HashKey is bidding to become Hong Kong’s first listed crypto exchange, launching an initial public offering that will gauge how much public market appetite remains for regulated digital asset platforms after the latest leg of the cycle.

The company plans to sell about 240.6M shares in a global offering, with roughly 24.1M reserved for Hong Kong investors and the rest for international buyers

The price range runs from HK$5.95 to HK$6.95 a share, which would raise up to HK$1.67B, about $215M, and value HashKey at around HK$19B at the top end.

Books are open through Friday, with trading scheduled to start on Dec. 17, according to a prospectus.

Exchange Claims Dominant Market Share As Hong Kong’s Largest Regulated Crypto Platform

HashKey positions itself in the prospectus as a digital asset ecosystem rather than a single exchange, tying together trading, custody, tokenisation and asset management under a licensed, onshore structure.

The group operates what it describes as Hong Kong’s largest licensed crypto exchange by trading volume and was among the first platforms approved under the city’s dedicated virtual asset regime, which went live in 2022.

According to research cited in the filing, HashKey holds more than 75% of Hong Kong’s onshore digital asset trading volume, giving it a dominant share of a market that regulators have been trying to pull onshore after years of activity on offshore venues.

The company also runs one of Asia’s biggest on-chain services businesses, offering staking, tokenization and custodial technology for a range of protocols, and manages billions in client assets through funds and structured products.

Strong Top Line Growth Reflects Expanding Exchange And Infrastructure Demand

The financials show how that expansion has fed into the top line. Revenue rose from about HK$129M in 2022 to about HK$208M in 2023, then jumped to roughly HK$721M in 2024 as trading volumes and on-chain activity scaled.

The first half of 2025 brought a further HK$284M in revenue, although the prospectus also flags heavy spending on research, development and marketing as the group builds out its platform.

HashKey’s business model splits into three main pillars, transaction facilitation, on-chain services and asset management. Transaction facilitation covers the core exchange, over the counter trading, fiat on and off ramps, custody, foreign exchange conversion and institutional services.

On-chain services include staking infrastructure, tokenisation of assets and HashKey Chain, the group’s own network that aims to host compliant real world asset projects, stablecoins and decentralised applications.

Asset management spans venture investing in Web3 projects and secondary market products such as exchange-traded funds and actively managed crypto funds.

The company expects to receive net proceeds of about HK$1.43B after fees and expenses if the deal prices at the top of the range.

IPO Proceeds Target Product Innovation Custody Upgrades And Deeper Liquidity

It plans to spend a large share on product innovation and new offerings, including more regulated derivatives and yield products, and on building shared liquidity across venues and upgrading its custody systems to support more chains and tokens.

Another portion is earmarked for on-chain innovation, such as a crypto as a service platform for institutions and further investment in staking infrastructure, as well as hiring engineering and research talent.

HashKey also intends to devote capital to infrastructure and cloud services so its trading platforms can handle spikes in activity without outages, and to strengthening risk management and compliance systems in line with Hong Kong’s virtual asset rules.

Management argues that this combination of scale, licensing and infrastructure will help the group capture the next wave of institutional adoption as more investors rotate from loosely supervised exchanges into onshore, regulated venues.

The listing lands at a delicate time for both Hong Kong and the crypto market. The city has approved licences for 11 exchanges under its new framework but has not yet brought in global giants such as Binance or Coinbase, even as it tries to position itself against Singapore, Dubai and other centres competing for crypto firms.

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The US Commodity Futures Trading Commission (CFTC) has taken one of its biggest steps yet toward bringing crypto into regulated finance, launching a pilot that lets Bitcoin, Ether and USDC serve as collateral in derivatives markets.

Acting Chairman Caroline Pham announced the program in Washington, along with new guidance on tokenized collateral and the withdrawal of older rules that no longer align with the GENIUS Act.

The pilot marks a shift toward integrating digital assets into futures and swaps markets while giving regulators real time visibility into how tokenized collateral performs.

US Derivatives Regulator Opens Path For Tokenized Assets To Back Trades

Pham said the initiative aims to give US traders safer, CFTC-supervised venues after heavy losses on offshore platforms. She added that the agency is “launching a US digital assets pilot program for tokenized collateral, including Bitcoin and Ether,” with guardrails for customer protection and tighter monitoring.

The CFTC’s three divisions also issued guidance confirming that tokenized assets can be evaluated under the existing framework. The guidance covers tokenized real-world assets such as US Treasuries and money market funds and addresses custody, segregation, valuation haircuts and operational risks.

The agency also granted no-action relief for futures commission merchants that want to accept certain non-securities digital assets as customer margin.

Pilot Starts With Bitcoin, Ether And USDC As CFTC Gains Fresh Market Visibility

For the first three months, FCMs can only accept BTC, ETH and USDC. They must file weekly reports on the amounts held and notify the agency of any major issues, giving the CFTC early insight into market behaviour without blocking adoption.

In a parallel move, the CFTC withdrew a 2020 advisory that restricted the use of virtual currencies as collateral, saying it no longer reflects current market conditions after years of development and the passage of the GENIUS Act.

Crypto Execs Call CFTC Guidance A Milestone For US Market Innovation

Crypto firms welcomed the shift. Coinbase’s chief legal officer Paul Grewal said the decision confirms that digital assets can make payments faster and cheaper. Circle president Heath Tarbert said supervised stablecoins will reduce settlement frictions and support round-the-clock trading.

Crypto.com CEO Kris Marszalek called the guidance “an important milestone,” linking it to President Trump’s goal of making the US “the crypto capital of the world.”

Ripple’s Jack McDonald added that recognizing tokenized assets as eligible margin improves capital efficiency and strengthens US leadership in financial innovation.

The CFTC said the pilot and guidance reflect recommendations from the Digital Asset Markets Subcommittee and feedback from industry forums. Bitcoin, Ether and USDC are set to take on a more formal role in US derivatives markets as regulators monitor how tokenized collateral performs in practice.

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Bitcoin hovered around $90,000 on Tuesday while Asian stocks slipped, as traders grew uneasy about how quickly the US Federal Reserve will cut rates after a widely expected move this week.

MSCI Inc.’s gauge of Asia Pacific shares outside Japan fell about 0.2% as benchmarks in Korea, Japan and Australia opened in the red.

US stock futures moved slightly higher, offering a small offset after the S&P 500 lost 0.3% on Monday and US Treasuries joined a broader global bond sell-off. Australian bond yields climbed ahead of a monetary policy decision later in the day.

Market snapshot

• Bitcoin: $90,227, down 0.8%
• Ether: $3,109, up 0.3%
• XRP: $2.07, up 0.1%
• Total crypto market cap: $3.16 trillion, down 0.8%

Markets Adjust As Traders See Fewer Cuts Ahead Amid Fed Uncertainty

The Fed meets on Wednesday and is widely expected to deliver a 25 basis-point rate cut, a step that traders have treated as nearly certain for days. The real debate now centres on what comes next, with investors increasingly nervous that policymakers will signal a “slower pace” of easing in the months ahead.

Still high inflation and a lack of fresh data during the government shutdown have fed “divisions” inside the Fed, according to some investors and analysts.

After this week’s likely cut, money markets now lean toward only two more moves by the end of 2026, down from three that were priced in barely a week ago, a shift that matters for Bitcoin and other digital assets that trade closely with global liquidity conditions.

In bond markets, the US 10-year Treasury yield hit its highest level since September during Monday’s session, extending selling pressure in Europe and Japan and lending support to the dollar. Higher long term yields tend to tighten financial conditions, a backdrop that can cap risk appetite even as traders talk about rate cuts.

Markets Waver As December Cut Bets Firm But Policy Path Remains Unclear

Wall Street’s main indexes closed lower on Monday, with most S&P 500 sectors finishing in negative territory while Treasury yields pushed higher.

Hopes for a December rate cut firmed after data last week showed consumer spending increased “moderately” toward the end of the third quarter, although investors still want clearer signals on future policy moves from what many see as the most “divided Fed” in years.

Derivatives pricing reflects that tension. Traders are now assigning roughly an 89% chance of a 25 basis-point cut on Wednesday, while expectations for additional easing have been trimmed.

For crypto markets, any surprise in the statement or the press conference could quickly show up in sharp moves around the $90,000 level.

Policy Signals From Beijing And Washington Guide Asian Equities And Crypto

Chinese assets remained in the background as Beijing’s top leaders set “domestic demand” as their main economic priority for 2026 while signalling a measured approach to stimulus. Any conviction that China will stabilise growth without aggressive easing could influence regional risk appetite and therefore the broader tone for Asian equities and crypto alike.

Monetary policy politics are also in play. Kevin Hassett, seen as a leading candidate to become the next Fed chair, said it would be irresponsible for the Fed to lay out a plan for where it aims to take interest rates over the next six months.

The White House National Economic Council director told CNBC that following the economic data remains crucial, a stance that points to more meeting-by-meeting decisions rather than a pre-set easing path.

For crypto traders, the coming days look pivotal. Greg Magadini, director of derivatives at Amberdata, said this upcoming week is going to be driven by the FOMC rate decision. “This will set the tone for the EOY sentiment. Odds are shifting toward a -25bps cut, which could set the stage for an end-of-year rally in crypto and risk assets,” he said.

He added that Trump is expected to announce his pick for Fed chair in early 2026, with Senate approval to follow and the new chair taking over in May 2026 after Powell.

That handover, combined with this week’s decision, is already feeding into long-term positioning in Bitcoin and the rest of the digital asset market, even as prices hold near $90,000 for now.

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Argentina’s central bank is reportedly weighing a move that could redraw the country’s crypto landscape, drafting rules that would let traditional banks offer trading and custody services for digital assets after years of leaving that business to exchanges and fintech platforms.

Local outlet La Nacion reported Friday that the officials are working on a regulation that would open the door for lenders to handle cryptocurrencies directly, although they have not committed to a timetable or disclosed key details.

One exchange operating in the country believes the measure could win approval around April 2026, signalling a relatively near-term shift if the process stays on track.

The idea has circulated quietly for months among exchanges, people close to regulators and a handful of bankers. It fits with a broader push inside government circles to ease restrictions on crypto use and bring part of the activity that already happens at scale into the formal financial system.

Crypto Demand Surges As Argentines Seek Stability Amid Inflation

For Argentina, the stakes are higher than in most markets. Years of inflation and currency controls have pushed savers toward dollars and digital assets, and crypto has become a parallel store of value for many households.

By one estimate, Argentines are now six times more likely to use crypto on a daily basis than residents of the average Latin American country.

Allowing banks to trade and hold crypto on behalf of clients could give that demand a new channel. Analysts say regulated lenders can offer familiar on-ramps, clearer disclosures and more robust compliance checks, which together may make digital assets feel less like a grey market product and more like a standard investment option.

The real impact, they caution, will depend on how the central bank draws the lines on issues such as custody standards, capital treatment and which tokens qualify.

Libra Scandal Casts A Long Shadow Over Argentina’s Crypto Debate

The debate is unfolding in the long shadow of the Libra meme coin scandal, a blow that shook confidence in Argentina’s crypto scene and raised uncomfortable questions about political promotion of speculative tokens.

That episode erupted in Feb. 2025 when President Javier Milei, known for his libertarian economic agenda and enthusiasm for digital assets, posted on X endorsing the Solana-based Libra token as a tool for “market-driven innovation” and economic liberation from the peso.

The coin’s price raced from fractions of a cent to more than $4.50 within hours of his post, lifting its fully diluted valuation to around $4.6b before collapsing more than 96% in what investigators described as a classic rug pull by its creators at Kelsier Ventures.

Thousands of investors, many of them everyday Argentines who took the president’s message as a green light, were left holding the bag, with losses estimated between $100m and $251m.

Argentina’s central bank has swung between tolerance and crackdowns in the past, at one point barring unregulated crypto services in the banking system, and any turn toward openness would mark a significant change in stance.

For now, officials appear to be testing whether they can bring a fast growing market into the tent without importing too much of its volatility into the traditional financial system.

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Binance has secured three new licences in Abu Dhabi, tightening its grip on one of the most ambitious digital asset hubs in the Middle East and giving the exchange a powerful regulatory base as it pushes to keep institutional money on side.

The Financial Services Regulatory Authority of Abu Dhabi Global Market has approved Binance.com to operate through a trio of regulated entities that together cover exchange, clearing and broker dealer activities.

The authorizations were granted during Abu Dhabi Finance Week and apply to Binance’s global platform, not just a regional offshoot, which is a key point for professional traders watching where the exchange can legally serve them.

Binance Builds Multi-Entity Structure For Exchange, Clearing And Trading

Under the new structure, Nest Services Limited, which will be renamed Nest Exchange Limited, has been approved as a recognized investment exchange with permission to run a multilateral trading facility. It will host Binance’s on exchange business, including spot and derivatives markets.

Nest Clearing and Custody Limited has been approved as a recognized clearing house with added custody and securities depository permissions, putting it in charge of clearing, settlement and safekeeping of digital assets.

A third entity, BCI Limited, set to become Nest Trading Limited, holds a broker dealer licence that covers dealing and arranging in investments, asset management, custody arrangements and money services, including over the counter trading and conversion.

Binance Leans On ADGM Regime To Reinforce Compliance And Global Reach

Binance has described the package as a comprehensive regulatory framework for Binance.com and a global first for the platform. The company says the approvals give it a cleaner path into multiple markets beyond the UAE and help it present itself as a more predictable counterparty to institutions that have grown wary of loosely regulated venues after a series of blow ups.

Richard Teng, Binance’s co-chief executive and a former senior executive at Abu Dhabi Global Market, said in a statement that working under the authority’s regime reflects a commitment to compliance, transparency and user protection.

He argued that the licence brings regulatory clarity and legitimacy and allows Binance to support its global operations from Abu Dhabi while keeping a distributed operating model that taps talent around the world.

Rising Crypto Investments Show Abu Dhabi Positioning Itself As Digital Finance Hub

For Abu Dhabi, the deal fits neatly into a broader push to turn its oil wealth and sovereign funds into long term exposure to digital assets and financial technology. The emirate, which sits on roughly $2 trillion in sovereign wealth, has been steadily increasing its footprint in crypto.

The Abu Dhabi Investment Council, an independently run arm of Mubadala Investment, more than tripled its holding in BlackRock’s iShares Bitcoin Trust during the third quarter, taking the position to almost 8m shares as of Sept. 30, worth about $518m at the time.

Binance also has direct financial ties to the city. In March, the exchange secured a $2b investment from AI-focused investor MGX, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, one of the most influential figures in the emirate’s financial and security establishment.

That backing and the new licences deepen the sense that Abu Dhabi sees Binance as a core piece of its digital finance strategy.

The exchange has not yet named a global headquarters, but Teng has previously called the UAE an attractive option. With Abu Dhabi Global Market now authorised to host Binance.com’s regulated activities from January 5, 2026, the city will remain high on the list of possible long term bases, especially as more institutional clients demand clear regulatory anchors.

Binance Looks To Rebuild Trust As New Licences Follow Turbulent Period

The approvals come after a difficult period for Binance on the enforcement front. Founder Changpeng Zhao stepped down as chief executive in 2023 after pleading guilty to breaking US anti money laundering laws.

The company agreed to pay more than $4.3b to settle a years long US investigation. Zhao was pardoned by President Donald Trump in October this year, removing a major legal cloud for the former CEO, but regulators and counterparties still expect Binance to prove that it can operate with tighter controls.

Binance says it now has more than 300m registered users and over $125 trillion in cumulative trading volume. It argues that operating under Abu Dhabi’s rules will give both retail and institutional users stronger comfort on oversight and consumer protection as it pushes toward its long stated goal of serving 1b people.

The leadership team is shifting as the regulatory architecture firms up. Last week, Teng named Binance co founder Yi He as the company’s new co-chief executive.

He described her as a driving force since the exchange’s launch, and credited her with shaping its culture, vision and user focused approach. Her formal elevation signals that Binance wants to present a more structured leadership bench as it leans further into regulated markets.

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Crypto assets traded higher on Monday while Asia’s stock markets inched up, as traders stepped into a week dominated by the US Federal Reserve and a packed central bank calendar.

The mood stayed cautious, but risk assets, from crypto to equities, held their ground as investors lined up behind the prospect of fresh policy easing.

Bitcoin rose about 1.9%, keeping prices close to the $90,000 mark and extending a steady grind higher that has drawn support from rate-cut bets.

For crypto traders, the Fed meeting now looks less like a routine calendar event and more like a possible trigger for the next leg of the cycle.

Akshat Siddhant, lead quant analyst at Mudrex, said that if the Fed proceeds with a rate cut this week, a “Santa rally” becomes increasingly likely, pushing BTC toward the $100,000 mark.

He pointed to around $87,500 as an important support area, a level that still leaves the broader structure for Bitcoin looking constructive even if there is short-term volatility.

Market snapshot

• Bitcoin: $91,256, up 1.9%
• Ether: $3,114, up 2.1%
• XRP: $2.07, up 0.9%
• Total crypto market cap: $3.18 trillion, up 1.3%

Crypto Finds Support While Asian Stocks Log Cautious Early Gains

Across Asia’s equity markets, stocks nudged higher as trading got under way. Japan’s Nikkei slipped about 0.3% after a modest 0.5% gain last week, while South Korea’s Kospi eased 0.3% after jumping 4.4% last week on confirmation of lower US tariffs on its exports.

MSCI’s broad index of Asia-Pacific shares outside Japan dipped roughly 0.1% in relatively quiet dealings.

Mainland Chinese shares were set to take their cues from November trade figures, with investors watching how exports hold up against tariff headwinds. The data will feed into positioning on Chinese assets into year-end and help shape how much regional support Asian equities can offer to global risk sentiment.

Fed Tension Builds With Futures Flat And Analysts Watching Earnings Signals

US futures provided little directional push at the start of the week. S&P 500 and Nasdaq contracts traded close to flat as investors balanced the coming Fed decision with a fresh round of corporate results.

Earnings from Oracle and Broadcom will give another read on demand for AI-linked infrastructure and chips, while Costco’s numbers will offer a window into consumer spending.

Pricing in interest-rate markets shows how firmly investors lean toward an easing. Futures imply roughly an 85% chance of a quarter-point cut in the current 3.75% to 4% federal funds target range, so a hold would amount to a shock.

Yet the decision may not be straightforward inside the Federal Open Market Committee. Some policymakers have spoken openly against cutting too early, and the Fed has not seen three or more dissents at a single meeting since 2019, something that has occurred only nine times since 1990.

Crypto Watches Dollar Path As Markets Weigh Fed Timing And Political Noise

Market prices are more cautious, attaching about a 24% probability to a January move and not fully factoring in another easing until July. For Bitcoin and other digital assets, that path matters because it shapes the dollar, liquidity and the appeal of hard-cap assets.

US politics also hangs over the debate. Some investors worry that President Donald Trump’s repeated attacks on Fed independence could help push rates too low over time, setting the stage for a later inflation problem.

That kind of backdrop often feeds into the narrative that Bitcoin can act as a hedge against long-term currency debasement, even if day-to-day trading still reacts to standard macro data and funding conditions.

The Fed is not the only game in town. Central banks in Canada, Switzerland and Australia also meet this week and are widely expected to hold policy steady. The Swiss National Bank may see reasons to offset a strong franc, but with its policy rate already at 0%, officials remain wary of returning to negative territory.

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Italy’s market watchdog has told crypto providers to either secure authorization under Europe’s new MiCAR regime by Dec. 30 or shut down their local business, stepping up pressure on exchanges and brokers serving local users.

Consob, the country’s securities regulator, urged both investors and operators to pay “maximum attention” as the transition period for the EU’s Markets in Crypto-Assets regulation nears its end.

The rules will reshape how virtual asset service providers operate across the bloc and how they market trading, custody and other services to retail clients.

Under the Italian framework, firms currently acting as Virtual Asset Service Providers, or VASPs, can continue to operate only until Dec. 30, 2025, while they are registered with the OAM, the national agents and brokers registry.

After that, they must have taken concrete steps toward becoming MiCAR-compliant crypto-asset service providers, or CASPs, if they want to stay in business.

Regulatory Shift Moves Italy Toward Europe’s Unified Crypto Rulebook

VASPs that file an authorization application by Dec. 30, either in Italy or in another EU member state, will be allowed to keep serving customers while supervisors process their files. That temporary window will close once the application is approved or rejected, and in any case no later than June 30, 2026.

The current regime in Italy only requires VASPs to register with the OAM. Under MiCAR, CASPs will need prior authorization from their supervisory authority and will then come under ongoing supervision, aligning Italy with the wider European push for stricter oversight after a series of global exchange failures and token collapses.

To support an orderly and transparent transition, Consob issued a detailed notice that mirrors guidance published the same day by the European Securities and Markets Authority. The document spells out what retail users should do as the deadline approaches and what operators must put in place if they plan either to seek a license or wind down.

Regulator Warns Users To Verify VASP Status Before Year-End Cutoff

For investors, the regulator stressed that some VASPs currently operating may no longer be allowed to do so after December 30. It said clients should check whether they have received clear information from their provider on its plans, and if not, ask for an explanation of how it intends to comply with the new framework.

Consob also told users to verify that a firm is legitimately allowed to operate in Italy after the deadline, either by checking the OAM list of VASPs or the ESMA register of authorized CASPs. If a provider is not legitimate, it cannot continue to offer crypto-asset services to the public and customers have the right to ask for the return of their funds or tokens.

On the operator side, Consob recalled that it has already shared guidance through meetings and public communications, including a notice in Sept. 2024 with initial instructions for firms and another in July 2025 when the national transition period was extended to June 30, 2026. It also sent a specific warning on October 31, 2025 to VASPs on the OAM list that still lack MiCAR authorization.

The regulator said VASPs that choose not to seek authorization as CASPs must stop their activities in Italy by December 30, 2025 and close existing contracts. They must return crypto-assets and related funds to customers in line with client instructions and end all services, including custody and administration.

VASPs that remain on the OAM register are required to post clear information on their websites and provide direct notice to clients on the steps they plan to take, whether that is applying for a MiCAR license or exiting the market in an orderly way.

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Ripple’s native token XRP was trading near $2 on Friday as traders wade through another wave of fear and doubt, with new data from Santiment showing social chatter around the token turning sharply negative after a two month slide of about 31%.

The crypto analytics firm posted a chart from its platform that tracks XRP’s price against total positive and negative comments, along with a combined sentiment line.

Recent readings show social chatter around XRP tilting heavily bearish, a clear shift from the more even mix of views seen earlier in the year.

Santiment’s sentiment gauge tracks price alongside streams of positive and negative comments, and its latest signals show the balance tipping into what it labels the fear zone as bearish messages start to dominate.

Traders Watch For A Repeat Of November’s Reflexive Rebound

On this model, red circles mark days when optimism overwhelms pessimism, the greed zone, while green circles mark sessions when negative commentary swamps bullish talk, a fear zone that often lines up with capitulation by weaker holders.

The firm pointed traders back to late November. It wrote, “The last time we saw near this level of fear from the crowd was Nov. 21st, and $XRP’s price immediately rallied +22% over the next 3 days. After that, greed took over and the rally came to a quick halt. As of now, an opportunity appears to be emerging just like 2 weeks ago.”

Santiment urged followers to keep an eye on the same dashboard, saying, “Monitor how sentiment continues to shift here on this chart, and see what others in crypto can’t.”

The suggestion is that crowd psychology around XRP may once again be setting up a reflexive move, where extreme pessimism creates fuel for a short squeeze.

XRP Extends Losses As Market Drift Pressures Major Altcoins

In price terms, XRP was last down about 4.5% at $2.09, extending a loss of roughly 7% over the past month. The total crypto market value slipped about 1% to $3.22 trillion on the day, a pullback that has weighed on major altcoins even as liquidity remains concentrated in the largest names.

XRP shows relative stability compared with some smaller tokens, although it still feels the drag from thinning order books and cautious positioning. These moves unfold against a backdrop of uncertainty around upcoming US policy decisions, softer global risk appetite and rapid position cuts by leveraged traders who had crowded into earlier rallies.

Analysts watching the token say XRP can still grind toward the $2.50 to $2.75 area if cross border liquidity flows improve and momentum builds around stablecoin projects on the XRP Ledger.

Away from the charts, Ripple has been working to deepen its institutional reach. Last month, the company said it was expanding in the US with the launch of digital asset spot prime brokerage services.

The move follows its acquisition of multi asset prime brokerage firm Hidden Road, which has been folded into Ripple Prime, combining regulatory and operational setups from both groups into a single trading and custody platform for professional clients.

The post XRP Hit by Renewed FUD Storm as Social Buzz Turns Negative appeared first on Cryptonews.

Bitcoin held just under $92,000 on Friday as traders weighed a heavy mix of labour data, central bank bets and choppy equity markets in Asia, Europe and the US.

Akshat Siddhant, lead quant analyst at Mudrex, said the crypto market continues to display strong resilience.

“Renewed whale accumulation is supporting the trend, as ETH whales have added over 450,000 ETH since mid-November, with BTC whales showing similar activity.”

“Even with the US labour market displaying solid strength, the odds for a rate cut this month stand at 93%, contributing to the buying pressure. A clear move above $96,000 could accelerate BTC’s momentum toward $100,000, opening the path for fresh highs,” he added.

Market snapshot

• Bitcoin: $92,387, down 1.2%
• Ether: $3,174, down 1.1%
• XRP: $2.09, down 4.6%
• Total crypto market cap: $3.22 trillion, down 1.3%

Japan’s Weak Spending Figures Drag Regional Equities Lower

In Asia, Japan’s Nikkei 225 fell about 1.5%, wiping out this week’s gains in a session that otherwise stayed subdued. MSCI’s broad index of Asia Pacific shares outside Japan slipped roughly 0.1%, although it remained on track for a modest gain of about 0.5% for the week.

Fresh data from Tokyo showed household spending in Japan fell at the fastest pace in nearly two years in October as inflation squeezed budgets. The yield on 10-year Japanese government bonds touched 1.94% early in the session, the highest since mid-2007, and was set for a rise of about 13.5 basis points for the week.

Recent auctions drew solid demand, suggesting investors are taking advantage of cheaper bond prices.

Chinese markets painted a mixed picture. The Shanghai Composite hovered near 3,875, down 0.02%, while the SZSE Component in Shenzhen added about 0.17%.

The China A50 index slipped 0.17%, DJ Shanghai edged up 0.12% and Hong Kong’s Hang Seng lost about 0.40%.

Europe Finds Support While US Traders Weigh Conflicting Data

Across Europe, futures pointed to a slightly firmer tone. DAX futures traded near 23,880, up about 0.79%, FTSE 100 futures gained 0.19%, CAC 40 futures rose 0.43% and Euro Stoxx 50 futures added roughly 0.41%.

US stock futures were mixed after Wall Street cash indices finished Thursday close to flat. Dow futures hovered around 47,850, down 0.07%, while S&P 500 futures inched up 0.11% and Nasdaq futures rose 0.22%.

Traders continued to chew over a series of US data releases. A Labor Department report showed initial jobless claims dropped to their lowest level in more than three years, although analysts said the Thanksgiving holiday may have distorted the figures.

A separate estimate from the Chicago Fed suggested the unemployment rate held near 4.4% in November.

Factory Orders Lag Forecasts As Traders Brace For Key Fed Decision

A delayed report from the Commerce Department showed factory orders rose 0.2%, missing expectations for a 0.5% increase, after an upward move in August was revised down to 1.3% as tariffs weighed on manufacturers.

The closely watched non-farm payrolls report will not arrive on Friday, with the November figures scheduled for after the Federal Reserve’s December meeting because of an extended government shutdown. Investors have turned to secondary indicators, even as the backlog of official data clears only slowly.

Fed funds futures now imply nearly a 90% chance of a 25-basis point rate cut next Wednesday, up sharply from pricing a month ago, and analysts describe the gathering as one of the most finely balanced meetings in years, with several policymakers having spoken publicly against further easing.

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Uniswap founder Hayden Adams has accused Citadel Securities of trying to pull decentralized finance into the same regulatory box as Wall Street, after the market maker urged the US SEC to treat DeFi protocols and their developers as traditional intermediaries.

Adams fired off a post on X that quickly made the rounds in crypto circles.

“First Ken Griffin screwed over Constitution DAO,” he wrote, before adding, “Now he’s coming for DeFi, asking the SEC to treat software developers of decentralized protocols like centralized intermediaries.”

He linked directly to Citadel’s submission to the SEC and added, “Bet Citadel has been lobbying behind closed doors on this for years.”

Adams Ridicules Citadel’s Claim That DeFi Lacks Fair Access

He saved his sharpest line for a specific passage in the filing.

Adams pointed to Citadel’s claim that DeFi cannot provide “fair access” to markets and responded, “Okay thats all pretty bad, but the actual nerve for one of their arguments to be that there is no way for DeFi protocols to provide ‘fair access’ of all things lmao.”

He then wrote, “Makes sense the king of shady tradfi market makers doesn’t like open source, peer-to-peer tech that can lower the barrier to liquidity creation.”

The clash stems from a lengthy letter Citadel Securities sent to the SEC on tokenized equities and DeFi trading venues. In that document, the firm tells regulators that many so-called decentralized systems bring together buyers and sellers in a coordinated way and therefore fit existing legal definitions of exchanges and broker dealers.

It argues that activities in DeFi should not receive lighter treatment simply because they are implemented in code on a blockchain.

Firm Rejects Idea That Open Protocols Should Avoid Intermediary Rules

Citadel goes further and lists a wide range of players in the DeFi stack, from trading interfaces and smart contract developers to validators and liquidity providers. According to the filing, many of these actors take transaction-based fees or influence how orders are routed, which, in Citadel’s view, often makes them functionally similar to regulated financial intermediaries.

The firm urges the SEC to apply a technology-neutral approach so that the same activity attracts the same rules regardless of whether it runs through a matching engine or a smart contract.

A central concern in the letter is tokenized stocks. Citadel warns that allowing tokenized shares of US companies to trade freely on DeFi protocols would create what it describes as a shadow equity market outside the national market system. It says such a structure could fragment liquidity and bypass the reporting, surveillance and investor protection framework that currently governs equities.

The firm also resists calls from some crypto industry groups for broad exemptions. Several DeFi advocates have asked the SEC to recognise that open source protocols and validator sets do not operate like traditional intermediaries and should not have to register as exchanges or broker dealers.

Crypto Devs Fear Wall Street Rules Would Stifle Permissionless Innovation

Citadel counters that the agency lacks authority to carve out a separate regime for tokenized equities and argues that any fundamental change to how US stocks trade belongs with Congress.

If regulators accept Citadel’s framing, protocol teams, front-end operators, routing wallets, market makers and possibly even DAO participants could face registration, capital rules and best execution duties that were designed for broker-dealers.

Many in crypto see that outcome as incompatible with global, permissionless software that can be deployed by small teams and maintained by distributed communities.

Adams framed the episode as part of a longer story. In his post, he reminded followers that Citadel founder Ken Griffin outbid ConstitutionDAO at a Sotheby’s auction in 2021, thwarting the crypto collective’s attempt to buy a rare copy of the US Constitution.

By opening his thread with “First Ken Griffin screwed over Constitution DAO,” then pivoting straight into the SEC fight, he linked that high-profile clash with Citadel’s latest move in Washington.

The post Uniswap Founder Blasts Citadel for Urging SEC to Treat DeFi Like Wall Street appeared first on Cryptonews.

Connecticut’s Department of Consumer Protection on Wednesday ordered Kalshi, Robinhood and Crypto.com to halt what it calls unlicensed online gambling in the state, targeting sports-style “prediction” products that regulators say are really illegal wagers.

The agency’s Gaming Division issued cease-and-desist letters to KalshiEX LLC, Robinhood Derivatives LLC and Crypto.com, accusing all three of offering sports wagers in Connecticut without a license and in violation of state gaming law.

The order covers so-called “sports event contracts” and any other form of online gambling the platforms make available to residents.

Officials Argue Prediction Markets Are Being Marketed As Investments

“Only licensed entities may offer sports wagering in the state of Connecticut,” Consumer Protection Commissioner Bryan T. Cafferelli said.

None of the three firms hold such a license in the state, he added, and even if they did, the contracts they offer would still run afoul of rules that ban wagers for anyone under 21.

Gaming Director Kris Gilman said the firms are “deceptively advertising that their services are legal,” arguing that they operate outside the state’s regulatory perimeter and pose “a serious risk to consumers” who may not realise they have no formal protections.

“A prediction market wager is not an investment,” she said, drawing a line between trading and betting.

State Warns That Unvetted House Rules Can Lead To Unfair Payout Practices

Regulators say the products raise a series of integrity and consumer protection issues. Because the platforms are not licensed, they are not required to meet Connecticut’s technical standards for wagering systems, leaving financial and personal data more exposed in the event of failures or abuse.

The state also says there are no mandated integrity controls, such as systems to block insiders from betting on events where they have advance knowledge or influence over outcomes. By contrast, licensed operators must use controls to bar known insiders and monitor and report suspicious betting patterns.

Any regulator does not vet house rules that govern how wagers pay out, the department warned, which means customers may have little recourse if bets are settled in unexpected ways or winnings are withheld. If disputes arise, the agency says it has no clear path to recover funds for users of these unlicensed platforms.

State Says Platforms Listed Events Vulnerable To Insider Knowledge

Connecticut officials also object to the types of events the platforms list. They say some wagers cover outcomes known to or heavily influenced by a relatively small group of insiders, such as award shows, professional team trades and similar events. State law prohibits betting on events where the outcome is known in advance because it is inherently unfair to ordinary bettors.

The department alleges the firms advertised and offered wagers to people on the state’s Voluntary Self-Exclusion List and to individuals under 21, and even promoted services on college campuses, all of which it says are illegal under Connecticut law.

Under the cease-and-desist orders, Kalshi, Robinhood and Crypto.com must immediately stop advertising, offering, promoting or otherwise making sports event contracts or any other unlicensed online gambling products to Connecticut residents. They must also allow residents to withdraw any funds currently held on their platforms.

Failure to comply could trigger civil penalties under the Connecticut Unfair Trade Practices Act and potential criminal action for breaches of the state’s gaming statutes.

For now, the state reminded residents that only three operators are authorised to take sports bets, namely DraftKings through Foxwoods, FanDuel through Mohegan Sun and Fanatics through the Connecticut Lottery, with a minimum age of 21 for sports wagering and 18 for fantasy contests.

The post Kalshi, Robinhood, Crypto.com Hit With Connecticut Stop Order for Gambling Violations appeared first on Cryptonews.

Bitcoin held near $93,000 in Asian trading on Thursday, while regional stocks made a lacklustre start as soft US data reinforced expectations that the Federal Reserve will cut interest rates next week.

Nic Puckrin, investment analyst and co-founder of The Coin Bureau, said Bitcoin has staged a “remarkable recovery” over the past day as a “perfect storm of good news” swung momentum back toward the bulls.

He pointed to Vanguard lifting its long-standing ban on Bitcoin ETFs, Bank of America recommending a 1% to 4% crypto allocation that could channel as much as $700b into the asset class, and growing confidence that crypto-friendly Kevin Hassett will become the next Fed chair.

“With a rate cut on December 10th largely priced in, all eyes are now on 2026 monetary policy expectations, and so Hassett would be a welcome appointment for markets,” Puckrin said.

Market snapshot

• Bitcoin: $93,609, up 0.9%
• Ether: $3,215, up 5.9%
• XRP: $2.20, up 0.7%
• Total crypto market cap: $3.27 trillion, up 1.8%

Bitcoin Eyes Breakout As Traders Track Key US Jobless Data

Akshat Siddhant, lead quant analyst at Mudrex, said a decisive breakout above current levels could clear the path to the $103,000 supply zone.

He added that traders are watching US weekly jobless claims later on Thursday, which could help support Bitcoin’s upward trajectory if they reinforce the case for easier policy.

Across equities, Asia traded mixed. Japan’s Nikkei 225 rose about 0.8%, while MSCI’s broad index of Asia Pacific shares outside Japan slipped around 0.1%, weighed by declines in Korea and New Zealand.

Mainland China benchmarks were little changed to slightly higher and Hong Kong’s Hang Seng index inched up, underscoring a cautious tone.

Rate Cut Probability Climbs As US Data Softens

US index futures were steady after Wednesday’s gains, with contracts on the Dow Jones Industrial Average, S&P 500 and Nasdaq all modestly higher. European futures were flat to slightly weaker, with DAX and FTSE 100 edging down and CAC 40 a touch stronger.

Overnight on Wall Street, small caps led the advance. The Russell 2000 jumped about 1.9% and the S&P 500 notched a second straight rise after US private payrolls posted their biggest drop in more than two and a half years.

An Institute for Supply Management survey showed services employment contracting in November and the prices paid subindex falling to a seven-month low, even as overall services activity held near 52.6.

The run of softer numbers has strengthened the case for a near-term cut. Fed funds futures now imply roughly an 89% chance of a 25-basis-point reduction at the meeting next week, up from about 83% a week earlier, according to CME’s FedWatch tool.

Greenback Hits Five-Week Low, Investors Track Signals On Future Fed Moves

The dollar index slipped around 0.4% to 98.878, touching a five-week low and extending its losing streak to a ninth session. The yield on the 10-year US Treasury was steady near 4.07% after a Financial Times report said bond investors have expressed concern to the Treasury that Hassett could push for aggressive rate cuts aligned with President Donald Trump’s preferences.

Investors are also dealing with a backlog of US data after a record 43-day government shutdown earlier in the year disrupted the flow of official releases.

As delayed reports filter out, traders are placing more weight than usual on private sector surveys and high frequency indicators to gauge the Fed’s path.

The next major macro test comes on Friday with the release of the personal consumption expenditures index, the Fed’s preferred inflation gauge.

Until then, markets are trading on the assumption that a December cut is virtually locked in and that 2025 and 2026 policy will hinge on how quickly growth and employment cool from here.

The post Asia Market Open: Bitcoin Steadies Around $93K, Stocks Drift After Weak US Prints Reinforce Fed Cut Outlook appeared first on Cryptonews.

Bitcoin’s latest market cycle is shaping up to be one of its most mature, with new Glassnode data showing a surge in institutional participation, calmer trading conditions and rapid growth in tokenized real-world assets.

Glassnode and Fasanara Capital, in their Q4 Digital Assets Report, say the structure of the market has shifted meaningfully as larger investors deepen their presence.

The report estimates that Bitcoin has absorbed about $732B in new capital this cycle, a level of inflow that has arrived alongside a sharp drop in volatility.

One-year realized volatility has nearly halved, suggesting a market that is growing both in size and in stability as institutional players take a larger role.

Bitcoin Settlement Hits $6.9T As Activity Rivals Visa And Mastercard

Settlement volumes remain a key sign of scale. Glassnode says Bitcoin settled roughly $6.9T over the past 90 days, placing it on par with or above payment giants Visa and Mastercard.

Even as more activity moves off-chain into ETFs and brokerage channels, Bitcoin and stablecoins continue to dominate value transfer on public ledgers.

Flows into ETFs have reshaped the way capital enters and exits the asset. The shift toward regulated wrappers is steering large volumes through traditional market rails, which has contributed to steadier liquidity conditions and reduced the frequency of large swings in spot trading.

Tokenized Funds Gain Momentum As Asset Managers Explore New Distribution Models

At the same time, tokenization has become one of the fastest-growing themes in digital assets.

Tokenized real-world assets have expanded from $7B to $24B in a single year, marking their strongest phase of institutional adoption. Glassnode notes that tokenized funds in particular are gaining traction as asset managers search for new distribution models and investors seek simpler access to traditional instruments.

Image Source: Glassnode/ Fasanara Digital

The expansion of tokenized RWAs reflects broader interest from pension funds, hedge funds and corporates that want on-chain exposure without taking directional bets on major cryptocurrencies. This segment has been drawing consistent inflows through 2025 as platforms improve custody, compliance and settlement infrastructure.

Glassnode Sees A More Mature Market Defined By Stability And Scale

Glassnode adds that market structure is both larger, and calmer. Lower volatility, deeper liquidity and a growing share of institutional flows have reduced some of the extremes that defined earlier cycles.

The firm describes the market as trading “calmer, larger, and more institutional,” a theme echoed across derivatives, spot markets and on-chain data.

Despite the calmer backdrop, activity has not faded. Stablecoins continue to serve as the main bridge between traditional and digital markets, and settlement demand remains heavy across both centralized and decentralized venues. The report suggests this dual-rail structure is now a feature of the ecosystem rather than a temporary bridge.

Tokenized RWAs Accelerate Market Evolution And Broaden Investor Participation

ETF demand has also encouraged more market-making and arbitrage participation from traditional firms, which in turn has tightened spreads and reduced dislocations during selloffs. Glassnode says this feedback loop is contributing to a more resilient market than in prior cycles.

As 2025 progresses, analysts expect institutional involvement to deepen further, particularly as tokenized funds see broader adoption. With growing comfort around regulated access points and more on-chain representations of traditional assets, the divide between digital and conventional markets is narrowing.

Glassnode’s report frames the current cycle as a turning point in market composition. The combination of heavier institutional flows, reduced volatility and the rapid rise of tokenized RWAs points to a sector that is entering a more structurally mature phase, even as broader macro conditions continue to shape risk appetite.

The post Institutional Activity Climbs This Bitcoin Cycle, Tokenized RWAs Reach $24B: Glassnode appeared first on Cryptonews.

Bitcoin rose toward $92,000 at the Asia open on Wednesday, while regional stocks steadied after a short, sharp wave of selling in global bonds and cryptocurrencies earlier in the week.

The world’s largest cryptocurrency reclaimed the $90,000 handle in early trading, while futures on the Nasdaq and S&P 500 edged about 0.1% higher, signalling a calmer session ahead after Wall Street’s overnight rebound.

Across equities, MSCI’s broad index of Asia Pacific shares outside Japan gained around 0.3%, and Japan’s Nikkei 225 advanced 0.8%, recovering some of Monday’s losses.

For many crypto-focused traders, the return of risk appetite in equities added a supportive backdrop for Bitcoin’s bounce.

Market snapshot

• Bitcoin: $92,851, up 6.6%
• Ether: $3,040, up 8.3%
• XRP: $2.18, up 7.6%
• Total crypto market cap: $3.22 trillion, up 6.5%

Akshat Siddant, lead quant analyst at Mudrex, said Bitcoin is seeing a strong V-shaped rebound as momentum returns. He noted that sentiment improved after the Fed ended quantitative tightening and injected $13.5b through overnight funding,” which lifted liquidity in short-term markets.

US institutions have increased their use of repo facilities, adding support for risk assets. Siddant also pointed to Bitcoin exchange reserves falling to “multiyear lows of 2.19M BTC,” a trend that has strengthened buying pressure.

With Bitcoin trading near $93,000, he said the next major resistance sits around $96,000, while support has formed near $87,800.

Early Week Turmoil From Bond And Crypto Selling Gives Way To Calmer Trading

The improvement follows an “ugly” start to the week, when expectations of a looming rate hike in Japan triggered a global bond selloff and amplified a slide in cryptocurrencies, sending investors rushing out of risk assets.

Moves in Japanese government bonds were more subdued on Wednesday, although yields stayed under pressure as markets continued to price in a Bank of Japan tightening later this month.

With no major new data in Asia, attention shifted back to the Federal Reserve and a widely expected rate cut next week.

December Strength And Fed Cut Hopes Lift Sentiment After Japan Shock

December has often been a favourable month for stocks, and the prospect of easier US policy has helped sentiment after the earlier shock from Japan.

Recent US numbers have pointed to a gradually cooling economy, while Fed officials had urged caution on cutting too quickly, warning that inflation pressures could return.

Even so, remarks from several policymakers in recent days have reinforced expectations for a cut at the December meeting, and traders now see an 89.2% chance of a 25-basis-point move, up from about 63% a month ago, according to CME’s FedWatch Tool.

US stocks finished higher on Tuesday, logging a sixth gain in seven sessions in relatively muted trade, driven by technology shares as rate cut hopes stayed elevated. Earlier in the week, equities sold off on softer manufacturing data, a jump in Treasury yields as Japanese bond yields surged, and a drop in Bitcoin and crypto-related stocks.

The next key macro test comes on Friday, when the Personal Consumption Expenditures Index, the Fed’s preferred inflation gauge, is due. That print could help cement expectations for the central bank’s decision next week.

Markets Monitor Potential Successor To Powell As Trump Prepares A Decision

Markets are also watching who may succeed Fed Chair Jerome Powell when his term ends next year, with reports pointing to White House economic adviser Kevin Hassett as a leading contender. President Donald Trump said on Tuesday he would announce his choice early next year.

Crypto traders remain cautious despite Bitcoin’s recovery. Samer Hasn, market analyst at XS.com, said Bitcoin’s recent stabilization is masking deeper fragility beneath the surface.

“According to current market dynamics, whales continue to offload holdings, leverage reset remains incomplete, and no convincing signs of a bottom have emerged. The backdrop has also been clouded by the Bank of Japan’s tightening shock and rising concerns around Strategy’s balance-sheet risks, keeping downside pressure firmly in play,” he added.

The post Asia Market Open: Bitcoin Rebounds to $92K as Stocks Steady After Market Jitters Ease appeared first on Cryptonews.