The Cryptonomist

France is entering a decisive phase for crypto regulation as firms face a hard deadline for Mica authorisation under the European Markets in Crypto-Assets framework.

Transitional regime in France ends on 1 July 2026

The French regulator AMF has reminded all Digital Asset Service Providers (DASPs) that the transitional regime will expire on 1 July 2026. Under this regime, firms active before the entry into force of the European MiCA Regulation could continue offering crypto-asset services in France without a full licence.

However, these providers now have a strict timetable. DASPs that want to continue operating must obtain authorisation as a Crypto-Asset Service Provider (CASP) under MiCA. The AMF is urging any firm that has not yet filed an application to submit a complete authorisation file as soon as possible.

Moreover, the supervisor stresses that particular attention must be paid to the quality and completeness of each application. DASPs that do not plan to pursue their activities after the end of the transitional regime are invited to prepare an orderly cessation of business in advance, allowing enough time to protect clients.

Legal basis and scope of the transitional period

Pursuant to Article 143 of the Markets in Crypto-Assets Regulation and Article 8 III of the DDADUE Law of 9 March 2023, registered or licensed DASPs in France have benefited from a temporary framework. Those offering services listed in the 5° of article L. 54-10-2 of the Monetary and Financial Code before MiCA entered into force could keep serving clients until 1 July 2026.

That said, once the deadline passes, only CASPs authorised in accordance with MiCA will be allowed to provide crypto-asset services in France. This marks a clear regulatory shift from national registration to harmonised European licensing.

Conditions to operate as a CASP after the deadline

From 1 July 2026, providers may operate in France only if they are CASPs authorised under MiCA. They can do so either by securing a formal authorisation from their national competent authority, which is the AMF for candidates established in France, or through a notification procedure.

In particular, certain financial entities may rely on the notification mechanism laid down in Article 60 of MiCA. However, this is possible only if they are eligible for the procedure and if the notification submitted to the relevant national authority is deemed complete by that authority.

Moreover, CASPs are subject to a dual layer of obligations. There are general requirements that apply to all services and additional rules tailored to each specific type of crypto-asset service. These include organisational, conduct, and prudential standards designed to enhance investor protection.

European passport and whitelist of authorised providers

CASPs authorised under MiCA will be able to benefit from the European passport mechanism. This allows them to provide their services in other Member States of the European Union once they are duly licensed in a single jurisdiction, such as France.

Furthermore, the AMF maintains a public whitelist of authorised CASPs, giving users a way to verify which entities are permitted to operate. The list is available on the AMF website and is expected to become a key reference point for investors and counterparties across the region.

ESMA calls for early preparation

In a statement published in December 2025, the European Securities and Markets Authority (ESMA) invited all market participants to anticipate the end of the transitional period. The authority highlighted that review periods for CASP licences under MiCA can last up to four months once a complete file is submitted.

However, the AMF notes that initial files received from applicants are rarely complete at first submission. Clarifications or even substantial amendments are often requested before the dossier is considered complete and capable of leading to a favourable decision. This iterative process may cause additional delays for firms.

That said, the French regulator is urging DASPs that wish to continue their activities to file their MiCA applications without waiting for the last moment. It reiterates that the thoroughness and quality of the application file will be crucial for a smooth and timely review.

Implications for non-compliant providers

The AMF has underlined the legal consequences for providers that fail to comply by 1 July 2026. Any firm that continues to offer crypto-asset services in France without CASP authorisation after this date risks a two-year prison sentence and a fine of €30,000, under Articles L. 54-10-4 and L. 572-23 of the Monetary and Financial Code.

Moreover, authorities will monitor compliance and can take enforcement action in the event of infringements. The AMF may publish a blacklist of unregistered providers and issue public warnings. If necessary, it can also initiate legal proceedings to block access to the websites of unauthorised service providers.

Orderly cessation of activities and client protection

DASPs that expect not to be in a position to comply with MiCA on 1 July 2026 are strongly encouraged to plan an orderly cessation of activities. The AMF recommends that these providers limit themselves to strictly necessary operations for winding down their business as of 30 March 2026, at the latest.

This wind-down plan should prioritise the protection of crypto-asset holders. It must ensure that clients can recover their assets either by transferring them to a CASP authorised to operate in France or by selling them, with sufficient prior notice. Such measures aim to avoid market disruption and client losses during the transition.

In this context, firms preparing for mica authorisation or, alternatively, for an orderly exit will play a central role in shaping a safer and more transparent crypto ecosystem in France and across the European Union.

In summary, the end of the transitional regime on 1 July 2026 marks a turning point for crypto-asset service providers in France, compelling them either to secure MiCA-compliant licences or to exit the market in an orderly and client-focused manner.

In a fresh sign of aggressive AI data center investment, an Apollo Nvidia loan is reportedly nearing completion to support an ambitious chip-leasing strategy tied to Elon Musk.

Apollo lines up multibillion-dollar financing for Nvidia hardware

A roughly $3.4 billion loan from Apollo Global Management is close to being finalized for an investment vehicle that will buy Nvidia chips and lease them to xAI, according to The Information report published on Feb 9. The outlet cited a person familiar with the matter, suggesting terms are at an advanced stage.

Under the structure, the vehicle would own the high-end processors while Elon Musk‘s AI startup pays to use them over time. However, the report did not disclose the loan’s interest rate, exact tenor or collateral package, leaving key details of the financing still unclear.

The Information also noted that Valor Equity Partners, a longtime backer of several Musk ventures, is arranging the deal between Apollo and the buying entity. Moreover, the investment could be formally wrapped up as soon as this week if negotiations stay on track.

Musk consolidates AI ambitions through SpaceX and xAI

Less than a week before news of the financing emerged, Musk announced that SpaceX had acquired the artificial intelligence company he also leads, in a transaction that reshapes the ownership structure of his ventures. The deal values the rocket and satellite group at $1 trillion and the AI business at $250 billion, according to his remarks.

That said, the combination ties Musk’s launch and satellite capabilities more closely to his AI initiatives, potentially giving xAI privileged access to data and infrastructure. It also places a substantial notional valuation on the emerging AI firm, signaling investor belief in its growth prospects despite intense competition from established players.

The reported apollo nvidia loan would align with Musk’s stated ambition to build large-scale AI infrastructure capable of training advanced models. However, stacking significant debt against specialized hardware could expose investors to swings in chip demand and future pricing for AI compute resources.

AI infrastructure boom drives record chip and data center spending

Big technology companies are expected to spend more than $600 billion in 2025 to acquire advanced chips and build massive data centers needed to train and deploy AI systems, the report said. Moreover, such outlays underline how critical access to high-performance processors has become in the current phase of the AI race.

In this environment, leasing structures for Nvidia chips allow new AI entrants and capital providers to share the burden of huge upfront hardware costs. However, they also introduce counterparty risk if startup clients fail to scale revenue fast enough to cover long-term lease obligations.

Deals like this echo older equipment-financing models used for aircraft or telecommunications infrastructure, but applied to cutting-edge AI accelerators. That said, the speed of technological change in chips may make recovery values less predictable than in traditional asset classes.

Key players stay silent as deal advances

The report said SpaceX, Apollo and xAI did not immediately respond to Reuters requests for comment on the prospective financing. Moreover, neither party has publicly confirmed the final size, timing or precise structure of the loan.

Market watchers will be looking for further disclosures on covenants, hardware ownership and any guarantees tied to Musk or his other companies. However, with Valor Equity Partners reportedly orchestrating the arrangement, participants appear comfortable pushing ahead despite the capital intensity and evolving regulatory environment around AI compute.

Overall, the prospective financing underscores how rapidly AI infrastructure is being capitalized, as investors race to secure Nvidia chips and position for long-term demand in advanced computing capacity.

Investor interest in AI, crypto, and Web3 is accelerating as the AI.com domain purchase by a major exchange founder shines a spotlight on emerging creator platforms.

Crypto.com founder secures AI.com for $70 million

According to the Financial Times, Kris Marszalek, founder of Crypto.com, has bought the premium domain AI.com for about $70 million. The report notes that other bidders for the address reportedly included OpenAI and X.ai, underscoring how strategic AI-related web properties have become.

However, the acquisition is drawing attention not only because of its price tag, but also due to what it signals about the convergence of artificial intelligence and blockchain ecosystems. Major brands are increasingly positioning themselves at this crossroads.

AI and blockchain converge in the content-creation economy

The article places the move within the fast-growing content-creation economy, estimated at roughly $85 billion. In this market, legacy platforms still dominate distribution and take sizable fees while maintaining tight centralized control over creators’ audiences and revenues.

Moreover, a new wave of Web3 projects is targeting these frictions by combining smart contracts, tokenized incentives, and AI-driven automation. Backers argue that such designs could support lower fees, greater creator ownership, and programmable revenue sharing across communities.

SUBBD protocol: AI tools with on-chain creator controls

Within this context, the report highlights SUBBD, a protocol built on an Ethereum-based architecture that blends generative AI features with decentralized controls for creators. The project is positioned as an example of how AI and blockchain can be fused into a single product experience.

SUBBD’s platform reportedly includes an AI Personal Assistant designed to help automate repetitive engagement tasks, such as responding to fan queries or scheduling content. In addition, the protocol offers voice-cloning capabilities to help creators scale branded audio and video output while maintaining a consistent personal style.

That said, supporters argue that the full primary_keyword of ai domain purchase and similar moves are creating a halo effect around AI-powered creator tools that can be integrated directly with on-chain payment rails.

SUBBD token presale and economic design

Presale data cited in the article indicates that SUBBD had already raised more than $1.4 million, pointing to early investor interest. During this phase, the SUBBD token was listed at a price of $0.057495, setting the initial valuation parameters for the ecosystem.

Moreover, the protocol reportedly features a staking program that offers a fixed 20% APY for the first year to users who lock their tokens. This is framed as an incentive mechanism intended to reward long-term participation and stabilize token circulation during the platform’s growth phase.

HoneyHive governance and creator-focused features

Beyond staking, SUBBD is said to integrate an on-chain governance module called HoneyHive. Through this framework, token holders can vote on significant platform decisions, including which creators are onboarded, what platform themes are prioritized, and how new features are rolled out.

However, the emphasis on governance also reflects a broader trend in Web3, where projects attempt to align the interests of users, investors, and developers via tokenized voting systems. In theory, this can provide creators with a more direct say in the rules and economics that shape their work environment.

Investor sentiment around AI-blockchain utility protocols

The high-profile AI.com deal, combined with growing coverage of creator-focused protocols like SUBBD, is being interpreted as evidence of deepening ties between AI systems and blockchain infrastructure. Market participants see potential in products that merge automated content tools with transparent payment and governance rails.

Overall, the reported domain acquisition and subsequent attention suggest that investors are increasingly focused on utility-driven protocols, where AI capabilities, staking incentives, and token-holder governance converge to challenge incumbent platforms within the rapidly expanding digital creator economy.

Bringing institutional discipline to digital assets, DeFi Technologies has introduced the DVIO index to turn regulated capital flows into a forward-looking lens on crypto markets.

A new benchmark built on real investor flows

DeFi Technologies Inc., through its subsidiary Valour, has launched the DEFT Valour Investment Opportunity (DVIO) Index, an institutional-grade benchmark that tracks how regulated investor capital is allocated across digital assets using real flows through Valour’s ETP platform. The index is updated weekly and covers the top 50 assets in Valour’s ecosystem by assets under management (AUM) and flows.

According to the company, the index aims to deliver higher signal quality than typical crypto data sources by relying on a consistent, regulated product structure and execution framework. Moreover, it is designed to function not only as a benchmark but also as the core of a broader insights and commercial platform for recurring analytics, market barometers, and future index-linked products.

Launch details and strategic positioning

On February 9, 2026, in Toronto, DeFi Technologies announced that Valour Inc. and Valour Digital Securities Limited had jointly launched the DVIO Index, positioning it as a regulated, capital-based reference for the digital asset market. The index is intended to show how regulated capital is allocated across crypto assets, using observable flows through Valour’s listed products.

The index provides a forward-looking view of investor positioning, sentiment, and capital rotation by tracking real flows on Valour’s regulated ETP infrastructure. That said, DeFi Technologies argues that this approach delivers a level of signal quality and market efficiency not available from traditional price, on-chain, or exchange volume data sets.

From fragmented data to capital-flow intelligence

Crypto markets generate large volumes of information, yet much of it remains fragmented, noisy, and backward-looking. Prices, on-chain metrics, and exchange volumes often explain market moves after they occur, rather than indicating how institutional capital is positioned in real time.

In traditional finance, capital flows are widely regarded as among the most reliable leading indicators of market behavior. The dvio index applies this discipline to digital assets, grounding its insights in observable, regulated investment decisions rather than speculative wallets or unregulated trading venues. As a result, the index seeks to transform capital allocation data into genuine market intelligence.

Why Valour flows offer differentiated signals

Access to crypto assets is usually fragmented across multiple exchanges, each with different fees, spreads, liquidity conditions, and execution quality. Consequently, observed flows can be skewed by platform mechanics rather than reflecting true investor conviction in a particular asset.

Valour’s ETP platform is designed to remove much of this distortion. Uniform pricing and internal market making aim to minimize slippage across products, while fees are transparent, regulated, and fully disclosed in prospectuses and final terms. Moreover, risk profiles, liquidity models, and pricing frameworks are aligned across the platform, and terms and flows of cross-listed products remain tightly coordinated regardless of trading venue.

This structure creates an environment in which capital allocation decisions are driven primarily by asset fundamentals and investor conviction. Therefore, Valour’s flows can serve as a distinctive and cleaner indicator of market behavior.

A diversified, rational investor base

With 102 ETPs spanning 74 unique digital assets, Valour operates one of the most extensive regulated digital asset ETP platforms worldwide. Investors can allocate across majors, Layer 1s, DeFi projects, and emerging themes, all within a consistent execution and risk framework.

As a result, capital flows on Valour’s platform reflect the actions of investors operating under rational, institutionally aligned constraints in an efficient market structure. That said, this makes those flows a uniquely powerful source of intelligence on crypto allocation trends and gives Valour a broad view of how institutional exposure to digital assets is evolving.

Index design and methodology

The DEFT Valour Investment Opportunity Index tracks the top 50 individual crypto assets by AUM and flows within Valour’s ETP ecosystem. Constituents and weights are updated weekly to capture both current capital allocation and the way that allocation is changing over time.

Anchored in regulated infrastructure and real investor capital, the index seeks to provide a credible reference point for institutions seeking transparency in an otherwise opaque market. Moreover, its systematic construction is focused on maximizing signal quality for professional users.

The methodology is rules-based and designed to capture meaningful shifts in investor behavior while filtering out short-term market noise. It is anchored in AUM but dynamically responsive to changes in flows, balancing stability with adaptability through a weekly rebalancing schedule.

This methodology provides a foundation for investors, asset managers, and product issuers to develop index-linked products, structured strategies, research frameworks, and risk models built on capital-flow signals. In doing so, it positions the index as both a benchmark and a practical tool for strategy design.

Insights framework and barometers

Beyond its role as a benchmark, the DVIO Index underpins an insights framework that converts flow data into actionable intelligence. Outputs include weekly analyses of flow and weight changes, as well as indicators designed to highlight divergences between price action and capital allocation patterns.

Among these tools are market-level measures such as the DVIO Index Flow Sentiment Barometer and the DVIO Index Altcoin Barometer, which seek to quantify shifts in market risk appetite and sector rotation. Additionally, the index maintains a Watchlist of assets outside the top 50 by AUM to surface early-stage flow momentum before those assets become index-eligible.

This Watchlist is intended to enable more predictive, rather than purely reactive, analysis of emerging opportunities. Moreover, it supports the development of digital asset sentiment indicators that move beyond simple price-based metrics.

Business model and commercial roadmap

The DEFT Valour Investment Opportunity Index is also a strategic platform for advancing Valour’s broader commercial objectives. It provides a unified narrative for engaging investors worldwide across the full range of Valour ETPs, anchored in the strength and consistency of the signals the index generates.

In parallel, DeFi Technologies will offer subscription-based access to weekly insights and monthly analytical reports derived from DVIO data. However, the company also sees a longer-term opportunity in building out an analytics ecosystem around the benchmark.

Looking ahead, DeFi Technologies plans to develop a DVIO-derived analytics terminal offering more granular, data-driven insights. The index is being engineered to support licensing by third-party asset managers and financial institutions, enabling the creation of index-linked products under licence.

Over time, this ecosystem is expected to reinforce the DVIO Index’s role as a market reference while helping funnel additional capital into Valour’s underlying ETPs. This aligns the benchmark with Valour’s growth strategy and expands the potential for etp platform insights across the digital asset space.

Data, AI, and analytical infrastructure

The DVIO initiative marks a significant enhancement and scaling of DeFi Technologies’ and Valour’s data operations. It is built on an integrated data architecture optimized to leverage trading, flow, and pricing information across Valour and its wholly owned subsidiary Stillman Digital.

This infrastructure is designed to support the development of innovative structured instruments and to apply advanced analytics and AI techniques. Moreover, it aims to deepen understanding of how investment behavior interacts across decentralized finance (DeFi), traditional finance (TradFi), broader technology trends, and macroeconomic indicators.

By combining regulated market data with advanced analytical capabilities, DeFi Technologies is positioning the DVIO Index as both a benchmark and a research engine for next-generation digital asset investment strategies. This framework also opens the door for future index derived analytics products targeted at institutional users.

A differentiated vantage point on crypto markets

As one of the issuers with the largest and most diverse digital asset ETP offerings globally, Valour claims a distinctive vantage point for launching this benchmark. The DEFT Valour Investment Opportunity Index is based on the actual collective decisions of rational investors allocating real capital through regulated instruments, rather than on theoretical models or indirect proxies.

In doing so, it sets out to establish a new regulated crypto benchmark grounded in efficiency, transparency, and observable capital behavior. Moreover, it highlights how regulated infrastructure and disciplined data architecture can turn flows into a strategic resource for the digital asset industry.

About the companies behind the index

DeFi Technologies Inc. is a financial technology company focused on bridging traditional capital markets and decentralized finance. As the first Nasdaq-listed digital asset manager of its kind, the company offers equity investors diversified exposure to the decentralized economy through an integrated business model.

Its operations include Valour, which provides access to more than one hundred of the world’s most innovative digital assets via regulated ETPs; Stillman Digital, a digital asset prime brokerage and liquidity provider focused on institutional-grade execution and custody; and Reflexivity Research, which produces in-depth research on the bitcoin and digital asset industry. The group also includes Neuronomics, focused on quantitative trading strategies and infrastructure, and DeFi Alpha, the internal arbitrage and trading business line.

Valour Inc. and Valour Digital Securities Limited issue ETPs that allow retail and institutional investors to access digital assets in a simple and secure way via traditional bank accounts. Valour forms part of DeFi Technologies’ asset management business line and is central to the flow data underpinning the DVIO benchmark.

Reflexivity Research LLC is a research firm dedicated to producing high-quality, long-form reports on bitcoin and digital assets, aimed at equipping investors with detailed insights. Meanwhile, Stillman Digital offers liquidity solutions for businesses, with a focus on trade execution, settlement, and technology.

By integrating regulated capital flows, robust data infrastructure, and institutional-grade analytics, DeFi Technologies and Valour are positioning the DEFT Valour Investment Opportunity Index as a forward-looking reference point for understanding how real money navigates the crypto market.

Ethereum and Bitcoin continue to trade in defined ranges as crypto markets show mixed momentum, movements restrained, and on-chain data gaining the attention of traders and analysts. Discussions on current Ethereum price predictions have focused on whether the market could be in store for extended consolidation or renewed volatility.

Coin Bureau insights from IntoTheCryptoVerse Analysis suggests a scenario where Ethereum would have to revisit lower levels before any sustained expansion. In the meantime, the commentary situates that the current conditions are transitional rather than directional.

Source: x/@coinbureau

Ethereum Price Prediction Centers on the $2,000 Range

The current price of Ethereum is close to $2,000, a range often called the “mid-value zone.” Experts say that in the past, this zone served as a holding zone for the market during a prolonged period of stagnation. It can be observed that the movement of the price around this zone does not manifest any significant momentum.

According to various Ethereum prediction charts, in similar stages of previous market cycles, sideways price movements were noted rather than a strong breakout. These are usually periods of volatility compression, and analysts are watching for further developments in these sectors.

Analysts Outline Potential Retest of $1.5K Support

The analysis cited by Coin Bureau indicated that there’s also a risk of decline to the lower pricing band at about $1,500, but later on in the cycle. The price structures from previous Ethereum cycles indicate that each Ethereum price rally was followed by some retracement before it began to push forward. This trend is apparent in most Ethereum price prediction models.

In prior cycles, there have also been significant drawdowns before powerful expansions. Such pullbacks happened even when overall network activity was stable. Such price action is said to be a feature of ‘late-stage shakeouts’ rather than changes in the underlying trend.

Source: X/@coinbureau

On-Chain Metrics Show Network Stability

Data from Glassnode’s on-chain analytics shows Ethereum’s market capitalization is trending in a consolidated pattern. It is believed that a consolidated market capitalization level reflects the stability of the capital remaining in the network, as opposed to the exiting of funds on a large scale. This pattern is unlike the deeper bear phases seen in the prior cycles.

Market cap is also a major factor when performing price prediction for Ethereum since a consistent decline in this regard usually signals a downward movement for the cryptocurrency. This, however, does not seem to be the case at the moment. It appears to be a period of accumulation for the asset, just as in previous

ETHs Market Cap

Supporting this theory, active addresses reveal that active Ethereum addresses follow a fluctuating pattern, rather than decreasing continuously. The number of active Ethereum addresses appears to increase at regular periods.

ETHs Number of Active Addresses

Transaction volume also shows notable spikes during the same period. Higher transaction counts appear while price remains range-bound. Similar divergences were seen in previous cycles, during phases of consolidation that preceded larger price movements.

ETHs Number of Transactions

Long-Term Projections Reflect Diminishing Returns

Historical data, as prior analyzed, creates a basis of reference for the analysis. The 2017-2018 cycle is valued to have achieved more than 15,000% growth, whereas the growth achieved within the 2020-2021 cycle has surpassed 5,000%. A model of diminishing returns is currently under consideration.

As per this model, it is estimated by Ethereum price prediction for the upcoming growth phase to rise by between 1,500 and 2,000 percent, leading to a potential and possible long-term price range of between $24,000 and $32,000 based on the proportionate cycle.

Disclaimer: This analysis is based on market trends and does not guarantee future results. It should not be treated as financial advice. Cryptocurrency investments involve risk, so always do your own research (DYOR) before investing.

After a brutal sell-off and weather-related outages, the bitcoin mining ecosystem is undergoing a sharp reset that puts Bitcoin mining economics back in the spotlight.

Largest difficulty drop since China’s 2021 crackdown

Bitcoin‘s BTC $70,411.45 network just saw an 11% decline in mining difficulty, the steepest fall since China‘s industry crackdown in 2021. The adjustment followed a rapid hashrate drop triggered by plunging prices and widespread winter storm-related outages across the U.S.

Mining difficulty determines how hard it is to discover new blocks, and it automatically adjusts roughly every two weeks. This mechanism keeps the average block time close to 10 minutes, regardless of how many machines are online.

According to Blockchain.com data, the latest change pushed the difficulty metric down from over 141.6 trillion to about 125.86 trillion. That said, such a move signals a meaningful reduction in active hardware securing the network.

Price slump and miner shutdowns pressure the network

The drop in difficulty comes after a series of blows to miners. Bitcoin fell from an all-time high of $126,000 in October to around $69,500, eroding margins across the sector. Moreover, the declining revenue environment hit operators with older machines and expensive power contracts hardest.

Many miners running outdated rigs or exposed to high energy prices were forced to shut down operations. Some operators instead redirected infrastructure toward artificial intelligence workloads, reflecting an emerging ai migration of miners as megacap firms offer longer-term, often more predictable, contracts.

One notable example is Bitfarms (BITF), whose share price jumped after it said it is no longer a pure bitcoin company. The firm is repositioning itself as a data center developer focused on high-performance computing and AI, signaling how quickly strategies can shift when mining margins compress.

Hashprice collapse and revenue squeeze

On a revenue basis, the stress is clear. Bitcoin mining income per unit of computing power, tracked through hashprice, has plunged. It fell from nearly $70 per petahash when the crypto traded near its record high, to just over $35 per petahash today.

This means bitcoin revenue per petahash has effectively been cut in half, from a peak of $70 to $35. However, with fewer competitors online after the recent shakeout, the latest difficulty reset could gradually improve earnings for miners that remain operational.

Industry analysts note that bitcoin mining participants often expand or contract capacity rapidly in response to such revenue swings. As a result, the current phase may accelerate consolidation toward better-capitalized firms and lower-cost power regions.

Impact of winter storms and grid curtailments

Severe winter storms, particularly in Texas, further strained the network. Grid operators issued curtailment requests to conserve electricity for households as temperatures dropped, pushing miners to power down during peak demand.

Public mining firms responded by sharply reducing output. Some companies reported daily bitcoin production falling by more than 60% during the harshest days of the storms. Moreover, these interruptions amplified the hashrate decline that fed into the latest difficulty adjustment on Feb 9, 2026.

Despite the disruptions, energy experts argue that flexible mining loads can still support grid stability over time. That said, the episode highlighted the operational risks miners face when tethered to weather-sensitive power markets.

Difficulty as a self-correcting mechanism and market signal

Although a double-digit difficulty drop may look alarming at first glance, it reflects the protocol’s built-in resilience. The network automatically lowers difficulty when hashrate falls, helping restore block times and supporting transaction processing capacity.

For miners that stay online, reduced competition can translate into higher profitability per unit of hashrate. Moreover, the adjustment helps some operators stabilize their business model, even after a sharp revenue decline and storm-driven shutdowns.

Historically, major difficulty declines have sometimes marked miners capitulation market signals. During these phases, stressed operators sell more BTC to cover operating expenses, which can weigh on prices in the short term but often precedes periods of stabilization or even recovery.

What the latest reset means for miners and investors

The current 11% difficulty cut, the biggest since 2021, suggests a capitulation-style shakeout is underway among higher-cost miners. It also underscores how quickly conditions can change when prices slide from $126,000 to roughly $69,500 in just a few months.

Investors watching the sector will now focus on whether the hashrate stabilizes around the new difficulty level of 125.86 trillion. However, they will also track how much additional capacity shifts toward AI and high-performance computing as firms like Bitfarms pivot business models.

In summary, the latest difficulty adjustment highlights bitcoin’s self-correcting design while exposing the fragility of overleveraged or high-cost operators. For the miners that endure, leaner competition and a healthier difficulty level could lay the groundwork for a more sustainable next phase of network growth.

In a year defined by macro volatility and rapid automation, BingX AI is emerging as the centerpiece of the exchange’s strategy to reinvent how traders operate.

BingX commits $300 million to an AI-first trading stack

BingX has allocated $300 million to artificial intelligence over the long term, positioning itself as an “all-in AI” venue where automation is treated as core market infrastructure. Rather than adding isolated bots, the exchange is rebuilding its stack so that machine learning informs every major stage of the trading workflow.

The internal architecture spans multiple models coordinated by specialized agents mapped to distinct points in the process, from idea generation to risk review. Moreover, these systems are being calibrated for both crypto and traditional markets, so signals can move across asset classes in real time.

Two flagship products, BingX AI Bingo and BingX AI Master, sit on top of this stack as decision-support layers rather than execution engines. However, their role is central: they translate dense market data into structured scenarios that retail and professional traders can use without writing code or building models from scratch.

How BingX AI Bingo and AI Master guide trading decisions

AI Bingo acts as a conversational trading idea generator, scanning more than 1,000 market pairs across crypto, commodities and other instruments. It surfaces potential scenarios, highlights support and resistance levels, and offers probability-style assessments to help users frame entries and exits.

AI Master is built as a personalized layer on top of those insights, adapting to a user’s risk tolerance and trading style. That said, the tool stops short of fully automated execution, instead adjusting recommendations in real time as conditions shift and as it learns from user behavior.

BingX product leadership has described the outcome as an experience that feels “less like software and more like a companion who understands you.” In practice, this design aims to create an AI trading companion that can make complex, cross-market information more intuitive without removing human oversight.

AI meets tokenized metals and traditional markets

This AI push is unfolding as exchanges increasingly combine digital assets with traditional instruments such as gold, oil and tokenized equity exposure. From a single AI powered interface, BingX users can track gold, oil and Bitcoin (BTC) around major macro releases, rather than toggling between platforms.

Macro demand for safe-haven assets is also accelerating. UBS has raised its gold price target to $6,200 per ounce for March, June and September 2026, while expecting prices to ease slightly to $5,900 by year-end. Moreover, those upgraded forecasts reinforce interest in tokenized precious metals and other real-world assets onboarded to crypto exchanges.

BingX argues that routing these instruments through blockchain settlement improves traceability and auditability. At the same time, AI tools can help traders interpret macro-driven moves across asset classes in a unified view, instead of reacting to isolated order books or single-asset dashboards.

Volumes, users and the shift in competitive dynamics

The scale of BingX’s traditional products is already meaningful. The exchange reports more than $2 billion in 24-hour trading volume in its TradFi lineup alone and says its AI tools have attracted millions of users. Overall, the broader ecosystem now claims more than 40 million accounts globally.

As analysts frame AI-supported, multi asset trading environments as a baseline expectation by 2026, the competitive focus is drifting away from raw execution speed. Instead, interpretation, risk assessment and personalization are becoming the key battlegrounds for exchanges looking to differentiate in both crypto and traditional markets.

In that context, the bingx ai stack is intended to convert correlated, cross-asset noise into usable decisions. However, the long-term test will be whether traders actually trust AI-guided workflows when volatility spikes and liquidity fragments across venues.

Broader crypto market backdrop

The AI investment comes against a backdrop of strong digital-asset liquidity and intense macro sensitivity. Bitcoin (BTC) is hovering around $70,961, with 24-hour turnover near $42.3B, making it a focal point for global risk appetite.

Ethereum (ETH) is changing hands close to $2,095, on roughly $20.9B in 24-hour volume. Meanwhile, Solana (SOL) trades around $87.6, with about $3.6B in day-long activity. For BingX and its rivals, these flows form the proving ground for whether AI-native exchanges can genuinely help traders keep pace.

Related themes include the rollout of AI Master as a crypto trading “strategist,” deeper dives into the AI Bingo and AI Master stack, and the latest UBS upgrade to its 2026 gold forecasts. Altogether, they point to a market where AI, tokenization and cross-asset risk analysis are converging into a single, always-on trading environment.

Outlook for AI-native, multi-asset venues

Looking ahead, exchanges that integrate multi-model AI systems with both digital and traditional products may define the next stage of market structure. Moreover, as regulatory clarity evolves and institutional adoption grows, traders are likely to expect cross-asset risk tools and personalized analytics as standard features.

For now, BingX’s $300 million bet signals that the arms race is shifting from latency to intelligence. Whether the platform can convert that investment into durable user loyalty will depend on how effectively its tools turn complexity into clear, actionable insight.

Authorities in South Korea have launched a formal review after a high-profile Bithumb bitcoin glitch exposed serious weaknesses in a major crypto promotion.

The $40 billion promotion error at Bithumb

South Korean regulators are examining how Bithumb, one of the country’s leading exchanges, initiated an exchange of $40 billion in Bitcoin that it apparently did not hold on its books. The anomaly has raised concerns over internal controls at large trading platforms.

The issue surfaced when the Seoul-based exchange, during a promotional campaign, began crediting accounts with vast sums instead of the modest reward that had been announced. However, no actual transfer of on-chain coins matching that scale has been reported so far, intensifying questions about the internal accounting.

How the crypto exchange promotion mistake unfolded

According to the Financial Services Commission, the incident occurred on Feb. 6 when Bithumb started crediting user balances with a “small fortune” of Bitcoin. Each participant should have received only 2,000 won, equivalent to $1.37, under the terms of the campaign.

In its financial services commission statement on Sunday, the regulator said the problem stemmed from a single employee inputting the payout field as Bitcoin rather than Korean won. Moreover, this internal error cascaded through the exchange’s systems and led to what officials have described as a ghost bitcoin incident in user interfaces.

Regulatory response and industrywide scrutiny

In response, South Korean authorities have formed a dedicated task force to conduct a regulatory task force investigation into industry practices. The team is examining whether other domestic trading platforms could be vulnerable to similar lapses in configuration or oversight.

The new group will look closely at how exchanges manage promotional campaigns, verify reward limits, and reconcile internal ledgers. That said, the episode has already become a central focus of the ongoing south korea crypto probe, which aims to tighten risk controls in the retail trading environment.

Focus on Bithumb bitcoin systems and controls

Regulators are now assessing whether the bithumb bitcoin accounting architecture provided adequate safeguards against manual input errors of this scale. However, the authorities have not yet indicated whether formal sanctions will follow once the fact-finding process concludes.

Investigators are also gathering information on how quickly Bithumb identified the problem, whether user access to the inflated balances was restricted in time, and how the platform communicated the issue. Moreover, findings from this case could inform new guidance for all major crypto venues in Seoul.

Implications for South Korea’s crypto sector

The Bithumb case has renewed debate over how tightly exchanges should be supervised in one of Asia’s most active digital asset markets. While some industry participants warn against overregulation, officials argue that errors involving tens of billions of dollars, even if only virtual entries, can undermine public confidence.

For now, South Korean regulators are signaling that they will treat this as a structural warning rather than an isolated mishap. The outcome of the investigation is expected to shape the next phase of policy toward large trading platforms and their promotional activity.

In summary, the Bithumb promotion error has become a catalyst for wider oversight of crypto exchanges in South Korea, with the $40 billion accounting glitch prompting authorities to scrutinize internal controls, user protection, and future risk management standards across the sector.

In a move closely watched by crypto markets, the binance safu mechanism is again in focus as the exchange boosts its dedicated protection reserves.

New Bitcoin purchase for the SAFU protection pool

On February 9, Binance disclosed that its SAFU fund address acquired an additional 4,225 BTC, reinforcing the exchange‘s emergency insurance pool for users. Moreover, the company revealed on X that this latest allocation corresponds to approximately 300M USD in stablecoins, underlining the scale of the operation.

The official Binance SAFU BTC address now holds a total of 10,455 BTC, marking a significant expansion of its on-chain reserves. However, the move is not only about numbers; it also signals a deliberate effort to anchor the fund in a highly liquid and widely recognized crypto asset.

Strategic focus on Bitcoin and investor confidence

This renewed focus on Bitcoin accumulation within the Safety Asset Fund for Users is viewed as a strategic step to enhance asset resilience. In particular, the latest safu fund bitcoin accumulation underscores Binance’s intention to keep its emergency backing aligned with leading market assets.

Market observers note that the growing BTC balance could serve as a stabilizing factor for user sentiment. That said, the impact on broader market dynamics will depend on how transparently the binance safu reserves continue to be reported and adjusted over time.

Overall, the increase to 10,455 BTC in the protection wallet highlights Binance’s ongoing effort to strengthen user safeguards while signaling long-term confidence in Bitcoin as a reserve asset.

Earlier this month, a sharp cryptocurrency sell-off exposed how bitcoin market makers can unintentionally magnify price swings during periods of stress.

From $77,000 to $60,000: why the slide was so violent

Bitcoin plunged from about $77,000 to nearly $60,000 between Feb. 4 and Feb. 7, erasing billions in value across the broader crypto market and wiping out some trading funds. Most commentators blamed macro pressures, spot ETF outflows and rumors of forced liquidations. However, a key structural factor in the derivatives market also appears to have accelerated the move.

That factor was the behavior of options market makers, according to Markus Thielen, founder of 10x Research. These professional liquidity providers usually help stabilize trading by continuously posting buy and sell quotes. Yet their hedging activity can sometimes amplify volatility, especially when positioning is skewed in one direction.

How dealers normally operate in crypto markets

In day-to-day trading, dealers stand on the opposite side of investor orders, quoting both a bid and an ask to keep markets liquid. They earn money from the bid-ask spread, the small difference between the buying and selling price of an asset, rather than by speculating on whether prices will rise or fall. Moreover, this model is designed to keep them as close to market-neutral as possible.

To manage risk, dealers hedge their exposure to price moves by trading the underlying asset, such as Bitcoin, or related derivatives. When investors buy call or put options, the dealers who sell those contracts typically adjust their positions in the spot and futures markets. That said, the speed and direction of this hedging can become destabilizing when large option positions cluster around key price levels.

The short-gamma trap between $60,000 and $75,000

Thielen explains that, during the sell-off, options market makers were heavily short gamma in the $60,000–$75,000 range. In practice, this meant they had sold substantial amounts of options at those strikes without holding enough offsetting hedges. As a result, they were highly sensitive to sharp price moves around those levels.

Being short gamma forces dealers to hedge in the same direction as the market move. As Bitcoin dipped below $75,000, these firms sold BTC in spot and futures to keep their positions near neutral. However, this extra selling added to existing pressure from macro drivers and ETF outflows, helping to deepen the decline.

Thielen estimated there was about $1.5 billion in negative options gamma concentrated between $75,000 and $60,000. He noted this cluster “played a critical role in accelerating Bitcoin’s decline and helps explain why the market rebounded sharply once the final large gamma cluster near $60,000 was triggered and absorbed.” This description highlights how dealer hedging can both intensify a drop and set the stage for a sharp bounce once positioning clears.

Negative gamma and the self-feeding selling cycle

Negative gamma describes a setup where dealers must trade in the direction of the underlying price move to stay hedged. As Thielen put it, “options dealers, who are typically the counterparties to investors buying options, are forced to hedge in the same direction as the underlying price move.” In the $60,000–$75,000 window, that dynamic turned them into incremental sellers as prices slid.

In effect, the negative gamma effect created a self-reinforcing loop. As Bitcoin fell, dealers sold more to maintain neutrality, which pushed prices even lower and required further selling. Moreover, this feedback mechanism made the drop feel disorderly, even though it largely stemmed from rule-based risk management rather than discretionary panic.

This pattern is familiar in traditional equity options market makers, where large dealer positions can exacerbate swings once key strikes are breached. The recent episode shows that the same mechanics are increasingly relevant in digital assets. The growing size of the options market means dealer positioning can now influence bitcoin spot behavior in ways that were far less visible a few years ago.

When hedging turns supportive for price

Importantly, dealer hedging does not always push prices lower. In late 2023, market participants saw the opposite effect when similar positioning existed above $36,000. At that time, dealers had sold significant amounts of options at higher strikes and again found themselves short gamma as the market moved.

As Bitcoin’s spot price broke through $36,000, dealers were forced to buy BTC to rebalance their risk. That demand helped fuel a rapid rally toward and above $40,000. However, this shows that the same structural forces that accelerated the February plunge can also power strong upside moves when the direction of travel reverses.

In both episodes, the interplay between investor flows and dealer hedging turned routine market moves into more dramatic swings. The growing influence of options market makers suggests traders and risk managers need to watch positioning data and gamma exposure more closely, particularly around crowded strike levels.

A maturing market with hidden feedback loops

The February breakdown underscores how the bitcoin market makers ecosystem now resembles that of established financial markets, where dealer balance sheets and option structures quietly shape price action. Moreover, the presence of concentrated negative gamma can turn what starts as a macro-driven pullback into a sharp, mechanically amplified move.

For investors, the lesson is that not every violent sell-off or sudden rebound is purely about sentiment or news. Internal market plumbing, especially dealer hedging tied to large option positions, can be just as important in explaining why prices overshoot on the way down and on the way up.

As the crypto derivatives market continues to grow, understanding these dynamics will likely become essential for professional participants. The latest crash toward $60,000 showed how invisible hands in the options arena can transform normal volatility into outsized moves, even when they are simply following risk-management rules.

In a move to deepen its research infrastructure, OpenAI acquisition of Neptune marks a strategic step to enhance monitoring and understanding of frontier AI models.

OpenAI moves to acquire Neptune

OpenAI has entered into a definitive agreement to acquire neptune.ai, a platform focused on experiment tracking and training analytics for advanced models. This deal is designed to strengthen the tools and infrastructure that underpin progress in frontier research. Although financial terms, such as any neptune ai acquisition price, have not been disclosed, the strategic intent is clear.

Training state-of-the-art AI systems is a highly creative and exploratory process. However, it also depends on observing how a model evolves in real time. Neptune offers researchers a dependable way to track experiments, monitor training runs, and interpret complex model behavior as it unfolds.

How Neptune supports model development

From its inception, the Neptune team has focused on supporting the hands-on, iterative work of model development. Moreover, the platform is built to help researchers navigate long and complex training workflows without losing visibility into critical metrics.

More recently, Neptune has worked closely with OpenAI to develop tools that allow scientists to compare thousands of runs and analyze metrics across model layers. That said, the collaboration also aims to surface issues earlier in the training pipeline, improving reliability and efficiency for large-scale systems.

Neptune’s depth in experiment tracking and training analytics will help OpenAI move faster, learn more from each experiment, and make better decisions throughout the training process. This directly supports frontier model monitoring and helps optimize how data, architecture choices, and training schedules interact.

Deeper integration into OpenAI’s training stack

OpenAI has indicated that this transaction is about more than a simple neptune ai acquisition; it is about long-term integration. In one of the first public comments, OpenAI’s Chief Scientist highlighted how Neptune’s system strengthens their internal workflows.

“Neptune has built a fast, precise system that allows researchers to analyze complex training workflows,” said OpenAI’s Chief Scientist. “We plan to iterate with them to integrate their tools deep into our training stack to expand our visibility into how models learn.” This vision underscores how research infrastructure tools will sit at the core of OpenAI’s future training pipelines.

The founder and CEO of Neptune echoed this sentiment, framing the deal as a chance to scale their impact. “This is an exciting step for us. We have always believed that good tools help researchers do their best work. Joining OpenAI gives us the chance to bring that belief to a new scale.” However, the companies have not yet provided a specific timeline for closing the transaction.

Implications for frontier research

As frontier AI models grow larger and more complex, model training tools become critical to safety and performance. By bringing Neptune in-house, OpenAI aims to tighten the feedback loop between experimentation, monitoring, and deployment. This could, over time, influence how the broader ecosystem thinks about observability in large-scale AI systems.

The announcement did not mention topics such as any elon musk openai acquisition bid or other high-profile disputes around earlier investments. Instead, it focused squarely on the technical and research implications of the deal. Moreover, there was no reference to other rumored transactions, including any openai windsurf acquisition or potential hardware-focused partnerships.

Both companies emphasized that they are looking ahead to the next chapter of training tools. With this deal, OpenAI and Neptune plan to co-develop deeper analytics, richer experiment tracking, and better visibility into how frontier models learn in practice. We will likely see the first visible outcomes of this collaboration in upcoming training runs announced after 2024.

In summary, the agreement between OpenAI and Neptune represents a targeted bet on better infrastructure for frontier AI research. While financial details remain undisclosed, the combination of experiment tracking expertise and large-scale model development could significantly shape the next generation of training workflows.

New week, new crypto horoscope dedicated to the upcoming week from February 9 to 15, 2026. 

This week will be marked by two transits

Venus enters Pisces from Tuesday 10/2;

Saturn enters Aries starting Saturday 14/2.

For several months now, we have been dedicating space to the crypto horoscope written by Stefania Stimolo, an expert in astrology and blockchain. This is a weekly column featuring the horoscope for each zodiac sign, available every Sunday exclusively on The Cryptonomist. 

In our slogan “We Tell the Future,” we wanted to delve deeper into the topic, playfully speaking, with this entertainment column. 

The Crypto Horoscope

We call it a crypto horoscope simply because industry-specific terminology is used. 

Words like NFT, metaverse, and Over-The-Counter to describe actions and scenarios, as well as trading terminology like bullish, bull run, bear market, or dump to identify the mood of each zodiac sign during the days of the week.

Obviously, the famous to-the-moon cannot be missing to indicate the mood of that sign! 

In general, you might experience a period of “hard-fork,” understood as an “inner split,” or pass your lightning torch to the next zodiac sign, meaning the Sun is moving to the next sign. 

Or, simply, you need to reflect on certain situations that go into “verify,” meaning when the planet is in dissonance with the zodiac sign. Moreover, with each new transition of the Sun through the zodiac constellations, the roadmap of each sign will reach a new step. 

Obviously, no investment advice is given; rather, it is purely for entertainment, just like any other horoscope. It should be noted that many industry beginners have understood specific crypto terminology thanks to the horoscope on The Cryptonomist. 

“Don’t Trust, Verify”

Astrology is not an exact science, but it aims to predict the future in its own way. So why not associate the typical blockchain phrase “Don’t Trust, Verify” here as well. 

In fact, what the author aims to offer is her interpretation of the planetary transits occurring during the week, describing the reaction of each zodiac sign, following the “logic” of traditional astrology. 

For those who are astrology enthusiasts, they might stay updated just by following the transits that are communicated weekly, which somehow influence us. A Mercury Retrograde, rather than the days of a Full Moon. 

Others, on the other hand, might visit the dedicated page, which is updated every Sunday, to read the horoscope for their zodiac sign, their ascendant, or why not, even the horoscope of friends and loved ones. 
So, for entertainment purposes only, don’t waste time and click here to read your horoscope for this week!

The RW framework has become, in recent years, one of the most debated tools in the tax management of cryptocurrencies in Italy. Originally designed to monitor financial assets held abroad, it is now also used for crypto-assets, but often with controversial results.

According to Stefano Capaccioli, the issue is not only applicative but structural: the RW framework was not designed for a decentralized ecosystem like that of cryptocurrencies.

Why the RW Framework Exists

To understand the current issues, it is necessary to start from its origin. The RW framework was established during the years when Italy had strict currency restrictions. With the liberalization of capital movements and entry into the European Union, the State relinquished prior control over foreign accounts, replacing it with a communication obligation.

Dubai, UAE – February, 2026 – PlanX 2026 will take place on April 27–28, 2026 at the Grand Hyatt Dubai Conference & Exhibition Centre, bringing together more than 3,000 founders, investors, and advisors who want more than a single jurisdiction can provide. As the global landscape evolves, with rising wealth taxes, tighter financial controls, and geopolitical unrest creating volatility and complexity, individuals and enterprises are seeking new ways to secure freedom, flexibility, and resilient growth.

Many founders operate globally but keep a local setup: one passport, one bank, one entity. This can feel comfortable and stable but fragile in the real world. Then payments get delayed, your bank starts asking new questions, or your government changes the rules overnight. Suddenly you are reacting instead of choosing. PlanX is for building real options before you need them.

PlanX gives you access to a curated room representing $10B+ in capital and enterprise value. Built for clarity and outcomes, it connects high-intent founders with vetted experts and strategic partners you won’t find in public feeds or open networks. Sharper conversations. Direct introductions. Clear next steps, ready to execute.

“Most founders are not underprepared. They are under-structured,” said Frankie Ngo, Founder of PlanX. “When your whole setup lives in one place, small changes create big consequences. You can read theories online. The 1% trades in proximity. PlanX is where you stop guessing and start aligning.”

PlanX will bring together a network of innovators, investors, and advisors across fintech, migration services, offshore structuring, and digital finance, with topics spanning golden visas, offshore banking, crypto and Web3, digital assets, stablecoins, AI, and more. The program will feature over 50 speakers and sessions built around the four pillars of the PlanX Playbook – Citizenship, Compliance, Capital, and Commerce – covering second residency options, asset protection, offshore operations, banking and payments, and compliant tax strategy.

Attendees will also have access to more than 70 exhibitors and curated deal rooms, creating a high-trust environment for networking, deal-making, and real-world collaboration. PlanX uses targeted touchpoints and curated introductions to match high-intent attendees with speakers, partners, and exhibitors, turning conversations into deals and long-term setups.

Dubai is home to over 81,000 millionaires and ranks among the top 20 cities for millionaires globally in 2025, according to the World’s Wealthiest Cities Report 2025 by Henley & Partners.

With its strategic location between Europe, Asia, and Africa, coupled with zero income tax, world-class infrastructure, and pro-business regulation, the UAE provides an ideal setting for PlanX 2026.

“PlanX is more than just a two-day event. Our vision extends into policy, infrastructure, and execution by connecting decision makers, operators, and institutions through year-round content, partnerships, and real-world frameworks.” said Ngo.

-ENDS-

About PlanX

PlanX Conference is the Global Stage for Protecting and Scaling Borderless Wealth. Built for modern global founders and investors, participants gain access to a curated room collectively representing $15B+ in capital and enterprise value, designed for high-trust conversations and real-world outcomes. Escape the single-country trap, where one jurisdiction becomes the weak point in your mobility and structure. Across Citizenship, Compliance, Capital, and Commerce, attendees connect with vetted experts and strategic partners to align resilient setups, reduce cross-border fragility, and leave with clear next steps the top 1% already uses to keep more, risk less, and build stronger.

For more information, visit www.planxconf.com. 

January 30, 2026

Client: Algorand Foundation

Spokesperson/responses attributable to: Marc Vanlerberghe, CMO, Algorand

Reporter contact: Amelia Tomasicchio, Editor in Chief and Co-founder, The Cryptonomist

What motivated the Algorand Foundation to re-establish its U.S. headquarters, and why Delaware in particular?

It’s actually just as important to explain why we left in the first place.
For a period of time, the regulatory environment in the U.S. made it difficult to operate with the level of clarity and predictability that serious financial infrastructure requires. That uncertainty pushed many organizations, including ours, to operate elsewhere. What’s changed is that we now see a path toward clearer rules and more constructive engagement, which makes long-term planning possible again.
Delaware, specifically, is widely accepted as the national standard for mission-driven technology organizations operating at scale. Its legal clarity, well-established governance framework, and the Court of Chancery’s century of expertise in corporate law provide a reliable foundation for our U.S. operations. For us, this move is about building durable infrastructure inside a system institutions already understand and trust.

How does the newly constituted board shape Algorand’s strategic priorities for the next phase of growth?

The composition of the board reflects the reality of where Algorand is today and where it’s headed next.
Our strategic focus is financial empowerment and making blockchain the preferred rail for the future of finance. That’s a complex goal, and it demands a wide range of expertise. Michael Mosier brings deep regulatory experience from his time at FinCEN. Rebecca Rettig contributes legal leadership from the digital asset space. Bill Barhydt brings technology and entrepreneurial perspective, while Alex Holmes adds institutional and payments experience from banking and MoneyGram. And of course, Staci brings extensive TradFi experience as CEO.
That mix allows us to move forward thoughtfully by balancing innovation with oversight, and ambition with real-world constraints.

What key opportunities do you see in the U.S. market for Algorand’s ecosystem, especially compared to other regions?

The U.S. remains the deepest, most liquid, and most efficient financial system in the world, representing roughly 40% of global equity and fixed income markets. If your goal is to bring finance on-chain in a meaningful way, there really is no better place to be.
The U.S. is also a global leader in developer talent and entrepreneurship. That matters enormously. Innovation happens where builders, capital, and institutions intersect. Being present in the U.S. allows Algorand to support that intersection directly.

How does Algorand plan to differentiate itself in the increasingly crowded blockchain and crypto space, particularly in the U.S.?

We’re very clear about what we’re here to do and what we’re not.
Algorand is laser-focused on financial empowerment and bringing finance on-chain. That means tokenizing assets, making them composable in DeFi, enabling payments, and increasingly supporting agentic commerce. Other chains are optimized for speculation or memecoins. That’s not our lane.
From a technology standpoint, we’ve solved for the core constraints that actually matter at scale: security, scalability, and decentralization. We offer instant finality, atomic transactions, high reliability, and a protocol designed to be quantum-resistant. These aren’t features layered on later; they’re foundational design decisions that are built for real-world financial systems.
We’ve also invested heavily in developer usability, with tooling like TypeScript support, wallet infrastructure, and X402. The goal is to make it easier for builders to create serious financial applications without friction.

Will the Foundation’s marketing approach shift with this renewed U.S. presence, and if so, how?

The focus remains on telling a clear story about financial empowerment, but the timing has finally caught up to that story. The “future of finance” has always been blockchain’s core promise, but for a long time, the environment wasn’t ready. With progress on market structure legislation, greater clarity around initiatives like the GENIUS Act, and the maturity of Algorand’s technology, we believe the moment has arrived.
Marketing now becomes about connecting those dots and explaining why this technology is ready for real adoption, and why Algorand is particularly well-positioned to lead that shift.

How do you envision Algorand’s brand resonating with both institutional players and retail audiences in this new chapter?

Trust is central to our positioning, and it matters to both audiences. Algorand is highly decentralized, with more than 2,000 nodes. It’s also extremely reliable; the network has never gone down in over six years. It doesn’t fork. It delivers immediate transaction finality. Those are not abstract claims – they’re operational realities.
In finance, trust is everything. Institutions need it for governance and risk management. Retail users need it so that things simply work when they use them. Algorand’s infrastructure is designed to support both.

With global payments and asset tokenization highlighted as pillars, what specific initiatives or partnerships can we expect in these areas?

On the global payments side, we focus on providing payments infrastructure where it currently doesn’t exist, where it’s broken, or where there is a lot of friction. A prime example of this is the humanitarian aid payments we facilitate in economically distressed areas while maintaining payment transparency and user privacy. While not putting anything personally identifiable onchain, we are making aid flows transparent, trustworthy, and verifiable through the Aid Trust Portal, an initiative that visually shows every dollar of aid being traced in real time. This year, we plan to continue scaling initiatives like HesabPay in Afghanistan and Syria, deepen our work with Paycode in Africa, and grow the Humanitarian Aid Payments Council into a standing body that shapes the future of humanitarian finance.
On the asset tokenization side, we plan to make it easier to tokenize assets and to continue making multichain interoperability possible through expanding on integrations like Wormhole NTT and our partnership with Allbridge. This is a major area of growth for us as we strive to give users and developers seamless access to stablecoin liquidity across multiple blockchains and establish our position as a hub for onchain finance.

How does Algorand plan to engage developers and entrepreneurs to accelerate ecosystem adoption in the U.S.?

In our effort to accelerate ecosystem adoption in the U.S., we plan to leverage agentic commerce, lean on neobanks, and amplify DeFi protocols on our networks through vaults and other yield-bearing strategies. Agentic commerce will allow for autonomous transactions, creating new opportunities for developers to build on Algorand, especially through using our agentic payment toolkit. The bridge between TradFi and DeFi, and a tool for programmatic staking, neobanks are part of our strategy to provide financial services to unbanked populations via smartphone access, heightening adoption globally. Amplifying DeFi protocols is an ongoing effort, furthered by partnerships like the one with Noah to help connect TradFi and DeFi through seamless, compliant payment infrastructure on our blockchain.

How will the new board’s expertise in finance, technology, and regulatory policy influence Algorand’s role in shaping U.S. blockchain regulations and standards?

We’re extremely privileged to have such a senior board that can guide us in this very complex space. Our diverse board brings practical market expertise, regulatory fluency, and real operating experience that helps the Algorand Foundation make better decisions, move faster on partnerships, and scale real-world financial applications responsibly, all of which play into U.S. blockchain conventions.
There are other industry players that will have more weight in D.C. than we have. What we want is not different from what many in the industry want. We look forward to working with other players in the crypto space to move regulation in a direction that unlocks innovation and provides clarity, and we imagine a path forward marked by cohesion as we jointly shape blockchain standards and regulations.

Looking ahead, what does “financial empowerment” mean for Algorand, and how will marketing communicate that vision effectively to diverse stakeholders?

Financial empowerment means giving users full control over their financial future. Your money should work for you 24/7 and generate a risk-free return. Payments should be instant, frictionless, and cheap. Everything that users can do with their money, from investing to saving to borrowing to lending to staking, will move onchain and stop happening in walled gardens, allowing for free mixing and matching across blockchains.
With this, we hope to drive more mainstream adoption, simplify the developer and builder experiences, and enable a higher volume of transactions while remaining energy efficient, sustainable, and humanitarian-focused. We’re in a unique position to realize this vision, and we have the underlying technology and reliability to make it happen.

In recent months, the topic of stablecoins has become central to the debate on cryptocurrency taxation in Italy. Not so much for their use as a payment tool or for stabilizing volatility, but rather for the fiscal distortions that some recent regulatory choices are causing.

During an Instagram live session, tax expert Stefano Capaccioli analyzed one of the most controversial aspects of the current regulation: the tax treatment of E-money tokens, particularly those denominated in euros, such as EURC, compared to dollar-pegged stablecoins, like USDC.

Russia is tightening access conditions for the digital ruble, adding extra identification hurdles just as authorities prepare for the national rollout of the central bank currency.

Bank of Russia updates requirements for opening accounts

The Bank of Russia has approved new rules for opening digital ruble accounts, significantly expanding the information that applicants must provide. The changes affect both ordinary citizens and small businesses, and they are expected to complicate initial access to the platform.

Under the revised rules, individuals and sole proprietors must now submit their taxpayer identification numbers and social security numbers directly to the regulator. Moreover, this data requirement is in addition to existing KYC checks performed by commercial banks.

The regulation also obliges applicants to register with Russia’s Unified Identification and Authentication System (ESIA). This state system underpins access to a wide range of public services, including those offered via the Gosuslugi portal, which has become central to Russia’s digital bureaucracy.

To complete the process, future users have to appear in person at an ESIA point of service and obtain a unique electronic signature key. However, this in-person step may slow onboarding, particularly for residents in remote regions and for small entrepreneurs with limited time.

Restrictions on citizen use and expanded professional access

Russian crypto media, including Bits.media, highlighted the updated rules on Friday, when the amendments to the regulation governing the CBDC platform were officially published. The new text specifies how Russian citizens are allowed to use their regular accounts.

According to the document, standard accounts of private individuals can only be used for non-business transactions. However, this explicit restriction means that citizens are formally barred from using these wallets for commercial activity, even if volumes are modest.

That said, self-employed persons who are not registered as sole proprietors will still be permitted to conduct transfers tied to their professional activities. This carve-out is intended to accommodate Russia’s rapidly growing segment of freelancers and gig workers.

In addition to self-employed citizens and individual entrepreneurs, the regulation broadens the list of professionals allowed to use CBDC accounts for work-related payments. Notaries, lawyers, patent attorneys, mediators, insolvency agents and appraisers are now all explicitly included in the group of users with access for professional purposes.

The tighter wording does not change the regime for other types of digital ruble accounts, such as those held by legal entities, including companies, banks and non-bank organizations. However, branches of these institutions will not be allowed to open separate CBDC accounts, which may centralize corporate usage at the head-office level.

Mass adoption plans and phased rollout of Russia’s CBDC

The project to issue the Russian ruble in digital form has been underway for several years. Trials of the platform with a limited circle of participants began in 2023, and the pilot has been gradually expanded as more banks and users joined.

A full-scale launch of the state-backed coin was initially targeted for 2025. However, the Central Bank of Russia (CBR) later postponed this deadline to give financial institutions and businesses extra time to upgrade their infrastructure and compliance systems.

Following a call from President Vladimir Putin in the spring of last year for mass adoption of the CBDC, the monetary authority moved to accelerate its roadmap. Lawmakers in Moscow subsequently approved a new timetable that breaks the introduction into several stages.

Under the current plan, the first phase is scheduled to start on September 1, 2026. At that point, Russia’s largest banks will be required to support transactions in the digital form of the national currency for their clients, both retail and corporate.

Officials at the Bank of Russia describe the CBDC as a third form of the ruble, alongside cash and traditional bank money. Moreover, some within the institution believe it could eventually capture up to 5% of non-cash payments in the country, assuming technology and user experience prove robust.

Economic expectations and adoption uncertainties

Despite official optimism, there is still no consensus inside the CBR or among lawmakers about how quickly Russians will embrace the new platform. While some predict rapid take-up driven by government services and mandatory integration, others expect a more cautious transition.

Advisor Kirill Tremasov, who works closely with CBR Governor Elvira Nabiullina, argues that the main benefits will emerge in the public sector and for the wider Russian economy. According to estimates released in August, the digital ruble could add up to $3.3 billion annually to economic output once fully implemented.

However, the increased documentation demands, in-person ESIA registration and activity-based restrictions on retail accounts may slow user onboarding in the early years. How quickly citizens, professionals and businesses adapt to the new rails will likely determine whether the CBDC meets those economic expectations.

In summary, Russia is moving toward a phased national rollout of its state-backed digital currency, but stricter access requirements and usage limits may shape the pace and profile of adoption across the country.

Recent upgrades and new features are pushing the xrp ledger toward an institutional DeFi model, with XRP and compliance tooling at the center of its roadmap.

Ripple’s institutional DeFi strategy on XRPL

Ripple and core XRPL contributors have detailed a growing stack of so-called institutional DeFi components on the network, according to a Thursday blog post. The plan is to make the XRP Ledger suitable for regulated finance by combining compliance-oriented infrastructure with XRP as a settlement and bridge asset for cross-border flows and onchain credit.

Moreover, XRP’s role in forex and stablecoin payment rails is being emphasized as a primary use case. The team is highlighting stablecoin corridors, remittance activity, and tokenized collateral flows as examples of how network usage can be tied directly back to the native token and its fee and reserve mechanics.

Compliance-first architecture and permissioned markets

Unlike many smart contract platforms that add compliance layers later, XRPL has focused on embedding identity and control tools at the protocol level. That said, the roadmap stresses multi-purpose token standards (MPT), permissioned domains, credential-backed access, and batch transactions as the current foundation for institutional systems.

Permissioned domains and credentials let market operators gate participation to verified entities, which institutions often view as a prerequisite for onchain activity. This permissioned domains access model is presented as a response to regulatory and risk-management expectations, especially for banks, asset managers, and payment processors entering tokenized markets.

New lending protocol and credit market design

Looking ahead, the XLS-65/66 XRPL lending protocol is set to extend the network into on-ledger credit. It is designed to support pooled lending and underwritten credit without pushing every risk decision fully onchain, balancing transparency with institutional control over credit models.

Moreover, the roadmap describes single-asset vaults, fixed-term lending instruments, and optional permissioning layers aimed at institutional risk teams. These tools seek to mirror existing offchain credit workflows while using onchain settlement and programmable logic for efficiency and auditability.

In this framework, the xrp ledger is positioned as a venue where tokenized collateral, reserves, and lending markets can interoperate, while still allowing institutions to maintain familiar governance over exposures and counterparty risk.

Privacy-preserving transfers and regulatory expectations

Privacy is another pillar of the institutional pitch. Confidential transfers for MPTs, expected to arrive in the first quarter, are framed as privacy preserving transfers that still operate within defined compliance boundaries. However, they are intended to ensure transaction-level anonymity with the option for controlled disclosure when regulators or auditors require insight.

These features are meant to help enterprises address internal policies and jurisdiction-specific privacy rules. At the same time, they seek to avoid the full opacity associated with some legacy privacy coins, blending selective transparency with enterprise-grade confidentiality.

EVM sidechain and developer ecosystem expansion

Critics have long argued that XRPL lacks EVM-style programmability, which has limited some DeFi experimentation. The new evm sidechain axelar connection is intended to address that concern by linking an EVM-compatible sidechain to the main network through the Axelar bridge.

Furthermore, this design lets Solidity developers use familiar tooling while accessing XRPL liquidity, identity frameworks, and XRP-based collateral and reserves. Fee-driven XRP burn mechanics on the main ledger remain part of the economic model, even as sidechain applications expand what developers can build around the ecosystem.

XRP’s market performance amid roadmap rollout

Despite the strategic focus on institutional DeFi, XRP prices have fallen 22% over the past seven days. The move is broadly in line with a wider crypto market decline rather than a network-specific event.

Moreover, network activity such as stablecoin corridors, remittance flows, and token escrows denominated in XRP continues to be cited by Ripple as a key demand driver. Object reserves and auto-bridging between assets aim to reinforce XRP’s role across payments, foreign exchange, and tokenized asset settlement.

In summary, Ripple and XRPL contributors are promoting an institutional DeFi roadmap that combines on-ledger identity, permissioned markets, credit tooling, privacy features, and an EVM sidechain, all anchored by XRP’s settlement and bridge utility.

Small businesses are gaining new tools to compete as Loyyal rolls out Perxi AI, promising to reshape how loyalty programs are created and managed.

Loyyal introduces an AI loyalty agent for messaging apps

On Feb. 6, 2026 in Dubai, enterprise SaaS provider Loyyal announced the launch of Perxi AI, described as the world’s first AI Agent of Loyalty. The platform is designed to let small and medium businesses (SMEs) instantly create and run branded loyalty programs directly within messaging channels, starting with WhatsApp.

Unlike traditional software-heavy systems, Perxi AI operates as a conversational assistant embedded in existing chat apps. Moreover, it targets SMEs that have historically lacked access to advanced retention technology due to setup complexity and budget constraints.

Removing cost and complexity for SME loyalty programs

For years, many SMEs avoided loyalty initiatives because of expensive software licenses, long commercial commitments, and the need for specialist staff and training. That said, these barriers allowed only major corporations to deploy sophisticated but high value customer retention tools, leaving smaller players at a disadvantage.

Perxi AI is built to eliminate these hurdles through an instant loyalty launch model. SMEs can rapidly set up and manage their programs without upfront fees, turning deployment into a simple chat-based interaction instead of an IT project.

The entire system runs through familiar social channels. In particular, its WhatsApp chat interface is optimized to feel like conversing with a friend, guiding business owners step by step as they configure rewards, rules, and customer engagement flows.

WhatsApp-first design and frictionless participation

Neither the business nor its customers are required to download an extra app, which is a common source of friction in loyalty participation. Instead, all management tasks and customer touchpoints occur inside the existing WhatsApp environment, where users already spend significant time each day.

Moreover, Perxi AI supports interaction in any language, enabling both merchants and customers across the globe to communicate in their preferred tongue. This multi language capability allows highly localized yet scalable experiences, which is crucial for SMEs operating in diverse markets.

Driving retention, personalization, and smarter decisions

The new platform is positioned as a way to transform an SME’s competitive posture. By automating core loyalty mechanics, it helps merchants secure repeat business, while allowing them to deliver more personalized experiences tailored to customer purchase patterns and preferences.

Beyond simple point collection, Perxi AI provides data-driven insights and analytics dashboards. However, instead of forcing owners to learn complex tools, the agent surfaces key metrics through chat, helping them understand customer behavior and the effectiveness of campaigns in everyday language.

Another strategic pillar is ecosystem integration. Through Loyyal’s marketplace, small businesses can plug into larger loyalty programs and cross-partner networks. This ecosystem access significantly expands their potential reach and can enhance the value of their own rewards by connecting to broader experiences.

From loyalty management to broader AI-powered operations

Loyyal is positioning Perxi AI as more than a loyalty chatbot over the long term. The roadmap includes a dedicated finance module that will sit inside the same conversational interface. In future phases, SMEs will be able to access functions such as business finance management and credit lending workflows directly in chat.

Moreover, this expansion suggests a gradual evolution from a pure loyalty solution into a broader ai loyalty platform supporting everyday operational decisions. By keeping everything in a single interface, Loyyal aims to reduce the fragmentation typical of small business software stacks.

Award recognition and technology foundation

Perxi AI secured a key validation milestone by winning the META Llama AI Startupbootcap Program 2025. This recognition underscores that the product draws on state-of-the-art conversational AI models, tailored for high-frequency interactions between merchants and consumers.

According to Ashish Kumar Singh, CEO at Perxi AI & Loyyal, the goal is to shift the competitive balance between small firms and large enterprises. He noted that by anchoring loyalty management in WhatsApp, the company enables small business owners to deploy hyper personalized retention tools that once required a full corporate team.

Furthermore, Singh emphasized that loyalty is becoming universally accessible, intelligent, and simple, aligning with Loyyal’s broader strategy to apply AI and Web3 to next-generation customer engagement.

About Loyyal and its loyalty ecosystem

Loyyal operates as an enterprise SaaS development firm focused on loyalty and payments, built on patented blockchain infrastructure. Its technology is designed to convert traditional loyalty programs from cost centers into profit-generating ecosystems for brands and partners.

The company’s product suite includes Access Point, Reward Point, Xpand Point, and Perk Point, alongside Perxi AI. Moreover, it offers an integrated Technology + Content + Commerce proposition that prioritizes security, transparency, and AI-driven personalization for clients worldwide.

In summary, Perxi AI positions Loyyal at the intersection of AI, messaging, and loyalty, giving SMEs an accessible way to launch and scale sophisticated programs inside the channels their customers already use.

Analysts at Citigroup lowered expectations for Coinbase stock following a steep pullback in crypto markets and ongoing uncertainty around U.S. regulation.

Citi slashes Coinbase price target after crypto sell-off

Wall Street bank Citigroup has scaled back its bullish stance on Coinbase (COIN), cutting its price target to $400 from $505 amid a broad risk-off move across digital assets. However, the bank continues to see long-term upside despite the stock’s 65% decline from its record high near $450.

In a note to clients released on Friday, analysts cited weaker trading volumes, softer institutional activity and persistent uncertainty over when comprehensive U.S. crypto legislation will pass. Moreover, they described the recent crypto market turmoil as a key factor in dialing back near-term expectations for the exchange.

The new $400 price objective still implies more than a doubling from COIN’s most recent close of $146. The same analyst team had lifted its target to $505 in July 2025, when the Coinbase global stock price was surging toward all-time highs around $450.

Short-term reset but buy rating and high risk stance remain

Despite the downward revision, Citigroup reiterated its buy/high risk rating, describing Coinbase as the category leader among U.S. crypto exchanges. That said, the bank still sees regulatory clarity as the primary lever to reignite investor enthusiasm for the name.

Shares of COIN were up about 6% in pre-market trading on Friday, as crypto assets rebounded slightly from Thursday’s sharp sell-off. During that session, Bitcoin slid to around $60,000, intensifying concerns about volatility and liquidity across the sector.

Citigroup highlighted progress on the CLARITY market structure initiative as the main catalyst for restoring momentum in the stock. The bank’s analysts noted that, in their view, the path of U.S. policy remains more important for valuation than short-term swings in trading volumes or token prices.

Regulation delays weigh on sentiment

The bank now expects Senate negotiations on a comprehensive market structure bill to extend beyond 2026, a timeline that could slow the recovery in risk appetite. However, groundwork on the legislative framework continues, with staff-level discussions and draft proposals still in motion.

Coinbase CEO Brian Armstrong recently disclosed that the company had withdrawn its backing for a sweeping digital assets bill after identifying provisions that might have harmed consumers and dampened competition. Moreover, he argued that any final framework must balance innovation with investor protection to be sustainable.

The legislative effort has repeatedly lost momentum as crypto and banking lobbyists clash over details such as stablecoin yield and custody rules. Lawmakers from both parties also remain divided on several other elements of the package, complicating the timeline for a decisive coinbase regulation update.

Revenue and earnings forecasts revised lower

Marking current token prices to market, Citigroup analysts led by Peter Christiansen cut their near-term projections for the exchange’s top and bottom line performance. In particular, they reduced Coinbase fourth-quarter 2025 net revenue expectations by roughly 10% to $1.69 billion, which sits about 4% below Wall Street consensus estimates.

The latest Coinbase revenue forecast reflects lower anticipated trading volumes, muted institutional engagement and thinner spreads, as well as a more conservative outlook for retail participation. However, the report also noted that diversification into subscription and services revenue offers some cushion against pure trading downturns.

After incorporating a $2.3 billion mark-to-market decline on crypto holdings and Coinbase’s equity stake in Circle (CRCL), the team now expects a fourth-quarter GAAP EPS loss of $2.64. This negative earnings profile underscores how sensitive results remain to asset prices and balance sheet revaluations.

Upcoming earnings catalyst and market implications

Coinbase is scheduled to publish its fourth quarter and full year 2025 financial results after the market close on February 12. The update on Coinbase fourth quarter performance will provide investors with fresh insight into trading trends, fee dynamics and the impact of recent volatility.

Many institutional investors will also scrutinize any commentary around the Citi Coinbase forecast assumptions, particularly regarding regulatory timing and market structure reforms. Moreover, management’s guidance on expense discipline and capital allocation could play a crucial role in shaping sentiment toward the broader Coinbase stock narrative.

Overall, Citigroup’s move to cut its Coinbase price target cut to $400 signals a more cautious stance on near-term performance, even as the bank maintains a constructive long-term view.

However, with regulation delays, earnings revisions and heightened volatility, investors will likely remain focused on policy progress and upcoming results to gauge the next phase of the stock’s trajectory.