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DOJ, CFTC Seek to Block Arizona Enforcement Action against Kalshi

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The DOJ and CFTC filed to enjoin Arizona’s criminal and civil enforcement against prediction market platform Kalshi, arguing federally regulated event contracts fall under CFTC jurisdiction.

The U.S. Department of Justice and the Commodity Futures Trading Commission filed a motion in federal court on Thursday to block Arizona from pursuing criminal and civil enforcement actions against prediction market platform Kalshi. The regulators argue that event contracts regulated at the federal level under CFTC oversight fall outside the state’s jurisdiction.

The filing represents a direct challenge to state-level enforcement against prediction markets, asserting that federal commodity law preempts Arizona’s action. Kalshi operates as a CFTC-regulated derivatives exchange offering binary event contracts.

Sources: U.S. court documents

This article was generated automatically by The Defiant’s AI news system from publicly available sources.

Galaxy’s Novogratz touts $15 billion Helios valuation in first nasdaq annual letter

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Galaxy Digital (GLXY) founder and CEO Mike Novogratz highlighted the firm’s key milestones in its 2025 annual report, marking its first 10-K filing as a Nasdaq-listed company.

Novogratz described the listing as more than a milestone, calling it “a declaration that the digital economy is real, and that Galaxy is built to lead it.”

Over the years, Galaxy has evolved from a pure-play digital asset firm into a diversified platform that includes asset management, institutional trading and AI-driven high-performance computing data centers.

Novogratz noted that the digital asset economy has evolved from a speculative, niche market into a mainstream industry, with even the United States now holding bitcoin on its balance sheet, something that would have been inconceivable a decade ago.

The company’s biggest growth tailwind is its artificial intelligence and high-performance computing strategy and Helios, its AI data center campus in West Texas. The site has secured more than 1.6 gigawatts of approved power capacity through ERCOT.

The initial 800 megawatts is already leased to AI cloud provider CoreWeave (CRWV), representing over $7.5 billion in capital investment. With an additional 830 megawatts approved for expansion, Helios is now valued at well above $15 billion, according to the report.

Novogratz’s longer-term goal is to build a multi-billion-dollar portfolio of digital infrastructure assets diversified across regions, tenants, and technologies. “Demand for compute is not a cycle, it is a structural condition that will define the next decade.”

On the digital assets side, Galaxy manages roughly $12.3 billion in platform assets as of December 31, 2025. Its offerings include over-the-counter spot and derivatives trading, lending, staking across 11 blockchains, including Ethereum and Solana, ETFs, and institutional-grade custody.

In October 2025, the firm expanded into retail with GalaxyOne, a fintech platform offering FDIC-insured high-yield accounts, commission-free trading in equities and crypto, and the option to automatically reinvest interest into bitcoin.

Despite the industry downturn in the fourth quarter of 2025, the company saw a net loss of $241 million. Novogratz remains optimistic, saying the firm is “more clear-eyed about our opportunity than we have ever been.”

Ad Verification on a Budget: Can Free Proxies Help Marketers Check Global Campaign Placements?

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Global campaigns now move faster than the teams managing them. A creative can go live in one market at breakfast, show a different landing page by noon, and pick up a local redirect or placement issue before the day is done. That is why ad verification has become less of a specialist task and more of a practical habit. Marketers do not just need proof that a campaign launched. They need to see how that campaign appears across

  • locations
  • devices
  • network paths

especially when audience targeting changes what each user actually sees.

The budget question sits right at the center of that work. Many teams want a global view of placements and effective targeting but not every campaign can justify a full stack of paid verification tools from day one. That gap creates room for lighter methods that can help with pre launch checks, quick audits, and basic troubleshooting. The point is not to build a perfect system for every campaign. It is to find out whether a low-cost method can reveal enough of the real user experience to make better decisions, faster.

Why simple location testing still matters

At the most practical level, a proxy changes the route a web request takes before it reaches the destination page. Instead of the site seeing the marketer’s original IP address, it sees the IP address of the intermediary system. That small shift is what makes remote placement checks possible. 

A marketer can open the same page through a different country endpoint and inspect whether the ad appears, whether the creative version changes, whether the language matches the target market, and whether the click path lands on the right page. For a lean team, that is often enough to answer the first and most useful question in ad verification: what does this placement look like from somewhere else?

In this sense, a free proxy can be genuinely useful. For one-off checks, it can help confirm that geo-targeted inventory is visible, that redirects behave as expected, and that a campaign is not quietly serving the wrong regional message. Different formats suit different jobs. A simple browser-based option works for quick page views, an HTTP or HTTPS endpoint fits basic browser traffic, and a SOCKS connection can be more flexible when the test needs to cover broader app traffic. 

Some endpoints are fixed to one location, while others rotate, which helps when a team wants to refresh the same page more than once and see whether placements change.

Why the first visual check is still valuable

The real value is not that a free proxy replaces a full verification system. It does not need to. Its value is that it lowers the cost of the first look. That first look is central to this topic because global campaign checking usually starts with fast visual proof, not with a full reporting layer. When marketers use these checks together with screenshots, times, and a simple testing list, they can find clear ad mistakes before spending more money on them.

So this tool is best seen as a cheap, simple check. It is small, but it can still be very useful in real life. 

Global placement checks depend on real access conditions

One reason global verification is harder than it sounds is that the internet is not one even viewing environment. Campaigns may be booked globally, but the conditions in which people encounter them still vary a lot. Access, device use, and network realities shape what loads, how fast it loads, and whether a placement is even meaningfully visible in the first place.

Global access signal Latest figure Why it matters for placement checks
People online worldwide 6.0 billion, or 74% of the world population in 2025 Global reach is large, but still not universal
People using mobile internet 4.6 billion, or 57% of the world population by end 2023 Many checks should mirror mobile-first viewing conditions
Mobile internet usage gap 39% of the global population live within coverage but do not use mobile internet Being technically reachable is not the same as being part of the active audience
Mobile broadband coverage gap 4% of the global population still lack mobile broadband coverage Some placements will not be experienced the same way across markets

For marketers, the lesson is simple. A placement check should not only answer where an ad is served. It should also reflect how that ad is likely to be seen. A page that looks fine on a fast desktop connection can behave very differently in a mobile-led path with heavier page weight and slower response. 

That is why low-cost geo checks are most useful when they are grounded in realistic viewing assumptions. In practice, “global” verification works best when it is treated as a set of local tests, each one focused on the conditions that shape visibility in that market.

When budget checks need a stronger measurement plan

As digital spend grows, even basic verification choices start to matter more. In the United States alone, internet advertising revenue reached $258.6 billion in 2024, while Europe’s digital advertising market reached €118.9 billion and grew 16% in 2024. 

At that scale, placement checking is not just a technical clean-up task. It becomes part of how marketers protect performance, compare markets, and trust the signals they report upstream.







Canary Capital Files SEC Registration for PEPE ETF

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Canary Capital has filed registration with the SEC for a Pepe ETF, marking what appears to be the first attempt to create and ETF for the “blue-chip” memecoin in the U.S.

Canary Capital filed a registration with the U.S. Securities and Exchange Commission for what appears to be the first U.S. spot Pepe ETF on Wednesday, April 8, 2026. The filing represents a formal submission to the SEC for a potential exchange-traded product tied to the Pepe memecoin.

The move comes amid growing institutional interest in cryptocurrency-based ETF products. If approved, the ETF would provide regulated exposure to Pepe, the fourth-largest memecoin by market capitalization.

Sources: SEC

This article was generated automatically by The Defiant’s AI news system from publicly available sources.

Fundstrat’s Tom Lee says ‘the bottom is in’ for stocks, paving a bull case for bitcoin, ether

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Fundstrat co-founder Tom Lee is calling the bottom on the stock market, a prediction that, if correct, would flow directly into bitcoin , ether (ETH) and the broader crypto market given how the asset classes tend to correlate.

The macro strategist said that the Iran ceasefire meant “the bottom is in” for the stock market, and that a break above the S&P 500’s 200-day moving average at 6,617 would trigger “a decisive move higher,” in a CNBC appearance on Wednesday.

E-mini futures were already trading at 6,820 by Thursday morning, well past his trigger.

Lee’s framework rests on two points. First, stocks rose from mid-March through early April even as oil climbed from $87 to $116 and the war escalated. The S&P 500 moved from 6,300 to 6,600 while conditions were getting worse, meaning equities were absorbing war risk without breaking.

Second, the ceasefire is what he calls a “positive rate of change inflection.” Even if the truce is not definitive, the shift from escalation to de-escalation produced a 2.5% equity rally, a 15% oil crash, and VIX below 20 in one session.

Bitcoin and the broader crypto market are direct beneficiaries of a bottom in equities.

BTC’s surge past $72,000 late on Wednesday came alongside S&P 500 futures jumping 1.9%. Every major risk-on move since the war began has been a cross-asset trade where stocks, metals and crypto move in concert on the same geopolitical catalyst.

A sustained equity recovery doesn’t just help crypto sentiment, but removes the macro headwind that has kept bitcoin pinned in a $65,000 to $73,000 range for six weeks.

The onchain setup supports the timing. Bitcoin’s realized price sits at $54,286, 21% below its spot price, the closest approach to the metric that historically defines cycle bottoms outside of outright crashes.

The Fear and Greed Index spent the past month in single digits, the most bearish sustained reading since the 2022 bottom. ETF inflows held at roughly 50,000 BTC per month through March despite the extreme sentiment, as CoinDesk reported.

The bull case has additional legs for ether (ETH) specifically. The Ethereum Foundation completed its 70,000 ETH staking target last week, putting $143 million to work generating yield rather than selling into the market, a shift the community had demanded for years.

Spot ether ETF flows flipped positive on Monday with $120 million in inflows, the highest since mid-March. And network fundamentals around tokenization and agentic AI infrastructure continue to build regardless of price action.

Tom Lee is also chairman of Bitmine Immersion Technologies (BMNR), the largest corporate ether holder on earth with 4.8 million ETH worth roughly $10 billion. Bitmine bought 71,252 ETH last week, its biggest single-week purchase since December 2025, and is actively targeting 5% of total ether supply. Every percentage point of ether appreciation adds roughly $100 million to the company’s treasury.

Lee may well be right about the bottom, but he also has one of the largest financial incentives in the industry for the market to agree with him.

That test comes quickly, however. Iran’s parliament said late Wednesday that three clauses of the ceasefire have already been breached. The Strait of Hormuz remains effectively closed, and oil rebounded 2% to $97 on Thursday after Wednesday’s 15% plunge.

If the truce unravels, the bottom call unravels with it and both equities and crypto retest the lows.

What Will Trigger a BTC Price Breakout?

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Bitcoin’s (BTC) relief rally to $72,000 appears to be cooling off, but analysts said that the BTC price may “continue rising” in the short term.

Key takeaways:

  • Bitcoin must flip the short-term holder realized price at $80,000 into support to confirm the trend change.

  • Spot volume and trading activity must recover to ensure a sustained breakout in BTC price. 

Bitcoin must reclaim $80,000 as support

Bitcoin’s 8% climb over the last three days to $72,000 saw it reclaim key levels, including the 200-day exponential moving average (EMA) at $68,000, and the 50-day EMA at $70,000, where it has found support. 

“$BTC is currently in a buy wall zone. The current zone is a support zone,” said analyst CW8900 in a Thursday post on X, referring to the area between $67,700 and $70,000.

Related: Bitcoin eyes $90K as Binance data shows surge in aggressive buying

The bullish case for BTC now hinges on cracking a sell wall between $72,000 and $73,000, where investors acquired 386,100 BTC over the last three months.

“There is a sell wall up to $73K,”  CW8900 said, adding:

“It must break through this sell wall to continue rising to $75K.”

BTC/USD four-hour chart. Source: XCW8900

Glassnode’s risk indicator reveals another major resistance higher up between the true market mean at $78,000 and the short-term holder cost basis level around $80,000.

“This is a particularly meaningful threshold,” Glassnode said in its latest Week Onchain newsletter, adding:

“Until price reclaims this level, the mid to long-term bias remains tilted to the downside, as any rally into this zone is likely to encounter meaningful distribution pressure from recent buyers seeking to exit at or near breakeven.”

Bitcoin risk indicator. Source: Glassnode

As Cointelegraph reported, the bulls must decisively break above the $76,000-$80,000 range to confirm a trend change.

Bitcoin’s transfer volume cools by 50%

The market remains in a cool-down phase, with Bitcoin onchain transfer volume and spot trading volume still down.

The seven-day moving average of onchain transfer volume has dropped by about 50.5% to 660,000 BTC on Thursday, from 1.36 million BTC less than 30 days ago.

Bitcoin: Total onchain transfer volume. Source: Glassnode

Additionally, spot activity remains subdued, with the 30-day spot relative volume across all exchanges muted below 1.0, significantly lower than the cyclical peaks seen in the latest bull market.

This divergence further underscores the lack of speculative intensity required to drive prices higher.

The chart below shows only a mild uptick in the spot volume, but nothing that suggests a meaningful return of participation.

“Until spot demand picks up, rallies are likely to feel fragile, with limited follow-through,” Glassnode said, adding:

“A clear expansion in volume would signal stronger conviction and a healthier foundation for continuation.”

Cryptocurrencies, Bitcoin Price, Markets, Price Analysis, Market Analysis
Bitcoin spot relative volume. Source: Glassnode

As Cointelegraph reported, spot and derivatives markets are entering recovery mode, with Bitcoin’s spot net volume delta and taker cumulative volume delta edging back into the positive territory.