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Bitcoin breaks out of six-week range, tops $71,000 as $3 billion in shorts get wiped out

Bitcoin $BTC$71,936.32 extended Wednesdays advance, climbing above $71,000 for the first time since June. The largest cryptocurrency has added 3.5% since midnight UTC and 11% over 24 hours, having broken decisively out of the range that had held it since July 8.　　The price move was mechanical rather than narrative-driven. $BTC spent six weeks between roughly $62,000 and $66,900 with volatility grinding down to multi-year lows, a setup that encouraged traders to fade every approach to the range high.　　That left a thick band of short liquidation levels between $65,000 and $67,000. The U.S. Treasurys announcement that it would at least double long-dated buyback operations to $4 billion pulled the 30-year yield back from 5.337%, its highest since 2007, and the resulting bid in risk assets was enough to clear the ceiling.　　Once that fell, $3 billion of shorts were force-bought back into thin resting supply and the spiral carried bitcoin up more than 8% inside an hour.　　President Donald Trumps comments landed hours later into a market that had already made the bulk of its move. His call for Congress to pass the Clarity Act, a suggestion that the U.S. may buy sizable amounts of bitcoin and the reveal that regulators are working

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WikiBit Exchange Exit Risk Ranking Vol.3: The “Penny Stock Exchange” Wrapped in a DAO Disguise — Why Is UZX Being Called a “Pig Butchering Scam” by Users?

Introduction:　　In the first two episodes, we exposed HashKey (the “compliance model student”) and HTX (a platform caught in a regulatory storm). This time, we are looking at an exchange with an even more bizarre storyline — UZX.　　The exchange comes with some extremely flashy labels: “the worlds first DAO-governed exchange,” “managed by a Cayman Islands foundation,” and “affiliated with a Nasdaq-listed company.” Sounds decentralized, sophisticated, and high-end, right？　　But on the other side of the story: a 2.3 rating on Trustpilot, waves of withdrawal complaints, and a parent company whose stock price has collapsed into penny-stock territory.　　How did a “newcomer” exchange founded only in 2023 manage to package itself as a “Nasdaq concept stock”？ Today, we peel away the DAO disguise layer by layer.1. Regulatory Compliance: All Talk About Licenses, But Mostly Just “Stickers”　　The so-called licenses: two MSB registrations, and thats it　　UZX claims on its official website that it has obtained a U.S. MSB (Money Services Business) license and a Canadian MSB registration.　　Sounds impressive？ Not really.　　In the United States, an MSB registration is simply a filing with FinCEN (Financial Crimes Enforcement Network). The threshold is extremely low — it does not require an assessment of the business model, does not verify solvency,

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Arthur Hayes proposes 20% FLOP testnet allocation

Arthur Hayes has proposed allocating roughly 20% of Flop Networks FLOP token supply to testnet participants over 10 years as part of a self-funded decentralized computing network for artificial intelligence agents.　　Arthur Hayes said in an Aug. 19 Substack article that Flop Network would connect AI agents seeking computing power with miners operating internet-connected hardware, using FLOP as the networks payment and reward token.　　The BitMEX co-founder described the proposed system through a fictional creation story, but the article also provided new information about the projects token distribution, economic model, and intended users. Hayes said the token launch would follow a fair-start model, with no presale needed because he had funded the development team himself.　　Under the planned distribution, people who contribute to the Flop Network testnet would collectively receive about one-fifth of the supply by the end of a 10-year period. Hayes did not disclose the total number of FLOP tokens, the rate at which the testnet allocation would be released, or the activities that would determine each participants share.　　Flop Network would sell compute through FLOP　　Flop Network‘s proposed market would price AI workloads according to the number of floating-point operations, or FLOPs, required within a defined period. Miners would process requests using

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Trump Crypto Summit Details: Attendees, Clarity Act, Hyperliquid and More

US President Donald Trump just hosted a high-stakes crypto summit at the White House, during which he once again called on the Senate to promptly pass the CLARITY Act so that America may maintain its financial dominance.　　CLARITY Act and crypto summit attendance　　Notably, the event saw attendance from crypto and traditional finance executives in addition to federal regulators.　　Crypto invitees included Coinbase CEO Brian Armstrong, Robinhood Markets CEO Vlad Tenev, Ripple CEO Brad Garlinghouse, Gemini Founders the Winklevoss twins, Chainlink Co-founder Sergey Nazarov and Kraken co-CEO Arjun Sethi.　　Traditional finance participants were Chairman of the New York Stock Exchange (NYSE) Jeffrey Sprecher, in addition to representatives from Nasdaq, CME Group and the DTCC.　　Regulators present were Chairman of the US Securities and Exchange Commission (SEC) Paul Atkins, and Chairman of the Commodity Futures Trading Commission (CFTC) Mike Selig. Also present was the White House Crypto Advisor Patrick Witt.　　Key takeaways　　Regarding the CLARITY Act, Armstrong warned about pushback from the banks, saying they “dont want the competition.”　　Aside from that, Trump and the regulators touted the new innovative-friendly regulation initiatives and how they starkly contrast to the strict rules of the previous regime. Here, they noted 583 IPOs since Trump‘s inauguration, raising a total of $208 billion

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240 Million XRP Pulled From Major Exchanges Since Early Summer: Why It Matters

$XRPs struggle near $1 continues even as its peers display modest gains this week. The crypto asset is down by almost 10% over the past month.　　Despite the weakness, much more $XRP is being withdrawn than deposited across major platforms.　　Reserves Slide　　According to the latest analysis shared by CryptoQuant, $XRP reserves across Upbit, Binance, and Bithumb have fallen by roughly 240 million from their late-May and early-June levels, as of August 19. South Korean giant Upbit held 6.40 billion $XRP, down from 6.51 billion on May 30, which is a decline of about 110 million, or 1.7%.　　The figures for Bithumb fell to 1.82 billion from 1.85 billion on June 2, a decrease of roughly 30 million, or 1.6%. Meanwhile, Binance recorded the largest percentage decline, with its reserves for the token dropping to 2.62 billion from 2.72 billion over the same period, which translates to a reduction of approximately 100 million $XRP, or 3.7%.　　Combined reserves across the three exchanges decreased from about 11.08 billion to 10.84 billion, representing a decline of roughly 2.2%. Despite the overall reduction, Upbit remains the largest holder of the crypto asset among the three exchanges. In fact, Upbit and Bithumb together hold about 8.22 billion $XRP and

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Coinbase's Base Is Betting Big on AI Agents With $100K Startup Accelerator

In briefThe Base accelerator plans to select 10 startups for its eight-week Batches 004 accelerator.Each selected team will receive a $100,000 investment from the Base Ecosystem Fund.The program is targeting startups building AI agents, trading, payments, and financing products.　　The team behind Base, Coinbases Ethereum layer-2 network, is narrowing its startup accelerator to 10 teams for its latest cohort, with each selected company receiving a $100,000 investment upfront, Coinbase announced on Wednesday.　　Applications for Base Batches 004 are open through September 9, Coinbase said. The eight-week virtual program will conclude with a Demo Day in New York in November.　　Myriad: Ethereum next price move？ Click to make your prediction.　　“Weve learned that the best results come from going deeper with a smaller, more focused group of exceptional builders,” Daniel Bronheim, Base Ecosystem Fund Lead, told Decrypt. “For Batches 004, we are shifting away from broad cohorts and zeroing in on high-signal teams, then offering hands-on support and deep Base ecosystem integration.”　　The program is seeking pre-seed startups focused on trading, payments, financing, and AI agents, including products that use stablecoins for agent-driven shopping, trading, and payments, as well as infrastructure for lending, e-commerce, and decentralized AI.　　“Blockchains are the native financial rails for AI, and agents

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Binance, Upbit, Coinbase See Surging XRP Outflows, as Investors Pull $2B From Futures Market

$XRP outflows have dominated major exchanges such as Binance, Upbit, and Coinbase, despite the persistent bearish pressure.　　$XRP continues to struggle, trading more than 72% below its all-time high of $3.66. However, despite the downtrend, investors have continued moving $XRP off exchanges. This could reduce the amount of $XRP available for immediate selling and, in turn, ease some of the selling pressure.　　Binance, Upbit and Coinbase See $XRP Outflows　　Recent CoinGlass data confirms this trend. Over the past seven days, all major exchanges except Bitstamp and Gemini recorded net $XRP outflows.　　Binance led the withdrawals, with investors moving $32.32 million worth of $XRP off the exchange. Upbit followed with $23.94 million, while Coinbase recorded $8.12 million in outflows. Bybit ranked next with $6.91 million in withdrawals.　　$XRP Exchange Outflows | Source: Coinglass　　Essentially, Binance, Upbit, and Coinbase alone accounted for $63.17 million in $XRP outflows during the week.　　Other major exchanges also recorded withdrawals. Gate saw $1.25 million leave its platform, while OKX and Kraken recorded outflows of $1.20 million and $1.01 million, respectively.　　Bitstamp and Gemini were the only major exchanges to record inflows, but their figures remained small at $1.21 million and $230,000, respectively.　　$XRP Futures Flows Turn Negative　　The $XRP futures market has shown a different trend

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Vietnam Advances Crypto Exchange Pilot as It Seeks FATF Watchlist Exit

Vietnam is moving forward with a pilot program to bring cryptocurrency exchanges into its formal regulatory framework, a step tied directly to the countrys efforts to exit the Financial Action Task Force (FATF) grey list. According to The Business Times, Vietnamese authorities are targeting a third-quarter launch for the pilot, with five companies having already passed preliminary screening.　　Why This Pilot Matters　　Vietnam has long been a hotspot for crypto adoption, yet the market has operated in a legal gray area. The governments move to regulate exchanges is a significant shift, aiming to protect investors while curbing illicit activities such as money laundering and terrorist financing. The FATF has repeatedly urged Vietnam to tighten oversight of virtual assets, and this pilot is seen as a direct response to those demands.　　The selection process is not merely a formality. Authorities are reportedly evaluating firms based on strict capital and security requirements. Only companies that demonstrate robust compliance infrastructure will be allowed to participate. This approach signals that Vietnam is not just opening the door to crypto, but is doing so with a cautious, compliance-first mindset.　　What the Pilot Entails　　While the full details of the pilots operational scope have not been publicly disclosed, industry observers expect

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AI could supercharge crypto but theres a catch, Fidelity Digital Assets says

AI is rapidly emerging as a major crypto investment narrative, built around the idea that autonomous agents could potentially drive transactions and demand for programmable financial infrastructure.　　The infrastructure race is already underway. AI agents settled more than $73 million across roughly 176 million blockchain transactions in the year through April, according to a Keyrock report, while Coinbase, Stripe and Visa are developing competing systems for machine-to-machine payments.　　Fidelity Digital Assets, the crypto arm of financial-services giant Fidelity Investments, however, sees a key risk.　　More AI-driven activity may not translate into more value for crypto investors. The question is less about how much activity AI generates and more about who captures the economic value.　　“As AI lowers barriers to development and participation, competitive advantages may increasingly reside in liquidity, distribution, security, trust, and regulatory integration rather than technology alone,” analyst Max Wadington wrote in the Wednesday report.　　The convergence of crypto and artificial intelligence is increasingly centered on AI agents, autonomous software that can make decisions, buy data and computing power, and transact without human intervention.　　Crypto proponents argue that stablecoins and blockchains are well-suited to this emerging machine economy because they enable programmable, around-the-clock micropayments that can be difficult or uneconomical on traditional card rails.

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FASB sets 3 tests for stablecoins to qualify as cash

The Financial Accounting Standards Board (FASB) proposed new U.S. accounting guidance on Aug. 18 that would clarify when companies may present certain stablecoins as cash equivalents.　　The proposed Accounting Standards Update would add examples to Topic 230, Statement of Cash Flows. It would not change the existing definition of cash equivalents under U.S. generally accepted accounting principles.　　FASB opened the proposal for public comment through Nov. 19. The board will decide whether to issue a final standard and set its effective date after reviewing responses.　　FASB would apply three stablecoin conditions　　A digital asset could qualify only if its holder has an on demand contractual right to redeem it for cash. The right must allow direct redemption with the issuer for a known amount.　　The issuer must also hold at least one to one reserves in segregated accounts. Those reserves would need to consist of short term, highly liquid assets that are readily convertible into known cash amounts.　　Meeting those conditions would not force a company to classify the token as a cash equivalent. Companies would retain the option to use that presentation and would need to consider applicable laws and regulations.　　The proposal is not final guidance. FASB said the examples are intended to “promote more

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