Из жизни альткоинов

Even while its price has been trending downward, XRP has achieved yet another crucial milestone that reinforces its role in the financial sector and solidifies its narrative as a reliable payment infrastructure. Several major organizations are persistently adding the altcoin to their payment method.

FinTech Notes Adds XRP To Official Glossary

XRP continues to cement its position in the broader cryptocurrency and financial landscape. In a notable step toward broader institutional recognition, IMF FinTech Notes has officially added the leading altcoin to its global financial glossary, which signals increased interest and acceptance of the digital asset within mainstream finance. 

XRP’s inclusion highlights its importance in international payments, regulatory debates, and cross-border settlement innovation by placing it alongside significant financial products and cutting-edge technologies. 

As seen in the Glossary list, the altcoin is now being listed alongside global payment terms such as Central bank Digital Currencies (CBDCs), Bank for International Settlements (BIS), Anti-money laundering and combating financing of terrorism (AML/CFT), Real-Time Gross Settlement (RTGS), and Circle’s USD Coin (USDC).

According to Crypto Dyl News, this is a significant achievement as it shows the token is being recognized as a legitimate cross-border settlement asset. With this milestone, the altcoin is now included in the same framework as central banks and global institutions. 

The move is a clear indication that the IMF is openly acknowledging Ripple’s growing role in global payments, pointing to more institutional adoption ahead. “This isn’t hype, it’s in their own glossary,” Crypto Dyl News added. 

A Foundational Building Block For The Digital Economy

Amid its growing interest and acceptance in mainstream finance, Franklin Templeton has hailed XRP as a foundational building block for the digital economy. The statement from the leading asset manager, which suggests a shift in institutional sentiment toward the Ripple-backed asset, has sent ripples throughout the crypto and financial landscape.

Roger Bayston, the head of digital assets at the firm, stated that fast-growing businesses are being propelled by blockchain innovation. In such an environment, digital asset tokens, such as XRP, function as powerful incentive mechanisms that support the development of decentralized networks and align the interests of stakeholders.

Franklin Templeton’s view is likely one of the key drivers behind the launch of its XRPZ Spot ETF, which provides regulated custody, daily transparency, and liquidity without the operational complexity of directly holding the altcoin. These kind of endorsements from large corporate firms portrays the token as essential infrastructure for the upcoming era of digital banking, rather than just another cryptocurrency.

Since the inception of the XRP Spot ETFs, demand for the altcoin is growing globally. John Squire, an investor and crypto influencer, shared an interesting report that proves Asia is becoming a battleground for crypto dominance, and the token is leading the charge.

In a notable takeover, XRP has officially overthrown Bitcoin and seized the top spot on Upbit, the biggest exchange in South Korea. This flip underscores Asia’s renewed interest in the altcoin and its long-term utility.

Преодоление биткоином психологически важной отметки $100 000 возможно только при условии возвращения к активным покупкам крупных участников с 1000-10000 BTC на балансе, заявили аналитики платформы Cryptoquant.

73% публичных компаний, вложившихся в биткоины, имеют проблемы с ликвидностью, а у 39% обязательства превышают стоимость накопленных криптоактивов, сообщили аналитики платформы Cointab.

За последний месяц с адресов платформы мемкоинов Pump.fun кто-то вывел более $436 млн в стейблкоинах USDC на криптобиржу Kraken, сообщили аналитики платформы Lookonchain.

Cardano has just come through one of the most severe technical incidents in its history – a 14-hour chain split that founder Charles Hoskinson insists was “serious, but not existential.” In a late-November livestream, he walked viewers through Pi Lanningham’s “Poison Piggy – After Action Report,” a detailed post-mortem on what happened on November 21, 2025, and what it means for Cardano’s long-held “no downtime” narrative.

Inside Cardano’s 14-Hour Pig-Chain Meltdown

According to Lanningham, a serialization bug in Cardano’s node implementation created the conditions for a unidirectional soft fork. The issue first surfaced on November 20 on the preview testnet, when a malformed delegation certificate was accepted by some nodes and rejected by others. Older nodes correctly rejected the over-long hash; newer nodes, due to a November 2024 code change, truncated it and treated it as valid. That version skew created two incompatible views of the chain.

“The whole reason the testnet exists is to be a safe space” to find these failures, Hoskinson noted. Under normal circumstances, the bug would have been patched and quietly rolled out. Instead, after the fix was identified and was in the process of being communicated to stake pool operators, a near-identical malformed delegation was submitted to mainnet, this time delegating to RATSRATS – conceptually doubling the ticker of RATS, Hoskinson’s own stake pool.

That transaction split Cardano mainnet into two forks. The stricter fork, running older code that rejected the malformed hash, became the “chicken chain.” The permissive fork that accepted it was christened the “pig chain” or “poison piggy.” From that point, the network entered a race: would the poisoned transaction on the pig chain become immutable before the chicken chain could overtake it?

On impact, Lanningham’s numbers are blunt. Cardano remained live but degraded. Transaction inclusion via robust infrastructure slowed dramatically, with delays of up to roughly 400 seconds and block times on the now-dominant chain stretching to around 16 minutes at their worst. Over the incident window, 846 blocks were produced on the pig chain and around 13,900 on the chicken chain. Out of 14,383 observed transactions, 479 – roughly 3.3 percent – were included only on the discarded pig chain and never appeared on the final canonical history. Most of those, when resubmitted, turned out to be invalid due to expired validity intervals or conflicting inputs.

“This constitutes a serious degradation of service for users, but within expected bounds for a high-nines availability of service,” Lanningham wrote. His bottom-line checklist is terse: “Did the chain continue to make progress? Yes. Was service degraded? Yes. Were funds at risk? Potentially. Did the Cardano network recover under essentially worst case conditions? Yes. Would I have confidence to build my business on top of infrastructure that exhibited this level of robustness? Yes.”

The recovery itself is being held up by Hoskinson as proof of both decentralization and design. A patched node was already available thanks to the testnet incident; overnight, IOG, the Cardano Foundation, Emurgo, Intersect, exchanges and many SPOs coordinated via war-room calls and chat channels to upgrade to the fixed version and to follow the more restrictive chicken chain. There was no protocol-level rollback and no centralized “restart.” As stake migrated, block production on the pig chain slowed, the chicken chain accelerated, and Ouroboros’ probabilistic finality properties ensured that once the healthy fork overtook the poisoned one, nodes on the pig chain automatically switched to the longer, denser chain.

“This is the concrete evidence of when the Nakamoto consensus worked as intended and converged the network to a single canonical history,” Lanningham argued. Hoskinson went further, saying, “This could have killed other chains,” but here “time works differently in a distributed system” and effectively stretched the rollback window in Cardano’s favor.

Lessons Learned

Both, however, are clear about the downside. “The fact the bug appeared at all is a failure of our testing rigor,” Lanningham conceded. The reliance of almost all explorers on cardano-db-sync left the ecosystem “flying blind” when that component crashed on the malformed transaction. Many SPOs likely upgraded “blind,” trusting recommendations from founding entities rather than reasoning independently about fork choice. And certain off-chain systems – especially exchanges and bridges – were exposed to replay and double-spend risk, even if early evidence suggests real losses are unlikely.

The post-mortem thus doubles as a roadmap. Lanningham calls for stronger fuzzing and spec-driven testing, richer node-to-client protocols so wallets and exchanges can implement circuit breakers based on real consensus health, more diversity in monitoring stacks, and better education for SPOs on how Ouroboros behaves under stress. Hoskinson, for his part, floated the idea of an AI “upgrade sentinel” for operators and revived demands for a built-in pub/sub channel for emergency alerts.

For the broader narrative war, Lanningham’s position is deliberately dispassionate: “If, after that, you decide for yourself that Cardano ‘went down’, I won’t begrudge you your opinion. I’m not precious about that label… What matters is impact.” Hoskinson is less diplomatic, dismissing most social-media commentary as noise. What he wants the industry to take away is simpler: on November 24, 2025, after Poison Piggy, Cardano is back to one chain – and its next iteration of hardening has already begun.

At press time, ADA traded at $0.4141.

Спотовые биржевые фонды на XRP, запущенные компаниями Grayscale и Franklin Templeton на бирже NYSE Arca, получили чистый приток средств более $60 млн за первый день торгов, подсчитали аналитики платформы SoSoValue.

Сын президента США Эрик Трамп (Eric Trump) провел для своих 6 млн подписчиков в соцсети Х экскурсию-обзор майнингового комплекса компании American Bitcoin в Техасе.

A staged fake-delivery encounter in San Francisco’s Mission Dolores district escalated into one of the city’s largest known individual crypto thefts, after a disguised assailant subdued a resident and escaped with assets worth $11 million, alongside the victim’s phone and laptop.

Mission Dolores Hit By $11M Crypto Robbery

According to a police report obtained by the San Francisco Chronicle, the Saturday evening robbery unfolded in broad daylight on the unit block of Dorland Street, only steps from Mission Dolores Park—a neighborhood where tech proximity and high-value assets have increasingly intersected with targeted crime.

Home-security footage posted by Y Combinator CEO Garry Tan captured the moments leading up to the heist. In the video, the suspect approaches the residence wearing dark clothing, a hooded sweatshirt, gloves and sunglasses, and holding a white package while deliberately turning his head away from the camera.

He rings the doorbell and asks for “Joshua,” claiming the box is addressed to him. The ruse continues when the resident opens the door and confirms his name. The man posing as a courier asks whether the victim can “sign for this,” pats his own pocket as though searching for a pen, and then asks the resident if he has one.

The moment the victim steps inside to retrieve a pen, the intruder follows him into the home and moves out of frame. A loud noise is heard. Police later confirmed that the suspect brandished a firearm and bound the victim with duct tape before fleeing with his belongings. Officers arrived at approximately 6:45 p.m. and found the victim with non-life-threatening injuries. No arrests had been made as of Monday morning, and authorities have not disclosed details about how the $11 million in cryptocurrency was accessed or transferred.

Tan publicly acknowledged the incident on X, describing the victim as a friend and community member. He urged anyone in the neighborhood with security footage from 4:30 to 6 p.m. to contact the San Francisco Police Department. “We have to find the perpetrator,” Tan wrote. “Time is of the essence.”

The Big Risk Of Self-Custody

In a follow-up post referencing the crypto theft, Tan added a pointed observation about crypto asset security: “Self custody of crypto seems like a good idea until it isn’t. Vault storage (at Coinbase or elsewhere) for long term holding is safest.” His comments drew immediate attention from both the tech and crypto communities, highlighting the tension between self-custody principles and the physical-security risks of storing large private-key access at home.

Thus, the incident has reignites a longstanding debate about personal-security practices among high-net-worth crypto holders in urban settings. While hacks, phishing attacks, SIM swaps and insider compromise have dominated crypto asset crime over the past decade, physical-world robberies—once rare—have become increasingly sophisticated.

The San Francisco case stands out due to the scale of assets stolen, the execution of the ruse and the direct commentary from one of Silicon Valley’s most visible figures.

At press time, the total crypto market cap stood at $2.98 trillion.

В первом квартале 2026 года цена первой криптовалюты может остаться в пределах $82 000-$90 000 без резкой волатильности, предположили аналитики банка Citigroup.

Quick Facts:

• Bitcoin’s rebound toward $90K has been underpinned by digital asset treasuries, with institutional-style buyers steadily accumulating $BTC and $ETH through volatility.
• As $BTC becomes a core treasury asset, demand rises for infrastructure that makes Bitcoin usable in DeFi, payments, and programmable finance ecosystems.
• Bitcoin Hyper aims to fuse SVM-level performance with Bitcoin settlement, targeting low-latency, low-fee smart contracts that address $BTC’s speed and programmability gaps.
• $HYPER raised over $28.4M in presale with a price of $0.013325 and a projected release by Q1 2026; price predictions suggest a 1,400% ROI by the end of next year.

Bitcoin’s latest bounce has put the market back on offense.

After a sharp pullback that carved out several local lows, $BTC has climbed back toward the $90K zone, erasing much of the recent drawdown and reminding you how quickly sentiment can flip from fear to renewed greed in this cycle.

When treasury desks treat Bitcoin as strategic collateral rather than a trade, every 10% pullback looks less like a crash and more like a rebalancing opportunity. That structural bid is one reason $BTC’s slide stalled where it did, and why the rebound toward $90K has come with less forced liquidations.

For $BTC-centric altcoins, that backdrop is powerful. If more balance sheets are denominated in Bitcoin, demand naturally rises for infrastructure that makes $BTC productive: usable in DeFi, payments, gaming, and beyond.

That’s the lane Bitcoin Hyper ($HYPER) is trying to own – a Bitcoin Layer 2 that bolts Solana-style performance onto Bitcoin’s settlement layer, aiming to turn dormant $BTC into programmable capital.

You can buy $HYPER on the official presale page today.

Why Bitcoin’s Rebound Supercharges The Hyper Race

$BTC’s recovery toward $90K is reinforcing a familiar tension: the asset that dominates crypto’s market cap is still clunky to use.

On-chain transactions can take minutes or even hours to confirm, fee spikes can push simple transfers into double-digit dollar costs, and native programmability is essentially absent on the base layer.

That’s why capital has been rotating into Bitcoin infrastructure. You’ve seen the rise of Lightning for payments, sidechains like Rootstock for EVM-compatible contracts, and newer rollup-style designs experimenting with Bitcoin as a settlement and data-availability layer.

Each tries to solve the same trilemma: keep Bitcoin’s security while adding speed, scale, and a cost-effective profile.

Zooming in, Bitcoin Hyper ($HYPER) positions itself as a modular Bitcoin Layer 2 built around the Solana Virtual Machine (SVM).

The idea is straightforward but ambitious: use Bitcoin L1 purely for settlement and state anchoring, while pushing execution to an SVM-based L2 that can, in theory, process smart contracts faster than Solana’s own mainnet.

Instead of trying to cram complex logic onto Bitcoin itself, $HYPER runs a real-time execution environment where Solana-style programs – written in Rust and compatible with modified SPL token standards – execute with extremely low latency and sub-cent fees.

On paper, that architecture targets the three pain points Bitcoin users know well:

• The Canonical Bridge reduces finality times to seconds
• The batched transactions bring fees down, keeping the network cheap and eliminating the fee-based priority system
• Improve scalability, allowing for more and faster transactions, helping Bitcoin grow at scale.

All this without impacting Bitcoin’s native security or brand appeal.

If the proposition makes sense to you, you can buy $HYPER right here.

$HYPER Presale, Predictions, and Release Date

The Bitcoin Hyper ($HYPER) presale has raised over $28.4M, with $HYPER valued at $0.013325 – a material signal that a segment of the market is willing to fund a Bitcoin-centric, SVM-powered experiment while $BTC trades near cycle highs.

For you as a $BTC holder or builder, the potential unlock is straightforward: move wrapped $BTC into Bitcoin Hyper’s Layer 2, tap high-speed payments, access DeFi protocols, or deploy Rust-based dApps without leaving Bitcoin’s security umbrella.

The utility is obvious and feeds into the hype we’re seeing right now, which explains the presale’s impressive performance.

Based on these factors, our price prediction for $HYPER post-launch puts the token at $0.20 by the end of 2026 and $1.50 by 2030. In terms of raw profit, you’re looking at an ROI of 1,400% for a 1-year investment and 11,155% for a 5-year one.

Naturally, these numbers can fluctuate depending on market conditions, but considering Bitcoin Hyper’s utility, our vote is for it to increase over time.

You can read more about what Bitcoin Hyper is right here, or our guide on how to buy $HYPER before visiting the presale page.

As a final heads-up: $HYPER has a projected release window between Q4 2025 and Q1 2026, so there’s not much time left.

Go to the official presale page and buy your $HYPER today.

This isn’t financial advice. DYOR before investing.

Authored by Bogdan Patru, Bitcoinist: https://bitcoinist.com/bitcoin-$90k-market-rebounds-as-bitcoin-hyper-reaches-$28M

Европейский центральный банк (ЕЦБ) сообщил, что риски, связанные со стейблкоинами, в Еврозоне ограничены, так как главным сценарием их использования считается криптотрейдинг.

Stay Ahead with Our Immediate Analysis of Today’s Bitcoin Insights

Check out our Live Bitcoin Updates for November 25, 2025!

In 2010, Bitcoin was worth a few cents. One year later, it hit $20. In six years, it was $17,000, and only a month ago, it hit an ATH of $126K, a 641% in six years and 629,900% in 14 years.

Historically, if you’d invested in Bitcoin at launch, you’d have an ROI of 188,643,000%. The likes of Mastercard, JP Morgan, and scores of S&P 500 companies are buying Bitcoin in droves.

Arthur Hayes just predicted $BTC to hit $200K by the end of 2025, and Saylor is doubling down on Bitcoin despite the crypto’s slump to under $85K.

There’s never been anything like Bitcoin before, and investors are waking up to that reality. If you’re looking for the newest insights on Bitcoin, you’re in the right place.

We update this page regularly throughout the day with the latest insider insights for Bitcoin maxis. Keep refreshing to stay ahead of the pack!

Disclaimer: No crypto investment comes without risk. Our content is for informational purposes, not financial advice. We may earn affiliate commissions at no extra cost to you. Pepe’s Wedge, Bitcoin Meme Cycles, And Maxi Doge ($MAXI) Positioning

November 25, 2025 • 12:00 UTC

Pepe bleeds around 75% from this year’s peak and roughly 85% from its all-time high while exchange balances jump by trillions of tokens.

You see supply piling up on centralized venues and a falling wedge forming on the chart, which often precedes sharp but short-lived squeezes.

That setup tells you the trade is now mostly about positioning and liquidity games rather than any new fundamental catalyst. Meme capital eventually hunts for fresher narratives once the old ones feel overcrowded.

Maxi Doge ($MAXI) captures that rotation. It’s a meme coin built around maxed-out trading culture, using its token as the core utility for staking, ecosystem rewards, and community-driven campaigns.

The focus sits on turning volatility into a feature through gamified incentives and aligned tokenomics. With $4.19M already raised at a presale price of $0.00027, you step in before the brand, listings, and community incentives meet full market liquidity.

This gives you cleaner exposure to the next wave of bitcoin-driven meme flows.

Our $MAXI price prediction calls out big gains in the future.

Solana Supply Shift, Bitcoin Rotation, And PEPENODE ($PEPENODE) Mine-To-Earn Potential

November 25, 2025 • 11:00 UTC

Solana rallies as activity jumps and developers push emission changes that make future $SOL supply more restrictive.

You watch this happen while $BTC trades near record zones, and you see a familiar pattern: once Bitcoin cools, capital often rotates into high-performance chains where blockspace actually gets used for gaming, memes, and yield.

That is where execution speed, cost, and actual user experience start to matter more than headline market cap. Read more.

PEPENODE ($PEPENODE) sits right in that lane. It mixes meme energy with a mine-to-earn system where you build out a virtual mining setup and earn token rewards tied to your in-game effort and on-chain participation, not just speculation.

That gives the token a clear loop between user activity and value capture.

With $2.19M already raised at a presale price of $0.0011638, you enter while the ecosystem, reward structure, and community are still early, giving you asymmetric upside if bitcoin-era liquidity keeps rotating into interactive, gamified projects.

Read our PEPENODE price prediction.

Bitcoin Nears $90K as Bitcoin Hyper ($HYPER) Turns Bitcoin Into High-Throughput Rails

November 25, 2025 • 10:00 UTC

After a brutal shakeout that sent $BTC into the low $80,000s, Bitcoin now grinds back toward the $90,000 area.

You see ETF outflows slowing, spot demand returning, and the same familiar problem reappearing: every spike in volatility brings mempool congestion and aggressive fee spikes on the base layer.

That price action proves Bitcoin still leads the macro risk trade, but it also shows you how limited the L1 is once usage really ramps.

Bitcoin Hyper ($HYPER) goes straight at that bottleneck. It uses a Solana Virtual Machine stack as a bitcoin Layer-2, locking your $BTC on L1 and minting it on a high-throughput L2 so you can push it into DeFi, NFTs, and dApps while still settling back to bitcoin.

With $28.45M already raised at a presale price of $0.013325, you position yourself in the infra that benefits every time the next bitcoin cycle overloads the base chain again.

Here’s how to buy $HYPER now.

Franklin’s Expanded Crypto ETF, Best Wallet Token ($BEST), And The Bitcoin Diversification Shift

November 25, 2025 • 10:00 UTC

Franklin Templeton’s crypto index ETF is moving from a simple $BTC and $ETH exposure play into a broader basket that adds XRP, Solana, Dogecoin, Cardano, Stellar, and Chainlink.

That change shows you how fast institutional flows are rotating from a pure bitcoin trade into diversified multi-asset exposure, all packaged inside regulated wrappers. Each added asset is another network, another wallet, and another bridge the average holder needs to manage.

Best Wallet Token ($BEST) is built to simplify that mess. It powers a non-custodial, MPC-secured wallet that aims to support 60+ chains, on-chain swaps, and direct access to curated presales from one app, while keeping you in full control of your keys.

The $BEST token underpins the ecosystem with reduced fees, staking, and access perks.

With $17.45M raised so far at a presale price of $0.025995, you align with the wallet layer that benefits as bitcoin-era investors expand into a full multi-chain stack.

Read our $BEST buying guide for more information.

Authored by Bogdan Patru, Bitcoinist — https://bitcoinist.com/bitcoin-live-news-today-november-25-2025

Комиссия по ценным бумагам и биржам США (SEC) заявила, что не будет принимать принудительные меры против криптопроекта Fuse, работающего на основе Solana в рамках концепции DePIN — децентрализованной физической инфраструктуры.

The PEPE price was one of the worst hit in the market crash that began back in October 2025. Since then, its price has been down by more than 50%, marking a significant decline for one of the largest meme coins in the space. Even now, the altcoin continues to struggle as sell-offs have pushed it to levels not seen in over a year. However, there is still the possibility that the PEPE price will rally, as highlighted by crypto analyst MMBTtrader, who pointed out a bullish formation.

Why The PEPE Price Could Be On The Rise

According to the analysis that was shared on the TradingView website, the PEPE price could be on the verge of forming its bottom. This comes after a 41% decline in a 30-day period, as shown by data from CoinMarketCap, finally pushing the meme coin toward $0.000004. The implication of a bottom from this level would mean that the price is ready to rebound again.

Looking at the recent PEPE price action, MMBTtrader explains that the meme coin already looks to be completing its bearish phase, which has been a year in the making. The major signal that points to this is the fact that the cryptocurrency had fallen below a major daily support level at $0.0000045.

The result of this break of the support level is that the PEPE price is now retesting the broken trendline. This trendline had begun in May 2025 and had persisted into the last quarter of the year. But with the retest already happening, it could mean the end of this bearish trendline.

As the crypto analyst explains, this retest could end up with the resistance level now turning into support for the coin. If the price is rejected from the descending trendline, then the result would mean that the PEPE price would stage a bounce.

The target for such a breakout is a 430% increase in price that would put the PEPE price as high as $0.000022 by 2026, just a short way from its all-time high price. However, there is still major resistance at $0.00000958, and then another one at $0.00001340 that the meme coin must beat to complete this move.

Американский предприниматель, инвестор и соучредитель компании Morgan Creek Digital Энтони Помплиано (Anthony Pompliano) заявил, что волатильность нужна биткоину для продолжения роста цены.

Агентство финансовых услуг Японии (FSA) планирует представить в 2026 году поправки в законодательство, согласно которым работающие в стране криптобиржи должны создавать специальные резервы для покрытия возможных убытков пострадавших клиентов.

Биткоин удержал ключевой уровень поддержки $80 000, сформировав локальное дно. Агрессивные распродажи закончились и крипторынок переходит в новую фазу — стабилизацию спроса и незначительный подъем, заявили аналитики платформы Glassnode.

Последний квартал 2025 года принес на крипторынок коррекцию. Однако, не для всех цифровых активов она проходит одинаково. На общем фоне выделяется монета Avalanche, которая торгуется возле своих двухлетних минимумов.

When President Donald Trump signed the GENIUS Act into law this past July, it marked a significant moment in the US legislative landscape, often heralded as the first comprehensive crypto bill aimed at fostering the growth and adoption of digital assets. 

However, a recent analysis raises questions about the true purpose of this legislation, suggesting that it may be more about managing government debt than regulating crypto.

Crypto As New Mechanism For Government Debt Demand?

Market expert and crypto author Shanaka Anslem recently took to social media platform X (formerly Twitter) to share his insights, asserting that while many believed the GENIUS Act was primarily focused on regulating cryptocurrencies, emerging data reveals a different narrative. 

He noted, “EVERYONE THOUGHT THE GENIUS ACT WAS ABOUT CRYPTO REGULATION. THE DATA JUST PROVED IT WAS SOMETHING ELSE ENTIRELY.”

The initial buzz surrounding the bill faded after just 48 hours, overshadowed by discussions of tech regulation and stablecoin rules. However, new statistics paint a starkly different picture of the bill’s implications. 

Embedded within the 47 pages of the legislation was a critical requirement: every dollar of stablecoin must be backed 100% by US Treasury bills, eliminating any alternatives, such as cash in banks or corporate bonds.

At the time the GENIUS Act was enacted, the stablecoin market cap stood at approximately $200 billion. Today, that figure has risen to roughly $309 billion, which can now be legally mandated for purchasing US government debt over just four months. 

According to Treasury Secretary Bessent’s official projections, this trend could lead to $3 trillion in purchases by 2030. 

Anslem noted that the implications of this requirement are profound: the government no longer has to seek out buyers for its debt, as the law creates an automatic buyer each time someone purchases a digital dollar. This essentially means that for every stablecoin created, a corresponding Treasury bill must be bought.

Shift In Regulatory Control?

Research from the Bank for International Settlements reveals that every $3.5 billion in stablecoin growth results in a 0.025% reduction in the government’s borrowing costs. 

The expert noted that when the market reaches the projected $3 trillion, this could save taxpayers approximately $114 billion annually, translating to about $900 in lower debt costs for each US household.

Bessent confirmed these findings last week, stating that increased stablecoin issuance means the Treasury does not need to enlarge its bond auctions. In effect, the government has found a new way to finance its spending without relying on traditional buyers.

This shift has not gone unnoticed, even by institutions once skeptical of cryptocurrencies. JPMorgan, for instance, which spent the last decade dismissing crypto as a fraud, announced last month that it would now accept Bitcoin as collateral. 

The crux of this transformation lies in the allocation of regulatory control from the Federal Reserve (Fed) to the Office of the Comptroller of the Currency (OCC), which now reports directly to the Treasury Secretary. Anslem concluded his analysis, stating:

The Treasury now controls who can create digital dollars. And the law requires those digital dollars to fund government debt. This is not monetary policy. This is legislative engineering of debt demand. And it’s been operational since July.​​​​​​​​​​​​​​​​

Featured image from DALL-E, chart from TradingView.com 

On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Z-Score has declined to the lowest levels since the price was at $35,000.

Bitcoin MVRV Z-Score Has Plummeted Recently

In a new post on X, Glassnode analyst Chris Beamish has discussed about the latest trend in the Bitcoin MVRV Z-Score. This on-chain indicator calculates the difference between the market cap of BTC and its Realized Cap, and takes its ratio with the standard deviation of the market cap.

The Realized Cap here refers to a capitalization model for the asset that calculates its total value by assuming the ‘real’ value of each coin in circulation is equal to the price at which it was last transacted on the blockchain.

In short, what this metric represents is the amount of capital that the investors as a whole have put into the cryptocurrency. In contrast, the market cap is the value that they are carrying in the present.

As the Bitcoin MVRV Z-score compares the market cap with the Realized Cap, it essentially tells us whether the overall network is in a state of profit or loss.

Now, here is the chart shared by Beamish that shows the trend in the Bitcoin MVRV Z-Score over the last few years:

As is visible in the above graph, the Bitcoin MVRV Z-Score has gone through a decline recently. This drop in investor profitability is a result of the bearish trajectory that the cryptocurrency’s price has followed.

The metric is still a notable distance above the zero mark, which suggests the market cap continues to be greater than the Realized Cap. In other words, the investors are still in a state of net unrealized profit.

The degree of the holder gain, however, is low when compared to the profitability level of the last couple of years. In fact, the current MVRV Z-Score is at a similar level to when Bitcoin was trading around the $35,000 level.

Historically, a cooldown in investor profitability has facilitated bottom formations for the cryptocurrency. Usually, however, major bearish phases have only reached their lows when the network has outright gone underwater.

Currently, Bitcoin still has some ways to go before this can happen. Though, it’s possible that the current level is enough for the asset to reach a bottom, as it has already done a few times over this cycle.

Just like how a low value on the MVRV Z-Score can lead to a bottom, a high one can result in a top instead as profit-taking explodes. From the chart, it’s apparent that the metric reached an extreme level during the bull run in the first half of 2021.

So far in the current cycle, no peak in the indicator has been of a similar scale; the tops this time around have formed at a comparable profitability level to the second-half 2021 bull run.

BTC Price

Bitcoin has rebounded since its low below $81,000 on Friday as its price has now climbed back to $88,600.