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Coinbase (COIN), Circle (CRCL) and Bullish (BLSH) among crypto names sharply lower as BTC tumbles

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Stocks tied to the crypto sector continued big January declines on Thursday as bitcoin declined 6% to below $84,000.

Coinbase (COIN), the largest publicly traded crypto firm by market capitalization, is down 7% today, 17% year-to-date, and on track to register an eight-session losing streak, its longest since September 2024. At the current $195, the stock has retraced to its May 2025 level.

Shares of competing crypto exchange Gemini (GEMI) are down 8% Thursday and 21% year-to-date, while crypto platform Bullish (BLSH) and Circle (CRCL) are down 16% and 20% this year, respectively.

Read more: Here are key levels to watch as bitcoin plunges to $84,000

Aside from declines in crypto prices, exchanges are seeing lower spot trading volumes as the bear market lengthens. Data from TheTie shows that spot volume across exchanges in January was just $900 billion versus $1.7 billion seen a year prior.

“Bitcoin has been stuck around the $85,000 level, and you can feel the hesitation in the market,” Eric He, Community Angel Officer and Risk Control Adviser at crypto exchange LBank told CoinDesk. “With geopolitical tensions rising, investors are staying cautious,” he added, “and that’s showing up across assets, not just crypto.”

“While stocks and commodities are pushing higher, crypto is clearly in a wait-and-see phase,” he concluded.

Heading into February, analysts will be watching for signs of a rebound in trading volumes, easing geopolitical tensions, and broader signals from macroeconomic data that could signal a shift toward risk-on sentiment.

AI pivot keeps miners afloat

A port in the storm are those crypto companies that have pivoted away from crypto — namely the bitcoin miners who are using their energy and computing resources to cash in on data needs of the AI boom.

Though down sharply in today’s selloff, names like Hut 8 (HUT), IREN (IREN), CleanSpark (CLSK), and Cipher Mining (CIFR) are all posting year-to-date gains.

Another outperformer is Mike Novogratz’s crypto merchant bank Galaxy Digital (GLXY), also lower on Thursday but up strongly in 2026. The company has made a strong move into data centers, recently receiving approval from Texas’s grid operator ERCOT for expansion in that state.

Bitcoin price dips fast as crypto market joins Big Tech in market dive – DL News

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  • Bitcoin was largely unmoved this week — until Thursday.
  • The biggest cryptocurrency brought down other major digital coins.
  • Crypto sold off with stocks over AI spending fears.

Bitcoin’s price dipped hard on Thursday to a low of $83,757 as the crypto market experienced a sell-off sparked by investor fears around AI spending.

The biggest and oldest cryptocurrency was recently priced slightly higher at $83,788 after dropping over 6% over a 24-hour period, according to CoinGecko. Over the past week, it has dropped by 6% and is down year-to-date.

Ethereum also took a hit and was trading for nearly $2,792 — a 24-hour dip of more than 7%. While other major coins and tokens such as XRP and Solana also experienced similar daily drops.

The crypto sell-off came as big tech stocks dipped on news that Microsoft earnings showed the software giant had reported record spending. Investors are worried that AI expenditure is too big and results are taking too long to bear fruit.

“Regardless of the fact that many in the Bitcoin space see Bitcoin as the world’s hardest money and stack Bitcoin regardless of price, the vast majority of the market still sees Bitcoin as a tech trade,” Timot Lamarre, director of market research at Unchained, said.

Bitcoin is down year-to-date. Source: CoinGecko.

Bitcoin and the wider crypto market has in the past moved along with US equities — particularly tech stocks.

Longs wiped out

Traders betting on the future price of digital coins had their positions fast closed Thursday following the sell-off.

In the past 24 hours, a total of $822.4 million in futures positions have been liquidated. Of that figure, $696.8 million were long positions.

And $313.7 million in positions betting on the future price of Bitcoin going up have today been liquidated.

All eyes on tech

Bitcoin was largely unmoved after the Federal Reserve on Wednesday kept interest rates unchanged and its chair signalled no urgency to begin cutting them.

The asset has typically performed well in a low-interest rate environment. But market observers this week are largely paying attention to what earnings from major tech companies will do to the asset class.

Apple, Meta Platforms and Tesla will also report earnings this week. Experts told DL News that strong results could lift risk-on assets like Bitcoin.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at mdisalvo@dlnews.com.

U.S. SEC, CFTC chiefs push united front on paving the way for crypto

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The leaders of the two federal agencies that have U.S. crypto’s fate most in their hands hosted an event on Thursday meant to signal their commitment to coming up with crypto policies.

Even as crypto legislation moves in fits and starts through Congress, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission are trying to advance regulatory policy to give the industry some comfort in doing U.S. business. The CFTC has a new leader, Mike Selig, who was sworn in last month after his Senate confirmation and is already moving forward on crypto initiatives.

“Chairman Selig brings to the CFTC precisely what this moment demands: a deep respect for market integrity, paired with a practical understanding of how innovation drives prosperity for the American people.,” said SEC chairman Paul Atkins, whose first year at the helm has already represented a sharp reversal of Democratic predecessor Gary Gensler’s stance on the digital assets sector. He said the agencies will be “deploying every tool at our disposal to reduce friction, to harmonize standards and definitions where appropriate, and to equip markets with confidence as Congress completes its vital work.”

The SEC is responsible for securities, and that will include tokenization and any cryptocurrencies that are deemed to check that box, though leading tokens such as bitcoin and Ethereum’s ether are under the CFTC’s jurisdiction.

The event appears to be a redux of a previous joint meeting between Atkins and Selig’s immediate predecessor, then-Acting Chairman Caroline Pham.

Crypto network Mesh hits unicorn status

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Mesh has closed a $75 million Series C funding round that brings the crypto payments network’s valuation to $1 billion.

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Dragonfly Capital led the round, with participation from Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment, and Liberty City Ventures. A portion of the round was settled using stablecoins.

Mesh helps businesses to integrate crypto transfers and payments directly into their existing platforms, eliminating the need for users to switch between platforms. Its technology supported the launch of PayPal’s Pay with Crypto service, which allows users to pay with a wide range of cryptocurrencies and eligible wallets.

The round accelerates Mesh’s expansion into regions like Latin America, Asia and Europe, fueling product development and strengthening a global network that already reaches more than 900 million users worldwide. Previously, the company announced its expansion into India, citing the country’s young, tech-savvy population and $125B+ in annual remittances as reasons for the move.

“Crypto is crowded by design, with new tokens and new protocols emerging every day,” says Bam Azizi, CEO, Mesh. “That fragmentation creates real friction in the customer payment experience. We are focused on building the necessary infrastructure now to connect wallets, chains, and assets, allowing them to function as a unified network.

SEC, CFTC Strike Conciliatory Tone Ahead of CLARITY Act Talks

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SEC Chair Paul Atkins and CFTC Chair Mike Selig spoke on CNBC on Thursday as debate continues over stablecoin yield in the CLARITY Act.

US Securities and Exchange Commission Chair Paul Atkins and Commodity Futures Trading Commission Chair Mike Selig appeared on CNBC’s Squawk Box on Thursday to discuss the crypto market structure bill and a White House–hosted meeting scheduled for Monday.

The bill was recently held up in the Senate, where it is undergoing committee review after being passed in the House of Representatives, with lawmakers working through unresolved issues on the Agriculture and Banking Committees.

Source: Paul Atkins

One of the central sticking points in the legislation is how stablecoin yield should be treated, an issue that has divided traditional banks and crypto companies. Coinbase recently withdrew support for the bill, citing concerns over several provisions, including those related to yield.

When questioned, neither Atkins nor Selig appeared willing to take a side in the dispute. Atkins said the SEC has been advising both committees and is “looking forward to helping them get across the finish line and getting something that works for all the parties.”

Selig pointed to the GENIUS Act, passed in July 2025, as having placed stablecoin policy largely outside the agency’s remit, leaving the commission focused on “securities, tokens and tokenized securities.”

He said that the agency stands ready to engage once lawmakers reach a resolution, adding: “We’re ready, willing, and able to work with whatever they come up with.”

Congress, United States, White House
SEC Chair Paul Atkins (middle) and CFTC Chair Mike Selig (right) on CNBC’s Squawk Box. Source: CNBC

The remarks came as US lawmakers opened a committee session Thursday to debate and amend the crypto market structure bill. After just over an hour of debate, the Senate Agriculture Committee voted 12–11 to advance the digital asset market structure bill, clearing the way for a future floor vote.

The White House’s crypto council is set to host a meeting between banking and crypto industry executives as negotiations continue over the stalled CLARITY Act. 

The CLARITY Act is proposed legislation aimed at defining the US regulatory framework for digital assets, including how authority would be split between the SEC and the CFTC.

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