which typically require Pi.

Pi Coin Price Sees Modest Recovery

The updates come amid a modest rally in Pi Coin. It’s worth noting that the price increase coincides with a broader market recovery.

The total cryptocurrency market capitalization increased by $4.58 billion, reflecting a cautious improvement in overall investor sentiment.

According to BeInCrypto Markets data, Pi Coin’s price rose 0.7% over the past 24 hours. At the time of writing, it was trading at $0.18.

Pi Coin Price. Source: BeInCrypto Markets

Despite this short-term recovery, Pi’s broader trend remains negative. The token has declined nearly 10% over the past month, with its current price down more than 78% since its exchange debut in February.

Low trading volumes, weak retail interest, and ongoing token unlocks continue to weigh on market sentiment and price performance.

The App Studio initiatives aim to convert passive users into active participants by removing technical hurdles and offering incentives. While these steps may boost application development and utility, it remains uncertain if they can revive engagement amidst a deep market collapse.

Farcaster, a once-promising social protocol, has changed hands, with venture-backed startup Neynar now steering the ship.

Meanwhile, founders Dan Romero and Varun Srinivasan slip away like ghosts in the blockchain.

The Future of Farcaster: Infrastructure, Community, or Rebirth?

Announced on January 21, 2026, the deal’s valuation reportedly hovers near $1 billion, shrouded in secrecy. Meanwhile, daily active users (DAU) have plunged by 40%, and revenue has cratered by 85%.

Farcaster DAU. Source: Dune Analytics

However, amid the whispers of failure, a more pressing question lingers: Is this the death of Web3 social ambitions, or a stealthy rebirth?

Farcaster’s saga began in 2021, when Romero, fresh off Coinbase’s IPO windfall, envisioned a social network free from platform risk.

Users would own their identities, apps would rise and fall on Ethereum (later shifting to Optimism), and the community would guide growth.

Farcaster Revenue. Source: Dune Analytics

Partnering with Varun Srinivasan, Romero raised $30 million in a 2022 seed round led by a16z, launching Warpcast as the flagship client for a crypto-native crowd.

Growth was steady through 2023, boasting fewer bots than X (Twitter). By 2024, a $150 million Series A led by Paradigm catapulted Farcaster to a $1 billion valuation, fueling sky-high expectations.

Innovations like Frames (mini-apps that enable on-chain actions inside posts) sparked buzz and drew developers eager to experiment.

Then came 2025. Spam surged, Frames were abused, power badges ignited controversy, and channel confiscations alienated users.

Even the October acquisition of Clanker, a social trading protocol generating over $50 million in fees, couldn’t reverse the decline.

Costs soared, engagement stalled, and reality collided with hype. As tech commentator Bayomi noted, Farcaster raised $180 million but generated just $2.8 million in revenue over five years before the sale.

Farcaster Isn’t Shutting Down: Founders Emphasize Protocol Survival and Investor Stewardship

Addressing rumors of a shutdown, Romero stated that Farcaster was not shutting down.

“The protocol works and will continue… with 250,000 MAU in December and over 100,000 funded wallets,” he indicated.

Neynar aims to pivot toward developers, while Merkle Manufactory returns the full $180 million to investors in a rare act of fiscal responsibility.

Romero, who purchased his house with Coinbase proceeds, emphasized stewardship over the course of five grueling years.

Praise, Criticism, and the Web3 Stakes: Crypto Divided Over Farcaster’s Future

Investors rallied behind the founders. Chris Dixon expressed gratitude for the “five-year partnership” and excitement for Neynar’s stewardship.

Kyle Samani proudly affirmed he would back Romero again “in a heartbeat.” Balaji Srinivasan hailed the team for building one of the best decentralized social protocols, prioritizing Internet freedom over easy gains.

Yet criticism persists. Liron Shapira dismissed Farcaster as the “last gasp” of Dixon’s “Read/Write/Own” thesis, calling it “logically incoherent gaslighting.”

Hishboy declared the era over, insisting crypto is for “Internet Capital Markets. Period.” Tervelix criticized early missteps, like forcibly seizing the Bankless channel, and resented what they saw as a “bailout.”

Even builders voiced frustration: one developer relayed friends’ disillusionment with constant ecosystem churn, pleading for fair amplification, transparent processes, and technical improvements.

Defenders fired back. User Chaskin argued it’s no scam as most startups fail, and lauded Romero’s relentless public grind.

Meanwhile, Foobar praised the “respectable wind-down,” highlighting the absence of token grifts or vaporware.

Robin condemned the “character assassination,” emphasizing Farcaster’s decentralization, user-friendly UX, and inspirational impact on crypto entrepreneurs.

Ethereum co-founder Vitalik Buterin framed the story in a broader context. In his 2026 pledge to decentralized social, he praised Farcaster alongside Lens, urging platforms to serve long-term user interests instead of speculative bubbles.

“We need mass communication tools that surface the best information and arguments… not corposlop,” he wrote, advocating competition through shared data layers.

So, what’s truly at stake? Farcaster’s fate tests Web3’s soul. Can it transcend infrastructure to rival mainstream networks? Or will Neynar’s developer-focused pivot unlock new potential quietly, away from the limelight?

As the founders vanish, the protocol endures, but crypto’s decentralized utopia teeters between mirage and revolution.

The Bitcoin price is stuck in place. BTC is trading flat over the past 24 hours and down about 6% over the past week. On the surface, nothing dramatic is happening. Underneath, however, four separate risk signals are starting to align. A bearish chart pattern is forming. Long-term holders are selling faster. ETF demand has just logged its weakest week since November. And the buyers replacing sellers are increasingly short-term and speculative.

None of these signals alone would break the market. Together, they suggest Bitcoin is losing conviction at a sensitive level.

A Bearish Chart Pattern Forms as Momentum Weakens

On the 12-hour chart, Bitcoin is forming a head-and-shoulders pattern. This pattern reflects a loss of upward momentum, where each rally attempt tops out lower than the last. The neckline sits near $86,430.

If price breaks that neckline, the measured move implies a downside of roughly 9–10%.

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Bearish BTC Pattern: TradingView

Momentum supports that risk. The 20-period exponential moving average is rolling over and closing in on the 50-period EMA. An EMA gives more weight to recent prices and helps track trend direction. A bearish crossover would make it easier for sellers to push the price lower.

This weakening structure becomes more concerning once holder behavior is added.

Long-Term Holders Accelerate Selling as Conviction Softens

Long-term holders, wallets holding Bitcoin for more than a year, are increasing selling pressure.

On January 21, long-term holders sold roughly 75,950 BTC (outflows). By January 22, that figure jumped to about 122,486 BTC. That is an increase of roughly 61% in one day, a sharp acceleration rather than a steady distribution.

Long Term Sellers: Glassnode

This selling is not happening from fear but from a lack of higher price conviction. Long-term holder NUPL, which measures unrealized profit or loss, has dropped to a six-month low but remains in the belief zone. Holders are still sitting on profits.

Unrealized Profits Exist: Glassnode

That means selling is voluntary. They are choosing to reduce exposure, not being forced out. As these high-conviction holders sell, the type of buyers stepping in matters. The long-term supply release is also highlighted by experts on X:

Bitcoin ETF Demand Weakens as Speculative Buyers Move In

Bitcoin spot ETFs just recorded their weakest week of 2026 and the weakest weekly demand since November.

For the week ending January 21, ETFs saw net selling of about $1.19 billion. That removed a key source of steady demand that had previously absorbed holder selling during pullbacks. Therefore, like holders, even ETF players aren’t banking on the BTC price conviction for now.

Weak BTC ETF Flow: SoSo Value

At the same time, HODL Waves (a time-based holding metric) data shows speculative participation rising. The one-week to one-month holder cohort increased its supply share from roughly 4.6% on January 11 to about 5.6% now. That is a gain of nearly 22% in cohort share over a short period.

Speculative Flow Increases: Glassnode

This matters because these holders typically buy dips and sell rebounds. They do not provide durable support.

So Bitcoin is seeing a handoff from long-term holders and ETFs to short-term traders. That transition often caps upside and increases downside sensitivity.

Key Bitcoin Price Levels That Decide Whether Risk Escalates

All four risks (technical, long-term selling, ETF weaknesses, and speculative inflow) now funnel into a narrow price range.

On the upside, Bitcoin needs a strong 12-hour close above $90,340 to ease immediate pressure (above the right shoulder). A reclaim of $92,300 would be more meaningful, as it would push the price back above key moving averages.

Bitcoin Price Analysis: TradingView

Until then, the bearish setup remains active.

On the downside, a loss of $86,430 would confirm the head-and-shoulders breakdown. With long-term holders selling faster, ETF demand at a multi-month low, and speculative buyers dominating, downside moves could accelerate quickly once support fails.

The US SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission) are set to present a united front on crypto regulation next week.

SEC Chair Paul Atkins and CFTC Chair Mike Selig will headline a rare joint public event to harmonize oversight and advance President Donald Trump’s ambition to make the US the crypto capital of the world.

SEC and CFTC Join Forces to Advance US Crypto Leadership

The event, titled “Harmonization, US Financial Leadership in the Crypto Era,” will take place on Tuesday, January 27, from 10:00 a.m. to 11:00 a.m. ET at CFTC headquarters in Washington, D.C.

It will be open to the public and livestreamed. This signals a deliberate shift toward transparency and coordination after years of regulatory fragmentation. Atkins, chair of the SEC, framed the meeting as a direct response to Trump’s policy agenda.

“I’m looking forward to joining Mike Selig (CFTC chair) next week at our SEC and CFTC joint event to discuss harmonization between our two agencies,” he said. “Together we will discuss our efforts to deliver on President Trump’s promise to make the US the crypto capital of the world.”

Selig echoed that message, emphasizing alignment rather than rivalry between the two regulators.

“The CFTC and SEC are working together to carry out President Trump’s vision and make the U.S. the Crypto Capital of the World,” he said, adding that the pair would “share our blueprint for U.S. financial leadership in the crypto era.”

The joint appearance marks a notable departure from years of tension between the SEC and CFTC over jurisdiction in digital assets.

Historically, the SEC has overseen securities markets under decades-old securities laws. Meanwhile, the CFTC regulates commodities and derivatives. Crypto assets frequently straddle both definitions, leading to:

Overlapping enforcement actions

Regulatory uncertainty, and

Persistent criticism from the industry over “regulation by enforcement.”

SEC–CFTC Harmonization Signals Clearer US Crypto Rules

The January event builds on a series of coordination efforts launched in 2025, including a joint SEC–CFTC roundtable on harmonization.

To the market, this was seen as the symbolic end of the agencies’ long-running “turf wars.” Since then, both regulators have increasingly emphasized collaboration over competition, particularly as Congress advances legislation such as the CLARITY Act to clarify their respective roles.

According to the SEC, the upcoming session will focus on “harmonization and US financial leadership in the crypto era,” with brief opening remarks from each chair followed by a moderated discussion. Crypto America podcaster Eleanor Terrett will moderate the panel.

Substantively, the discussion is expected to touch on clearer rules for spot crypto markets, DeFi, tokenized assets, perpetual contracts, and the realities of 24/7 digital asset trading. Notably, these are all areas where regulatory ambiguity has historically pushed innovation offshore.

Greater clarity and coordination between the SEC and CFTC could:

Reduce compliance costs

Encourage institutional participation, and

Make it easier for firms to launch new products within the US borders rather than abroad.

Indeed, it may signal bullish regulatory progress under a more explicitly pro-crypto administration.

While no formal policy announcements are expected during the one-hour session, the optics alone mark a turning point.

Changpeng Zhao, founder of the world’s largest cryptocurrency exchange, Binance, predicted that cryptocurrency will become the default currency for artificial intelligence agents during a panel discussion at the World Economic Forum in Davos.

Speaking alongside executives from ING Group, BNY Mellon, and Primavera Capital Group, CZ outlined his vision for how blockchain technology and AI will converge to transform the global financial landscape.

AI Agents Will Transact in Crypto

CZ identified artificial intelligence as one of three emerging sectors poised to fundamentally reshape finance.

“The native currency of AI agents will be cryptocurrency,” CZ said. “Blockchain will become the most natural technical interface for AI agents.”

He acknowledged that current AI technology remains limited in practical applications. “Today’s AI still falls far short of intelligent agency—it can’t book your flight or pay for your lunch,” he noted. “But once it reaches that level, all payments will flow through cryptocurrency.”

The prediction reflects growing industry interest in the intersection of AI and blockchain, as autonomous systems increasingly require seamless, programmable payment infrastructure.

Tokenization and Payments Round Out Top Three

Beyond AI, CZ pointed to tokenization and payments as major growth areas. On tokenization, he revealed active engagement with multiple governments.

“I’m currently in discussions with over a dozen governments on asset tokenization strategies, where governments can generate early financial returns and catalyze upgrades across mining, trading, and other sectors,” he said.

Payments, however, remain an unsolved challenge. “We’ve tried, but haven’t yet cracked it,” CZ admitted. “To be precise, cryptocurrencies haven’t meaningfully entered the payments space.”

Still, he sees progress in hybrid solutions that combine traditional payment rails with crypto infrastructure—consumers swipe cards while crypto is deducted from their wallets, and merchants receive fiat settlement. “Once those bridges are built, payments will undergo a major transformation,” he predicted.

Binance by the Numbers

CZ provided context on Binance’s current scale, highlighting metrics that underscore crypto’s mainstream arrival.

The exchange serves 300 million users globally—a figure CZ noted “likely makes it larger than any bank I know of.” Trading volume not only surpassed that of the Shanghai Stock Exchange but also exceeded that of the New York Stock Exchange last year.

He also pointed to the platform’s resilience during market stress. In December 2023, following the FTX collapse and other industry turmoil, Binance processed $7 billion in single-day withdrawals without disruption. Total withdrawals that week reached $14 billion while the platform remained fully operational.

“In the banking system, I’m unaware of any bank capable of withstanding withdrawals of that magnitude,” CZ said, attributing the difference to crypto’s full-reserve model versus traditional fractional-reserve banking.

What Won’t Survive

CZ also offered candid assessments of what may not last.

Bitcoin payments, despite a decade of effort, have shown little progress. “If you’d asked me this question ten years ago, I’d have said Bitcoin payments. But today, a decade later, we’re still nowhere close,” he said.

Memecoins face similar skepticism. “I have a strong hunch memes may follow a similar trajectory” to NFTs, which “exploded in popularity—and then faded dramatically.” While culturally resonant projects like Dogecoin may persist, “I believe most memecoins won’t last.”

Physical bank branches also face decline. “Demand for physical bank branches will decline sharply,” CZ predicted, citing the maturation of electronic KYC and digital financial services.

Regulatory Landscape

On regulation, CZ noted that crypto rules vary dramatically worldwide. Binance holds 22-23 licenses globally, yet most countries still lack formal frameworks.

He advocated for regulatory “passports” that recognize licenses granted in one jurisdiction by others—a more achievable step than creating new global regulators.

“Crypto is fundamentally the same everywhere. We shouldn’t need to adapt it per jurisdiction,” he said.

Nearly $2.3 billion worth of Bitcoin and Ethereum options expire today, placing crypto markets at a critical inflection point as traders prepare for a potential volatility reset.

With positioning heavily concentrated around key strike levels, price action into and immediately after expiry could be driven less by fundamentals and more by mechanical hedging flows.

$2.3 Billion Crypto Options Expiry Puts Bitcoin and Ethereum at a Volatility Crossroads

Bitcoin accounts for the bulk of the notional value, with approximately $1.94 billion in BTC options rolling off.

Ahead of the expiry, Bitcoin is trading for $89,746, below its $92,000 max pain level, the price at which the greatest number of options contracts expire worthless.

Total open interest stands at 21,657 contracts, split between 11,944 calls and 9,713 puts, resulting in a put-to-call ratio of 0.81.

Bitcoin Expiring Options. Source: Deribit

The skew suggests a modest bullish bias, though not an extreme one, leaving room for two-way volatility.

Meanwhile, Ethereum options make up the remaining $347.7 million in notional value. ETH is trading around $2,958, well below its $3,200 max pain level.

Open interest is significantly larger in absolute terms, with 117,513 contracts outstanding, comprising 63,796 calls and 53,717 puts. This produces a put-to-call ratio of 0.84. As with Bitcoin, positioning points to cautious optimism, though meaningful downside protection remains in place.

Ethereum Expiring Options. Source: Deribit

Notably, however, this week’s expiring options are slightly lower than the nearly $3 billion that rolled off last week.

Deribit Flags Strike Clustering as Macro Risks Keep Volatility Elevated

According to analysts at Deribit, the clustering of open interest near major strikes is likely to heighten short-term price sensitivity.

“Expiry positioning is tightly clustered around key strikes, keeping spot sensitive into the cut. Geopolitics and trade policy uncertainty remain the macro backdrop, supporting hedging demand and keeping vol reactive. Watch strike magnets, dealer hedging flows, and post expiry vol repricing,” they wrote.

That dynamic reflects a broader environment in which macro risks continue to dominate trader psychology.

Ongoing geopolitical tensions, shifting trade policies, and uncertainty around global monetary conditions have pushed investors to rely more on hedging options than on outright directional bets.

This has kept implied volatility (IV) elevated and reactive, even during periods of relatively stable spot prices.

Heading into expiry, so-called “strike magnets” can exert a gravitational pull on prices as dealers adjust hedges to remain delta-neutral.

If spot prices drift closer to max pain levels, hedging flows can reinforce the move. Conversely, a sharp deviation away from key strikes can trigger rapid repositioning, amplifying volatility rather than suppressing it.

Once the contracts expire, attention is likely to shift to how volatility reprices heading into the weekend. A large expiry can release pent-up gamma exposure, sometimes leading to sharper post-expiry moves as the market recalibrates.

Accordingly, Bitcoin and Ethereum traders could witness a renewed directional push. This could either be a relief rally if selling pressure fades, or a downside move if macro fears reassert themselves.

With positioning dense, macro risks unresolved, and technical levels clearly defined, today’s expiring options may prove to be more about setting the tone for the next leg in BTC and ETH markets.

The Ralph Wiggum Price (RALPH) and Gas Town (GAS) meme coins have plunged by double digits over the past 24 hours, wiping out a significant portion of their market value. 

The decline has raised concerns about the durability of the emerging creator economy meta. Key questions remain about whether this new fundraising method can offer sustainable long-term value, or if it is repeating the short-lived spikes seen in previous crypto trends.

RALPH Token Nosedives After Developer’s Major Token Sale

Created on the BAGS app on Solana, the RALPH token commemorates the Ralph Wiggum Technique developed by Geoffrey Huntley. While he did not create or launch the token, Huntley later endorsed RALPH.

He also said that he would redirect his earnings and fees to purchase the meme coin. Moreover, Huntley was assigned 99% of royalties on a vesting schedule.

The token saw a notable rally, with its market cap surging to an all-time high of $58.74 million on January 21. However, RALPH saw its price collapse following on-chain revelations that the developer sold a significant portion of tokens.

Lookonchain identified that Huntley’s wallet (5f2Qj9) sold 7.68 million RALPH for 1,888 SOL worth approximately $245,000 across three transactions. The post added that another Huntley-linked wallet, 2mvtNn, holds 19.61 million RALPH.

This caused a massive downturn. The token lost 95.76% of its value over the past 24 hours. Market data showed that the token’s market cap has plunged to just $1.5 million, with its price at $0.0016.

RALPH Token Price Decline. Source: GeckoTerminal

Meanwhile, Huntley acknowledged the sale, describing it as “de-risking.”

“I still hold ralph btw,” he stated. “It’s been a fun two weeks where folks have made millions trading this coin backwards and forwards. fees have been lovely but i too also needed to derisk my investments. there’s still a long road ahead. this was the easiest way to think long term without entering into super weird/sketchy grant contracts which would have been restraining and risky.”

GAS Token Mirrors Decline Amid Widespread Questions

The GAS token, linked to Gas Town, an open-source multi-agent AI orchestration platform created by Steve Yegge, also saw a sharp pullback. Just last week, BeInCrypto reported on the token’s 500% rally.

Nonetheless, GAS has reversed course. The reversal appears to have coincided with Yegge’s comments, which may have influenced market sentiment and prompted a shift in trader behavior.

“Hi $GAS and CT community. I love this community, but I’m the creator and sole maintainer of Gas Town, which is going viral. It’s a tremendous burden and is taking most of my day (and money). That’s where my time has to go. I can’t spend much time with CT. I will still drop the occasional blog post, and join streams or podcasts. But I am dedicated to Gas Town and have to focus there. I hope you understand! That’s the life of the creator economy,” he posted.

Still, it’s worth noting that the geopolitical tensions, which weighed on risk assets more generally, may have amplified the sell-off. GeckoTerminal recorded a 47.8% drop over 24 hours. GAS’s market cap now stands at around $508,000 from a $57.69 million peak on January 16, 2026.

GAS Token Price Performance. Source: GeckoTerminal What Went Wrong With RALPH and GAS Creator Coins?

RALPH and GAS’s rapid declines have fueled doubts about the creator economy meta, which aims to finance developers through crypto. A crypto analyst stated that core structural problems lead to recurring failures.

“The RALPH and GAS drama are a good lesson in why no coin should have a single point of failure, let alone a single point of failure from outside CT. ICM doesn’t work if the only incentive is fee extraction. If devs just collect fees, there’s no reason for them to care about long-term price, narrative, or community health etc,” boot wrote.

The analyst likened it to NFT launches, where most revenue comes in early, prompting short-term behavior. The post added that when tokens reach $50 million in market cap, developer-owners with 2% to 3% stakes may be tempted to sell.

Another market watcher suggested that GAS and RALPH did not fail because of the developers but because of supply manipulation and coordinated profit extraction by the token launchers. The post frames the incident as market manipulation rather than a developer-led rug pull.

RALPH and GAS exemplify the wider shift toward community-driven fundraising for developers. While bypassing venture capital via decentralized tokens is promising, the recent crashes show that clear alignment between creators and holders remains vital.

In the coming weeks, the market will test whether the creator economy can evolve or if it will join the ranks of former unsuccessful crypto movements.

The Bank of Japan held its benchmark interest rate steady at 0.75% on Friday, while upgrading economic growth and inflation forecasts in a decision that carries significant long-term implications for cryptocurrency markets.

As Japan navigates a collision between monetary tightening and fiscal expansion ahead of snap elections, crypto markets face growing exposure to yen-driven liquidity shifts and potential unwinding of carry trades.

Split Vote Signals Internal Tension

The decision came in a split 8-1 vote, with board member Hajime Takata casting a lone dissent in favor of raising rates to 1.0%. Takata argued that mounting inflation pressures and improving global economic conditions support further tightening.

The BOJ raised its real GDP growth forecasts to 0.9% for fiscal 2025 and 1.0% for fiscal 2026, up from 0.7% in October projections. More notably, the central bank upgraded its core CPI forecast to 3.0% for 2025 and 2.2% for 2026, signaling persistent inflationary pressures ahead.

December headline inflation came in at 2.1%, marking the 45th consecutive month above the BOJ’s 2% target—the longest such streak in decades.

Political Uncertainty Complicates Outlook

On the same day, Prime Minister Sanae Takaichi’s Cabinet approved the plan to dissolve Japan’s lower house of parliament, triggering a snap election scheduled for February 8. The move kicks off the shortest campaign period on record at just 16 days.

Takaichi has placed a two-year suspension of the 8% food sales tax at the center of her campaign, responding to voter concerns over soaring living costs. An NHK survey showed 45% of respondents ranked the high cost of living as their top priority.

Her proposed record $783 billion budget for the next fiscal year has fueled concerns over Japan’s fiscal trajectory. Bond yields have surged to multi-decade highs, while the yen has fallen 4.6% against the dollar since Takaichi took office in October, currently trading around 158.97.

Structural Implications for Crypto

While Bitcoin showed no immediate reaction to Friday’s decision, the evolving macro landscape in Japan poses structural risks for cryptocurrency markets.

The core concern centers on yen-funded carry trades. For years, investors have borrowed in low-yielding yen to finance positions in higher-yielding assets, including cryptocurrencies. As the BOJ signals continued policy normalization—with Takata’s dissent suggesting internal pressure for faster tightening—the risk of a sudden unwinding of the carry trade grows.

A sharp yen appreciation, whether triggered by hawkish BOJ communication or external shocks, could force leveraged investors to liquidate risk assets to cover yen-denominated liabilities. Historical precedent exists: the August 2024 market turmoil saw Bitcoin drop sharply as yen carry trades unwound amid speculation of a BOJ rate hike.

The policy divergence between Japan’s gradual tightening and Takaichi’s potential fiscal expansion adds another layer of uncertainty. Rising Japanese government bond yields could attract capital back to domestic fixed income, reducing global liquidity available for risk assets.

What to Watch

Governor Kazuo Ueda’s press conference later Friday will be closely scrutinized for signals on the timing of future rate hikes. Markets are particularly focused on how the BOJ balances its inflation-fighting mandate against election-related uncertainty and recent bond market volatility.

For crypto investors, the key variables remain the pace of BOJ normalization, yen exchange rate dynamics, and any signs of stress in leveraged positioning. While immediate volatility appears contained, the structural setup suggests Japan’s monetary policy trajectory will remain a critical macro factor for digital assets throughout 2025.

One might think that with a billion users, Telegram and its TON cryptocurrency would be world-beating. But just like many other cryptocurrencies, TON hasn’t performed well over the past year as crypto winter winds seem to be blowing hard. 

The blockchain lost nearly $700 million in TVL since its 2024 peak. So, is TON dead or the greatest comeback yet to come?

The Toncoin Tragedy

According to data aggregator CoinGecko, the price of TON is down 67% over the past year. That’s quite a cooling off for TON. 

Previously, Telegram-based meme coins such as Notcoin and Hamster Kombat had led to Toncoin hitting an all-time high of over $8 in June 2024.

TON TVL Chart Since 2024. Source: DefiLlama

While the price of TON hasn’t performed as well as those 2024 salad days, there is still forward motion in terms of development within the Telegram ecosystem. 

A favorable US environment led to Telegram Wallet becoming accessible to Americans in July 2025. 

In November 2025, Coinbase finally listed TON on its exchange, a likely nod to the messaging app’s roughly 100 million users in the United States. 

Now, as 2026 rolls out, Telegram is bringing along AI – and TON – into the future. 

A TON of DAT-titude

A sign of a maturing TON is that there are now several associated Digital Asset Treasuries, or DATs, operating around the ecosystem. Most well-known is the Manuel Stotz-run TON Strategy (NASDAQ: TONX). 

But there’s also AlphaTON (NASDAQ: ATON). rebranded from Portage Biotech in September 2025 and helping to hopefully spearhead a TON-AI evolution. 

Price performance of TON the past two years. Source: CoinGecko

At the heart of this is the decentralized protocol Cocoon AI, which Telegram CEO Pavel Durov announced in late 2025. 

AlphaTON is helping scale the decentralized AI network by securing a $46 million deal for NVIDIA GPUs to compete with centralized players like OpenAI and xAI, among others. 

“In the way that I see it, when I look at the biggest super apps in the world, most of them have their own AI,” AlphaTON CEO Brittany Kaiser told BeInCrypto. 

The big difference between many centralized AI players and crypto-backed decentralized ones is the self-sustaining economy they create. 

Organizations like AlphaTON are providing computing services for developers who want to build Cocoon AI-based apps within Telegram. 

But in a novel twist, to access Cocoon AI, developers have to pay for services in TON. This is not unlike the Bittensor-style economics where miners are providing the decentralized AI computing power while users must pay for the services in the Bittensor native TAO token. 

The Decentralized AI Economy

Building economic value for cryptocurrencies like TON by increasing demand could boost their prices. It’s something AlphaTON and strategic advisor and Skybridge Capital Founder Anthony Scaramucci told BeInCrypto he finds appealing. 

Having been White House Communications director for the first Trump Administration for ten days or, “like seconds, actually – it’s 954,000 seconds,” as Scaramucci likes to say, he’s big-time into various different cryptocurrency efforts and isn’t dismayed by market doldrums.  

Bitcoin price performance over the past year. Source: CoinGecko

“We frankly did get hit with a dark winter October 10th for all of the crypto, that would include Bitcoin,” Scaramucci told BeInCrypto. 

His firm, Skybridge, has been a major backer of TON – even before crypto’s recent turmoil. 

“I am a believer in a multi-chain society and multi-chain roles.” Mooch believes he can help AlphaTON’s effort strategically. “I signed on as a strategic advisor. We’re offering some marketing support. We’re offering some networking.”

Kaiser, the AlphaTON CEO, paints a bright future for the TON-Telegram-AI synergies, mentioning the custodial Telegram Wallet as a huge driver of a next-generation economy that can exist – all within the app itself.

“There’s over a billion monthly active users on Telegram, and there’s over 200 million users of the wallet,” Kaiser noted. 

AI in the Superapp

When thinking about the actual application of consumer artificial intelligence products, most of them, aside from OpenAI’s ChatGPT, live within existing services. 

Google’s Gemini is already inside of its Search product, XAI powers X’s Grok, and Meta AI works within Facebook, WhatsApp plus Instagram.

“In the way that I see it,  when I look at the biggest super apps in the world, most of them have their own AI,” noted Kaiser. 

Although Telegram’s Cocoon AI launched with minimal buzz, it has a chance to grow over time inside the Telegram “superapp” platform – a term that’s now popular to use for multifunction apps. Like Telegram. 

That’s the AlphaTON play, according to Kaisier. 

“We raised our first PIPE in order to buy a TON treasury, which is staking and validating and earning TON returns,” she noted.

Projected market size of AI over the next decade. Source: AI Statistics

AI as an industry is expected to grow to over $900 billion in 2026, according to data aggregator AI Statistics. 

“Now, being able to earn TON by providing GPUs to do AI is another way of us earning TON. And then we are also staking those revenues to earn TON on returns.” So AlphaTON is essentially TON-on-TON-on-TON. 

Keeping It All AI Rosy

Crypto, alongside the emergence of AI, is clearly looking for companies that can generate revenue. DATs, as public entities, have to make money to survive, which is why many of them are diversifying holdings into other business lines – like AlphaTON’s move with AI.

AlphaTON’s stock price over the past year. Source: Google Finance

The boom in AI, and “agents” that can do tasks for people while taking a cryptocurrency like TON is enticing to some investors who look past currency market doldrums and towards a rosier future. 

“I think that’s a huge opportunity, and I definitely see that there are a lot of third-party app developers on Telegram that are building new DeFi products, where AI agents are either making or executing financial transactions for you within the app,” Kaiser added. 

And Scaramucci also thinks he can help with this diversification. 

“Hopefully, there’s a few investments here that will probably end up in the AlphaTON vehicle that we’ll be responsible for,” he told BeInCrypto. 

It’s all cyclical to many investors who have a longer-term view than most. Scaramucci sees AlphaTON as a diverse investor in the Telegram and TON ecosystem that can eventually get back to TON’s 2024 glory days. 

“My feeling is that we’ll start with a plan and then over the next 24 to 36 months, we’ll have a fairly robust company with a great net operating income and lots of growth,” Scaramucci added. 

Crypto custody firm BitGo made its New York Stock Exchange debut on Jan. 22, marking the first major crypto IPO of 2026. The stock trades under the ticker BTGO.

The listing signals expanding pathways for institutional capital into crypto markets—and offers retail investors a new way to gain exposure to the industry’s growth without directly holding tokens.

Shares Surge 25% at Open, Close Up Just 2.7%

BitGo shares opened at $22.43, 24.6% above the $18 IPO price, and climbed to $24.50, a 36% premium. However, the stock gave back most of its gains to close at $18.49, up just 2.7% from the offering price. The company’s market capitalization stood at approximately $2.2 billion.

The IPO was about 13 times oversubscribed, reflecting strong investor interest. BitGo and existing shareholders sold approximately 11.8 million shares, raising $212.8 million. Goldman Sachs and Citigroup served as lead underwriters.

A Bellwether for 2026 Crypto IPOs

BitGo’s listing is seen as a signal that the crypto IPO market is reopening after stalling in the fourth quarter following the US government shutdown. Analysts predict that BitGo’s IPO is the first major bellwether of market appetite for crypto listings in 2026.

Last year saw successful debuts from Circle, Gemini Space Station, and Bullish. With Grayscale and Kraken also mentioned as near-term IPO candidates, BitGo’s performance could influence pricing and sentiment for upcoming listings.

What Institutional Infrastructure Expansion Means for the Market

Founded in 2013, BitGo pioneered multi-signature wallet technology and has since expanded into institutional-grade custody, prime brokerage, and trading services. The company now operates in more than 100 countries.

BitGo serves as custodian for USD1, the stablecoin launched by World Liberty Financial, a crypto venture involving President Trump’s family. A custodian securely stores and manages client assets—in crypto’s case, safeguarding private keys against hacks and theft. Regulated, trustworthy custodians are essential for institutional investors entering the crypto space, serving as critical infrastructure that bridges traditional finance and digital assets.

Notably, BitGo received conditional approval last month from the Office of the Comptroller of the Currency to convert to a national bank charter, paving the way for it to operate as a bank nationwide. This further strengthens the infrastructure for institutional capital flowing into crypto markets.

The expansion of regulated custody solutions lowers barriers for institutional investors, potentially contributing to greater market liquidity and improved price stability over time.

Profitability Proven, but Volatility Risks Remain

BitGo is one of the few crypto firms to demonstrate profitability. The company reported net income of $156.6 million in 2024 and $35.3 million for the first nine months of 2025. Revenue surged from $1.9 billion to $10 billion year-over-year for the same period.

However, BitGo noted in its SEC filing that key revenue streams—including token trading, staking, and subscriptions—remain highly sensitive to digital asset volatility. Bitcoin currently trades around $89,000, down 29% from its all-time high above $126,000 reached last year.

Regulatory Uncertainty Adds Another Variable

Regulatory headwinds also loom. A critical Senate Banking Committee vote on the Clarity Act was postponed last week after Coinbase abruptly withdrew its support amid a dispute between banks and crypto firms over stablecoin yield products.

Still, BitGo CEO Mike Belshe remains optimistic. He told the Wall Street Journal that last year’s regulatory changes allowed every financial institution to participate in the market, effectively doubling the company’s total addressable market.

The Bank of Japan (BoJ) is expected to leave its benchmark interest rate unchanged at 0.75% after concluding its two-day monetary policy meeting on Friday.

The central bank raised rates to a three-decade high in December. A pause now would allow policymakers to assess the economic impact of that move before tightening further.

BoJ Governor Kazuo Ueda is expected to reaffirm the bank’s commitment to gradual policy normalization. Investors will closely scrutinize his press conference for clues on the timing and pace of future rate hikes.

What to Expect From the BoJ Interest Rate Decision

Markets broadly expect the BoJ to hold rates steady in January while keeping the door open to further tightening if economic conditions evolve as projected.

In December, the policy committee approved a 25-basis-point hike to 0.75%. Meeting minutes showed some policymakers favor additional tightening, noting that real interest rates remain deeply negative after adjusting for inflation.

A back-to-back rate hike is widely ruled out. Political uncertainty has increased after Prime Minister Sanae Takaichi called snap elections and proposed a two-year suspension of food and beverage taxes to ease household inflation pressures.

The impact of these measures on monetary policy remains unclear. For now, the BoJ appears inclined to proceed cautiously, normalizing policy without undermining economic growth.

The yen has weakened steadily since election speculation emerged. Markets will watch closely whether currency depreciation pushes the BoJ toward a firmer tightening stance.

How Could the BoJ’s Decision Affect USD/JPY?

Investors are fully pricing in a rate pause. Still, the BoJ may need to clearly signal further tightening to curb yen weakness.

The yen has stabilized slightly in recent sessions, helped by broad-based US dollar softness linked to EU–US trade tensions following President Donald Trump’s remarks on Greenland. 

Even so, USD/JPY remains about 0.7% higher year-to-date and near last week’s 18-month high around 159.50.

USD/JPY Chart Over the Past Month. Source: TradingView

Concerns persist that Prime Minister Takaichi could strengthen her parliamentary position after the elections and expand fiscal spending. 

That has raised fears over Japan’s public finances, pushing long-term yields to record highs and weighing further on the yen.

Governor Ueda has reiterated that Japan is moving toward a more durable inflation regime, supported by wage and price growth. Clear signals of additional rate hikes would be needed for the yen to extend any sustained recovery.

What This Decision Could Mean for Crypto Markets

Although the BoJ’s decision is primarily a rates and FX event, it has growing implications for crypto through global liquidity conditions.

In recent months, hawkish BoJ signals have coincided with increased Bitcoin volatility. Higher Japanese rates raise the risk of unwinding yen-funded carry trades, which have been used to finance exposure to higher-risk assets, including crypto.

Crypto Markets on January 23. Source: CoinGecko

A firm commitment to further tightening could pressure Bitcoin and broader crypto markets in the short term, particularly if it strengthens the yen and triggers broader deleveraging. 

A cautious tone, by contrast, could ease near-term risk sentiment, offering temporary relief as Bitcoin consolidates after recent volatility.

USD/JPY 4-Hour Technical Outlook

From a technical perspective, FXStreet analyst Guillermo Alcalá sees USD/JPY undergoing a corrective pullback, with key support above 157.40.

USD/JPY 4-Hour Chart 

“The pair has retreated from highs, but yen bulls would need to break the 157.40–157.60 support zone to invalidate the near-term bullish structure and target early January lows around 156.20.”

A hesitant BoJ message could undermine the yen further. In that scenario, Alcalá sees scope for renewed upside.

“Technical indicators are turning positive. The 4-hour RSI has rebounded from the 50 level, signaling stronger bullish momentum. The pair is testing resistance at 158.70, the last barrier before the 18-month high near 159.50.”

South Korea’s Gwangju District Prosecutors’ Office has lost a significant amount of Bitcoin that was seized during a criminal investigation, according to multiple local media reports on Jan. 22.

The case highlights a critical gap in how law enforcement agencies handle digital asset custody.

Phishing Attack Suspected

The prosecutors’ office recently discovered that Bitcoin held in custody had disappeared. The loss is believed to have occurred around mid-2025. Investigators suspect the office fell victim to a phishing attack after accidentally accessing a scam website during a routine inspection of seized assets.

The prosecutors have declined to confirm the exact amount lost. However, sources suggest the figure could reach tens of millions of dollars. One prosecution official told local media that internal estimates put the loss at approximately 70 billion won ($48 million).

“We are conducting an investigation to track the circumstances of the loss and the whereabouts of the assets,” a prosecution official said, declining to provide further details.

Questions Surrounding Crypto Custody Protocols

The incident raises fundamental questions about how law enforcement agencies handle seized cryptocurrency.

The first concern is whether the prosecutors followed proper seizure procedures. If prosecutors simply confiscated a USB device containing wallet information without transferring the Bitcoin to a separate custody wallet, the original owner could potentially withdraw the assets using a backup private key stored elsewhere. In such cases, the seizure would be incomplete from the start.

The wallet creation environment also matters. If a new custody wallet was created on an internet-connected computer, the private keys may have been exposed from the moment of generation. Standard security practice requires creating wallets in an air-gapped environment, completely isolated from any network connection.

Private key storage presents another vulnerability. Keeping keys on network-connected devices or cloud storage creates significant hacking risks. The proper approach involves recording keys on physical media, such as paper, and storing them in a location completely disconnected from the internet.

Access control is equally critical. Private keys can be copied in seconds if someone gains even brief access. The fact that officials reportedly accessed a scam website during a routine check suggests gaps in internal security training and access management protocols.

Broader Implications for Law Enforcement

This case highlights a growing challenge for authorities worldwide. As cryptocurrencies become increasingly involved in criminal cases, law enforcement agencies must develop robust custody solutions that meet the security standards for the assets they handle.

Traditional evidence storage protocols do not translate directly to digital assets. Unlike physical evidence locked in a secure room, cryptocurrency requires active security measures to prevent unauthorized transfers.

The Korean prosecutors’ office has not disclosed whether it followed established cryptocurrency custody guidelines or what security measures were in place. The ongoing investigation may reveal systemic vulnerabilities that extend beyond this single incident.

For now, the case serves as a cautionary example of what can go wrong when conventional institutions handle unconventional assets without adequate preparation.

World Liberty Financial (WLFI), the DeFi protocol linked to the Trump Family, will see its latest infrastructure partner Spacecoin launch the SPACE token on January 23.

The launch marks the first public market debut for a project that claims to be building a decentralized satellite-based internet network. It promises to combine blockchain payments with low-Earth-orbit (LEO) satellites. Binance Alpha is expected to be the first platform to list the token.

What is Spacecoin?

Spacecoin is a decentralized physical infrastructure network (DePIN) focused on satellite internet connectivity.

Instead of relying on fiber cables, cell towers, or centralized satellite operators, the project uses small LEO satellites that route data and log transmissions on-chain. 

The goal is to provide permissionless, censorship-resistant internet access, particularly in regions with limited or restricted connectivity.

The network runs on Creditcoin’s blockchain, which records satellite activity and data verification events. This allows users to independently verify whether satellites are operational and whether data was transmitted as claimed.

In short, Spacecoin calls itself as an alternative to centralized providers like Starlink. A bold claim. 

Satellites Already in Orbit

Unlike many DePIN projects that remain theoretical, Spacecoin has already launched hardware.

In December 2024, the project sent its first proof-of-concept satellite, CTC-0, into orbit. The satellite successfully routed encrypted blockchain transactions through space, demonstrating that cryptographic data could be transmitted and verified without terrestrial infrastructure.

In November 2025, Spacecoin expanded its constellation with three additional satellites, known as the CTC-1 mission. These satellites are designed to test continuous coverage, satellite-to-satellite communication, and user authentication as satellites move across the Earth.

However, the network remains in pilot mode, with no large-scale commercial deployment yet live. And there is some scrutiny across Crypto Twitter. 

The WLFI Partnership Explained

Spacecoin’s visibility increased this week after announcing a strategic partnership with World Liberty Financial, a DeFi protocol that issues the USD1 stablecoin.

More specifically, the partnership is structured as a token swap, aligning incentives between the two ecosystems. WLFI’s USD1 will serve as a settlement currency for payments and financial services on Spacecoin’s network.

In practical terms, this means users who come online through Spacecoin’s satellites could access stablecoin payments, transfers, and DeFi tools even in regions without traditional banking infrastructure.

Also, WLFI has framed the partnership as an infrastructure-level bet, rather than a short-term token play. Still, the collaboration places Spacecoin within a politically visible DeFi ecosystem, which may attract both attention and scrutiny.

What the SPACE Token Does

The SPACE token is the native asset of the Spacecoin network.

According to project documentation, SPACE will be used to:

Pay for data transmission and network services

Incentivize satellite operators and infrastructure contributors

Participate in network governance

Secure the network through staking mechanisms

Total token supply is reported at 21 billion SPACE, with only a portion expected to circulate at launch. Airdrop allocations and early exchange distributions will account for most of the initial float.

Overall, this supply structure implies significant future token unlocks, which could weigh on price performance over time.

The Business Model: Ambitious, but Unproven

Spacecoin says it aims to offer basic internet connectivity for $1–2 per month, targeting emerging markets in Africa, South Asia, and parts of Latin America.

That price point is dramatically lower than existing satellite internet services. Starlink, for comparison, typically costs between $50 and $120 per month.

The project argues that decentralizing satellite ownership and payments can reduce costs.

However, whether this model can scale sustainably remains unclear. Satellite launches, maintenance, and regulatory approvals remain capital-intensive, even with smaller hardware.

For now, the SPACE launch represents a test of market confidence in decentralized satellite infrastructure — not proof that the model works.

Despite a year of regulatory easing in the United States, cryptocurrencies across the board have seen their values depreciate sharply during US President Donald Trump’s first year in office.

What was at first a highly anticipated positive shift for crypto turned out to generate more losses than wins for investors. The biggest winner of crypto’s deeper integration into traditional finance seemed to be the President himself.

Crypto Optimism in Washington

The crypto community entered January 2025 with heightened expectations as Trump prepared for his return to the White House.

On the campaign trail, he branded himself a “Bitcoin president” and pledged to make the United States the world’s crypto capital. Those statements raised industry optimism, which intensified further when Trump launched his own meme coin just two days before his inauguration.

To a degree, Trump has followed through on those commitments.

Donald Trump Spoke at the Bitcoin Conference 2024, Just Before his Re-election. Source: NY Times

Almost immediately, he appointed a crypto czar and installed a crypto-friendly chair at the helm of the Securities and Exchange Commission (SEC). He also signed the Genius Act into law, marking the first federal legislation to regulate any segment of the crypto industry.

To a degree, expectations were modest to begin with. 

Years of criticism directed at the Gensler-led SEC and its regulation-by-enforcement approach had left many in the industry willing to welcome almost any shift in direction.

Trump’s vocal backing of crypto has also remained consistent. Speaking this week at the World Economic Forum in Davos, he reiterated his support and pointed to expectations surrounding the potential passage of the Clarity Act.

Still, as Trump highlighted his administration’s achievements, the cryptocurrency market continued to register losses, with prices trending lower.

Crypto Prices Slide Despite Regulatory Progress

In an assessment of price performance among leading cryptocurrencies, BeInCrypto found that all major assets have recorded negative returns over the past year. At the time of writing, Bitcoin was down 13.4% since January, while Ethereum had declined by just under 9%.

Bitcoin price performance since January 2025. Source: CoinGecko.

Other altcoins performed considerably worse.

Ripple’s XRP fell by 39%, Solana’s SOL dropped roughly 50%, and Cardano’s ADA declined by 63%.

These figures suggest that, despite the regulatory momentum the crypto industry gained in 2025, broader forces have continued to weigh on market performance.

As with equities, Trump’s tariff policies have significantly shaped expectations for sustained, stable growth. Despite meaningful structural progress, crypto remains a largely speculative asset class. In periods of heightened uncertainty, it is often among the first markets to absorb the impact.

Following Trump’s announcement of Liberation Day tariffs last April, Bitcoin slid to $76,300, its lowest level since November 2024. On October 10, after the administration announced a 100% reciprocal tariff on China, Bitcoin fell by 8% to 10% in a single session. The wider crypto market saw billions of dollars in liquidations.

How Bitcoin Chart Showed Volatility Around Trump’s Tariff Decisions. Source: ARK Invest

Tariffs alone did not account for this volatility. 

Additional pressures, including repeated challenges to the Federal Reserve’s independence and rising geopolitical tensions, have further intensified market swings.

Uncertainty persists over whether the administration will maintain its current trajectory. Should it do so, some crypto investors may begin to reassess the balance between regulatory support and broader macroeconomic risks.

Still, losses have not been universal. 

Trump and his family, in particular, have emerged as notable beneficiaries of the sector’s expansion.

Presidential Profits Amid Greater Market Decline

Trump’s investment portfolio became more diversified over the past year, with a notable portion shifting toward crypto-related ventures. 

These initiatives have ranged from a namesake meme coin to the decentralized finance platform World Liberty Financial. Members of his family have also participated, launching projects either jointly or independently.

As cryptocurrency valuations declined, Trump’s personal wealth moved in the opposite direction. 

According to a recent Bloomberg analysis, the Trump family has generated approximately $1.4 billion from its crypto-related activities. At present, digital assets account for more than 20% of the family’s total wealth.

Trump family crypto wealth. Source: Bloomberg.

These ventures have not gone unnoticed. 

The administration has faced repeated questions about potential conflicts of interest, even as Trump has continued to pursue these projects.

As scrutiny continues and investor losses mount, the scale of Trump’s crypto wealth has stood in stark contrast to the experience of many traders, whose portfolios have suffered significant losses over the past year.

Caroline Ellison was released from prison on Wednesday after serving roughly 60% of her two-year sentence. The former co-CEO of Alameda Research played a key role in the events that led to the collapse of the FTX cryptocurrency exchange.

In anticipation of Ellison’s release, the US Securities and Exchange Commission (SEC) banned her from holding any executive positions for 10 years. 

An Early Release

According to the US Federal Bureau of Prisons, the 31-year-old is now housed at a halfway facility in New York. She will remain there as part of her transition back into civilian life. Such centers help former inmates reenter society by providing support with employment and daily reintegration.

Ellison was transferred to the facility in October 2025. She was previously held at a federal prison in Connecticut, where she began serving her two-year sentence in November 2024.

Her release came around ten months earlier than originally expected. It followed sentence reductions tied to Ellison’s cooperation with prosecutors and compliance with prison requirements.

In a litigation release issued last month, the SEC barred Ellison for ten years from serving as an officer or director of any publicly traded company.

The regulator cited earlier complaints alleging that Ellison played a central role in misleading investors. These actions helped FTX raise more than $1.8 billion by presenting the exchange as a safe platform for trading crypto assets.

The SEC also pursued comparable bans against other former FTX executives who cooperated with investigators, including former CTO Gary Wang and former head of engineering Nishad Singh. Both individuals avoided prison sentences despite their involvement.

Reactions to Ellison’s early release across Crypto Twitter varied.

Divided Reactions To Ellison Sentence

Some observers questioned what they viewed as a relatively lenient outcome given the scale of Ellison’s wrongdoing and the broader damage to the crypto industry’s credibility.

By contrast, Ellison’s sentence was significantly lighter. FTX founder and former CEO Sam Bankman-Fried remains behind bars and is serving a 25-year prison term.

Though both were central figures in the FTX collapse, Ellison and Bankman-Fried followed different legal paths.

Bankman-Fried pleaded not guilty and went to trial. A jury later convicted him on multiple felony charges, including wire fraud and fraud-related conspiracies connected to the misuse of customer funds.

Ellison, by contrast, pleaded guilty to several fraud and conspiracy charges and cooperated with prosecutors. This decision contributed to a significantly reduced sentence.

As part of her testimony, Ellison testified that Alameda Research and FTX improperly commingled customer assets, concealed escalating losses, and relied on an open-ended credit arrangement that allowed Alameda direct access to FTX customer deposits.

Ellison’s release effectively closed the legal chapter involving senior executives at FTX and Alameda Research, whose actions helped set the stage for the 2022 crypto winter.

For Bankman-Fried, prospects for early release appear remote. 

In a recent interview, US President Donald Trump stated that he did not intend to grant Bankman-Fried a pardon. Although Bankman-Fried is appealing his sentence, the likelihood of a retrial remains low.

XRP continues to trade under pressure as broader crypto market weakness weighs on sentiment. The token remains in a short-term downtrend, driven partly by macro bearishness and partly by lingering investor skepticism. 

Despite this, Ripple’s operational progress continues, offering potential long-term support for XRP price stability and recovery.

RLUSD Listed On Binance

Ripple recently confirmed that its U.S. dollar-backed stablecoin, RLUSD, has been listed on Binance. The listing expands RLUSD’s visibility and accessibility, which is critical as stablecoin adoption accelerates across global markets. Increased usage typically strengthens the issuing ecosystem’s relevance within digital payments and settlement infrastructure.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Although RLUSD currently operates on the Ethereum network, future expansion to the XRP Ledger could be significant. Integration with XRPL would increase on-chain utility, transaction demand, and network activity. This development positions Ripple to benefit from tokenization and cross-border settlement growth, indirectly supporting XRP’s fundamental outlook.

XRP Holders Are Selling

Despite these advances, XRP holders remain cautious. On-chain data shows net realized profit and loss turning negative in recent sessions. Investors are selling XRP below their acquisition price, a behavior often linked to fear of further downside rather than confidence in near-term recovery.

This loss realization reflects hesitation among retail participants. Persistent selling into weakness can slow momentum shifts, even when fundamentals improve. Until investor confidence stabilizes, XRP may struggle to translate Ripple’s ecosystem progress into immediate price appreciation.

XRP Realized Profit/Loss. Source: Glassnode Large Wallets Are Still Bullish On XRP

Institutional behavior offers a contrasting signal. For the week ending January 16, XRP recorded $69.5 million in institutional inflows. Month-to-date inflows reached $108.1 million, despite XRP remaining in a downtrend. Such consistency suggests larger investors maintain long-term conviction.

Institutional flows often precede trend reversals, as these participants tend to accumulate during periods of pessimism. Continued inflows provide liquidity support and reduce downside risk. This divergence between retail caution and institutional confidence may help XRP establish a recovery base.

XRP Institutional Flows. Source: CoinShares XRP Price Needs To Escape Downtrend

XRP trades near $1.96 at the time of writing, remaining below a downtrend line active for more than two weeks. Technical pressure persists, yet improving fundamentals and institutional demand increase the probability of a breakout. Escaping the downtrend would mark a key shift in short-term momentum.

A confirmed move above the downtrend line would likely push XRP past the $2.00 psychological level. Clearing $2.03 could open the path toward $2.10. If momentum builds, the recovery target near $2.35 becomes achievable in the near term.

XRP Price Analysis. Source: TradingView

The bullish scenario weakens if XRP fails to reclaim $2.00. Rejection at this level could renew selling pressure. Under that outcome, XRP price may slide toward $1.86 or lower, invalidating the bullish thesis and extending the existing downtrend.

Ethereum’s price recently suffered a sharp decline, briefly dropping below the $3,000 level during heightened market volatility. ETH fell to an intraday low near $2,870 before stabilizing. 

While the move unsettled short-term traders, BlackRock argues Ethereum’s long-term value lies beyond price action, rooted in its central role in tokenization.

Ethereum’s Tokenized Future Looks Bright

BlackRock’s Thematic Outlook 2026 describes Ethereum as the “toll road” for tokenization. The comparison highlights Ethereum’s role as essential infrastructure rather than a speculative asset. As more financial instruments migrate on-chain, networks facilitating issuance, settlement, and compliance stand to benefit structurally.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Ethereum Tokenized Assets. Source: BlackRock

The report notes that about 65% of all tokenized assets currently reside on Ethereum. This dominance gives the network a near-monopolistic position in tokenization markets. Growth in stablecoin usage already reflects tokenization in practice. As adoption expands, Ethereum is positioned to capture consistent network demand.

Ethereum Is Already Dominating The RWA Market

The real-world asset market reinforces this narrative. Tokenized RWAs recently reached a new all-time high of roughly $21 billion in total value locked. Ethereum alone accounts for approximately $11.6 billion of that figure, representing about 55% of the entire RWA market.

Such concentration suggests Ethereum’s advantage is compounding rather than eroding. Issuers and institutions tend to build where liquidity, tooling, and security already exist. This dynamic strengthens network effects. Investors appear to be recognizing that Ethereum’s leadership in RWAs could deepen as tokenization scales globally.

Ethereum RWA TVL. Source: DeFiLlama

Long-term holder behavior aligns with this structural outlook. On-chain data shows Ethereum’s net position change turning positive among long-term holders. Selling pressure from this group has faded after weeks of distribution. Accumulation has replaced selling, signaling renewed conviction.

Long-term holders often respond to fundamental developments rather than short-term price swings. Their shift toward buying suggests confidence in Ethereum’s role within financial infrastructure. Reduced sell-side pressure from these holders may help ETH regain stability and support a recovery above key psychological levels.

Ethereum HODLer Position Change. Source: Glassnode ETH Price Recovery Has Some Time

Ethereum trades near $2,997 at the time of writing after rebounding from recent lows around $2,870. Price now sits just below the $3,000 threshold, a level closely watched by traders. Holding this zone suggests downside momentum is weakening as buyers re-enter.

BlackRock’s acknowledgment of Ethereum’s tokenization role could act as a sentiment catalyst. Improved confidence may help ETH reclaim $3,085 as resistance. A sustained move higher could extend gains toward $3,188, allowing Ethereum to recover a meaningful portion of its recent losses.

ETH Price Analysis. Source: TradingView

Downside risk appears limited under current conditions. A bearish scenario would require ETH to fall below $2,925 or $2,885. Losing those supports could expose Ethereum to a drop to $2,796. For now, improving macro signals and long-term accumulation reduce the likelihood of such a move.

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

Grab a coffee. The year is still young, but the gold market is already sending a message that long-term assumptions may be getting rewritten faster than expected.

Crypto News of the Day: Goldman Sachs Raises 2026 Gold Price Target from $4,900 to $5,400

Gold has barely made it through the first month of 2026, yet Goldman Sachs is already growing more confident that the rally has further to run.

With spot gold trading around $4,827 at the time of writing, just below its all-time high of $4,888 set on January 21, the Wall Street giant has raised its year-end 2026 gold price forecast to $5,400 per ounce.

Indeed, the revision comes just weeks into the new year. It also comes barely a month after market analysts and crypto commentators alike widely cited Goldman’s prior projection.

Notably, before this revision, Goldman Sachs had forecast the gold price to reach $4,900 in 2026. This means a 10% raise only weeks after the investment banker’s previous position.

Since then, prices have surged far faster than anticipated. It has forced institutions to reassess both the pace and durability of gold’s ascent, as reported in the previous US Crypto News publication.

According to Goldman Sachs, the catalyst for the revised forecast is intensifying competition for a finite pool of physical bullion.

“The rally has accelerated since 2025 because central banks started competing for limited bullion with private sector investors,” Goldman Sachs analysts said in a note cited by Business Insider.

The bank’s analysts say the shift marks a meaningful evolution from the 2023–2024 period, when official-sector buying alone underpinned much of gold’s upside.

The bank now expects central banks to purchase an average of 60 metric tons of gold per month in 2026. This, they say, would be driven by emerging markets diversifying their reserves away from traditional fiat exposure.

Goldman’s analysts, including Daan Struyven and Lina Thomas, estimate that central banks will account for the bulk of gold’s projected gains, with private-sector demand adding incremental upside.

Private Investors Enter the Frame as Gold’s Structural Bull Case Hardens

Private investors, however, are playing an increasingly important role. Goldman highlighted three forces as investors seek hedges against macroeconomic and geopolitical risk:

Rising inflows into gold-backed ETFs (exchange-traded funds).

Increased physical buying by high-net-worth families, and

Demand for call options.

“It’s just three weeks into 2026, and Goldman Sachs analysts already increased their year-end price target for gold… because the key upside risk we have flagged – private sector diversification into gold – has started to realize,” commented Lisa Abramowicz.

Some analysts argue that prices may already justify the bank’s optimism, as the precious metal is outperforming Bitcoin and oil.

The alignment between institutional forecasts and proprietary models (gold’s fundamental value) further fuels bullish sentiment.

Goldman Sachs has also pushed back against the idea that rising prices will naturally curb demand. In its report, the bank stressed that “high prices won’t cure high prices” for gold, noting that new mine supply adds only about 1% to the global stock each year.

Because most gold already exists and changes hands, XAU price gains typically stall only when demand weakens. Based on this, they cite:

Easing geopolitical tensions

Reduced reserve diversification, or

A shift by the Federal Reserve from cutting rates to tightening policy.

For now, none of those conditions appears imminent. Gold is up roughly 11% year-to-date and has more than doubled since early 2023.

With prices already pressing against the psychologically important $5,000 level, Goldman’s early-year upgrade suggests a growing institutional belief that gold’s structural bull market remains firmly intact.

Chart of the Day

Gold (XAU) Price Performance. Source: TradingView Byte-Sized Alpha

Here’s a summary of more US crypto news to follow today:

USDT demand stalls in January, signaling capital outflows from the market.

BitGo prices IPO at $18 per share in NYSE debut as first major crypto listing of 2026.

Bitcoin regains $90,000 even as BTC ETFs record 2-month high outflows.

XRP retail sentiment shifts from greed to extreme fear — A bullish signal?

XRP price nears $2 as Ripple expands enterprise reach to 300 million accounts in new deal.

Crypto Equities Pre-Market Overview

CompanyClose As of January 21 Pre-Market Overview Strategy (MSTR)$163.81$163.80 (-0.0061%)Coinbase (COIN)$226.93$228.50 (+0.68%)Galaxy Digital Holdings (GLXY)$32.45$32.90 (+1.39%)MARA Holdings (MARA)$10.56$10.68 (+1.14%)Riot Platforms (RIOT)$17.25$17.56 (+1.80%)Core Scientific (CORZ)$18.20$18.45 (+1.37%)

Crypto equities market open race: Google Finance

HBAR price is trying to stabilize, but the rebound is losing strength. The token is up about 7% since January 20, yet it remains down nearly 8% over the past seven days. More importantly, the structure supporting a bullish breakout is starting to weaken beneath the surface.

The W-shaped recovery pattern is still intact for now. But capital flows, sentiment, and whale behavior are no longer aligned the way they need to be for a clean upside continuation.

Weak Capital Flows Raise Early Doubts Over the Breakout Structure

HBAR price is still trading inside a W pattern on the daily chart. This pattern forms when the price makes two similar lows, showing buyers stepping in twice at the same level. The breakout theory could hold if the HBAR price crosses the neckline above $0.135.

The issue is what is happening under the pattern.

The Chaikin Money Flow (CMF) is turning lower. CMF tracks whether big money (institutions, ETFs, and whales) is flowing into or out of an asset using price and volume. During the rebound, CMF briefly moved above zero, showing fresh inflows. That signal has now faded.

CMF has slipped back below zero and is pressing against its rising trendline that has held since late December. This suggests capital is starting to leave Hedera, even though the price has not yet broken support.

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HBAR Capital Flows: TradingView

Whale behavior reinforces that caution. All large holder groups have mostly held their balances, but they have not added meaningfully during the dip. When whales expect a breakout to follow through, they usually accumulate into weakness.

Whale Metrics: Hedera Watch

Their hesitation suggests uncertainty rather than confidence. Plus, if CMF breaks the trendline, the next set of capital outflow could be from the whales.

Dip Buying Holds $0.102, but Sentiment Has Collapsed Sharply

Despite weakening capital flows, the HBAR price has not broken down yet. The reason is dip buying.

The Money Flow Index (MFI), often a dip-buying proxy, has been trending higher while the price trended lower since late December. MFI measures buying and selling pressure using both price and volume. This bullish divergence shows buyers stepping in on dips rather than exiting in panic. That behavior explains why the $0.102 support level has held repeatedly.

Dip Buyers Come In: TradingView

But dip buying alone cannot sustain a breakout if confidence fades. More so when Hedera whales haven’t been buying those dips.

Market sentiment has deteriorated aggressively. Since January 19, positive sentiment has collapsed from around 29 to roughly 1.5, a drop of more than 94% in just a few days, the lowest monthly level.

This matters because sentiment has already shown its impact on price earlier this month. Between January 6 and January 12, positive sentiment fell from about 20.8 to near 10.4. During that same window, HBAR price dropped from roughly $0.132 to $0.114, a decline of about 14%.

HBAR Sentiment Weakens: Santiment

The current sentiment drop is far steeper than that earlier episode. If the relationship holds, price pressure could intensify quickly once dip buyers step aside, or the CMF outflows offset their contribution. Plus, the indifferent whales might use this sentiment trigger as a reason to dump.

HBAR Price Levels That Decide Whether the Story Breaks or Survives

Everything now hinges on a narrow range.

As long as the HBAR price holds $0.102 on a daily close, the W pattern remains technically valid. A decisive break below this level would invalidate the structure and expose downside toward $0.094 first. If selling accelerates, $0.073 becomes a realistic downside target.

On the upside, the breakout case requires a shift in behavior. CMF must reclaim the zero line, sentiment needs to stabilize, and price must reclaim the $0.118 to $0.124 zone. Without those changes, the $0.135 neckline remains out of reach, and so does the 31% breakout hope.

HBAR Price Analysis: TradingView

For now, the HBAR price is holding. But the breakout story is weakening. If capital keeps flowing out and sentiment remains this fragile, the $0.102 level stops being support and starts becoming a final test.