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Turkmenistan has officially legalized crypto exchanges and mining, although digital assets are still not recognized as a means of payment.

Turkmenistan’s Crypto Legislation Now In Effect

As reported by Associated Press, the Asian nation of Turkmenistan officially recognized mining and exchanging cryptocurrency as legal on Thursday. The move comes after President Serdar Berdymukhamedov signed a law back in November, which allowed crypto companies to obtain registration starting January 1st.

Located in Central Asia, Turkmenistan was a constituent republic of the Soviet Union before gaining independence following the USSR’s dissolution in 1991. Today, the country is considered as one of the world’s most isolated, due to strict state control over media, internet access, and foreign business activity.

Home to a population of over seven million, Turkmenistan’s economy is dependent on its natural gas reserves, which rank as the fifth largest in the world. China is its main customer at the moment, with a pipeline project aimed at supplying gas to Afghanistan, Pakistan, and India in the works.

For a nation known for tight state control, the move to embrace crypto marks a notable shift. Though, while the country is now open to mining firms and exchanges, it still hasn’t legalized digital assets as a form of payment, currency, or security.

Turkmenistan isn’t the only Central Asian nation to have made developments related to the digital asset sector recently. Uzbekistan, located north of Turkmenistan, signed on an initiative related to stablecoin payments in November, approving a regulatory sandbox launch for January 1st.

Elsewhere in the region, Iran has taken an even bolder approach, offering to sell advanced weapons systems to foreign governments for crypto, according to a report from Financial Times. The nation is willing to exchange ballistic missiles, drones, and warships for digital assets in a bid to bypass western financial controls, per the report.

Bitcoin Has Been Stuck In Consolidation Recently

While nations move forward with crypto regulation, the market has been stuck in a phase of consolidation lately, with the Bitcoin price unable to settle on a direction.

As the below chart shows, BTC has been ranging between $85,000 and $90,000 during the last couple of weeks.

The market slowdown has naturally not been restricted to just Bitcoin; the altcoins have also faced stale price action. Ethereum, for example, has positive returns of over 2% in the past month, which are not too different from BTC’s small decline of 2%.

Over the past day, Bitcoin has once again climbed toward the upper end of the range, with its price currently trading around $89,500. Considering the recent pattern, it’s possible that this recovery effort may also fizzle out, but it only remains to be seen how things will play out in the coming days.

Глава биржи Coinbase Брайан Армстронг (Brian Armstrong) рассказал, что цель на 2026 год — сделать платформу финансовым приложением номер один в мире. Он добавил, что Coinbase намерена вкладывать «значительные средства» в повышение качества продукции и автоматизацию процессов.

Южнокорейская криптобиржа Bithumb, вторая по величине в стране, выявила 2,6 млн неактивных клиентских счетов, владельцы которых не заходили в аккаунт и не проводили операций более года. Общая сумма «спящих» средств на этих счетах достигла около $201,8 млн.

A US federal judge has tossed a class-action lawsuit brought by former Voyager Digital customers against billionaire Mark Cuban and the Dallas Mavericks, ruling the court did not have the power to hear the case.

The order, entered at the end of December, dismissed the suit in its entirety after finding the plaintiffs failed to show the defendants were subject to personal jurisdiction in Florida.

Mark Cuban Vs. Voyager: Judge Cites Lack Of Personal Jurisdiction

According to the court filing, Judge Roy K. Altman concluded that Mark Cuban and the Mavericks did not “carry on a business or business venture in Florida” in a way that would let the Miami-area court preside over the matter.

The decision follows extensive jurisdictional discovery and multiple amended complaints that, the judge said, still fell short of establishing the necessary legal ties to Florida. The defense team hailed the ruling as a complete win for their clients.

The suit traces back to 2022, when Voyager Digital filed for Chapter 11 protection after a sharp market downturn and loan defaults. Voyager’s bankruptcy and the fallout led to a wave of litigation by users who said they lost access to funds and were misled by the company’s statements. Reports have noted the firm had roughly $1.3 billion in customer crypto assets implicated during restructuring talks.

Promotion And The $100 Fan Offer

Based on reports from earlier coverage, the dispute focused on a 2021 promotion in which Cuban and the Mavericks partnered with Voyager and offered fans incentives tied to deposits and trading.

Plaintiffs argued the partnership and public backing helped convince customers to use the platform. Other defendants in related Voyager litigation have settled; Cuban and the Mavericks maintained they would fight the claims.

Legal experts say the outcome highlights the limits of suing public figures in forums far from where those figures are based. Courts increasingly demand concrete evidence that a defendant targeted a state before allowing local lawsuits to proceed. This dismissal does not decide whether the promotional statements were true or false; it addresses only where the case could be heard.

Plaintiffs’ Options And Wider Litigation

Reports have not shown an immediate refiling in another court by the named plaintiffs. Because the judge dismissed the complaint for lack of jurisdiction, the plaintiffs were denied the chance to proceed in that Florida court but may pursue claims elsewhere if they choose.

Featured image from MediaNews Group via Getty Images, chart from TradingView

Bitcoin closed 2025 with a modest annual loss, breaking the familiar pattern of strong year-end performance and reinforcing growing concerns that the market may be transitioning into a more challenging phase in 2026.

As macro uncertainty, fading liquidity, and weak risk appetite weigh on sentiment, an increasing number of analysts are openly discussing the possibility of a prolonged bear market. Still, price action tells a more nuanced story. Bitcoin remains locked in consolidation, and the absence of aggressive downside continuation has opened the door to a potential relief rally in the near term.

On-chain data from CryptoQuant adds important context to this setup. Recent metrics show that short-term holders—investors who typically drive momentum during trend expansions—have slipped back into net losses. Aggregate realized profit and loss for this group has turned negative again, with margins hovering near -12%.

This deterioration is notable because it is occurring while Bitcoin’s price remains relatively elevated compared to previous cycle drawdowns, suggesting that stress is building beneath the surface rather than after a full capitulation.

Historically, periods where short-term holders operate at a loss often coincide with late-stage corrections or consolidation phases within broader market transitions. While this does not confirm a market bottom, it highlights fragility in near-term demand and reinforces the idea that Bitcoin is at a critical inflection point as 2026 approaches.

Short-Term Holder Stress Signals a Market at a Crossroads

Recent on-chain observations suggest Bitcoin is entering a delicate phase where short-term holders are increasingly under strain. When newer market participants slip into losses, it often signals that price has moved faster than incoming demand can comfortably absorb. In past cycles, this condition has typically appeared near the later stages of corrections or during extended sideways phases, rather than at the start of deep bear markets.

What makes the current setup notable is Bitcoin’s proximity to the average acquisition price of short-term holders. This zone has historically acted as a psychological and behavioral battleground. When price hovers near this level, market reactions tend to intensify, as traders decide whether to cut losses or hold through uncertainty. The outcome often defines whether consolidation continues or volatility expands.

Importantly, the scale of losses remains moderate compared to historical capitulation events. Previous market resets, such as those seen in 2018 or mid-2022, were characterized by far deeper and more prolonged stress among short-term holders. The absence of similar extremes today suggests that, while sentiment is weak, the broader market structure has not yet broken down.

That said, persistent pressure on short-term holders reflects fragile near-term demand. If losses begin to narrow, it could signal stabilization and set the stage for a relief move. If they widen instead, downside moves are more likely to accelerate.

Bitcoin Consolidates Below $90K

Bitcoin price action on the 3-day chart shows a clear transition from trend expansion to consolidation following the sharp correction from the $120K–$125K region. After losing the 50-day and 100-day moving averages during the November breakdown, BTC accelerated lower before finding demand in the mid-$80K zone. Since then, price has stabilized and is now compressing just below $90K, suggesting that downside momentum has slowed materially.

The current structure reflects a market in equilibrium rather than capitulation. Bitcoin is trading above the 200-day moving average, which continues to slope upward, preserving the broader bullish structure from a higher-timeframe perspective. However, the declining 50-day and 100-day averages overhead are acting as dynamic resistance, capping upside attempts and preventing a clean trend reversal for now.

Selling pressure peaked during the November decline, but recent candles show reduced volume, consistent with seller exhaustion rather than aggressive accumulation. This often precedes a range-bound phase where the market digests prior gains.

From a technical standpoint, holding the $85K–$88K region is critical. A sustained defense of this area keeps the consolidation intact and opens the door for a relief rally toward the $95K–$100K zone.

Conversely, a decisive loss of this support would expose Bitcoin to a deeper retracement toward the 200-day average, shifting the short-term bias back to the downside.

Featured image from ChatGPT, chart from TradingView.com