Latest Crypto News & Market Updates

CFTC fires back after Kentucky targets Polymarket, Kalshi

The Commodity Futures Trading Commission has sued Kentucky in federal court, seeking to stop the state from enforcing gaming laws against federally regulated prediction market operators.　　The case names Kentucky Governor Andrew Beshear, Attorney General Russell Coleman, Department of Revenue Commissioner Thomas B. Miller, and the Kentucky Horse Racing and Gaming Corporation as defendants.　　The CFTC says Kentuckys actions conflict with the Commodity Exchange Act, which gives the regulator authority over futures, options, and swaps traded on federally regulated exchanges.　　“Kentucky is the latest state attempting to shut down federally-regulated event contracts,” said CFTC Chair Michael Selig.　　The agency asked the court for declaratory and injunctive relief. Kentucky says sports-linked contracts need state oversight.　　As I‘ve consistently pledged, the @CFTC is firmly committed to maintaining its exclusive jurisdiction over prediction markets, and today’s lawsuit against Kentucky is yet another example of the Commission protecting its federal authority.　　More below⬇️ https://t.co/u1zwCP0Mb6　　— Mike Selig (@ChairmanSelig) June 23, 2026　　State action targets platforms　　Kentucky sued Kalshi, Polymarket, and partners tied to Coinbase, Robinhood, and Webull on June 17. The state said the companies offered sports event contracts without a Kentucky gaming license and without following state rules. It also argued that the products fall under the states definition of sports wagering.　　The

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XRP Withdrawal Activity Reaches Highest Level Since June 2024 on Binance

Binance $XRP Withdrawals Lead Deposits for Seven Consecutive Days　　$XRP has shown short-term weakness, trading near $1.10 on June 23 following a failed attempt to sustain upward momentum. Against this backdrop, an analysis published by Cryptoquant indicates a notable shift in exchange behavior, with $XRP withdrawal activity on Binance reaching its highest level since June 2024.　　Over a seven-day rolling period, withdrawal transactions accounted for 53.8% of total $XRP transaction activity on Binance, while deposit transactions declined to 46.1%, marking their lowest level since 2024. This resulted in a 7.7 percentage point divergence, with withdrawals consistently exceeding deposits for seven consecutive days beginning June 17.　　The analyst noted:　　“ $XRP Withdrawals Dominate Binance for Seven Straight Days, Hitting 53.8% — Highest Since June 2024”　　The accompanying chart, which tracks $XRP price alongside Binance deposit and withdrawal transaction shares from mid-2024 through June 2026, illustrates a clear late-stage divergence. Withdrawal activity trends upward while deposit activity weakens, signaling a sustained shift in transaction composition.　　$XRP Transaction Shift Highlights Rising Withdrawal Activity　　The Cryptoquant metric tracks the share of deposit versus withdrawal transactions, not the value or volume of $XRP moved, reflecting transaction frequency rather than capital flows.　　An elevated withdrawal share means withdrawal transactions outnumber deposits, but it does

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CBOE eyes crypto perpetuals as Kalshi upends futures market

CBOE has begun evaluating a conversion of its Bitcoin and Ether futures into perpetual contracts after crypto perpetuals generated more than $8.5 billion in trading volume on Kalshi within weeks of launch.　　According to a June 23 report from The Wall Street Journal, CBOE Global Markets is considering turning its continuous Bitcoin and Ether futures into perpetual futures following recent regulatory developments in the United States.　　The report cited Rob Hocking, CBOEs global head of derivatives, who said the exchange is exploring the possibility after the U.S. Commodity Futures Trading Commission approved cryptocurrency perpetual futures for prediction market operator Kalshi.　　While Hocking did not provide a timeline for any changes, the comments place one of the largest U.S. exchange operators among a growing list of firms responding to fresh competition in the perpetual futures market.　　CBOE introduced its continuous Bitcoin and Ether futures contracts in December, offering products with expirations extending as far as 10 years.　　According to The Wall Street Journal, the exchange is now studying whether perpetual contracts could provide an alternative structure following the CFTCs decision to permit similar products on regulated U.S. venues.　　Kalshis rapid growth has drawn attention from incumbent exchanges　　Trading activity has accelerated quickly since Kalshi entered the market. According

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Michael Selig draws line between crypto perps and corn futures

CFTC Chair Michael Selig has defended crypto perpetual futures while stressing they are not suitable for agricultural markets, as regulated crypto perps continue expanding across U.S. venues.　　According to remarks delivered by Selig at the American Cotton Shippers Association Annual Convention on Tuesday, the CFTC recognizes that 24/7 trading and perpetual futures structures are not well suited to traditional agricultural markets that depend on physical delivery and operate during limited trading hours.　　I was pleased to address the men and women from @CottonShippers who provide our country and the world with clothes, textiles, and medical supplies from American grown cotton.　　Thanks to the American Cotton Shippers Association for having me today. pic.twitter.com/wxTfFUSd1U　　— Mike Selig (@ChairmanSelig) June 23, 2026　　Drawing a contrast between the agencys historic role overseeing products ranging from corn to livestock and its newer responsibilities involving digital assets, Selig said perpetual contracts tied to cryptocurrencies are not appropriate for every asset class, particularly in agriculture.　　While emphasizing those differences, Seligs comments come only weeks after the CFTC approved Bitcoin perpetual futures contracts for prediction market platform Kalshi and issued a no-action position allowing similar products on Coinbase. Following those developments, crypto exchange Kraken also launched perpetual futures trading for U.S. customers through its

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SPCX Perpetual Liquidations Top $76 Million as SpaceX-Linked Derivative Slides

A single-stock derivative from a private company just notched over $76 million in liquidations, ranking behind only Bitcoin and Ether in crypto derivatives wipeouts. The move puts a spotlight on how far tokenized equity products have come — and how quickly they can unravel under leverage. According to data from Coinglass cited in the original report, SPCX perpetual contract liquidations surged over the past 24 hours as the price of the SpaceX-linked instrument sank below its first-day opening level.　　The SPCX perpetual briefly touched a 24-hour low of $147.17, slipping under the $150 mark where it debuted. It remains above the $135 IPO reference price, but the drop was enough to trigger a cascade of forced exits among leveraged longs. Perpetual futures — contracts without an expiry date — amplify directional bets, and the unwind shows how crowded the long side had become.　　A Sudden Stress Test for Tokenized Equity Derivatives　　Tokenized stocks aren‘t new, yet a liquidation print of this size for a private-company derivative is unusual. FTX first popularized stock tokens, and since then a handful of platforms have listed synthetic equities like Coinbase and Tesla. SpaceX stands apart because its shares do not trade publicly; the underlying price feeds draw

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Bitcoin price confirms H&S pattern, will it crash below $60K？

Bitcoin price has confirmed a bearish head-and-shoulders breakdown, putting the $60,000 support zone under pressure as traders react to easing Middle East tensions and persistent institutional selling.　　According to data from crypto.news, Bitcoin ($BTC) price dropped from an intraday high near $64,500 to a low of $61,990 on June 23 before stabilizing around the $62,000 area.　　Bitcoins decline coincided with a sharp drop in oil prices after reports of progress in U.S.-Iran negotiations and a 60-day waiver allowing purchases of Iranian crude pushed Brent crude to its lowest level in nearly three months.　　At the same time, a selloff in artificial intelligence and semiconductor stocks weighed on risk sentiment across global markets, while gold fell roughly 1.5% and silver slid more than 5% as traders unwound defensive positions.　　Crypto derivatives markets amplified the selloff, with over $600 million in liquidations recorded in 24 hours, the bulk of which came from long positions.　　Meanwhile, institutional demand remains weak after U.S. spot Bitcoin ETFs entered one of their longest outflow streaks this year, removing a key source of demand that had previously helped cushion selling pressure in the spot market. Coinbases premium has also remained negative, suggesting U.S. investors have been selling rather than accumulating during recent

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When Will Bitcoin Start Rallying and Will it Hit Zero Before Comeback？

Bitcoin is down more than 50% from its all-time high. Miners are shutting off machines. Capital that spent years flowing into crypto is chasing AI stocks instead. And the question being asked across every corner of the market right now is the same one it always is at moments like this: is it ever going to end？　　Where Did All the Money Go　　For anyone confused about why Bitcoin has been bleeding while the stock market printed record highs, Michael Saylor laid it out in a recent interview. The AI industry is currently trying to raise approximately $500 billion to power data centres, and that capital has to come from somewhere. A portion of it, he said, is coming directly from Bitcoin.　　“They‘re creating a suction and they’re sucking capital out of every other asset class,” Saylor said. “One or two percent of that capital is coming from Bitcoin.”　　His view is that this rotation is temporary by nature. Once the AI deals close and lockup periods expire, the traders and hedge funds who got in early will rotate profits back into other assets including Bitcoin. He estimates a 12 to 24 week cycle before that reversal becomes visible, pointing to the end of

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Meta is developing a prediction market app called ‘Arena’ as sector booms: NYT

Meta (META), the parent company of Facebook, is developing a new app called “Arena” that mirrors a prediction market platform, according to people familiar with the matter who spoke with the New York Times.　　The product would allow users to make forecasts about future events, ranging from politics and sports to entertainment and world affairs. However, unlike traditional prediction market platforms such as Polymarket or Kalshi, users would likely rely on a video game-like points system instead of cash, the people said, although the company has not ruled out the eventual use of real-money betting.　　The people described the product as both experimental and a top priority inside the company.　　The effort comes as prediction markets have gained unprecedented popularity following Polymarkets breakout success during the 2024 U.S. presidential election, when traders came to the crypto-based platform to place bets on electoral outcomes, driving billions of dollars in trading volume and elevating prediction markets into the mainstream political conversation.　　Meta had previously launched a similar product called Forecast in 2020, which encouraged users to make predictions about current events and emerging trends during the early stages of the Covid-19 pandemic. Meta ultimately took down the product in 2022.　　Metas renewed interest in the sector is

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Susquehanna flags SpaceX valuation risk despite $170 target

SpaceX stock has remained under pressure after Susquehanna initiated coverage with a $170 price target while warning that the companys valuation depends on aggressive growth assumptions.　　According to a research note from Susquehanna, the brokerage assigned SpaceX a neutral rating and set a $170 target for the stock as shares continue trading below their $150 debut price following a sharp post-listing rally and subsequent pullback.　　Susquehanna Initiates Coverage on $SPCX with Neutral Rating, PT $170　　Analyst comments: Over the 2025-2028 timeframe, we are forecasting SpaceX to grow revenue at an 81% CAGR and adjusted EBITDA at a 76% CAGR. In our view, some of SPCXs key competitive advantages include:　　The firm projects SpaceX revenue to grow at an 81% compound annual growth rate between 2025 and 2028, while adjusted EBITDA is expected to expand at a 76% CAGR during the same period. Even with those forecasts, Susquehanna cautioned that the stock‘s current valuation requires premium multiples and leaves room for multiple outcomes as several of the company’s businesses operate in markets that remain relatively untested.　　At current levels, the brokerage said it would prefer to wait for a more attractive entry point before becoming more constructive on the stock.　　Analysts point to growth drivers but remain

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Chainlink, Korean and European banks launch Project Pangea to settle EUR-KRW swaps via stablecoins

A consortium of financial and technology organizations led by Chainlink, FairSquareLab, UniKA and Qivalis has unveiled Project Pangea in a joint effort to establish a new framework for cross-border foreign exchange settlement using regulated stablecoins, according to a Tuesday statement.　　The initiative aims to connect European and South Korean financial institutions, enabling direct exchanges between euro- and won-denominated stablecoins without relying on traditional intermediary currencies.　　“This is a major milestone toward rebuilding how global value moves,” Fernando Vazquez, President of Capital Markets at Chainlink Labs, commented on the launch. “Project Pangea upgrades the fragmented foreign exchange model of today with direct, atomic currency swaps using stablecoins. This is a clear example of how the Chainlink standard powers global-scale settlement for the next generation of capital markets and a clear signal that global finance is increasingly moving onchain.”　　Project Pangea focuses on delivering real-time atomic settlement through blockchain infrastructure while maintaining compatibility with existing banking systems.　　Advertisement　　The platform will support Payment-versus-Payment transactions, helping reduce settlement risk, improve capital efficiency and accelerate cross-border transfers, as noted in the release. The initiative combines Chainlink‘s interoperability and market data services with FairSquareLab’s liquidity and settlement technologies to create a multi-currency network for institutional participants.　　“It [Project Pangea] opens a

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