Crypto
Bitcoin napkin holder
A napkin holder with the B of bitcoin (Marvin Recinos/Getty Images)

Bitcoin dips as overall crypto market sees red

The dip hasn’t deterred Strategy from buying more of the asset, however.

Yaël Bizouati-Kennedy

Bitcoin and the overall crypto market enjoyed a boost following Fed Chair Jerome Powell’s speech on Friday, but the rally fizzled out over the weekend. Bitcoin is starting the week around $112,000, a dip of about 4% from its high on Friday of around $117,000. The overall crypto market has decreased 2.1% in the past 24 hours and now stands at $3.97 trillion.

  • A dip never deters Michael Saylor, self-proclaimed “Mr. Orange,” who announced that Strategy added 3,081 bitcoin to its reservoir for $356.9 million. The largest corporate bitcoin holder now has 632,457 bitcoin acquired for $46.5 billion, which is 3% of the total bitcoin supply.

  • Meanwhile, a long dormant bitcoin whale, who received 100,784 bitcoin seven years ago, continued shedding its bitcoin holdings to buy ethereum, according to Lookonchain, which said in a post that the wallet “is frantically dumping $BTC for $ETH. In the past 5 days, they’ve deposited ~22,769 $BTC($2.59B) to #Hyperliquid for sale, then bought 472,920 $ETH($2.22B) spot and opened a 135,265 $ETH($577M) long.”

  • The Philippines may be the next country to establish a national bitcoin reserve as Congressman Miguel Villafuerte introduced a bill to create one “to serve important national interest such as providing financial stability, among others,” according to the bill’s text, which would direct the Bangko Sentral ng Pilipinas to acquire 2,000 bitcoin purchased annually over five years.

In other bitcoin treasury news:

  • Metaplanet acquired 103 bitcoin and is now holding 18,991. The Japanese company has also been added to the FTSE Japan Index, “another important milestone on our journey as Japan’s leading bitcoin treasury company,” CEO Simon Gerovich posted.

  • LM Funding America, a Nasdaq-listed bitcoin mining and treasury company, acquired 164 bitcoin for $18.67 million. The company now holds 311 bitcoin.

  • Japanese public company Remixpoint acquired 41.5 bitcoin, increasing its total holdings to 1,273 bitcoin.

  • Global Asian food platform DDC Enterprise announced its fourth bitcoin purchase this month. The company acquired 200 bitcoin and now holds 888 bitcoin.

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While the crypto industry has shed $564.3 billion in 2026, Hyperliquid’s native token has bucked the downtrend and jumped 54.8% year to date.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter. 

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows. 

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions. 

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework. 

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

Yaël Bizouati-Kennedy
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Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

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