Bitcoin (BTC) saw a brutal sell-off in early 2026 as it plunged from a peak of $126,000 to below $63,000. This has led people to try deciphering the market realities, as the crash exposed the cracks in the mythology of Bitcoin as an ever-booming asset.

Most analysts believe it was a new financial era. The digital asset broke the six-figure threshold in late 2024, and by early 2025, it was seen as the most coveted asset in this new financial landscape. The spot exchange-traded funds (ETFs) brought Wall Street money into the crypto market, and the Trump administration, which was initially hostile to cryptocurrencies, became incredibly friendly.

Of course, there was also the halving cycle. Bitcoin’s four-yearly supply shock was as punctual as always. By October 2025, the price touched $126,000, and the faithful acolytes and crypto billionaires were already mapping $200,000 and beyond.

Then the bottom fell out. Prices have been slashed in half from their October peak, with the price plunging way below the $63,000 mark in February 2026 for a staggering fall of around 50% in just four months. This crash has caused significant panic in the market as billions of dollars disappeared over a handful of sessions, and many leveraged traders were flushed out. Furthermore, the Spot ETF, which was intended to legitimise the cryptocurrency as a stable asset, instead forced sellers to mechanically dump coins in a market that was already collapsing.

Yes, it was a bloody season, even by crypto’s permissive standards, but this article is not about how bad it was, but what it reveals. Is crypto the new digital gold, or is it just a speculative asset with institutional backing?

Modern crypto crash

Bitcoin has come a long way from being one of the riskiest assets in the world. It has slowly garnered a reputation as something that will keep increasing in value.

To understand this sell-off and why it hit so hard, we need to look at how the market was built over the last two years and examine the structures that drove the last rally and its inevitable collapse.

Firstly, let’s examine leverage. The crypto derivatives market is a paradise for aggressive traders, and the latest cycle drew hordes of them. When the digital currency eroded from its $80,000 to $90,000 range in early February, the markets saw almost $279 million in leveraged positions liquidated within a single day. Almost $170 million of that was concentrated in long positions.

Just a few days later, within a single hour, $80 million in liquidations were produced, and $48 million of it was Bitcoin alone.

While the data is not record-breaking or particularly alarming in isolation, it remains significant due to the feedback loops and self-fulfilling prophecies it creates.

Academic research specifically examining Bitcoin futures markets at BitMEX revealed that daily forced liquidations average approximately 3.5% of open interest for long positions, largely because many traders utilise effective leverage levels of 60x or more. In an environment like that, even a moderate price decline leads to those margin calls. Exchanges then dump collateral to cover those calls, and the prices dwindle further, liquidating more positions. This cascade is fast, mechanical, and transforms something that is otherwise manageable into a rout.

But we can’t blame everything on leverage. It was just an amplifier and not what started this domino effect. The foundational reasons for this crash were a structural shift in the behaviour of a new and yet consequential set of players. Namely, the ETF complex.

New buyers become sellers

Experts say that the US spot Bitcoin ETF launch was a watershed moment. It allowed retail and institutional investors to access the digital currency through a regulated, familiar vehicle without managing balances or private keys for the first time.

Within the first two trading days of 2026, $1.2 billion in net inflows were recorded on US ETFs. It is an extraordinary pace, which reassured investors that the historic run of 2024 and 2025 probably might not end anytime soon.

Then the rhythm broke. The shockwaves emerged with ETF flows flipping negative by January 6. Research by Binance reported that, in 2026, demand had turned into a net negative, with year-to-date flows of roughly minus 4,595 BTC. This meant that the funds, on balance, were being sold into the market rather than bought.

A separate analysis claimed US spot Bitcoin ETFs recorded $4.5 billion in net outflows in 2026, which was the longest sustained outflow streak since early 2025.

It’s different this time around because in previous cycles, after every halving, retail enthusiasm fades, and the tourist capital is usually invested in offshore derivatives or speculative altcoins. This is referred to as altseason.

Most traders who make big money during the sell-off re-divert that wealth into up-and-coming coins. But this season, there was no altseason rally. The cryptocurrency kept booming indefinitely. There was even talk that an altcoin season might not happen again.

ETFs have changed the equation. When investors redeem ETF shares, the fund must sell underlying altcoins to meet these demands. It is programmed that way and is non-discretionary. It happens in large blocks and hits a market which, despite its growth, has relatively thin spot liquidity compared to traditional assets.

The ETF paradox is visible. The institutionalisation of BTC was supposed to stabilise the asset and broaden the ownership base. Instead, it created a new system where retail fear can rapidly and efficiently transmit into largescale spot selling. This legitimisation was celebrated by bulls, yet that same mechanism has handed a button for self-annihilation to the market.

The macro context

And to top it all off, the macroeconomy couldn’t be more hostile to Bitcoin. The wars in Europe, Israel and possible geopolitical crises in Taiwan and Iran, along with the tariff wars, have killed the appetite of central banks around the world. Markets have been tightening and de-risking globally.

The same fears that cause volatility in traditional markets are more profound now. Gold has surged above $5,500 per ounce, serving as a safe haven for assets as it has for thousands of years. Meanwhile, the digital asset (which was supposed to be a storehouse of wealth and was dubbed the ‘digital gold’) has fallen roughly 20% year-todate as of early February. It is a development that is impossible to miss.

The whole idea of the blockchain asset was ‘gold but better’ because someone could steal your gold from your house, banks might collapse, and gold is harder to transport from one country to another. It also had all the good properties of gold in the sense that no one could take it from you. It was in a hidden, encrypted wallet that the government had no access to, and the prices always kept booming.

It was considered a reliable and safe asset, but the global crisis has proven that the digital currency might not be as reliable an asset as people thought it was, and is definitely not a dependable replacement for gold.

The policies that have been baked in place by governments around the world are not conducive either. Since COVID-19, near-zero rates, and quantitative easing, banks have made a coordinated retreat from their usual yet extraordinary monetary accommodation.

The US Federal Reserve drained $2.8 trillion from its balance sheet between the pandemic peak and late 2025, only taking a slight U-turn in December. The European Central Bank was no different and shed $3 trillion since mid-2022. Even the Bank of Japan (which was a perennial holdout historically) has embraced inflation and is shrinking its own balance sheets.

It’s not all doom and gloom. Some rate cuts are set to return in 2026. However, there has been a generational shift. Real yields are positive, and even cash offers dependable returns. The dollar is firm despite day-to-day volatility. Bitcoin, which had thrived in the era of free money, unprofitable growth companies, and speculative tech, is a natural casualty of this change in philosophy.

The cryptocurrency is correlated with the Nasdaq and other high-beta risk assets (assets with high volatility relative to the market). It is telling of what the asset has evolved into, which is a macro trading instrument.

It only rallies when there is abundant liquidity and a great appetite for risk, and is dumped the moment traders have cold feet.

The digital gold question

Now let’s get to the heart of the matter. In a world of uncertainty, war, fatigue, plague, and zero-sum games, gold seems like the most reliable asset to hold on to. Everyone wants it, and no culture would deny it.

The digital gold thesis is underpinned by two important claims, the first being that Bitcoin acts as a store of value that builds and retains purchasing power across full cycles despite its inherent volatility. And the second claim suggests that during a crisis, the cryptocurrency behaves like gold, and serves as an effective hedge against both monetary debasement and geopolitical uncertainty.

“Bitcoin is sensitive to liquidity. In phases when capital becomes cautious, BTC often behaves not like a protective shield, but like a real risk asset,” according to the views of analysts on the website of Aequifin, a Germany-based fintech platform for litigation funding.

There are no arguments about the first claim. The digital asset has proven its resilience across years, seeing highs and lows but coming back up every halving cycle. Previously, it had lost 70% to 80% of its value, yet it has soared to new heights every time. Long-term holders have been rewarded in a way that no other asset has rewarded its holders.

Research on post-halving dynamics has confirmed that speculative cycle and supply shock patterns are broadly intact.

It is when it comes to the second claim (the idea of the cryptocurrency as a go-to asset during a crisis) that things get murky.

Research across multiple methodologies, including VAR models, GARCH analysis, and multi-factor frameworks, has concluded that BTC cannot function as a safe haven akin to gold. Studies examining correlations between the digital currency, gold, oil, and equities indicate that Bitcoin is the second riskiest asset in the sample, and significantly more volatile than gold, making it more comparable to crude oil or leveraged growth stocks than to defensive instruments.

Furthermore, Quantile VAR spillover methods reveal that under normal and bullish conditions, BTC acts as a net transmitter of risk to other assets, while in times of crisis, it amplifies shocks rather than absorbing them, such as gold and treasuries.

The crash of 2026 exposes an uncomfortable reality. The conditions that ought to have been quite attractive, like geopolitical risk, currency uncertainty, and distrust of institutional finance, have not made it soar to new heights. Instead, there has been a 50% depreciation. Gold, however, has reached new heights. It’s not that Bitcoin didn’t rally; it crashed.

Nations that bet big

No one has bet bigger on the digital currency than El Salvador and the Central African Republic. Two nations, continents apart, that granted the blockchain asset full legal tender status. Both nations, as a consequence, have struggled considerably.

El Salvador decided to gamble in September 2021, presenting itself as a visionary. It sounded like a small, dollarised economy was going to leapfrog traditional financial infrastructure to reduce remittance costs and attract crypto- tourists, much like Dubai.

It was going to be a financial laboratory, but the experiment went awry. Research has found that BTC was only used for 1.9% of transactions in the first year. A lot of Salvadorans downloaded the government’s Chivo wallet to collect a one-time $30 incentive, but didn’t open it again.

There were many problems, including technical friction, price volatility, and patchy internet access; consequently, many ordinary citizens saw it as absolutely impractical. However, tourism got a boost, with a rise of 22% in 2024. The digital asset was one of the primary attractions for international visitors, but the macro picture was collapsing. The IMF flagged the legal tender arrangement, citing risks to financial stability, consumer risk, and fiscal integrity.

“El Salvador’s Bitcoin experiment has failed. Public distrust, low adoption, technological problems, and volatility are leading to a rollback of the legal tender policy in 2025,” tweeted Ricardo V. Lago, an independent commentator on Latin American economics, on X in November 2025.

In early 2025, El Salvador sought a $1.4 billion loan from the IMF. One of the conditions laid down by the IMF for loan eligibility was the demotion of Bitcoin and the revocation of its legal tender status. El Salvador received the loan and revoked the legal tender status of the crypto asset. Now, merchants aren’t required to accept the digital currency. The government still has its digital currency holdings, but the experiment has failed. El Salvador is now just another crypto-friendly jurisdiction, not a Bitcoin economy.

The Central African Republic had an even worse crypto journey. CAR adopted the digital asset as legal tender in April 2022, despite having a population where only 11%-14% have internet access.

The government launched a partially Bitcoin-backed national cryptocurrency called Sango Coin, and promised foreign investors citizenship, land rights, and access to natural resources in exchange for token purchases. However, the country’s constitutional court pushed back against selling citizenship via crypto, calling it unconstitutional.

Sango Coin made less than €2 million, which is far short of its target, and collapsed. Researchers who investigated the experiment described the programme as opaque, poorly designed, and constructed for the benefit of speculators and politically connected intermediaries rather than ordinary CAR citizens.

Global Initiative Against Transnational Organised Crime (GI-TOC) stated in its report that the opaque nature of the schemes benefited a small circle of insiders and transnational criminal organisations looking for ways to launder money.

“The CAR regime is effectively trading away the country’s sovereignty at the expense of the wider population,” states the report from the Switzerland-based network of some 600 experts tracking international organised crime.

Both these countries were brave, considering that their economies are on the weaker end of the spectrum. Their experiment might have paid dividends if they had sold the assets during historic highs, but these are nations, and not speculating investors or ‘crypto bros’.

For El Salvador, Bitcoin’s volatility created fiscal and reputational risks that brought about a mild U-turn in policy. In CAR, it added more tension and instability to an already fragile economy.

Liquidity shock or structural red flag?

This crash can be seen in two ways, with the simple reading being that it represents the usual cyclical fluctuations of a speculative asset. Bitcoin has encountered this situation many times before, such as the 2018 crash, where prices fell below 80% and caused significant panic, as well as the 2022 crash, which was almost as severe. The pattern remains consistent every time.

“BTC’s well-known four-year cycle may no longer define its long-term behaviour,” Cathie Wood, CEO of ARK Invest, stated in a Fox Business interview in December 2025. Yet, she acknowledged past cycles featured ‘sharp crashes, often 75% to 90%’, now steadied by institutions.

There is euphoria followed by leverage, a macro or idiosyncratic shock, a cascade of forced selling, capitulation, and an eventual recovery to new heights. From this perspective, the recent violent crash is considered routine, and long-term holders who are habituated to these cycles will likely continue to hold while awaiting new horizons.

The second way to look at it is through the structural lens. What has changed since 2018 and 2022?

The major change is that there are new players in the market. First, ETFs now represent a major share of institutional BTC exposure. Additionally, derivative markets are deeper and more interconnected, and leverage in the system is larger in absolute dollar terms, even if the percentage of open interest remains similar.

The digital asset’s price is now heavily conditioned by the same liquidity plumbing that governs equity markets, including ETF flows, repo conditions, and prime brokerage leverage.

It is no longer bound to slow-moving fundamentals like on-chain adoption or long-term holder accumulation. If you look at it like that, the decentralised financial asset is more like a leveraged Nasdaq constituent than a traditional monetary asset that is separate from the financial system. This may not be permanent. Markets can deepen, ownership will broaden, and volatility could decline, which may shift all these correlations in the future. But, as of now, empirically, we understand that BTC isn’t gold.

So the practical takeaway for investors is that the cryptocurrency isn’t a safe haven or a hedge, but a high-beta, liquidity-sensitive position. It’s more like a tech asset than a gold bar.

It still might boom and reach new all-time highs, but it isn’t an asset that’s stable enough to bet on when the world around you is burning down.

For governments and policymakers, the digital currency narrative might be appealing, but lessons from CAR and El Salvador are humbling. The volatility of BTC is treated as a feature of its immaturity, but it is not dependable enough for long-term public policy. Small economies with very limited fiscal space to operate cannot absorb a 50% drawdown. When the banks come knocking, arithmetic prevails over ideology.

It is not to say the digital currency isn’t appealing. It still is, just as it was 10 years ago. There are several factors that remain remarkable, including its supply constraint, an ongoing adoption curve, and a consistent history of full cycles.

But the 2026 crash has an important lesson to teach us. Cryptocurrency as an asset class has not matured like gold. We are, without a doubt, in an early and volatile chapter of the Bitcoin story.

The post Bitcoin crash shatters digital gold myth appeared first on International Finance.

These include the total cryptocurrency market capitalisation surpassing the $4 trillion threshold, the enactment of the GENIUS Act, which established the first comprehensive federal regulatory framework for stablecoins in the United States, and a parabolic price trajectory for Bitcoin that saw it breach new all-time highs before succumbing to a macro-induced correction in November.

While the breach of the $4 trillion mark signalled a structural re-rating of the asset class and placed it on par with major global equity exchanges, market dynamics revealed a bifurcation between asset performance and infrastructure growth.

Bitcoin’s ascent to a peak of approximately $126,000 was fuelled by the “Trump trade” and massive ETF inflows, yet its subsequent 30% correction underscored the market’s continued sensitivity to macroeconomic shocks, specifically stagflationary signals from the US labour market. Conversely, the stablecoin sector, now buttressed by federal law, decoupled from speculative volatility to process transaction volumes rivalling global payment networks like Visa, which confirms its utility as a settlement layer for the digital economy.

We dissect these trends through six core sections, including a detailed analysis of legislative reform. By synthesising data on regulatory shifts and on-chain metrics, we offer a nuanced perspective on how the industry has transitioned from a speculative fringe to a regulated, albeit volatile component of the global financial architecture.

Welcome to the big leagues

In July 2025, the digital asset sector achieved a historic valuation milestone as the total market capitalisation surpassed $4 trillion for the first time. The event was not merely a psychological victory for early adopters but a quantitative signal of the asset class’s integration into the broader financial system. To contextualise this growth, the market cap effectively doubled from its previous cycle highs, driven by a confluence of retail resurgence and institutional capital deployment.

The ascent to $4 trillion was underpinned by distinct structural factors that differentiate this cycle from the speculative manias of 2017 and 2021. Foremost among these was the deepening of liquidity pools facilitated by the approval of spot ETFs across multiple jurisdictions.

The “ETF wrapper” served as a critical conduit for wealth management platforms and pension funds to allocate capital without the operational burden of custody, effectively unlocking trillions in previously sidelined capital.

Data from the third quarter of 2025 indicates that the rally was supported by extensive institutional demand, which was further catalysed by legislative advancements in the United States. The market did not rise in a vacuum; rather, it was buoyed by a “pro-crypto” administration and a tangible shift in regulatory posture. The correlation between legislative clarity and capital inflows became undeniable, as evidenced by the sharp uptick in valuations following the passage of the GENIUS Act.

However, the composition of this market capitalisation reveals a significant evolution in capital allocation. While Bitcoin retained its dominance as the primary store of value and accounted for over $2.4 trillion of the total market cap at its peak, the 2025 cycle witnessed a broadening of the value spectrum. Capital rotated aggressively into programmable blockchains and stablecoins, reflecting a market that increasingly values utility and yield over pure speculation.

The psychological impact of crossing the $4 trillion mark forced a reassessment of risk models among global macro strategists. At this scale, the asset class becomes too large to ignore for sovereign wealth funds and endowment managers who must now consider digital assets as a necessary component of a diversified portfolio to hedge against debasement and capture technological alpha. Industry analysts noted that crossing this mark signals a “structural re-rating” of crypto, moving it from an asymmetric bet to a staple allocation.

The market demonstrated resilience by holding above the $3.88 trillion level during periods of consolidation, dipping only approximately 2% from peak levels during initial profit-taking phases. Such consolidations are characteristic of maturing markets where rapid appreciation is digested through time rather than deep price corrections. The ability of the market to sustain valuations above the $4 trillion line for extended periods in mid-2025 suggested that the capital base had shifted from highly leveraged retail traders to “sticky” institutional holders with longer time horizons.

As liquidity deepened, it also fragmented across a growing number of venues and chains. Layer 1 has seen good growth, but introducing Layer 2 solutions on top of it means that execution and infrastructure have become as critical as asset selection. And experts reiterate that sustaining this growth would require resilient systems that are adept at handling high-frequency institutional flows and smart risk frameworks to manage the disparate liquidity pockets.
Uncle Sam legalises digital dollar

If the $4 trillion market cap was the quantitative highlight of 2025, the Guiding and Establishing National Innovation for US Stablecoins Act of 2025 (GENIUS Act) was its qualitative cornerstone. Signed into law by President Donald Trump on July 18, 2025, this bipartisan legislation ended years of regulatory purgatory for the digital asset industry. It established a comprehensive federal framework for payment stablecoins, effectively legitimising the sector’s most practical application, which is dollar-denominated digital settlement.

The GENIUS Act is transformative primarily because of its definitional clarity and establishment of a dual-track regulatory system. It amends US federal securities laws and the Commodity Exchange Act (CEA) to explicitly state that a payment stablecoin is not a “security” or a “commodity”. This jurisdictional carve-out is the “holy grail” for issuers who have spent years navigating the aggressive enforcement actions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Instead of shoehorning stablecoins into 1930s securities laws, the Act places them under the supervision of banking regulators through two distinct pathways. One through the Federal Track for Non-Banks. Federally licensed non-bank stablecoin issuers are now subject to oversight by the Office of the Comptroller of the Currency (OCC). This allows fintech companies to operate with a national charter without becoming full-fledged banks. Secondly, there are subsidiaries of insured depository institutions that fall under the supervision of their primary federal regulator, such as the Federal Reserve or the FDIC.

Crucially, the Act also preserves the state regulatory system. Issuers with less than $10 billion in outstanding stablecoins can opt for regulation under a state-level regime provided that the state’s standards are deemed “substantially similar” to the federal framework. That provision was a major victory for state regulators like the NYDFS, ensuring that local innovation hubs are not crushed by federal preemption while still maintaining a high national standard.

A central pillar of the GENIUS Act is the imposition of strict prudential standards designed to prevent the “bank runs” that plagued the sector in previous cycles. As per the legislation, all stablecoin issuers must maintain 1:1 reserves backed by high-quality liquid assets (HQLA).

The prohibition on rehypothecation is particularly significant as it prevents the specific type of leverage-driven contagion that caused the collapse of algorithmic stablecoins and unregulated lending desks in 2022. By mandating that reserves be held in bankruptcy-remote accounts with priority claims for holders, the Act effectively creates a digital equivalent of cash that is safer than uninsured bank deposits.

One of the most debated aspects of the GENIUS Act was the prohibition on interest payments. Issuers are explicitly forbidden from passing the yield generated by their reserve assets (such as Treasury bills) on to the holders of the stablecoins. That provision was the subject of intense advocacy from the traditional banking lobby, including the American Bankers Association.

They argued that if stablecoins offered a risk-free yield comparable to Treasuries, they would suck liquidity out of the traditional banking system and destabilise community banks that rely on low-cost deposits.

For the crypto industry, this creates a clear business model trade-off. While issuers cannot compete on yield, they are forced to compete on utility, speed, and integration. This has pushed issuers to focus on building payment rails and merchant networks rather than simply marketing their tokens as savings vehicles.

The GENIUS Act also integrates stablecoins into the national security apparatus. Issuers are explicitly subject to the Bank Secrecy Act (BSA), obligating them to implement rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) programmes.

The Act grants the Treasury Department enhanced powers to combat illicit finance, including requirements for issuers to possess the technical capability to “seize, freeze, or burn” tokens when legally ordered. That provision addresses the “sanctions evasion” narrative often used by critics, ensuring that compliant stablecoins cannot be used as a tool for rogue states or criminal enterprises.

Issuers are also forbidden from using “deceptive names” or marketing materials that imply their product is backed by the “full faith and credit of the United States” or covered by federal deposit insurance. Such rules prevent the dangerous misconception that a private stablecoin is a government-guaranteed instrument.

Wall Street’s effect on Bitcoin

The year 2025 reinforced a fundamental truth about Bitcoin. It remains a highly sensitive liquidity gauge capable of delivering parabolic returns and devastating corrections in equal measure.

The narrative of “institutional maturation” did not dampen volatility; rather, it introduced new transmission mechanisms for macro shocks to cascade through the market.

Bitcoin’s performance in the first three quarters of 2025 was nothing short of spectacular. Fuelled by the “Trump trade” following the election, favourable regulatory signals and the relentless bid from spot ETFs, Bitcoin embarked on a parabolic run. By October, the asset had breached the six-figure mark, setting a new all-time high of approximately $126,270. The rally was characterised by a palpable sense of euphoria dubbed “Uptober” as market participants anticipated a “super-cycle” driven by the convergence of sovereign adoption and corporate treasury accumulation.

The role of ETFs in this rally cannot be overstated. BlackRock’s iShares Bitcoin Trust (IBIT) alone amassed massive assets under management by 2025, with the fund becoming the most successful ETF launch in history. The “passive bid” from these products created a constant demand shock that stripped supply from exchanges, forcing prices upward in a classic liquidity squeeze.

The euphoria came to an abrupt halt in November. Bitcoin crashed approximately 30% from its peak, sliding to trade near $82,605 on November 21. The correction wiped out over $1.2 trillion in total digital asset value in just six weeks, a destruction of wealth equivalent to the GDP of a mid-sized G7 nation.

The catalyst for the crash was a “stagflationary” shock delivered by the US labour market. A long-delayed US jobs report released confusing data that showed job creation rebounding while the unemployment rate simultaneously climbed to 4.4%. The mixed signal clouded expectations for Federal Reserve rate cuts, triggering a “risk-off” event across all global markets.

The crash revealed the double-edged sword of institutionalisation. While ETFs provided inflows during the rally, they also provided a frictionless exit door during the panic. United States-listed Bitcoin ETFs recorded $903 million in outflows on a single Thursday as the “paper hands” of the new cohort folded at the first sign of trouble.

When code became cash

Bitcoin dominated the macro narrative of 2025 and has matured as an asset class with store-of-value propositions. But the focus is slowly shifting to high-throughput utility, and all eyes are on alt-coins. The “State of Crypto” report highlighted that Hyperliquid and Solana combined to account for 53% of revenue-generating economic activity, signalling a changing of the guard in where value is actually accrued.

Solana emerged as the undisputed leader of the high-performance blockchain sector. In stark contrast to the broader market, Solana’s ecosystem metrics exploded to the upside. Builder interest increased by 78% over the prior two years, making it the fastest-growing ecosystem for developers. That surge in developer activity translated directly into user adoption, with the network processing a significant plurality of the industry’s transaction volume.

The market acknowledged this differentiation. Even during the November crash, Solana-based investment products showed remarkable resilience. While Bitcoin ETFs bled assets, Solana and XRP ETFs recorded consistent inflows, suggesting that investors were actively decoupling their views on “utility” tokens from the macro-driven Bitcoin trade.

If there was one undeniable success story in 2025, it was stablecoins. The total stablecoin supply reached a record high of over $300 billion. More impressively, stablecoins settled $46 trillion in total transaction volume over the year. Even after adjusting for artificial trading volume, the figure stood at $9 trillion, more than five times PayPal’s annual throughput and more than half of Visa’s.

The data proves that stablecoins have found product-market fit beyond crypto trading. They are being used for cross-border B2B payments and remittances in inflation-stricken nations, and as a dollarised savings instrument globally. The GENIUS Act further catalysed this usage by providing the legal certainty needed for banks and multinational corporations to integrate stablecoins into their treasury operations, effectively turning them into a new rail for global commerce.

Patchwork of progress and pain

While the GENIUS Act provided a unified path for the United States, the rest of the world navigated a fragmented and often contradictory regulatory landscape in 2025. The divergence created significant friction for cross-border projects and forced issuers to adopt regional containment strategies rather than global expansion plans.

The European Union (EU) fully implemented its Markets in Crypto-Assets (MiCA) regulation in late 2024 and throughout 2025. While initially hailed as a pioneering framework, MiCA has revealed the steep cost of compliance. Startups faced immense operational burdens to meet prudential and conduct standards, which diverted resources away from innovation. The stablecoin market in Europe faced a specific crisis of relevance. US dollar-denominated tokens continued to hold a 99% market share globally, leaving Euro-denominated stablecoins on the fringes with a market capitalisation of less than EUR 350 million.

In response to this dominance, a consortium of nine major European banks, including ING and Deutsche Bank, formed a new venture in September 2025. Their goal is to launch a fully MiCA-compliant Euro stablecoin to compete with American giants. However, analysts warn that Europe may be “too late” as the network effects of USD stablecoins are already deeply entrenched in global DeFi and payment rails.

In Asia, the regulatory narrative is split between two primary hubs. Hong Kong moved aggressively to capture the digital asset market by enacting the Stablecoin Ordinance, which became effective on August 1 2025. The law introduced a dedicated licensing regime for fiat-referenced stablecoins and required issuers to maintain full reserve backing with high-quality liquid assets. In parallel, regulators proposed new licensing regimes for OTC dealers and custodians to close remaining oversight gaps.

Singapore took a more restrictive approach to offshore risks. The Monetary Authority of Singapore (MAS) enforced a strict deadline of June 30 2025, for Digital Token Service Providers (DTSPs). Any entity providing services from Singapore to customers outside the country was required to obtain a license or cease operations. The move was designed to prevent regulatory arbitrage where firms would set up in Singapore solely to project an image of legitimacy while serving high-risk jurisdictions without local oversight.

Emerging markets continued to drive grassroots adoption, often outpacing regulatory frameworks. Brazil emerged as a leader by establishing a Central Authority for Digital Assets (CADA) in January 2025 and implementing a comprehensive licensing framework that will be fully enforceable by February 2026. The clarity helped boost daily trading volumes in Brazil to USD 1.8 billion.

Nigeria also witnessed a surge in activity after lifting its banking ban on crypto firms. Monthly trading volumes on licensed exchanges rose by 47% in the first quarter of 2025 alone. India similarly saw a recovery in volumes after the initial shock of its tax regime wore off, with the government launching a “Regulatory Sandbox 2.0” to explore tokenised real estate and carbon credits. Together, these developments signal a decisive shift from the “ban and ignore” policies of the past to a “regulate and tax” approach.

The starkest challenge of 2025 remains the lack of global harmonisation. The GENIUS Act in the US and MiCA in the EU operate on fundamentally different principles regarding foreign issuers. The GENIUS Act encourages the US Treasury to pursue mutual recognition, but currently requires foreign issuers to meet US standards to access the American market.

Conversely, MiCA’s strict localisation requirements have forced some global exchanges to delist non-compliant stablecoins for European users. Such a regulatory “spaghetti bowl” threatens to balkanise liquidity and complicate the dream of a seamless global value-transfer layer.

As we look toward 2026, the trajectory is clear. The infrastructure is ready for prime time, and the regulatory wars are largely over, yet the challenge now shifts from survival to scale in a high-stakes macroeconomic environment.

The post The great crypto reckoning appeared first on International Finance.

It stated that the number of hacking incidents increased to 303 from 282 in 2023 and that the total hacking amount surpassed USD 1 billion for the fourth consecutive year.

In 2023, hackers had taken USD 1.08 billion. As Bitcoin BTC increased 140% in 2024 to reach the USD 100,000 mark, attracting institutional participation and support from United States President-elect Donald Trump, there has been an increase in cryptocurrency thefts.

“As the digital asset market booms, it is typical to see the illicit use of crypto grow in tandem. Countering the proliferation of these crimes — especially fraud — will undoubtedly be a key challenge for the industry in the new year,” Chainalysis’ cybercrimes research lead Eric Jardine said, as reported by Reuters.

According to the report, the majority of cryptocurrency thefts in 2024 were caused by breaches in the private key that governs access to users’ assets, with centralised platforms being the target of the majority of attacks. The most prominent hacks include the May theft of over USD 305 million from Japan’s cryptocurrency exchange DMM Bitcoin and the July loss of USD 235 million from India’s WazirX.

According to Chainalysis, cryptocurrency hacking associated with North Korea more than doubled in size from a year ago to reach a record high of USD 1.33 billion in 2024.

According to the United Nations, North Korea can evade international sanctions by using cryptocurrency. Participation in cyber hacking or crypto heists is frequently denied by the nation.

Meanwhile, Ethereum wants to hit USD 4,500 in the next cryptocurrency boom, and investors are keeping a careful eye on the market to find ways to increase their profits. Despite Ethereum’s continued dominance in the blockchain market, new initiatives like DLUME are gaining popularity due to their potential to yield even greater profits.

Also, Bitcoin more than doubled in 2024 driven by the American markets regulator’s approval for exchange-traded funds tied to its spot price, and optimism over easing regulatory hurdles with Donald Trump returning to the White House.

The world’s largest and most well-known cryptocurrency hit USD 100,000 in December 2024, a milestone that has ignited ‘animal spirits’ among supporters of the once-nascent asset class.

According to CoinGecko data, there is more than 120% surge in Bitcoin and a nearly 50% jump in ether, the second-largest cryptocurrency, have propelled the sector’s market value to roughly USD 3.5 trillion

“We remain convinced USD 100,000 is not the final milestone. We expect Bitcoin to hit a cycle-high of USD 200,000 in late 2025,” analysts at brokerage Bernstein wrote in a client note earlier this month.

MicroStrategy, a software firm that has become the world’s largest corporate holder of Bitcoin, has seen its shares surge nearly five-fold in 2024. The stock, which joined the benchmark Nasdaq-100 index recently, is now seen as a proxy for Bitcoin, with its movement closely tied to sentiment towards the digital asset. Several smaller companies are following its playbook and allocating portions of their cash to Bitcoin.

“We expect Bitcoin to emerge as the new-age premier store of value asset eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” Bernstein analysts continued further.

In January 2024, the United States Securities and Exchange Commission (SEC) approved the first ETFs to track the spot price of Bitcoin, marking a watershed moment for the broader crypto industry.

The move gave the sector institutional legitimacy and improved its mainstream appeal as traditional finance heavyweights including BlackRock and Fidelity launched the products.

The victory of Donald Trump, who has promised to make the United States the “crypto capital of the planet,” further bolstered the industry’s position by 2024 end. Crypto advocates donated millions during the election, hoping to elect candidates that favour the sector.

While most crypto stocks have also benefited from the industry-wide rally, with the big winners being MicroStrategy, crypto exchange Coinbase and Bitcoin miner Hut 8, several other crypto miners reeled under shrinking margins due to higher energy and hardware costs, thereby missing out from the gold rush. Prominent are Riot Platforms, Marathon Digital and Bit Digital, whose shares lost between 26% and 32% in 2024.

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The total value of the cryptocurrency market has nearly doubled this year, reaching a record high of just under USD 3.8 trillion, according to data provider CoinGecko. For context, Apple alone is valued at about USD 3.7 trillion.

Bitcoin’s journey from the libertarian fringe to mainstream acceptance on Wall Street has created millionaires, introduced a new asset class, and popularised the idea of “decentralised finance” during a volatile and often controversial 16-year history.

Bitcoin has more than doubled in value this year and has risen over 50% in the four weeks since Donald Trump’s significant election victory, which also resulted in the election of several pro-crypto lawmakers to Congress.

After surpassing USD 100,000 early Thursday morning in Asia, Bitcoin quickly climbed above USD 103,000 on its way to an all-time high of USD 103,619, marking a surge of approximately 6% for the day. Its latest value was USD 101,933.

During an interaction with Zawya, Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital, said, “We’re witnessing a paradigm shift. Bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream – this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path.”

During the election campaign, Donald Trump spoke in favour of digital assets and vowed to make the US “crypto capital of the planet”.

Joe McCann, CEO and founder of Asymmetric, a Miami digital assets hedge fund, said, “We were trading basically sideways for about seven months, then immediately after November 5, US investors resumed buying hand-over-fist.”

A couple of days back, Donald Trump claimed that he would nominate Paul Atkins to run the Securities and Exchange Commission.

Atkins, a former SEC commissioner, has actively participated in crypto policy as the co-chair of the Token Alliance, an initiative aimed at developing best practices for digital asset issuances and trading platforms. He is also involved with the Chamber of Digital Commerce.

Blockchain Association CEO Kristin Smith said, “Atkins will offer a new perspective, anchored by a deep understanding of the digital asset ecosystem. We look forward to working with him…and ushering in – together – a new wave of American crypto innovation.”

Several crypto companies, including Ripple, Kraken, and Circle, are competing for a position on the crypto advisory council that Trump has promised to establish.

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What We Know So Far?

PayPal is claiming its PYUSD as a digital asset fully backed by US dollar deposits, short-term US Treasuries, and similar cash equivalents. The token is redeemable and can be bought or sold through the FinTech platform at a rate of USD 1.

Those purchasing PYUSD will be able to transfer the stablecoin between PayPal and compatible digital wallets, apart from sending the virtual asset to their near ones and making online product purchases. PYUSD users can convert any of the cryptocurrencies supported on PayPal to PYUSD.

PayPal USD, an ERC-20 token issued on the Ethereum blockchain, is currently available for consumers, merchants, and developers as a link between fiat and digital currencies. PayPal, which expects the stablecoin to be supported on wallets and Web 3, has tasked its project partner Paxos to publish a monthly report with details of the financial instruments backing PYUSD, which will take care of the stablecoin’s transparency aspect. This move will be similar to leading crypto exchange Binance’s ‘Proof of Reserves’ mechanism for its customers.

PYUSD will also be available on PayPal’s payments app Venmo.

As of August 2023, the crypto stablecoin market value is USD 125 billion, dominated by Tether and Circle-issued USD Coin USDC. We have Binance-supported stablecoins in the market too. What makes PYUSD special is that with this, a major fintech platform will be making its debut in the stablecoin space.

A Good Beginning

PayPal is joining the stablecoin space with the reputation of holding over 429 million customer accounts (till March 2022), facilitating transactions across American and global online stores through a convenient and reliable payment platform. The success of PYUSD is likely to fast-track the adoption of cryptocurrency into the mainstream financial ecosystem.

Stablecoins are known for enabling crypto investors to smoothly transition their digital assets into real-world currencies. PYUSD users will be able to perform international transactions with a simple click on their smartphones, while avoiding roadblocks like fees associated with currency conversions and fluctuating exchange rates.

Also, PYUSD’s compatibility with Web3 will lead its users to the domain of Decentralized Finance (DeFi). Crypto exchange Kraken has already introduced trading for PYUSD. Since its launch in August 2023, some 40.68 million PYUSD tokens have been freshly minted and as per the Etherscan data, the stablecoin has managed to gather 105 distinct holders.

PYUSD & Crypto Adoption In Traditional Finance

Michael Quintanilla, director of Web3 and blockchain software firm SoftServe, told the Cointelegraph that PayPal’s ability to modify PYUSD balances will help the fintech platform to prevent ‘illicit activities’, ‘unexpected large transfers’ and ‘incorrect stablecoin distributions’ on its websites and apps. PYUSD provides a sneak peek at how mainstream fintech platforms will participate in the crypto ecosystem.

On June 2023, EDX Markets, a noncustodial digital asset marketplace for institutional investors, made its market debut, with backing from Wall Street-based ventures Citadel Securities, Fidelity and Charles Schwab.

EDX Markets resembles more of a traditional stock market than a centralized crypto exchange, as it avoids asset custody and trading being performed by ‘intermediaries’. Also, by 2023 end, the exchange will start settling trades matched on the exchange through ‘EDX Clearing’. So here EDX is giving a glimpse of what the existing crypto exchanges should do to avoid the regulatory glare.

We have WisdomTree, Franklin Templeton and BlackRock all venturing into the crypto space, thus bringing the domain of traditional finance under the Decentralised Finance fold, while paying attention to the regulatory details. You have EDX Markets “onboarding only institutions and financial firms” and WisdomTree’s personal finance app excluding the digital tokens implicated by the US SEC on its platform.

Lama, a European cryptocurrency exchange, has become a specialised player in integrating traditional banking services with cryptocurrency transactions, while complying with PCI DSS and ISO 27001 security standards. It has also partnered with Ledger, a leading provider of institutional-grade custody service technology.

Japanese financial services firm Nomura launched its digital asset division, Laser Digital, in 2022. In 2023, the venture stepped into the DeFi world.

And now you have PayPal entering the same domain through its PYUSD. So, it’s evident. The ‘Impossible Marriage’ between Traditional Finance and Decentralized Finance is happening in a steady manner, while bringing the ‘regulatory standards’ into play in the DeFi space.

Industry Stakeholders Put Their Faith In PYUSD

After Kraken, another major crypto exchange Coinbase is going to embrace PYUSD on its platform.

While the industry has been hailing PYUSD’s launch, Crypto Twitter red-flagged the centralized structure of the virtual currency. Under this feature, the PYUSD owner can pause fund transfers, freeze addresses and allow the increase in the stablecoin’s total supply.

However, this feature can be found in Tether and USD Coin, allowing the stablecoin users to freeze the funds of threat actors. Even Kene Ezeji-Okoye, co-founder of digital infrastructure firm Millicent Labs, backs centralization to ensure the stablecoin’s protection against threat actors.

Michael Quintanilla, director of Web3 and blockchain software firm SoftServe, dubbed PayPal’s ability to modify PYUSD balances as a critical aspect, when it comes to the virtual currency meeting regulatory and operational standards.

PayPal has stated its intention to work closely with regulators, at a time when the crypto industry has become a hot topic of policy discussions in the United States.

American lawmakers are working on a stablecoin bill that proposes to make the US Federal Reserve the key regulator tasked with formulating requirements for issuing stablecoins, apart from granting other regulators powers to oversee the crypto industry players. The bill called the ‘Clarity for Payment Stablecoins Act’ was passed by the Financial House Committee in July 2023.

PayPal has the opportunity, through its PYUSD, to present a business model, where confirming the rulebook will be the most important guiding principle.

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What are NFTs?
NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. Although they have been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

NFTs are one of a very limited run and have unique identifying codes. Arry Yu, managing director of Yellow Umbrella Ventures says, “NFTs create digital scarcity”. This stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it is in demand. But many NFTs, at least in these early days, have been digital creations that already exist in some form elsewhere, like iconic video clips from NBA (National Basketball Association) games or securitized versions of digital art that are already floating around on Instagram.

For instance, famous digital artist Mike Winklemann, better known as “Beeple” crafted a composite of 5,000 daily drawings to create perhaps the most famous NFT of the moment, “EVERYDAYS: The First 5000 Days,” which sold for a record-breaking $69.3 million.

Anyone can view the individual images — or even the entire collage of images online for free. So, why are people willing to spend millions on something they could easily screenshot or download? Yu says this because an NFT allows the buyer to own the original item. Not only that, it contains built-in authentication, which serves as proof of ownership. Collectors value those “digital bragging rights” almost more than the item itself.

How is NFT different from cryptocurrency?
NFT stands for non-fungible token. It’s generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that’s where the similarity ends. Physical money and cryptocurrencies are ‘fungible,’ meaning they can be traded or exchanged for one another. They are also equal in value — one dollar is always worth another dollar; one Bitcoin is always equal to another Bitcoin. Crypto’s fungibility makes it a trusted means of conducting transactions on the blockchain.

NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to other creative digital drawings as both are unique in their own ways.

How does NFT work?
NFTs exist on a blockchain (a system in which a record of crypto transactions is maintained across several computers that are linked in a peer-to-peer network), which is a distributed public ledger that records transactions. NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well. NFT is created or minted from digital objects that represent both tangible and intangible items, including Art, GIFs, Videos and sports highlights, Collectibles, Virtual avatars, video games, Skins, Designer sneakers, Music, and Even tweets count. Twitter co-founder Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million.

Essentially, NFTs are like physical collector’s items, only digital. So, instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead. They also get exclusive ownership rights. NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.

What are NFTs used for?
Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares. For example, artists no longer have to rely on galleries or auction houses to sell their art. Instead, the artist can sell it directly to the consumer as an NFT, which also lets them keep more of the profits. In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.

Art isn’t the only way to make money with NFTs. Brands like Charmin and Taco Bell have auctioned off themed NFT art to raise funds for charity. Charmin dubbed its offering ‘NFTP’ (non-fungible toilet paper), and Taco Bell’s NFT art sold out in minutes, with the highest bids coming in at 1.5 wrapped ether (WETH) — equal to $3,723.83 at the time of writing. Nyan Cat, a 2011-era GIF of a cat with a pop-tart body, sold for nearly $600,000 in February 2022. And NBA Top Shot generated more than $500 million in sales as of late March. A single LeBron James highlight NFT fetched more than $200,000. Even celebrities like Snoop Dogg, Lindsay Lohan, Amitabh Bachchan, and Salman Khan are jumping on the NFT bandwagon, releasing unique memories, artwork, and moments as securitized NFTs.

Businesses to be benefited from NFTs
Dhrubabrata Ghosh, Managing Director, Data & Digital expert at Protiviti told International Finance that businesses are expected to benefit from NFT-based developments.

“NFTs have the potential to bridge the gap between digital communication and asset ownership. NFT-oriented factors can not only benefit the online gaming industry but it can also shape the way brands engage with new customers and retain their current customers. Several investors and traders, of different industries, intend to utilize NFTs for their characteristics of uniqueness, originality, and demand elevation capability. Business can gain advantages from NFT utilization such as an increase in marketing value, new ways to raise capital, content creation, and elevation of brand awareness”, he said.

Prashant Kumar, founder, and CEO, weTrade, a cryptocurrency startup told International Finance that through NFT usage, business-to-business (B2B) companies can remove their reliance on extreme paperwork with regard to supply chain management and remove geographical limitations from where a business can earn revenue.

“NFT usage has the potential to help businesses in the areas of trade license, product-oriented testing, and marketing. NFTs can also be used as a metaverse-based advertisement medium,” Kumar said.

Various reports note that NFT-based businesses will enable customers and sellers to engage in an ecosystem, with the deployment of protective measures such as authenticity, originality, and the presence of tamper-free data.

“I believe businesses, through NFT usage, can tap into customers from unexplored quarters through protection against data plagiarism. Furthermore, business-oriented NFTs have the capability to allow users to trade in money markets for the creation of invoice finance so that invoices turned into NFTs can be used as collateral or for the purposes of bill discounts and invoice clearances,” Shantanu Sharma, CEO, EasyFi Network told International Finance.

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The investors that participated in the funding round for Rangers Protocol include names like Pantera Capital, Frameworks Venture, Huobi Ventures, Blockchain Fund, Alameda Research, Hashkey Capital, Spark Digital Capital among others. These venture firms have also made some big investments in crypto.

The company describes itself as a provider of “virtual worlds blockchain infrastructure,” that allows entrepreneurs and creators to build on top of the platform in a permissionless environment. The company also provides a cross-chain protocol, non fungible token protocol, and Ethereum Virtual Machine which is a compatible system.

Along with renaming the company from Rocket Protocol to Rangers Protocol, the company also had a protocol upgrade that included a new NFT platform. The team behind developing this platform believes that the NFT market will see a huge boom very soon. MixMarvel, an incubator established by Rangers Protocol, believes the NFT market will eventually go on to include large-scale human collaboration. According to market experts, the NFT market is projected to double by October as the demand for digital collectibles continues to grow.

Rangers Protocol, in a statement said that Polkastarter, a cross-chain decentralised exchange has also conducted an in-depth cooperation with the company as their strategic partner. Presently, the company is planning to establish several community organizations in the near future, including the Ecosystem Governance Foundation, Developer Community and Pioneer Investment Alliance. All these communities will help support a ‘fair and open environment for pioneer developers’.

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The platform will be based in the UK to target the European crypto market, and the joint venture is unnamed for now and is subjected to regulatory approval. This latest company is all set to provide traders with access to bitcoin, ether, and other digital assets. The company is all set to launch in the last quarter of 2021. Usman Ahmad, chief information officer of BC Group will be appointed as the CEO of the company and Nick Philpott will be the COO of the joint venture.

Alex Manson, head of SC Ventures told the media, “We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class. The new company will provide a brokerage and exchange platform to enable safe adoption and trading by the world’s largest and most demanding investors.”

This latest move by Standard Chartered solidifies its position as a rival to some of the world’s biggest institutional crypto exchanges that include the likes of Gemini, BitGo, and London-based LMAX Digital. Additionally, both institutional and corporate investors have entered the crypto asset space this year as bitcoin and other cryptocurrencies saw a steep rise.

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“From the very beginning we saw insurance as a key factor to bring institutional investors into the marketplace,” Kingdom Trust founder Matt Jennings said in an interview

Sufficient coverage over cryptocurrency for digital asset investors, clients are insured again crypto theft and destruction of assets. According to  Jennings, “By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”

US financial regulations  has qualified Kingdom Trust to hold assets on behalf of investment advisers, securities brokers, and retirement plans, reported Reuters. It provides storage services to more than 30 digital assets including Bitcoin, Ethereum, Litecoin, Ripple and ZCash.

“Qualified custody by a regulated, insured financial institution is a top priority and critical hurdle for institutions to invest in the digital asset markets,” said Jennings“By adding another trusted specialist like Lloyd’s to our platform, we’re ensuring that current and future clients will have access to a highly-secure, complete safekeeping solution tailored to meet the challenges of institutional finance.”

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