Latest Crypto News & Market Updates

Chainalysis sues US over $95M ICE contract with TRM Labs

Blockchain analytics company Chainalysis has sued the United States government over an Immigration and Customs Enforcement (ICE) decision to award a sole-source contract to competitor TRM Labs.　　On July 27, Chainalysis Government Solutions filed the challenge in the US Court of Federal Claims. The relevant motion became publicly accessible through CourtListeners RECAP archive on Sunday.　　A federal award notice values the contract at about $94.6 million and says it covers forensic software and support services for Homeland Security Task Force investigations. The one-year award runs from July 1, 2026, through June 30, 2027.　　Chainalysis alleged that ICE‘s decision was “arbitrary, capricious, and unreasonable.” It said it had submitted a capability statement in response to ICE’s notice of intent to obtain forensic software and support services from TRM.　　Both companies provide blockchain analytics tools that government agencies use to trace cryptocurrency transactions and investigate crime.　　According to the motion, the complaint remains under seal because it contains Chainalysis confidential and proprietary information and trade secrets. The court granted Chainalysis permission to maintain the complaint under seal on July 31.　　TRM intervened in the case on July 28. The court has scheduled responses from the government and TRM for Friday and oral argument for Sept. 2. The government

08-17Industry

Chainalysis sues U.S. over $94.7M TRM Labs contract

Chainalysis Government Solutions has taken the U.S. government to the Court of Federal Claims over a $94.7 million Immigration and Customs Enforcement contract awarded to rival blockchain intelligence company TRM Labs.　　The case, Chainalysis Government Solutions, LLC v. United States, No. 26-1067C, was filed July 27. TRM Labs has intervened on the government‘s side. The court’s July 31 order confirms Chainalysiss complaint was permitted to remain under seal and establishes an expedited briefing schedule.　　Chainalysis challenges a $94.7 million sole-source award　　Public procurement records show ICE awarded TRM Labs contract 70CMSD26C00000005 on July 1 for analytical support to the Homeland Security Task Force National Coordination Center Cyber Disruption Center. The contract is worth up to $94.66 million and runs through June 30, 2027. Records classify it as not competed, using sole-source procedures with one bid received.　　ICYMI: Chainalysis sued the government over a sole-source contract that went to TRM Labs instead.　　Chainalysis (through its government arm) says DHS/ICE skipped normal competition and handed the work straight to TRM. Theyre asking the court to stop it. 　　The full complaint is…　　ICE had announced its intention in June to obtain the services from a single source. Its procurement notice said the agency determined that only one source was

08-17Industry

SanDisk Stock Locks In $94B Backlog, Targets 80% Margins by 2030

SanDisk (NASDAQ: SNDK) stock rose nearly 14% on August 13 after the company disclosed a $93.9 billion customer backlog and set a target of 80% non-GAAP gross margins through fiscal 2030 at its Investor Day.　　Speaking in Manhattan, Chairman and CEO David Goeckeler framed the event as proof that his 18-month turnaround plan is finally paying off, addressing skepticism that had built up after a rough six weeks for the stock.　　The Spinoff Behind SanDisk Stocks AI Boom　　SanDisk completed its split from Western Digital in February 2025 and began trading independently in late February, becoming a standalone NAND flash and solid-state drive maker just as artificial intelligence (AI) data centers began driving unprecedented demand for high-speed storage.　　Sponsored　　Sponsored　　The latest news and stock pop comes from customers that have already signed contracts to buy $93.9 billion of SanDisks chips over the next several years. This is prompting Goeckeler to target a 80% gross margin, meaning SanDisk aims to keep $80 of every $100 in sales as profit.　　The stock is up more than 571% so far this year, even after a sharp July pullback that briefly wiped out much of the SanDisk stock margin target optimism BeInCrypto covered days before this rally.　　That surge tracks a

08-17Industry

Bitcoin to $1M by 2030 is ‘mathematically impossible’ says Markus Thielen

The numbers behind the oft-cited prediction that Bitcoin will reach $1 million by 2030 simply dont add up, according to Markus Thielen, head of research at 10x Research.　　“It‘s mathematically impossible,” Thielen tells Cointelegraph on Trade Secrets, arguing that Bitcoin’s historical capital inflows over the past 15 years fall far short of the amount it would need to attract over the next four years to reach $1 million. “We have seen $1 trillion US dollars of inflow to bring the market cap really to $1 trillion. To $1 million [per] Bitcoin. Its 15x, I think, from here,” Thielen says.　　At the time of publication, Bitcoins market cap is around $1.28 trillion, with its price trading at $63,868, according to CoinMarketCap.　　Thielen estimates that Bitcoin would need to attract another $15 trillion in capital to reach a per Bitcoin price of $1 million. This is equivalent to roughly 25% of the US stock markets total value flowing into Bitcoin over the next four years.　　“It would require trillions,” says Thielen　　“It takes trillions and trillions of dollars to move the price really materially higher, and thats why we are not as bullish as those arguments which we think are totally mathematically unrealistic because it would require

08-17Industry

Morgan Stanleys BlackRock Bitcoin ETF holdings rise 23% in Q2

US investment banking giant Morgan Stanley reported larger crypto fund positions in the second quarter, led by an increase of more than 3 million shares in BlackRocks Bitcoin exchange-traded fund (ETF).　　Morgan Stanley‘s reported holdings in BlackRock’s iShares Bitcoin Trust ETF (IBIT) increased by 23% to around 16.5 million shares from 13.4 million, according to its Q2 13F filing with the US Securities and Exchange Commission on Thursday.　　Morgan Stanley also reported 2.57 million shares of its own Morgan Stanley Bitcoin Trust (MSBT), worth about $43.3 million. The product began trading in April.　　The filing showed increases across several direct crypto fund positions in Q2, even as reported holdings declined in Coinbase and some other crypto-linked companies.　　Morgan Stanley grows Bitcoin and Ether ETF exposure　　Despite adding about 3.04 million IBIT shares, the positions value fell about 18% to $549 million from $667 million as Bitcoin fell during the quarter.　　Morgan Stanley also sharply increased several smaller Bitcoin ETF positions, including the Grayscale Bitcoin Mini Trust ETF (BTC) and Bitwise Bitcoin ETF (BITB), while its Fidelity Wise Origin Bitcoin Fund (FBTC) holding rose nearly 38%.Bitcoin (BTC) price chart year-to-date. Source: CoinGecko　　Ether holdings grew as well, with Morgan Stanley increasing its iShares Ethereum Trust ETF (ETHA) position

08-17Industry

Ethereum devs to narrow 66 proposals tied to Hegotá upgrade

Ethereum developers are currently reviewing 66 proposals to narrow them down as part of scoping the next major Ethereum upgrade, Hegotá, with several proposals aimed at bringing more privacy capabilities into the protocol.　　FOCIL is currently the only Ethereum Improvement Proposal (EIP) scheduled for inclusion in the upgrade. Frame Transactions (EIP-8141), Keyed Nonces (EIP-8250) and Recent Roots for Frame Transactions (EIP-8272) should also be included to “unlock native privacy, allowing privacy apps to work without having to rely on intermediaries,” wrote Ethereum Foundation contributor Toni Wahrstätter in a Sunday X post.　　FOCIL, short for Fork-choice enforced inclusion lists, seeks to allow a committee of validators to force pending transactions into blocks to boost the networks censorship resistance, while the other proposals could provide protocol primitives for privacy applications.　　Core developers aim to ship the Hegotá upgrade next year. The next Ethereum core developer calls will shape a significant part of Ethereums development trajectory for 2027. Proposals that do not make the cut for Hegotá could be reconsidered for a later upgrade.　　The next Ethereum developer call is scheduled for Monday at 2:00 pm UTC.　　Meanwhile, Ethereum developers are preparing to first ship Glamsterdam, arguably one of the most consequential upgrades this year. Glamsterdam is designed

08-17Industry

The 'long bitcoin, short the bankers' era is officially over as TradFi giants embrace digital assets

“The old ‘long bitcoin, short the bankers’ trade is over: banks have moved from resisting digital assets to building and enabling or distributing them through custody, tokenization and regulated trading,” Dori said.　　He attributed the shift to client demand and clearer rules, calling it structural rather than cyclical.　　Early bank entrants included Swissquote, which added bitcoin trading in 2017, DBS in 2020 and BBVA in 2021. BNY Mellon started institutional crypto custody in 2022, the same year Nubank launched bitcoin and ether trading and LGT added crypto services.　　St.Galler Kantonalbank and Santander followed in 2023, while Zürcher Kantonalbank added retail trading in 2024, before other major financial industry players including Standard Chartered, Charles Schwab, SoFi and Morgan Stanley entered the space.　　Anchorage Digital CEO Nathan McCauley, meanwhile, said its client roster has increasingly reflected the convergence of traditional and decentralized finance over the past two years.　　Large financial firms are partnering with specialist providers rather than building their own infrastructure, he said. Still, real-world assets coming onchain and crypto wrappers being created by large asset managers is showing two worlds are increasingly becoming one.　　“We‘re quickly headed towards a world where there isn’t ‘traditional finance’ and ‘decentralized finance.’ There‘s just ’finance,” McCauley told CoinDesk.

08-17Industry

Polymarket Launches Predictions Market for Pokémon Cards

Polymarket has opened prediction markets on Pokemon card prices, letting traders wager on whether individual cards and sealed products gain or lose value.　　The contracts track ungraded prices from Collectr, a collectibles pricing app. More than a dozen Pokemon markets now trade on the platform, and fresh ones keep arriving as older contracts settle.　　Sponsored　　Sponsored　　Why Polymarket Is Chasing the Pokémon Card Boom　　The Squirtle market shows how the format works. Traders buy Up or Down on whether the ungraded Mega Evolution Promos card, numbered 039, closes above $28.23 on August 31. Odds currently sit at 39% for Up, down 11 points since the contract opened near even.　　Polymarket announced the lineup on X.　　???? NEW POLYMARKET: Squirtle Price Up/Down on August 31？https://t.co/MMhzRl7iVe　　— Polymarket (@Polymarket) August 16, 2026　　Similar contracts cover Charizard ex, Pikachu ex, Mega Gengar ex, and Bulbasaur. Sealed products feature too, including booster boxes and the Celebrations Ultra Premium Collection.　　Most of these markets lean bearish. Traders price Celebrations at 22% for a gain, while Bulbasaur stands out at 64%. Meanwhile, the Mega Gengar ex contract leads on activity with roughly $2,300 in volume.　　The timing tracks a cooling secondary market. Several contracts reflect trader expectations of further price cuts, after buyer attention rotated toward newer

08-17Industry

Prediction market Novig sues Wisconsin AG in latest spat over sports contracts

Quick TakeSports-focused prediction market Novig filed a federal lawsuit against Wisconsin Attorney General Josh Kaul and gaming administrator John Dillett in anticipation of being forced by the state to stop offering event contracts on sports.The firm began offering contracts to Wisconsin residents just one week before filing the suit and is seeking expedited consideration of a preliminary injunction.Novig, which recently announced a partnership with the New York Mets, has sued officials in five states including Wisconsin since Aug. 4.　　Sports-focused prediction market platform Novig sued Wisconsin Attorney General Josh Kaul and state gaming administrator John Dillett on Friday in anticipation of the state suing it, as it had sued other prediction markets over similar offerings in April.　　Ludlow Exchange LLC, the Novig subsidiary that operates its exchange, filed the 45-page complaint in the U.S. District Court for the Western District of Wisconsin. Novig began offering event contracts to Wisconsin customers the previous week, according to the filing.　　Novig argues that enforcement is likely imminent because of Wisconsins prior lawsuits against the other prediction market platforms. Unlike Kalshi and Polymarket, however, Novig offers exclusively sports-related contracts, rejecting event contracts on international news or “mention markets.”　　Novig also requires users to be at least 21 years

08-17Industry

Crypto Weekly: LINK and WLFI Post Double-Digit Gains Amid Market Drop

During the past week, bitcoin tumbled from over $65,000 to close just above $63,200, an approximately 3.2% weekly loss and briefly hit a low below $62,500 on Aug. 14. 　　Key TakeawaysStrategy offloaded 1,690 bitcoins causing BTC to slide below $63,000.Altcoins extended losses as ADA plunged 10.6% and XRP dipped below $1, risking a drop toward $0.95.LINK surged 13% after Standard Chartered forecasted the token would reach $200 by late 2030.　　Bitcoin Leads Mid-August Market Pullback　　After finishing the first week of August with modest gains, the cryptocurrency market ended the second week in the red. Bitcoin, which had posted gains exceeding 3%, led the market lower after it tumbled from over $65,000, closing just above $63,200. It could have been worse after the cryptocurrency fell below $62,500 on Aug. 14, but a quick rebound kept bitcoins weekly losses capped below 3.2%.　　During the week, the latest inflation report and a lull in hostilities in the Middle East did help boost global markets. However, in bitcoin‘s case, Strategy’s announcement at the start of the week that it had offloaded 1,690 bitcoins the previous week weighed on the asset. While Strategy attempted to assuage the market with a promise to resume buying, this ultimately failed

08-17Industry

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