Crypto Industry News & Market Trends

South Korean Won: Strong GDP and inflows support Won – Commerzbank

Commerzbank reports that South Koreas advance Q2 GDP rose 0.6% quarter-on-quarter and 3.7% year-on-year, beating expectations. Robust AI-related semiconductor demand and resilient domestic spending underpin growth. The strong data support prospects of a further 25bp Bank of Korea hike in August. USD/KRW fell to 1,475, with the Won aided by portfolio inflows into bonds and equities.　　Growth surprise bolsters BoK hike case　　“The advance Q2 GDP rose 0.6% qoq sa (Bloomberg consensus: 0.4%) vs 1.8% in Q1. This suggests that growth momentum remained resilient despite energy supply disruptions.”　　“On an annual basis, the economy expanded 3.7% yoy (Bloomberg consensus: 3.5%) vs 3.8% previously. The Ministry of Economy and Finance (MoEF) recently upgraded its 2026 growth forecast to 3.0% from 2.0%, reflecting the stronger outlook for exports and investment.”　　“On monetary policy, the strong Q2 GDP reading supports the case of another 25bp hike to 3.0% by the Bank of Korea (BoK) at the 27 August meeting. At the previous meeting, Governor Shin Hyun-sung described August as a ”live“ meeting, reinforcing the BoKs data-dependent approach.”　　“With growth remaining resilient, inflation above target, and the AI-driven export boom broadening into wages and domestic demand, policymakers have scope to continue normalising policy.”　　“In FX, USD-KRW fell 0.2% to 1,475

07-24Industry

BitMEX faces proposed class-action suit for theft, insider trading as crypto exchange shuts down

SummaryBitMEX is facing a proposed class-action lawsuit from BKX Services and David Namdar, who allege unfair liquidations and the withholding of collateral.The complaint, which cites 622.66 BTC ($40.7 million) allegedly owed to the plaintiffs, says BitMEX designed a system to retain customer collateral and says an internal desk accessed private user data during server freezes.The lawsuit coincides with BitMEX announcing it will cease operations on Sept. 23, ending its 11-year run as a crypto derivatives exchange.　　BitMEX, the crypto derivatives exchange that invented the perpetual swap, faces a proposed class action suit alleging theft of bitcoin and insider trading filed the same day it said it would shut down in three months.　　The lawsuit, filed by former tokenization project BKX Services and David Namdar in the U.S. District Court for the Southern District of New York, sees BKX claim it lost at least 305.81 BTC through forced liquidations, while Namdar alleges losses of more than 316.85 BTC — a total of 622.66 BTC ($40.7 million).　　The July 23 filing came as BitMEX said it would close on Sept. 23, ending an 11-year run. Similar claims were made in a 2020 class-action case, which was closed in June 2025 without a ruling on the

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Bitcoin treasury companies sell up, repay debt, pivot to AI as share prices collapse

Among others abandoning the treasury approach include Sequans Communications (SQNS), which sold 1,025 BTC before disposing of nearly 80% of its remaining holdings to repay convertible debt. It has ruled out further purchases and plans to monetize its remaining 658 BTC.　　Nakamoto (NAKA), whose shares have fallen 99% since its May 2025 SPAC deal, sold around 284 BTC to raise $20 million for working capital following its acquisitions of BTC Inc. and UTXO Management. It sold roughly 40 BTC received through its derivatives program, according to VanEcks Sigel. Almost 70% of its remaining 5,342 BTC were pledged against a Kraken loan maturing in December, creating what Sigel described as a potential binary event.　　Its not only specialist treasury companies that are reducing their holdings of the largest cryptocurrency. Crypto miners including Bitdeer and MARA Holdings are selling bitcoin to repurchase or repay debt and repurpose their energy-supply deals and computing resources to power AI data centers.　　Other sellers include Empery Digital, which has reportedly sold almost half its bitcoin to finance buybacks and debt repayment, and Strategy, which has sold about 3,620 BTC in recent weeks and authorized additional sales to support its U.S. dollar reserves.　　Strategy, which started the investment trend, remains the

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As BitMEX exits, analysts warn crypto consolidation is accelerating

The closure of crypto derivatives exchange BitMEX is prompting fresh questions about whether the industry is entering a new phase of consolidation, as analysts point to market-share concentration and rising regulatory costs squeezing smaller platforms.　　While BitMEX helped pioneer perpetual swaps that became a cornerstone of digital asset derivatives trading, its daily Bitcoin futures volume began declining around May 2021 and never recovered to its 2020 daily peak of between $1 billion and $5 billion, according to data from CryptoQuant.　　Restructuring adviser Roshan Dharia told Cointelegraph the exchange‘s demise reflects structural pressures facing mid-sized centralized exchanges, where liquidity has increasingly concentrated among the industry’s largest players and regulatory compliance costs continue to rise. He said:　　The top five platforms now control an estimated 80% of global spot volume, leaving mid-tier and regional exchanges with shrinking margins and no viable path to scale... The headwinds are structural, not cyclical.Source: BitMEX　　Related: BitMEX pitches ‘canary fund’ alternative to Bitcoin quantum coin freeze　　The fall of BitMEX　　BitMEX, the crypto derivatives exchange founded in 2014 by Arthur Hayes, Ben Delo and Samuel Reed, announced on Thursday that it will shut down. Trading is scheduled to end on Sept. 23 following a strategic review by parent company HDR Global Trading.　　The

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Samsung Wallet to add stablecoin support as crypto push expands

Samsung has unveiled plans to add stablecoin support to Samsung Wallet, extending its mobile payment platform into blockchain-based digital value transfers.　　SummarySamsung has announced plans to add stablecoin support to Samsung Wallet, expanding the app beyond payments and rewards.The company has not disclosed the supported stablecoins, launch timeline or technology partners for the new Wallet feature.The move builds on Samsung‘s recent crypto initiatives, including Coinbase integration and investments tied to South Korea’s digital asset market.　　During the companys Galaxy Unpacked event, Samsung Electronics said Samsung Wallet will support stablecoins as part of its next phase of development, combining payments, rewards and digital assets within a single mobile experience. The company has not disclosed which stablecoins it will integrate, when the feature will launch or which partners will support the rollout.　　Speaking at the event, Samsung product manager Lee Dinham said Samsung Wallet will expand beyond cash and savings to include stablecoins. He said the company intends to become one of the first major smartphone brands to offer native stablecoin functionality, allowing users to transfer digital value directly from their devices.　　Although Samsung outlined the direction of the product, it stopped short of announcing technical details. The company has not identified supported blockchain networks, reserve-backed

07-24Industry

BitSpider Plans to Bring Its Card-Native Crypto Point-of-Sale System to Market After MiCA Authorisation

Tallinn, Estonia, July 24th, 2026, Chainwire　　BitSpider has highlighted its previously developed Crypto POS platform following the submission of its application for authorization as a crypto-asset service provider under MiCA in Estonia. The platform introduced an alternative approach to crypto payments by enabling customers to complete transactions using a tap-and-PIN experience similar to a traditional bank card, without relying solely on QR code scanning.　　The BitSpider Crypto POS offered two payment methods in a single device. A customer could pay by scanning a QR code from a self-custody wallet or a compatible wallet application. Alternatively, a customer could tap a BitSpider near-field communication (NFC) card on the terminal, enter a PIN, select a coin and confirm, without a smartphone, wallet application or QR scanning. The card-and-PIN method operated across multiple blockchains and stablecoins, whereas comparable tap-to-pay crypto cards available at the time were generally limited to Bitcoin. Similar tap-and-PIN crypto card products from other providers entered the market in 2025, after BitSpider had designed and demonstrated the concept in 2024.　　A complete point-of-sale system　　The BitSpider Crypto POS was a point-of-sale platform built on networks compatible with the Ethereum Virtual Machine (EVM). It combined dedicated all-in-one terminal hardware, comprising a pre-installed application, a built-in

07-24Industry

Heres Why Bitcoin Dipped Below $64K Today

The macro reason came from the POTUS yet again.　　Bitcoins mid-week price rally that drove it to a monthly peak of $67,000 came to a halt, and the asset dipped below $64,000 earlier today, erasing essentially all the gains it had recorded.　　Here are the two possible reasons behind this nosedive.　　ETF Investor Exodus　　At first, we begin with the spot exchange-traded funds tracking the largest cryptocurrency. They were on a seven-day roll that began last Tuesday and had attracted roughly $1 billion within that timeframe for the first time since April. However, investors changed their minds once again on Thursday, pulling out over $200 million worth of BTC. This coincided with the assets initial retracement that drove it toward $65,000.　　More recent on-chain data from today, though, claimed that BlackRock has continued to dispose of BTC for its clients, sending approximately $203 million to Coinbase Prime, which it always uses when it liquidates some of its ETF positions.　　Of course, the actual damage for the entire day will be announced tomorrow when data providers such as SoSoValue update their numbers. For now, though, the uncertainty remains relatively high given the latest trend shift.　　BlackRock moved 3.126K $BTC (~$203M) from its IBIT Bitcoin ETF wallet to Coinbase

07-24Industry

Bitcoin Holds $65K, But $65.7K Will Decide the Next Big Move

Bitcoin dips below $65K as escalating Iran tensions rattle risk markets. Traders now watch $65,700 to confirm BTCs next big move.　　Bitcoin briefly slipped under $65,000 during yesterdays sharp sell-off before buyers stepped back in. The reclaim shows short-term resilience, but a bigger test still lies ahead.　　Traders are now watching $65,700 as the level that could decide the next major Bitcoin move.　　A confirmed break above that mark would flip momentum back toward bulls. A failed attempt could send prices sliding toward $63,000 instead.　　Bitcoin Price Eyes the $65,700 Level for Direction　　Market analyst That Martini Guy, posting on X, said Bitcoin reclaimed $65,000 after briefly dipping below the mark.　　He called $65,700 the key level buyers must reclaim to shift short-term momentum back in their favor. A failure to clear that level, he added, would likely send price down toward $63,000 next.　　He pointed to steady spot Bitcoin ETF demand and balanced funding rates as reasons the pullback may not signal a deeper rollover.　　Bitcoin has now reclaimed $65,000 after briefly breaking below it during yesterdays sell-off.　　While thats a good initial response from buyers, the real test is just starting.　　$65,700 is the main level buyers MUST reclaim to flip short-term momentum back to the bulls.　　According to

07-24Industry

Wall Street Stumbles as Trump Tariffs Launch and Oil Flirts with $100 Milestone

Key HighlightsMajor US indices wobbled Friday following Thursdays brutal session that erased roughly $800 billion in value from the Magnificent Seven tech giantsSurging artificial intelligence expenditures at Alphabet and Tesla sparked the technology sector retreatNew Section 301 tariffs from President Trump, spanning 10% to 12.5%, became active during overnight hoursCrude retreated Friday but Brent remained positioned for weekly gains after briefly surpassing the $100 thresholdVerizon and American Express delivered profit wins yet disappointed on sales; Intel rallied on stronger-than-expected results　　American equities struggled to find stable footing Friday morning following one of 2024s most punishing technology sector routs. Market participants grappled with a complex mix of fresh trade barriers, ballooning AI infrastructure costs, and elevated energy prices.　　The Dow Jones Industrial Average managed a modest 0.3% advance, while the S&P 500 treaded water near breakeven. The Nasdaq Composite declined 0.4% as technology names maintained their downward pressure.　　E-Mini S&P 500 Sep 26 (ES=F)　　All three benchmark indices were tracking toward negative weekly performance. The elite Magnificent Seven cohort of mega-cap technology companies saw approximately $800 billion in combined market capitalization evaporate during Thursdays session alone.　　The sharp decline followed quarterly reports from Alphabet and Tesla, which disclosed dramatically escalating capital expenditures tied to artificial intelligence

07-24Industry

Philippines' BPI tests stablecoin rail for overseas remittances

BPI has launched a pilot program using stablecoin settlement rails for cross-border payments, with the Philippine lender targeting faster and lower-cost remittances for freelancers, virtual assistants, and other overseas income earners.　　According to local reports from ABS-CBN and the Philippine Daily Inquirer, the Ayala-led bank is working with global digital clearinghouse Meridian to test a stablecoin-based settlement system that will process inbound international payments before converting them into Philippine pesos for deposit into customers BPI accounts.　　The pilot will first cover payroll payments and overseas earnings received by freelancers, virtual assistants, and workers in the informal economy. BPI plans to extend the service to more customers before the 49th ASEAN Summit in November, when the bank expects to showcase the initiative as part of its digital banking efforts.　　Rather than replacing existing banking infrastructure, the system uses stablecoins as a settlement layer between the sender and the recipient. Once the transfer is completed, recipients will receive Philippine pesos in their BPI accounts, allowing the bank to combine blockchain-based settlement with conventional banking safeguards.　　BPI President and Chief Executive Officer Jose Teodoro Limcaoco said the project builds on the banks ongoing digitalization strategy, adding that the bank wants Filipinos receiving money from abroad to access

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