Solana’s network took a notable step this week as Firedancer, a validator client developed by Jump Crypto, began running on the mainnet, and markets reacted quickly.

According to Solana’s announcement, the client moved out of a controlled testing phase and is now active for real-world validation.

Traders pushed SOL up about 5%, with the token trading close to $140 during the initial move.

Firedancer Goes Live On Mainnet

During more than 100 days of controlled tests, a small set of validators produced more than 50,000 blocks without downtime, according to reports. Built in C and C++, Firedancer was made to handle heavy workloads and to lower the chance of network interruptions.

Test environments reportedly showed the client processing over 1 million transactions per second, a figure that far exceeds current mainnet throughput.

BREAKING: After 3 years of development, Firedancer is now live on Solana Mainnet, and has been running on a handful of validators for 100 days, successfully producing 50,000 blocks pic.twitter.com/Y0WxxEj2WL

— Solana (@solana) December 12, 2025

That high number comes from lab-style tests, not live traffic, and should be read as experimental performance rather than everyday capability.

Solana co-founder Anatoly Yakovenko marked the transition as a step out of a long beta cycle for the network.

Early Adoption And Stake

Adoption is still small in terms of stake. The first Firedancer nodes hold under one percent of total staked SOL, and that share is expected to grow as operators add it to their setups.

Reports have disclosed that a December rollout prompted more than 20% of validators to move from earlier experimental clients, showing a rapid shift among some operators.

Running multiple validator clients reduces dependence on a single software implementation. If one client encounters a bug, others can keep block production running. That diversity mirrors how other large proof-of-stake chains operate.

Why This Matters For Validators And Apps

Validators and developers stand to benefit if Firedancer keeps meeting its goals. Faster or more reliable validation could mean more capacity for apps that need many transactions per second.

For node operators, the option to mix clients offers an added safety net. Still, the network’s real-world load will be the true test, and watchers say they will be looking at uptime and performance over the coming weeks.

Market Moves And Technical Signals

The announcement coincided with a clear market flow into SOL. Reports have disclosed $11 million in inflows to Solana ETFs on the day of the news, while Bitcoin saw outflows of $77.30 million and Ethereum $42.35 million.

Featured image from Phantom, chart from TradingView

According to a report from CNBC, Coinbase (COIN), the largest cryptocurrency exchange in the US, is preparing to launch its own prediction market in collaboration with Kalshi, one of the largest federally regulated financial exchanges in the country. 

Coinbase Teases Major Updates

The anticipation surrounding the prediction market has been building for nearly a month. Recently, a screenshot of what appears to be Coinbase’s prediction markets dashboard was shared by Silicon Valley researcher Jane Manchun Wong in a post on social media site X (previously Twitter), shedding some light on the features of the forthcoming product. 

The Information first indicated on November 19 that Coinbase planned to introduce these prediction markets powered by Kalshi, with a formal unveiling set for the “Coinbase System Update” event scheduled for December 17. Formal announcements regarding this new platform are expected soon, potentially as early as next week.

Bloomberg corroborated this report, stating that the cryptocurrency exchange is also likely to announce a tokenized stock offering during the same event, in line with Tether’s same vision reported earlier this week.

While Coinbase has refrained from confirming these developments directly to CNBC, the company has encouraged stakeholders to tune in to its upcoming event for more details. The firm did not disclose a specific timeline for when the prediction markets will become available to users.

‘Everything Exchange’ Status 

Coinbase’s push to launch a prediction market is part of a broader strategy to transform itself into an “everything exchange”—a comprehensive platform for trading a wide variety of assets, including cryptocurrencies, tokenized stocks, and event contracts. 

CEO Brian Armstrong articulated this vision earlier in May, stressing that the cryptocurrency exchange aims to evolve into a leading financial services application within the next decade.

This development comes as Coinbase faces increasing competition from rivals like Robinhood (HOOD), Gemini (GEMI), and Kraken, all of whom have introduced tokenized equity offerings for users outside the US and are exploring prediction markets to varying extents. 

Coinbase is expanding its range of financial instruments while making a series of acquisitions this year. These include major deals such as the purchase of the crypto derivatives exchange Deribit and the on-chain advertising firm Spindl, as well as seven other major acquisitions. 

This also follows a shift in investor sentiment in the digital asset space, with the largest cryptocurrencies — including Bitcoin (BTC) — having retraced by over 30% since October amid fears of a new bear market beginning. 

Over the past months, the exchange’s stock, which trades under the ticker name COIN, has also seen a significant drop of over 39%, with the current valuation standing at $267 per share. 

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

XRP is in a mild undervalued zone according to the 30-day MVRV Ratio. Here’s how other cryptocurrencies like Bitcoin and Ethereum compare.

XRP 30-Day MVRV Ratio Shows Negative Returns

In a new post on X, on-chain analytics firm Santiment has talked about how the 30-day Market Value to Realized Value (MVRV) Ratio is currently looking for the different top coins in the cryptocurrency sector like Bitcoin and XRP.

The “MVRV Ratio” is a popular indicator that keeps track of the ratio between an asset’s market cap and its Realized Cap. The latter capitalization model calculates the cryptocurrency’s total value by assuming the value of each individual token is equal to the spot price at which it was last transacted on the blockchain.

The Realized Cap can be thought of as an estimate of the capital that the investors as a whole used to purchase their tokens. In contrast, the market cap is the value that they are carrying in the present. As the MVRV Ratio takes the ratio between the two, it essentially contains information about the profit-loss balance of the investors.

In the context of the current topic, a very specific form of the MVRV Ratio is of interest: the 30-day version. This metric only tracks the profit-loss balance for the traders who got into the market during the past month.

Now, here is the chart shared by Santiment that shows the trend in the 30-day MVRV Ratio for six assets: Bitcoin, Ethereum, Cardano, XRP, and Chainlink.

As is visible in the above graph, the 30-day MVRV Ratio hasn’t displayed a uniform behavior across the top cryptocurrencies, indicating that the situation of the 30-day buyers is different for the various assets.

Ethereum currently has the metric at a positive value of 7.2%. This means that market entrants from the past month are sitting on a gain of 7.2% on the network. Bitcoin also has a positive value, but at just a level of 2.4%, the 30-day traders are more-or-less breaking even.

Chainlink also has a very neutral trend with the 30-day MVRV Ratio at a value of -0.3%. Cardano 30-day traders are also in the red, but in its case, the losses are more notable at -4.4%.

Finally, new XRP investors are down 6.1%, implying that the network currently hosts the worst trader profitability. This fact, however, may not actually be negative for the cryptocurrency.

Generally, the higher investor gains get, the more likely they become to participate in a selloff with the aim of profit realization. This can make a top more probable for the asset when its MVRV Ratio is at a high level. Similarly, a deep negative value can be bullish instead, as it suggests profit-takers have probably become depleted.

In the chart, the analytics firm has defined overvalued and undervalued zones based on the 30-day MVRV Ratio. XRP is currently the only one in an undervalued zone, while Ethereum is inside a mild overbought region.

XRP Price

At the time of writing, XRP is floating around $2.04, up 1.5% over the last 24 hours.

As Pakistan continues to deepen its involvement in the digital asset landscape, the country has signed a memorandum of understanding (MoU) with crypto exchange Binance, aiming to explore the tokenization of up to $2 billion in sovereign bonds, treasury bills, and commodity reserves to enhance liquidity and attract foreign investors.

$2 Billion Asset Tokenization Initiative

According to Reuters, the agreement sets the stage for a potential collaboration focused on allowing the tokenization and blockchain-based distribution of various real-world assets (RWAs) held by the Pakistani government. 

These assets may include sovereign bonds, treasury bills, and a range of commodity reserves such as oil, gas, metals, and other raw materials. 

The country’s finance ministry, Muhammad Aurangzeb, indicated that while the initiative could involve assets valued at up to $2 billion, final approval is still pending. The goal is to improve liquidity, transparency, and access to international markets for these assets. 

Aurangzeb remarked that the memorandum of understanding signifies Pakistan’s commitment to a reform-oriented economic trajectory and establishes a long-term partnership with Binance.

Binance founder Changpeng Zhao expressed optimism about the agreement, calling it “a great signal for the global blockchain industry and for Pakistan.” He suggested that this partnership marks the beginning of a significant shift toward fully implementing the tokenisation initiative.

PVARA Provides Initial Clearance For Binance And HTX 

In addition to this MoU, Pakistan has granted initial clearance for Binance and cryptocurrency exchange HTX, to register with local regulators as part of their efforts to establish domestic subsidiaries. This step allows both companies to prepare applications for full exchange licenses. 

The Pakistan Virtual Assets Regulatory Authority (PVARA) provided these early approvals after assessing the governance and compliance frameworks of both platforms.

Chairman Bilal bin Saqib indicated that these clearances initiate Pakistan’s phased licensing process, emphasizing that the strength of compliance will play a crucial role in determining which exchanges will proceed. 

This move comes as Pakistan accelerates its digital finance overhaul, which has included the formation of the Pakistan Crypto Council and the establishment of the PVARA, alongside the drafting of a formal licensing regime.

As Bitcoinist reported at the time, Pakistan’s growing involvement in digital assets drew the attention of industry leaders such as Michael Saylor, co-founder of the Bitcoin proxy firm Strategy, who praised the country’s efforts and described it as a sign that the country understands how to handle this new market. 

Notably, Pakistan ranks as the world’s third-largest cryptocurrency market by retail activity, according to Saqib. The government is also planning a pilot program for a central bank digital currency (CBDC) and a comprehensive Virtual Assets Act.

At the time of writing, the exchange’s native cryptocurrency, Binance Coin (BNB), is trading at $878, down 35% from all-time highs just above $1,369.

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

Ethereum is trading above the $3,200 level as bulls attempt to push the price back toward higher resistance zones, but market sentiment remains fragile. Fear and uncertainty continue to dominate as several analysts warn that the broader trend may still point toward a potential bear market. Yet, beneath the volatile price action, key on-chain data is revealing a development that could shape Ethereum’s next major phase.

According to a new report from CryptoQuant, a historic signal tied to the realized price of whales holding more than 100,000 ETH has emerged once again. This metric, which tracks the average cost basis of the largest holders, has only been tested a handful of times over the past five years.

Each instance occurred during decisive turning points in Ethereum’s macro trend. Whenever ETH approached or traded near this realized price, it signaled either the exhaustion of a deep downtrend or the beginning of a strong recovery phase.

Today, Ethereum is once again hovering near this critical threshold. With analysts divided and sentiment weakening, the whale realized price has become one of the most important indicators to monitor. Whether ETH bounces or breaks here may determine the direction of the next major trend cycle.

Whale Realized Price as a Cycle-Defining Threshold

The CryptoQuant report highlights the significance of Ethereum’s proximity to the realized price of whales holding at least 100,000 ETH. According to the analysis, ETH has traded very close to this level only four times in the last five years.

Two of those instances occurred during the capitulation phase of the 2022 bear market, when selling pressure peaked, and long-term confidence was severely tested. The other two have happened this year, underscoring how unusual and cycle-defining the current environment has become.

What makes this metric particularly important is its historical reliability. In the past five years, Ethereum has never traded below the realized price of these mega-whales. This level has consistently acted as a structural floor, signaling areas where the largest and most sophisticated holders refuse to sell at a loss. Their behavior often marks moments of deep undervaluation or macro exhaustion within the market.

Today, that realized price sits near the $2,500 range, placing Ethereum within striking distance of a level that has repeatedly separated long-term accumulation zones from full-scale trend reversals. If ETH holds above this threshold, it would reinforce the idea that large holders still see long-term value—despite fear dominating broader market sentiment.

Ethereum Attempts Recovery but Faces Major Overhead Barriers

Ethereum’s daily chart shows a market attempting recovery, yet still constrained by significant structural resistance. After rebounding from the sub-$2,900 zone, ETH has reclaimed the $3,200 level and is currently trading near $3,238. While this bounce reflects short-term strength, the broader trend remains fragile.

The price is encountering the 50-day moving average, which has acted as dynamic resistance throughout the decline from September’s peak. ETH briefly pierced above it but failed to secure a strong close, signaling hesitation from buyers.

The 100-day and 200-day moving averages remain well above the current price, reinforcing that Ethereum is still operating beneath major trend markers. These moving averages are likely to form an overhead cluster of resistance between $3,400 and $3,600—an area where sellers previously overwhelmed bullish attempts.

Structurally, ETH is forming a potential higher low, but it has not yet produced a higher high—an essential condition for confirming a trend reversal. A clean breakout above $3,350 would strengthen bullish momentum. Conversely, losing $3,150 risks reopening a path toward $3,000 and potentially retesting deeper support levels.

Featured image from ChatGPT, chart from TradingView.com

Binance, the world’s largest crypto exchange, has broadened support for USD1, the stablecoin tied to World Liberty Financial and US President Donald Trump’s crypto ventures, reports disclosed. The exchange added new spot pairs including ETH/USD1, SOL/USD1 and BNB/USD1, and enabled fee-free swaps between USD1 and other major stablecoins.

Binance Will Shift Collateral Into USD1

The exchange will convert all collateral backing its Binance-Peg BUSD (B-Token) into USD1 at a 1:1 ratio, a process the company said should be completed within one week. This change means USD1 is being folded into its internal collateral and liquidity systems rather than remaining only a tradable token.

Market Reaction And Liquidity Effects

Traders reacted quickly. Price moves in BNB and other tokens showed more buying interest after the announcement. Market data snapshots suggested a short-term uptick in BNB as liquidity and trading routes were expanded by the new USD1 pairs. Reports put the token’s wider market use and the platform’s zero-fee swaps as the likely drivers.

Binance to Add BNB/USD1, ETH/USD1 Trading Pairs; B-Token Collateral to Be Converted to USD1

According to an official announcement, @binance will list new spot trading pairs BNB/USD1, ETH/USD1, and SOL/USD1 at 16:00 (UTC+8) on December 11, 2025. At the same time, Binance will… pic.twitter.com/mIPrkiR3Lj

— ME (@MetaEraHK) December 10, 2025

Backing, Size, And Recent Deals

According to public filings and market trackers, USD1 is backed by US Treasury bills, cash and equivalents and is redeemable at a one-for-one rate with the dollar.

The stablecoin has grown quickly and is now listed among the larger stablecoins by market cap, with figures around $2.7 billion cited in recent summaries. Reports have also linked USD1 to a major Abu Dhabi investment that used the token for a $2 billion deal.

Political Context And Scrutiny

These commercial moves come after a politically charged episode: Trump granted a pardon earlier this year to Binance’s former CEO, an action that critics say raises questions about ties between Binance and the Trump family’s crypto interests.

That sequence of events has drawn scrutiny from lawmakers and commentators, who are asking for more transparency around the deals and any possible conflicts of interest.

Company spokespeople have issued short statements denying that any political favors were sought or exchanged to secure deals. Binance said its public notices focused on product rollouts, trading schedules and incentives like zero fees for certain users, while World Liberty Financial emphasized the reserve backing behind USD1.

Featured image from Unsplash, chart from TradingView

XRP has been under clear pressure in recent sessions, sliding toward its lowest price of the year as the broader crypto market continues to absorb heavy selling. Sentiment remains fragile, and many traders have shifted into defensive positioning while awaiting clearer macro signals.

According to a new report from CryptoQuant, however, the underlying picture is more complex than the price chart suggests. Despite the short-term decline, XRP whales are becoming increasingly active, showing no hesitation in trading and accumulating even as retail participation weakens.

This divergence between whale behavior and market sentiment is noteworthy. Historically, XRP’s most significant recoveries have begun during phases of deep pessimism, when large holders quietly build exposure rather than chase rallies.

The latest data confirms this pattern: while price approaches yearly lows, whale-driven transaction volume has risen, signaling that high-value wallets are repositioning rather than exiting.

Whale Accumulation and CVD Shift Signal a Potential XRP Bottom

The CryptoQuant report highlights that the recent surge in whale activity follows a pattern often observed during market bottoming phases. Large holders rarely accumulate aggressively during strong uptrends; instead, they tend to build positions quietly during periods of weakness, when sentiment is poor, and prices are depressed.

Their willingness to buy in the current environment—while XRP trades near yearly lows—suggests strategic positioning rather than speculative momentum chasing.

This behavior is typically interpreted as a pre-rally signal. When whales accumulate into weakness, it indicates confidence that current prices offer value and that the downside may be limited. Historically, such phases have preceded meaningful upside moves in XRP, as whale accumulation often absorbs available sell pressure and stabilizes market structure.

Supporting this view, the report also points to a notable shift in the XRP Spot Taker CVD, which has turned taker-buy dominant. This means that aggressive buyers are now driving more of the executed volume, reflecting strengthening demand in real time. A taker-buy dominant CVD often emerges before sustained rallies, as it highlights increasing willingness among market participants to buy at the ask rather than wait for dips.

Together, rising whale accumulation and a bullish CVD trend paint an increasingly constructive backdrop for XRP’s medium-term outlook.

Price Analysis: Testing Yearly Lows as Structure Weakens

XRP continues to trade near its yearly lows, with the chart showing a clear deterioration in trend structure. Price remains pinned below all major moving averages—the 50-day, 100-day, and 200-day—indicating that bullish momentum has not yet returned. The persistent rejection at the 50-day moving average throughout November and December highlights the strength of overhead resistance and the absence of sustained buying pressure from the broader market.

The $2.00 region, now acting as a key horizontal support, has been tested multiple times over the past month. Each retest shows reduced volatility, suggesting that sellers are no longer driving aggressive breakdown attempts. But demand remains too weak to generate a meaningful rebound. A decisive loss of this level could open the door toward the $1.80–$1.90 support zone. XRP previously consolidated during the early stages of the 2025 rally.

Volume also confirms the broader downtrend. Selling spikes stand out noticeably, whereas buy-side volume remains muted. This imbalance reinforces the prevailing bearish structure, even as whale accumulation begins to appear on-chain.

For XRP to shift out of this downtrend, bulls must reclaim the 50-day moving average and produce higher lows. Until then, the chart signals continued caution. Whale activity must begin translating into visible spot demand, or the risk skews to the downside.

Featured image from ChatGPT, chart from TradingView.com

Dogecoin is entering a pivotal phase as its price action tightens within a symmetrical triangle, aligning with a high-timeframe Wyckoff setup. The combination of higher lows, compressed structure, and developing Wyckoff signals suggests growing strength beneath the surface, raising the possibility that DOGE is quietly preparing for its next major move.

MTF Range Strategy: Longs At Discount, Shorts At Premium

According to an update by  Wyckoff Insider via the lens of a multi-timeframe (MTF) range, the focus is on seeking long positions in areas of extreme discount and short positions in areas of extreme premium. When an MTF range is present, it often develops a Wyckoff structure near both the range highs and lows, providing clearer points of interest for traders.

Dogecoin is currently forming an 8H Bojan pivot in the extreme discount zone of this MTF range. The key to trading a Bojan pivot is identifying the Sign of Strength (SOS) that forms on the third candle. Bitcoin displayed a similar 8H Bojan recently, but trading it was more challenging due to deviations on both sides of the range, making DOGE difficult to trade also.

 

On the lower timeframes, Dogecoin is also showing a Wyckoff Model 1 range. When the third candle opens, and price pulls down, traders look for an LPS, BOS, and internal BOS pattern. Valid entries include taking the breakout on the 3-minute BOS with a stop below the M1 low, or entering on the LPS after the internal BOS, with a stop placed beneath the LPS itself.

In terms of trade management, Wyckoff Insider outlines a clear plan: risk should be kept at 2% per setup, with TP1 at the Wyckoff target zone (40%), and TP2 at the first range supply, fully closing the trade once a Sign of Weakness (SOW) appears. This structured approach helps navigate DOGE’s multi-layered Wyckoff-driven price action with discipline and clarity.

Daily Structure Shows Strength Despite Downtrend

Trader Tardigrade revealed that the daily chart provides clear indications that Dogecoin is actively building a stronger market structure despite the recent overall downtrend. This strength is apparent when comparing the current price action to past cycles.

Historically, when the broader market is weak, DOGE typically reinforces its bearish trend by forming lower lows following a distinct new swing low. However, in a significant departure from this pattern, DOGE is now attempting to establish a higher lows structure within a symmetrical triangle pattern.

This formation is key, as the analyst suggests the symmetrical triangle structure indicates that Dogecoin has been rejected from trading further downward. Such a development signals that selling exhaustion is setting in, preparing the market for a potential directional breakout.

Solana (SOL) is gradually entering a new phase of institutional visibility as recent developments in tokenized finance and cross-chain asset integration draw increasing attention to the network.

Related Reading: What’s Happening With The Bitcoin, Ethereum, And Dogecoin Prices Recently?

From a high-profile commercial paper issuance to plans for bringing XRP onto Solana, the blockchain is positioning itself at the center of experiments that could reshape how digital assets interact with traditional markets.

Institutional Activity Accelerates With New Tokenized Bond Deal

J.P. Morgan’s arrangement of a $50 million tokenized commercial paper issuance for Galaxy Digital marks one of the clearest signals yet that major financial institutions are warming to public blockchain infrastructure.

The short-term debt instrument was issued on Solana, with Coinbase and Franklin Templeton purchasing the tokenized asset, and settlement conducted in USDC.

The bank created the on-chain token representing the bond and handled primary settlement, positioning the project as a practical test of how public networks could support regulated financial transactions.

The move shows Solana’s growing role in real-world asset tokenization, a sector projected by industry analysts to reach trillions of dollars over the next decade.

For Solana, the deal is also a strategic validation. While the chain is widely known for retail and developer activity, institutional adoption has historically been slower to materialize. Seeing a large financial institution test a foundational market instrument on Solana offers a clearer path to deeper enterprise use cases.

Solana – XRP Integration Signals Cross-Chain Expansion

Alongside the bond issuance, Solana is preparing for the arrival of XRP through a partnership with Hex Trust and LayerZero, which will issue wrapped XRP (wXRP) on the network.

The integration aims to extend XRP’s liquidity and utility into Solana’s fast-moving DeFi environment, enabling lending, liquidity provision, and other decentralized applications.

Hex Trust confirmed that wXRP will be fully backed 1:1 with native XRP held in segregated custody accounts, supported by more than $100 million in initial liquidity. The addition may also influence XRP’s market structure, as wrapped supply requires native XRP to be locked, potentially tightening liquidity during high-demand periods.

For Solana, the asset brings an established user base and deeper liquidity pools. For XRP, the move broadens its utility across high-performance decentralized markets that prioritize low-cost transactions and throughput.

A Broader Shift in Market Perception

These developments come as industry figures, such as Anthony Scaramucci, publicly reiterate their bullish outlook on Solana, arguing that the network’s growth trajectory could surpass Ethereum’s in market capitalization.

While the claim remains speculative, the combination of institutional pilots, cross-chain integrations, and expanding developer activity suggests Solana is strengthening its position as a platform for both consumer and enterprise-grade applications.

Related Reading: Do Kwon Falls Hard — Terraform Labs Chief Gets 15 Years For Wire Fraud

As more financial instruments move on-chain and cross-chain interoperability gains traction, Solana’s latest milestones point to a network increasingly aligned with where digital markets may be heading next.

Cover image from ChatGPT, SOLUSD chart from Tradingview

Young Hoon Kim — the social-media personality who styles himself as the “IQ 276” record holder — just gave the XRP crowd a fresh piece of rocket fuel. “I buy XRP from now on,” Kim wrote on X on Friday, in what appears to be his first straight-up XRP shoutout after days of near-constant Bitcoin evangelizing.

I buy #XRP from now on.

— YoungHoon Kim, IQ 276 (@yhbryankimiq) December 12, 2025

Why The XRP Endorsement Now?

And, yeah, the XRP Army did what it always does: it treated the post like a mini event. “The smartest man in the world is buying XRP,” one account, Gordon (@GordonGekko), replied — then immediately stapled the other big narrative of the day onto it: “XRP is now on Solana too. Is this the start of an XRP rally?”

That second line isn’t just vibes. Solana’s official account posted “BREAKING: XRP is coming to Solana,” pointing to a wrapped-asset setup that would let XRP trade and move inside Solana DeFi rails.

Hex Trust, which is positioning itself as issuer/custodian for the wrapped token (wXRP), says the product is designed to be 1:1 backed and redeemable for native XRP, using LayerZero’s OFT standard and launching “starting with Solana” (with more chains name-checked).

So Kim’s timing, intentional or not, landed right on top of a very convenient distribution channel: “XRP, but DeFi-ready.” If you’re an XRP holder who’s been watching Solana soak up memecoin liquidity and on-chain volume for the past year, that’s an easy story to forward to your group chat.

The funny part is Kim’s recent persona has leaned hard into Bitcoin-maxi prophecy. In the last week alone, he made dozens of Bitcoin posts via X. On December 7, he posted: “In my personal view, Bitcoin’s current price is just a temporary discount caused by what seems to be market manipulation. I think any such manipulation may disappear within a week, and then it could start accelerating toward a new ATH.”

Just a few days later, on December 10, he wrote: “My analysis suggests that Bitcoin may have set its bottom a few weeks ago, and we could now be entering a true supercycle.” One day later, he added: “”My analysis suggests that Bitcoin reaching 300K in early 2026 is a logical scenario.”

Yesterday, Kim posted: “Bitcoin looks ready to break every prediction ever written. The real bull run begins when people think it’s already over,” before adding today: “I think Bitcoin is the money of God” and “In my view, one of the fastest ways to get rich is to stack Bitcoin.”

So why the sudden XRP detour? No explanation yet, at least publicly.

There’s also the reality that Kim is, politely put, controversial. Korean coverage has described him as being reported as an “IQ 276” holder tied to mind-sports organizations, but the broader profile has drawn scrutiny and debate online, with questions about verifiability and sourcing trailing the “world’s highest IQ” framing.

Still, crypto doesn’t really wait for footnotes. A big claim, a big ticker, a hot comment section — and now an XRP-to-Solana headline to glue it together. That’s plenty for a one-day narrative.

At press time, XRP traded at $2.04.

The Bitcoin’s behavior around US Federal Reserve announcements has become one of the most consistent market patterns of the year. After every FOMC update, the world’s largest cryptocurrency has reacted with a noticeable downside move, underscoring how closely the asset is now tied to shifting interest-rate expectations and broader macro sentiment. 

What Future FOMC Meetings Could Mean For Bitcoin

In an X post, analyst CryptoMichNL has mentioned that the Federal Reserve (FED) is preparing to update the printer from 2021 liquidity settings toward a more supportive 2025 stance. However, this doesn’t mean it will have an immediate impact on the markets, as these things take time. As a result of the update, Bitcoin has dropped after every Federal Open Market Committee (FOMC) meeting in 2025, but these moves are primarily aimed at flushing out longs through high liquidations.

According to the expert, the actual move on the markets and the direction should come in the next 1-2 weeks, which would give a better outlook going into 2026. The bullish trend has remained intact, and the thesis is still valid. However, BTC shouldn’t break the lows during the FOMC flush. Instead, it should break the $92,000 resistance zone to retest the $100,000 level.

Bitcoin is still moving in a choppy pattern, driven by illiquid order books and fast moves in both directions. CryptoMichNL has also highlighted that BTC is still in for a new upward breakout in the coming days to weeks. Despite the volatility, BTC has continued to form higher lows, which is a clear sign that an upward structure is building.

CryptoMichNL noted that, as the price doesn’t break down anymore, the heavy correction in the market was highly manipulated and not organic, which is very natural for the market to return to normal.

Why Bitcoin Market Structure Remains Intact Despite Deep Pullback

Bitcoin has not proven to be any different from the cycle. A full-time crypto trader and investor, Daan Crypto Trades, pointed out that the good initial bounce is right off the 0.382 Fibonacci retracement level, which is taken from the entire cycle move. Realistically, that was the lowest the price could go without breaking the broader weekly market structure.

According to Daan, the invalidation is clearly the higher-timeframe outlook, and the November lows would become a very uncomfortable place for the bulls. As the year comes to an end, a lot of the 4-year cycle selling should also be diminishing. Meanwhile, Q1 2026 is shaping up to be extremely important as it will likely reveal where the BTC cycle will move next.

Zcash’s latest price movement has pushed the privacy-focused cryptocurrency back into the spotlight, as momentum builds around a potential breakout from a long-standing resistance zone.

After a sharp climb this week, traders are watching whether ZEC can extend its gains or whether technical pressures will stall the advance.

The token surged more than 9% to reach around $455, standing out in a broader market that has mostly moved sideways despite renewed optimism following the U.S. Federal Reserve’s latest policy signals.

Rising demand, shifting fee structures, and notable whale activity have all contributed to ZEC’s strong performance, but the technical picture remains mixed as the asset approaches a critical threshold.

Dynamic Fee Proposal and Whale Demand Lift ZEC

Zcash’s rally coincides with a key development effort from its contributors. Developers and Shielded Labs proposed transitioning from fixed transaction fees to a dynamic fee market, a change aimed at improving cost efficiency during periods of high activity.

Market activity also intensified. Trading volumes rose sharply, and Cypherpunk Technologies expanded its ZEC holdings while adding Zcash founder Zooko Wilcox as an advisor.

On-chain data indicated accumulation from large holders, including a wallet that increased its position and sent tokens to Hyperliquid to establish a long exposure. Such behavior has tightened the circulating supply at a moment when ZEC is testing historical resistance.

Zcash’s broader performance this year further adds to the current market narrative. The token has posted returns exceeding 600% over the past 12 months, helped by rising investor interest in privacy assets and a constrained supply profile.

ZEC Tests Multi-Touch Resistance as Bulls Aim for Continuation

Despite the strong surge, Zcash now sits near a resistance zone, roughly between $460 and $485, that has repeatedly halted rallies in previous cycles.

Technical readings show improving momentum on lower timeframes, supported by stable RSI levels and a constructive parabolic SAR structure. Spot inflow data has also flipped positive, suggesting buyers are re-entering rather than exiting on strength.

If ZEC breaks above the $472–$485 range, analysts note potential upside targets at $506, $556, and possibly even $600–$620. Clearing this region would mark a shift from the most recent lower-high pattern and could accelerate trend continuation.

Mixed Long-Term Outlook as New Cycle Signals Emerge

However, some longer-term indicators raise caution. Wave analysis from multiple chart views suggests ZEC may have completed a major corrective structure earlier in the cycle, followed by a 60% decline and a weaker recovery.

Bearish divergences in momentum tools and a rising parallel channel on shorter timeframes hint that the current bounce could still be corrective.

A rejection at the resistance level may lead to a retracement toward $430, followed by the $370–$398 zone. A deeper breakdown could push prices below $300 if bearish structures reassert themselves.

For now, Zcash’s price action sits at a pivotal moment. A decisive move above resistance could extend the recent surge, but failure to break through may shift momentum back toward consolidation, or even a broader downtrend.

Cover image from ChatGPT, ZECUSD chart from Tradingview

A developing Three Bullish Drives pattern has just been identified on the Dogecoin price chart. According to the analyst’s report, this new technical pattern suggests the meme coin could be on the verge of a bottom, potentially marking its next key buying point for market watchers. This projected decline could extend the downtrend Dogecoin experienced over the past few months, which already wiped out most of the gains made earlier this year during the meme coin hype.

Dogecoin Bullish Reversal Setup Reveal Buying Point

Crypto analyst Trader Tardigrade has stated that Dogecoin may be close to forming a bottom on the daily chart, as it develops what appears to be a classic Bullish Three Drives pattern. He points out that the first 1.272 Fibonacci extension near $0.137, measured from Point 1 to Point 2, lines up with the descending resistance line formed by Points A and B. This alignment is significant, as it suggests that Point 3 may represent the next buying opportunity, potentially marking Dogecoin’s lowest level before a reversal. 

Trader Tardigrade’s chart shows the full Three Bullish Drives pattern taking shape, with three apparent dips labeled Points 1, 2, and 3. Each downward move follows the same harmonic rhythm seen in the sample pattern shown in the chart’s inset. Points A and B, between $0.159 and $0.155, form lower highs, creating a strong resistance line that the Dogecoin price continues to respect throughout the pattern. 

The repeated appearance of the 1.272 Fibonacci extension reinforces the setup, showing that the market is following the expected price behavior of this chart formation. Point 3, which sits between $0.131 and $0.124, stands out as a major turning point for investors. What this means is that Trader Tardigrade expects Dogecoin to temporarily decline to this lower buy point before moving back upwards.

The momentum from DOGE’s projected rebound is expected to push its price toward $0.155. Although the analysis initially forecast that Dogecoin would hit a bottom, it also suggests that the recent downtrend, which has seen the meme coin’s price crash by roughly 20% this month, may be approaching its end.

Falling Wedge Signals Strong Upside For DOGE

A market expert identified as ‘Crypto King’ on X suggests that Dogecoin has strong bullish potential, as a clean Falling Wedge pattern is forming on the daily chart. He highlighted that the DOGE price is currently compressing against the trendline, signaling that the market may be gearing up for a significant move. 

According to Crypto King, once the market structure is broken and the diagonal resistance is reclaimed, a rapid surge toward $0.27 could unfold for Dogecoin. At its current price of $0.14, this would represent a staggering 92.86% gain.

Dogecoin traders have heard the “five-cent” call before. It’s the kind of number that sounds like bait until price action starts behaving like it might actually get there.

On Friday, DOGE was changing hands around $0.140, up slightly on the day, while bitcoin hovered near $92,300. That’s the backdrop for a fresh warning from YouTube analyst VisionPulsed, who told viewers his “base case” is that Dogecoin revisits the $0.05–$0.06 zone over the next 12 months — a window that drags the target straight into 2026.

Will Dogecoin Crash To $0.05 In 2026?

In the video posted on December 11 and titled “WHY IS DOGECOIN CRASHING!? BITCOIN RALLY COMING OR BULL TRAP FOR 5 CENT DOGE in 2026!?, the gist of his argument is pretty simple: if bitcoin is in a bear regime, DOGE doesn’t need an extra reason to bleed.

“The base case here is that Bitcoin has entered a bear market,” he said, pointing to a cluster of indicators he watches, including an 8-day moving average near $102,000 and the Gaussian Channel. As long as BTC sits below those levels — he cited roughly $103,000 as a line in the sand — he thinks the path of least resistance for Dogecoin trends down toward five cents.

And he wasn’t exactly selling it as a clean, one-way trip. There’s a lot of “chop zone” talk in the video — his term for the period where traders get whipsawed trying to long bounces and short dips. “The peanut gallery,” he called it.

His chart-based rationale leans on a familiar pattern from 2022: even when bitcoin managed a relief rally, DOGE still printed lower lows at points. “There is no guarantee that Dogecoin will have a relief rally. As you can see, in 2022, Dogecoin did indeed have a relief rally for the final pump with Bitcoin, […] but you can also see that Bitcoin made higher lows throughout the spring as Dogecoin made lower lows,” he said.

In his view, one of those “unfinished” spots sits closer to $0.10 first — and then the uglier number comes back into play depending on how bitcoin behaves.

That sequencing matters because it’s exactly where traders get themselves into trouble. If bitcoin bounces, DOGE might bounce too. Or it might not. VisionPulsed kept hammering that there are “many indicators” suggesting a BTC relief rally is possible, but “no guarantees” Dogecoin participates — a point he tried to underline by comparing the current tape to MicroStrategy’s tendency to go flat for weeks before a sharp move.

Then there’s his timing framework, which is more narrative than math but still widely used in crypto circles: the idea that around 140–150 days from a major top, markets often produce a final meaningful rally — and then price doesn’t revisit those levels for a long time. He cited examples across prior cycles (2014, 2018, 2019, 2022) to argue that once bitcoin falls into that “channel” regime, it tends to stay there until the broader downtrend has done its work.

So what does $0.05 actually mean from here? From roughly $0.14, it’s a drawdown of about 64%. That’s violent, but not exactly exotic in DOGE history — which is why the call lands with some traders even if they hate hearing it.

The big escape hatch, per VisionPulsed, is a bitcoin breakout: if BTC makes a new all-time high by February, he argues the bearish “base case” gets invalidated and DOGE can do what DOGE does when the market turns risk-on. Until then, he framed $0.05–$0.06 as the boring, brutal probability-weighted outcome.

“So the base case for the next 12 months is essentially at some point Doge will most likely come down to these five to six cent range unless Bitcoin goes up and makes a new alltime high before February. If Bitcoin makes a new all-time high by February, then Doge will avoid that [$0.05 target] and start pumping to the moon like everybody wants,” he concluded.

At press time, DOGE traded at $0.14.

Crypto markets saw a modest lift after the US Federal Reserve made another move on rates, and traders are watching for a clearer follow-through. According to reports, the Fed has carried out three consecutive interest rate cuts totaling 0.75% from September to December. The move was widely expected. Still, market responses have been mixed and somewhat choppy.

Fed Moves And Market Takeaway

According to CoinEx chief analyst Jeff Ko, much of the Fed’s action was already priced in, and the updated dot plot leaned a bit more hawkish than some had hoped.

Ko pointed to $40 billion in short-term Treasury purchases as a technical step to ease liquidity and lower short-term rates, not as a broad stimulus program.

Markets took the measures as mildly positive. US stocks rose, and that helped Bitcoin find some footing after an early dip.

Santiment And The Short-Term Reaction

Based on reports from onchain analytics firm Santiment, each cut has prompted a classic “buy the rumor, sell the news” move where initial optimism is followed by short selling.

The US Fed made three strategic cuts over the past 3 months, resulting in a total of an 0.75% reduction to interest rates.

1⃣ September 17, 2025: Fed lowered the target range to 4.00 %–4.25 % (from 4.25 %+) at the 16–17 Sep meeting.

2⃣ October 29, 2025: Fed cut the rate to… pic.twitter.com/X6DWypvq5t

— Santiment (@santimentfeed) December 11, 2025

Cuts are seen as bullish for crypto over the long haul, yet they have triggered brief pullbacks in practice. Santiment adds that a small wave of FUD or retail selling often signals that the mild post-cut downswing is finished and a bounce may follow once things calm down.

Technical Levels Traders Are Watching

Bitcoin was volatile in the aftermath. It fell under $90,000 then popped to $93,500 on Coinbase before settling near $92,300 at the time of reporting. Key resistance sits between $97,000 and $108,000.

On the daily chart, BTC remains inside a small rising channel that sits within a larger downtrend, and technical traders note that a MACD histogram is approaching a positive crossover — a sign some see as possible renewed momentum.

ETF activity has been tepid, with only $219 million in net inflows since late November, which keeps some investors cautious.

Dollar Weakness And Equity Signals

A weaker dollar has been part of the backdrop; the DXY index fell to 98.36 and is showing bearish momentum on its own MACD.

Nasdaq’s move back above its 50-, 100- and 200-day simple moving averages helped lift risk assets briefly, and that has supported Bitcoin’s rebound attempts.

Yet correlation with equities remains uneven — losses in stocks tend to hit Bitcoin harder than gains help it, creating an asymmetric risk profile for traders.

Featured image from Impossible Images, chart from TradingView

After nearly five years of dormancy, a cluster of Silk Road–linked wallets just moved 33.7 Bitcoin—roughly $3 million—in a sudden on-chain resurgence that immediately brought the BTC price back into focus. While the volume is modest, the combination of its origin, timing, and institutional destination gives it an outsized narrative impact. With Bitcoin already navigating a fragile price range, this development raises concerns about renewed downward pressure.

The 33.7 BTC Silk Road BTC Transfer And Its Potential Impact On Bitcoin’s Price

The movement began with a series of small outputs originating from early-era Silk Road addresses, all using the old “1…” legacy format. These wallets had last shown activity on February 2, 2021, before abruptly pushing out 176 tiny transactions that were subsequently consolidated into the bech32 address bc1qnysx9sr0s7uw39awr3hh099d5m0lvrnxz7ga54. Roughly a day later, that entire 33.7 BTC was moved again through an intermediary hop and then flagged by chain-analysis dashboards as a Coinbase Prime deposit.

The first alert about the movement came from the X account DarkWebInformer, which spotted the burst of micro-transactions. Even after this transfer, about 416 BTC—roughly $37.5 million—remains untouched in the wider group of connected addresses. This supports the idea that the 33.7 BTC shift was simply a dust-sweep or cleanup action, not a full-scale release of seized holdings.

With the operational picture clear, the focus shifts to the price impact. In terms of liquidity, 33.7 BTC is far too small to trigger a market-wide dump. What matters more is the psychological effect. Bitcoin is already trading in a corrective range, and activity linked to Silk Road history can make traders cautious. Although the Coinbase Prime routing points to OTC or custodial handling rather than a spot-market sale, the optics alone can tighten risk models and stoke volatility in the BTC price. 

Dormant Wallets And Market Sensitivity

Dormant Silk Road wallets have a history of resurfacing. In May 2025, two such wallets moved over 3,400 BTC—worth roughly $322 million—after nearly a decade of inactivity. The funds were transferred into new addresses rather than exchanges, showing that these movements do not automatically trigger selling and are more notable for their on-chain and narrative significance than for their impact on liquidity.

While these transfers have little direct effect on liquidity, Bitcoin’s current price action makes the market more sensitive to any headline. After approaching $94,000 earlier this month, BTC slipped back to $90,000–$92,000. On X, bearish analysts have highlighted a continuation pattern, with some projecting potential downside toward $88,000 – $89,000. This environment primes traders to react strongly to even minor negative catalysts, including long-dormant wallet activity.

Overall, the recent Silk Road transfer is unlikely to trigger a standalone dump. The main pressure stems from Bitcoin’s fragile technical posture, making even small but symbolically significant moves capable of increasing short-term volatility.

XRP has spent the past 48 hours grinding lower, with its price gradually retreating to $2 after failing to sustain the rally above $2.10 at the beginning of the week. Selling pressure has been mostly controlled rather than aggressive, but each attempt to push higher has been met with a local trendline resistance near $2.165.

Technical analysis shared by crypto analyst CasiTrades outlines an important macro support level that may determine whether XRP can stabilize and attempt another bullish recovery or fall into another bearish corrective phase below $2.

XRP Defends An Important Macro Support Zone Around $2.03

According to CasiTrades’ analysis, XRP is still defending the macro 0.5 Fibonacci retracement level, which sits around $2.03 and has acted as a key structural support on the chart. This is visible in the recent price action, as the cryptocurrency is currently trading at $2.04, having rebounded from a low of $1.99 in the past 24 hours.

The analyst noted that XRP recently reacted strongly from this level, showing its importance as a demand zone. The accompanying chart shows price repeatedly returning to this region, with buyers stepping in to prevent a sustained breakdown.

Although XRP has briefly dipped below the 0.5 Fib level, the move lacked follow-through. The most important thing is that the XRP price did not lose the $1.97 level, which CasiTrades identified as the threshold that would confirm a deeper bearish scenario. As long as XRP is trading above this zone, the analyst suggests that the price action still has a chance of increasing rather than heading lower to other downside targets.

Clearly Defined Bullish And Bearish Scenarios

The analysis outlines two distinct paths forward, and both depend on how XRP reacts to the macro support level at $1.97. On the bullish side, holding above $1.97 keeps the door open for a continuation higher. As long as $1.97 holds, the deeper retracement scenario is not confirmed.

 From here, we can see XRP continue moving bullish, but only a decisive break above the macro resistance near $2.41 would serve as confirmation of a stronger upside structure. If that level is cleared, the next projections are in the $2.75 to $2.90 range, as shown in the purple bullish scenario in the chart above.

On the other hand, a loss of $1.97 would invalidate the current support structure and shift focus toward the macro 0.618 retracement around $1.64. The chart shows this as the pink scenario and $1.64 as another major support level that could come into play to stop the intensifying selling pressure. 

No official confirmation has occurred in either direction, leaving XRP at an important point where holding macro support is the main requirement for any meaningful revival attempt.

The XRP price could be on the verge of a massive crash, as a crypto analyst has identified a key technical pattern in the cryptocurrency’s structure that signals a potentially severe downturn. According to the analyst, this formation has appeared only twice in XRP’s history, and each time has preceded a devastating loss. If the pattern were to repeat, the cryptocurrency could be headed for more pain. The analyst warns traders and investors to stop buying XRP at this time, citing heightened risk. 

Analyst Advices Against Buying XRP As Price Crash Looms

An urgent warning from market analyst Steph is Crypto has spread across the community, as he advises traders and investors to “not touch XRP anymore.” The analyst shared a video of his XRP price forecast on a recent X post, revealing that the altcoin’s long-term indicators point to a troubling setup that could mirror downturns observed during past market cycles. 

Steph Is Crypto shared that his study of the monthly Moving Average Convergence Divergence (MACD) for XRP has revealed a new bearish crossover taking shape, signaling declining momentum. The analyst stated that XRP had formed a bearish crossover on the chart only twice since its inception in 2012. Both times this pattern appeared, the cryptocurrency underwent one of the most dramatic price crashes ever, losing over half its value right after. 

He explained that during the first bearish crossover in 2019, XRP crashed by more than 84%. Similarly, a second crossover reemerged in 2022, triggering a deep price decline of about 67%. It’s worth highlighting that each time XRP formed this bearish signal, it was after a major bull market. 

In 2018, the cryptocurrency staged a historic rally that sent its price to its current all-time high above $3.84. Likewise, the steep correction in 2022 came on the heels of an explosive 2021 bull market, one of the most powerful in crypto’s history.  

Just as in the past, Steph Is Crypto sees a bearish crossover forming once again in the current cycle, suggesting that the conditions are aligning for another devastating price crash. He admitted that he wishes he had not spotted this formation on XRP’s chart, underscoring his usually bullish stance on the cryptocurrency. The analyst has cautioned traders to take this historical setup seriously and to consider the possibility that XRP could revisit significantly lower price ranges if the pattern plays out. 

XRP Price Momentum Remains Weak

XRP remains in a downward trend, with its price barely holding above $2.00. The cryptocurrency has dropped by over 15% so far this month, declined about 2.2% over the past week, and has crashed approximately 16% year to date, according to CoinMarketCap. 

XRP’s price momentum is weak, with little indication of a near-term recovery. The cryptocurrency’s Fear and Greed Index has slipped to 42, edging closer to the “fear” zone. This market uncertainty is being driven by the cryptocurrency’s sluggish price action, despite having passed $3.00 earlier this year and nearly challenging its all-time high. 

Crypto pundit NoLimit has explained why the Bitcoin, Ethereum, and Dogecoin prices have been dumping recently. He specifically raised claims of manipulation, with these crypto prices recording gains and then fully retracing those gains. 

In an X post, No Limit stated that the Bitcoin price is dumping because Binance is buying and that Coinbase is dumping a large amount of BTC. The Bitcoin decline has also sparked declines for the Ethereum and Dogecoin prices, which are known to mirror the flagship crypto. Meanwhile, the crypto pundit raised claims of BTC being manipulated. 

Pundit Explains What Is Happening With The Bitcoin, Ethereum, And Dogecoin Prices

NoLimit pointed out something weird that happened on the order books, noting a massive spike in Binance’s CVD, which didn’t come from retail suddenly buying millions of dollars in BTC. On the other hand, he stated that Coinbase’s CVD fell at the exact same time, indicating that the crypto exchange dumped some BTC, which sparked declines in Bitcoin, Ethereum, and Dogecoin prices. 

Related Reading: Bitcoin Price Can Hit These ‘Realistic’ Bullish Targets Before The Bear Market Begins

The crypto pundit highlighted the sharp decline in Bitcoin’s price as liquidity was yanked, creating a thin order book. He further remarked that one venue is getting aggressively bid up while the other is getting drained. NoLimit explained that this is not a normal spot flow and that it is likely coordinated positioning, hedging, arbitrage, or pure manipulation. 

NoLimited pointed out that the Bitcoin price reacted instantly to this alleged manipulation, dropping, then pushing to $94,000, and then dropping again. This also dragged down the Ethereum and Dogecoin prices. The crypto pundit asserted that a group of people is playing with the market and that most people won’t notice until it is too late. 

He stated that when crypto exchanges completely disagree on net flow like this, it is usually a warning. NoLimit added that the next big move is being set up before the public catches on. The crypto pundit urged market participants to pay attention because things are about to get interesting. 

Another Pundit Raises Manipulation Claims

Crypto pundit Vivek also indicated that the Bitcoin, Ethereum, and Dogecoin prices may be manipulated at the moment. He noted that BTC round-tripped from $94,000 to $88,000 three times in the last few days, liquidating both longs and shorts worth over $200 million. The pundit added that this is an example of clear market manipulation to wipe out both leveraged longs and shorts. 

Crypto pundit Bull Theory also recently accused Wall Street trading firm Jane Street of manipulating the Bitcoin price. This came as the pundit noted that BTC, alongside Ethereum and Dogecoin, usually declines at the market open before recovering later. Bull Theory suggested that the firm may be manipulating the market in order to buy at lower prices.

Do Kwon, the South Korean co-founder of Terraform Labs, was sentenced to 15 years in prison on December 11, 2025 in a Manhattan federal court after pleading guilty to fraud tied to the collapse of the TerraUSD stablecoin and its sister token, Luna.

According to court documents and news reports, the judge described the scheme as a massive fraud that left thousands of investors facing heavy losses.

Sentence And Court Ruling

Judge Paul A. Engelmayer handed down the 15-year term after prosecutors urged for a sentence of up to 12 years and the defense asked for a much lighter term.

Do Kwon pleaded guilty in August 2025 to conspiracy to defraud and wire fraud, and as part of the plea he agreed to forfeit roughly $19 million.

The US Attorney’s office says the guilty plea admits he misled investors about how the stablecoin kept its $1 peg.

Scale Of The Losses

Reports have placed the market fallout from the Terra collapse at about $40 billion in erased value. Many ordinary investors lost life savings and some victims gave emotional testimony at sentencing, describing real financial ruin.

News outlets and court filings tie the crash in May 2022 to a sudden loss of confidence that cascaded through markets and hurt other crypto firms.

Civil Penalties And Settlements

Before the criminal case reached this point, Kwon and Terraform faced a major civil action from the US Securities and Exchange Commission.

According to the SEC, Terraform Labs and Kwon agreed to pay more than $4.5 billion in disgorgement, interest and penalties, while Kwon personally faced an $80 million civil fine and a ban from crypto trading.

That civil judgment was filed in 2024 and has been used by regulators as part of the overall effort to make investors whole.

International Arrest And Extradition

Kwon was arrested in Montenegro in March 2023 after leaving Singapore; authorities say he was using forged travel documents when detained.

He fought extradition in Montenegrin courts but was eventually transferred to the US late in 2024 to face federal charges. Reports outline a long legal fight across borders that ended with his return to New York to answer criminal counts.

What The Sentence Means

Legal analysts say a 15-year term signals the court’s view that the fraud caused wide damage and that punishment should deter similar schemes. Victims’ statements at sentencing appear to have weighed heavily.

Kwon still faces separate probes and possible charges in other countries, and the civil judgment means substantial sums are earmarked for recovery efforts tied to Terraform’s bankruptcy.

Featured image from Getty Images, chart from TradingView