Aman Sai

U.S. Treasury Secretary Scott Bessent delivered sharp criticism of parts of the crypto industry during a Senate hearing, accusing some market participants of actively resisting regulation and slowing progress on long-awaited digital asset legislation.
Testifying before the Senate Banking Committee, Bessent said there appears to be a group within the crypto industry that prefers no regulation at all, even when constructive rules are on the table.
“There seems to be a nihilist group in the industry who prefers no regulation over this very good regulation,” Bessent said, referring to negotiations around the Digital Asset Market Clarity Act.
Rare alignment with lawmakers
Bessent’s comments drew vocal support from Senator Mark Warner, one of the bill’s key Democratic negotiators. Warner echoed the frustration, saying lawmakers are working intensively to move the legislation forward despite continued resistance from industry voices.
“I feel like I’m in crypto hell,” Warner remarked during the hearing, noting that unresolved concerns around decentralized finance and national security remain major sticking points.
Industry pushback complicates talks
The Clarity Act has faced sustained criticism from parts of the crypto sector, particularly over provisions related to decentralized finance, stablecoin yield rewards, and how tokens are classified under securities law.
Among the most prominent critics has been Brian Armstrong, who has raised concerns about how the bill could affect innovation and DeFi activity. Armstrong’s decision to withdraw support for an earlier version of the legislation last month was seen as a significant setback in the bill’s momentum.
Lawmakers have struggled to balance competing demands from crypto firms, traditional financial institutions and regulators, especially on the issue of stablecoin yields and oversight authority.
National security and DeFi concerns
Warner emphasized that while technical issues such as rewards and yields can be resolved, national security risks tied to decentralized finance cannot be ignored.
“These national security issues around DeFi are real,” Warner said, warning against regulatory gaps that could weaken existing enforcement powers or create large exemptions for certain crypto activities.
“Move to El Salvador”
Bessent stopped short of naming specific companies but made his position clear on the need for federal oversight. He argued that the crypto industry cannot fully advance in the U.S. without clear market structure rules.
“It’s impossible to proceed without it,” Bessent said of the Clarity Act. “We have to get this across the finish line. And any market participants who don’t want it should move to El Salvador.”
The comment underscored the administration’s view that operating in U.S. markets requires accepting regulatory oversight, even in an industry built on decentralization.
Building on stablecoin regulation
Bessent pointed to the earlier GENIUS Act as an example of balanced crypto legislation, saying it successfully combined innovation with safeguards. He suggested a similar approach could ultimately bring the Clarity Act across the finish line later this year.
“There are people who want to live in the U.S. but not have rules for this important industry,” Bessent said. “We need safe, sound and smart practices, along with government oversight, while still allowing for the freedom that defines crypto.”
A defining moment for U.S. crypto policy
The exchange highlighted growing tensions between policymakers pushing for regulatory clarity and industry factions wary of increased oversight. As negotiations continue, the fate of the Digital Asset Market Clarity Act is increasingly seen as a turning point for whether the U.S. can establish a coherent framework for crypto markets or risk losing innovation to jurisdictions with looser rules.

Bitcoin slipped below the $68,000 mark during U.S. morning hours on Thursday, extending a week-long selloff that has closely tracked weakness across global risk assets. The move has increased concerns that the market could see more downside in the near term, especially as leveraged positions continue to unwind.
The decline triggered a sharp wave of liquidations across the crypto market. Over the past 24 hours, more than $1 billion worth of positions were forcibly closed, with roughly $980 million coming from bullish leveraged bets that were unable to handle the drop in prices.
Liquidations Accelerate as Key Levels Break

Bitcoin had already moved under $70,000 earlier in the session, a level many traders were watching as a major liquidity threshold. Data from Coinglass shows that liquidity thins out quickly just below this zone, leaving fewer liquidation-driven buy orders to slow the fall once prices move decisively lower.
According to liquidation heatmaps, clusters of forced-exit levels become sparse beneath $70,000 until the high-$60,000 range. This makes the area mechanically important. If price breaks cleanly, there is less resistance from forced buying, which can allow selling pressure to push the market lower at a faster pace.
Liquidation heatmaps highlight price zones where leveraged traders are most likely to get forced out. These zones often act as short-term magnets for volatility, rather than exact reversal points, and traders use them mainly to identify crowded risk areas.
Risk-Off Sentiment Spreads Across Markets
Bitcoin’s weakness has played out alongside broader deleveraging in global markets. Renewed pressure in assets like silver, combined with risk reduction across macro trades, has added to a risk-off environment. In this backdrop, crypto assets have increasingly traded as part of the same liquidity-driven complex as traditional risk assets.
As leverage is reduced, volatility has increased, and price moves have become more sensitive to liquidity shifts than to fundamental news.
Prediction Markets Signal Lower Expectations
Sentiment data from Polymarket also reflects growing caution. Contracts tied to bitcoin’s 2026 price outlook now lean toward lower levels, with traders assigning the highest probability to outcomes at or below $65,000.
At the same time, expectations for a return to six-figure prices have faded sharply compared to January highs. Odds for deeper drawdowns into the mid-$50,000 range have climbed in recent days, showing that retail traders are preparing for a longer consolidation or further declines.
ETF Outflows and Reduced Leverage Add Pressure
Flows data points to similar caution. U.S.-listed spot bitcoin ETFs have logged net outflows this week, while activity in perpetual futures markets has thinned as traders reduce leverage. This pullback in speculative positioning has removed a layer of short-term support that previously helped slow price drops.
Some market participants still see the $68,000–$70,000 zone as an important technical area, citing heavy prior trading activity and long-term holder cost bases clustered nearby. However, a sustained break below this range could open the door to a deeper consolidation phase, similar to earlier post-rally drawdowns.

Tether, the company behind the world’s largest stablecoin USDT, has invested $100 million in Anchorage Digital, a federally regulated digital asset bank in the United States. The move signals a deeper push by Tether into U.S.-based, regulated stablecoin infrastructure as regulatory frameworks continue to take shape.
Anchorage Digital holds a U.S. national banking charter and provides institutional services such as digital asset custody, staking, settlement, and stablecoin issuance. Following the investment, Anchorage is expected to further expand these offerings, including increased support for Tether-related products.
Strengthening an Existing Partnership
The two firms already had an established working relationship. Anchorage serves as the banking and issuance partner for USAT, Tether’s U.S.-focused stablecoin designed to comply with American regulatory requirements. The new capital injection formalizes and strengthens this partnership, positioning both companies to benefit from rising institutional demand for regulated stablecoin services.
By backing Anchorage, Tether gains a stronger foothold within the U.S. financial system at a time when regulated players are increasingly favored by lawmakers, institutions, and large investors.
Strategic Shift Toward the U.S. Market
Historically, Tether’s primary focus has been offshore users and emerging markets, where its flagship USDT token has grown to a market capitalization of around $185 billion. The Anchorage investment represents a notable strategic shift, reflecting Tether’s intention to play a more active role in the U.S. stablecoin ecosystem.
This move comes as regulatory clarity improves following the passage of the GENIUS Act, which has accelerated the transition toward compliant and transparent stablecoin infrastructure within the United States.
Regulatory Alignment and Institutional Focus
Anchorage’s status as a federally regulated bank gives Tether exposure to a segment of the market that prioritizes compliance, security, and regulatory oversight. As institutions increasingly seek stablecoin partners that operate within clear legal frameworks, the partnership allows Tether to align itself more closely with U.S. regulatory expectations.
According to the companies, the investment is aimed at building secure and resilient financial infrastructure capable of supporting stablecoin adoption at institutional scale.
Executive Perspective
Commenting on the investment, Paolo Ardoino, CEO of Tether, said the company’s mission is to challenge traditional financial systems while building global infrastructure rooted in transparency and security. He added that the partnership with Anchorage reflects a shared belief in regulated, trustworthy digital finance.
Outlook
The $100 million investment marks a significant step in Tether’s evolution from an offshore-focused stablecoin issuer to a more integrated participant in the U.S. financial system. As stablecoin regulation continues to advance, the partnership with Anchorage positions Tether to compete more effectively in a market increasingly shaped by compliance, institutional adoption, and regulatory oversight.

Solana’s price has slipped below the $95 level for the first time since early 2024, extending a sharp downtrend that has dominated the market in recent days. The token has fallen more than 8% in the last 24 hours, while weekly losses now stand close to 27%, highlighting strong and persistent selling pressure.
At the time of writing, Solana is trading near the $92 zone, well below its key moving averages, suggesting that bears remain firmly in control of short-term price action.
Broader Market Weakness Adds Pressure
Solana’s decline is not happening in isolation. The overall crypto market has dropped by over 4%, bringing total market capitalization down to around $2.5 trillion. Major assets have also seen sharp corrections, with Bitcoin falling roughly 5% and Ethereum down nearly 6%.
Other large-cap tokens, including BNB, XRP, ADA and DOGE, are also trading lower. Market sentiment remains deeply negative, with fear-driven selling and a surge in long liquidations amplifying downside momentum.
Trading Activity Surges Despite the Drop
Interestingly, Solana’s trading volume has increased significantly during the sell-off. Daily trading volume has jumped to approximately $7.1 billion, representing a rise of nearly 74%. This spike indicates heightened activity from both panic sellers and opportunistic traders reacting to increased volatility.
Rising volume during a price decline often reflects strong conviction in the current trend, reinforcing the idea that selling pressure is still dominant.
Solana Ecosystem Activity Remains Strong
Despite the price weakness, on-chain activity on the Solana network remains relatively robust. In January, the blockchain saw a surge in token creation, with over 1.3 million new SPL tokens launched, marking one of the most active periods in the past year.
While this highlights continued developer and ecosystem engagement, it has not yet translated into near-term price support for SOL, as broader market conditions continue to weigh heavily.
Solana ETFs See Growing Inflows
Adding a contrasting signal, Solana-focused exchange-traded products have recorded notable inflows. On February 2, 2026, Solana ETFs attracted approximately $5.6 million in net inflows, led by the Bitwise Solana Staking ETF (BSOL), which alone saw around $3.4 million in fresh capital.
Other products, including Fidelity’s Solana fund and Grayscale’s Solana fund, also reported positive flows. This trend suggests that while spot market sentiment is weak, institutional interest in Solana-linked investment products remains active.
Key Levels to Watch: $90 in Focus
From a technical perspective, the $90 level has emerged as a critical support zone. A clear breakdown below this area could open the door for a deeper correction toward the $80 region, where the next layer of demand is expected.
On the upside, any relief rally is likely to face strong resistance near $100, making it difficult for SOL to regain bullish momentum in the short term.
Momentum indicators continue to flash warning signs. The MACD remains firmly bearish, with the indicator line below the signal line, while the red histogram suggests continued downside pressure. Meanwhile, the Relative Strength Index (RSI) has dropped to around 21, placing SOL in oversold territory and hinting at the possibility of a short-term bounce , though not necessarily a trend reversal.
Outlook
Solana remains under heavy selling pressure, driven by broader market weakness and negative sentiment. While oversold conditions could trigger a temporary rebound, the overall trend still favors the bears. Unless SOL can reclaim key resistance levels, any recovery may remain limited, with the $90 support acting as the next major test for price stability.

Europe’s Role in the Next Wave of Tokenisation
Tokenisation of real-world assets (RWAs) has moved beyond being just a buzzword and is now becoming a practical foundation for institutional blockchain adoption. What earlier looked like small pilot projects is slowly turning into live market infrastructure. In this shift, Europe is starting to play an important role in shaping how tokenised markets actually scale.
In the first half of 2025 alone, the value of tokenised real-world assets grew sharply, reaching close to $23 billion in on-chain value. This kind of growth points toward a structural change in financial markets, where blockchain-based versions of assets like bonds, funds and securities are being taken more seriously than before.
Tokenisation Has Momentum, but Still Faces Limits
Large global institutions have already shown interest in tokenisation. Firms such as BlackRock, JPMorgan, and Goldman Sachs have explored or launched initiatives linked to tokenised assets. Even with this progress, large-scale adoption has not fully arrived yet.
Most tokenised assets today are still issued inside permissioned systems, often split by regulatory uncertainty and limited interoperability. Public blockchain infrastructure that can support institutional-scale markets is still developing. In simple terms, tokenisation works, but the broader market rails needed for global adoption are still getting built.
Regulation as the Missing Enabler
The biggest thing holding tokenisation back is not technology, but regulation. Institutions need legal clarity before they commit balance sheets or long-term strategies. Retail investors also need rules that protect them without pushing them out completely. Markets need standards they can rely on.
Without these elements, liquidity stays shallow, systems remain siloed and innovation finds it hard to move beyond early adopters.
This is where Europe has managed to move ahead.
Europe’s Regulatory Edge
Europe has treated regulation more as an enabler rather than a roadblock. With Markets in Crypto-Assets Regulation (MiCA) now in force, along with the DLT Pilot Regime, the region has moved past fragmented national sandboxes.
For the first time, there is a unified regulatory framework across the continent for digital assets and tokenised securities. This gives legal and operational certainty that institutions usually look for before building at scale. Instead of dealing with different rules in each country, market participants can work under a more consistent structure across the EU.
From Pilots to Real Market Activity
Europe’s regulatory-first approach is already showing results on the ground. Under MiCA and the DLT Pilot Regime, European banks have started issuing tokenised bonds on regulated infrastructure, with issuance crossing €1.5 billion during 2024. Asset managers are also testing on-chain fund structures meant for wider distribution, while fintech companies are integrating digital-asset rails into licensed platforms.
These developments show a shift from testing ideas to actual deployment. One of the industry’s long-standing challenges , building compliant infrastructure from the start , is slowly becoming less of a blocker.
The Next Phase: Interoperability and Market Structure
As tokenisation moves into its next phase, interoperability will matter more than ever. If standards are not aligned early, digital markets risk repeating the same fragmentation seen in traditional finance, just on blockchain.
Europe’s regulatory clarity gives it a chance to influence how global standards are shaped. Encouraging cross-chain interoperability and common disclosure rules could help tokenised markets scale without creating new silos.
The next wave of tokenisation will not be defined only by speed, but by trust , trust in who builds the infrastructure and how it is governed. Europe’s focus on clear rules and market structure gives it a real opportunity to lead here.
Why Europe Going Forward
Europe may not lead tokenisation through hype or aggressive experimentation, but through credibility and structure. By putting trusted frameworks in place early, the region has created conditions for institutions to move beyond cautious trials toward longer-term commitments.
As tokenisation slowly becomes part of core financial infrastructure, Europe’s steady and regulation-led approach could turn out to be its biggest strength, allowing markets to grow in a way that is scalable but also sustainable.

Bitcoin is increasingly trading like a software stock, as its recent price correction has unfolded alongside a broader sell-off in the software sector. Market data suggests that bitcoin’s behavior is becoming more aligned with technology equities , particularly software-focused names , rather than moving independently as a distinct asset class.

On a 30-day rolling basis, bitcoin’s correlation with the iShares Expanded Tech Software ETF (IGV) has climbed to 0.73, according to research from ByteTree. This is a notably high level of correlation, indicating that price movements in bitcoin and software stocks are currently closely linked. Year to date, IGV has declined roughly 20%, while bitcoin is down about 16%, reinforcing the similarity in performance.
IGV is heavily weighted toward major software and services companies such as Microsoft, Oracle, Salesforce, Intuit, and Adobe. Weakness across these names has pulled the ETF lower, and bitcoin has increasingly mirrored this pressure.
This trend stands out because the broader technology market has remained relatively resilient. The Nasdaq 100 is only modestly below its all-time highs, suggesting that selling pressure has been concentrated in software rather than spread evenly across tech. Bitcoin, however, appears to be tracking this weaker segment instead of the broader index.
The primary reason software stocks are under pressure is the rapid advancement of artificial intelligence. Growing concerns around artificial general intelligence (AGI) have sparked fears that traditional software business models could face long-term disruption. As investors reassess valuations across the sector, software equities have borne the brunt of the sell-off.
Analysts argue that bitcoin may be caught in this same narrative. From a structural perspective, bitcoin can be viewed as internet-native, open-source software , placing it closer to technology assets than to traditional commodities or currencies. Over longer time frames, bitcoin’s performance has shown periods of high correlation with technology stocks, especially during market stress.
ByteTree also highlights that the average technology-sector bear market tends to last around 14 months. Since the current downturn began in October, this suggests that pressure on software stocks , and by extension bitcoin , could persist through much of 2026. That said, a resilient macroeconomic environment could still provide underlying support and limit downside risk.
In short, bitcoin is behaving less like an uncorrelated hedge and more like a high-beta technology asset. As long as software stocks remain under pressure from AI-driven uncertainty, bitcoin may continue to trade in close alignment with this troubled sector rather than breaking out on its own.

A U.S. federal court has sentenced Rui-Siang Lin, a Taiwanese national accused of running one of the world’s largest darknet drug marketplaces, to 30 years in prison, closing a major chapter in global cyber-narcotics enforcement.
Lin, 24, operated the dark web platform Incognito Market under the alias “Pharaoh.” Prosecutors say the marketplace facilitated more than $105 million in illegal drug sales between October 2020 and March 2024, processing over 640,000 transactions for hundreds of thousands of buyers worldwide.
A Major Darknet Operation
According to U.S. authorities, Incognito Market functioned as a full-scale online narcotics bazaar, offering opioids, stimulants, and counterfeit pharmaceuticals. Payments were conducted almost entirely in cryptocurrency, while anonymity tools were used to conceal both buyers and sellers.
Prosecutors said Lin personally controlled the platform, collected commissions on transactions, and used sophisticated methods to launder proceeds from drug sales.
How Investigators Caught Him
Despite extensive efforts to remain anonymous, investigators eventually unraveled the operation through a combination of:
Blockchain analysis tracing cryptocurrency flowsUndercover drug purchases conducted by law enforcementDomain registration records that included Lin’s real name, phone number, and physical address
These operational security mistakes proved critical in linking Lin directly to Incognito Market.
The investigation was led by the U.S. Attorney’s Office for the Southern District of New York, which described the case as one of the largest darknet drug prosecutions since the Silk Road takedown.
Guilty Plea and Impact
Lin pleaded guilty in December 2024 to charges including narcotics conspiracy, money laundering, and selling adulterated and misbranded medication. Prosecutors said his operation contributed to at least one confirmed death and significantly worsened the ongoing opioid crisis.
Authorities estimate that more than 470,000 drug users were affected by substances sold through the platform.
A Striking Background
Taiwanese media reports indicate Lin studied at National Taiwan University and later completed Taiwan’s mandatory civilian alternative service in St. Lucia. During that time, he reportedly worked in technical assistance roles and even helped train local police on cybercrime and cryptocurrency , an irony prosecutors highlighted during sentencing.
A Broader Message
The case underscores a growing reality: while cryptocurrency and anonymity tools can obscure illicit activity, they do not guarantee protection from law enforcement. Investigators increasingly rely on blockchain forensics and operational mistakes to dismantle large-scale criminal networks.
For regulators and policymakers, the sentence sends a clear signal that darknet drug operations , no matter how technologically advanced , remain firmly within reach of global enforcement agencies.

Tether, the issuer of the world’s largest stablecoin USDT, has launched MiningOS (MOS) , an open-source, modular operating system for Bitcoin mining. The move aims to simplify mining infrastructure and reduce miners’ dependence on closed, vendor-controlled software.

MiningOS is designed to work across all scales of mining, from small home setups to large, multi-site industrial operations, giving miners more transparency, flexibility, and control.
What Is MiningOS (MOS)?

MiningOS is a self-hosted mining software stack that allows operators to manage their mining machines without relying on centralized platforms or proprietary services.
Instead of locking miners into specific vendors, MOS focuses on:
OpennessHardware flexibilityFull operational transparency

Tether says the goal is to remove the “black box” nature of traditional mining systems, where monitoring tools and hardware are tightly tied to closed ecosystems.

Key Features of MiningOS
🔹 Open-source & Modular

Miners can customize the software based on their needs without vendor restrictions.
🔹 Self-Hosted Architecture

No reliance on centralized cloud services , miners control their own infrastructure.
🔹 Peer-to-Peer Network

MOS uses built-in P2P communication so devices talk directly to each other.
🔹 Hardware-Agnostic

Designed to support a wide range of mining hardware instead of favoring specific manufacturers.
🔹 Scales Easily

Works for:
Home minersSmall farmsLarge industrial setups across multiple locations
Built for Transparency and “No Lock-In”
According to Tether, MiningOS is built to ensure “no lock-in”, meaning miners are free to switch hardware, modify configurations, and scale operations without being trapped in third-party ecosystems.
The system lets operators:
Adjust mining parametersMonitor performanceManage fleets of miners remotely , all without depending on proprietary vendor software.
Tether’s CEO Paolo Ardoino described MOS as a complete operational platform, capable of growing from a single-rig setup to industrial-grade mining sites spread across different geographies.

Why This Matters for Bitcoin Mining
Bitcoin mining has increasingly become dominated by:
Expensive software licensesCentralized monitoring platformsVendor-controlled ecosystems

MiningOS challenges this model by promoting:

✅ Open infrastructure

✅ Lower entry barriers for new miners

✅ Greater decentralization of mining operations

Tether first hinted at this project last year, arguing that new miners should be able to compete without paying high fees to third-party software providers.
Open-Source and Industry Alignment
MiningOS is released under the Apache 2.0 license and built on Holepunch peer-to-peer protocols, keeping the system free from third-party dependencies.
With this launch, Tether joins other firms pushing for open-source mining infrastructure, aligning with broader industry efforts to decentralize and democratize Bitcoin mining.
Final output
Tether’s MiningOS could mark an important shift in Bitcoin mining by:
Reducing vendor dependencyIncreasing transparencyMaking mining more accessible and competitive
If widely adopted, open-source tools like MOS may help strengthen Bitcoin’s decentralization at the infrastructure level , not just on-chain, but in how the network is powered.
#bitcoin $BTC

Bitcoin saw a modest recovery on Monday, rebounding from its weakest levels of the weekend. However, despite the bounce, the broader crypto market remains under pressure , especially when compared to the continued strength in U.S. equities.
Bitcoin rebounds, but stays below key levels

Trading just below $79,000 in midday U.S. trade, Bitcoin bounced back after briefly dipping under $75,000 over the weekend.
BTC is up around 2% in the last 24 hoursNearly 7% higher from weekend lowsStill down more than 10% week-on-week
Meanwhile, Ether (ETH) also posted a mild recovery, rising about 2% on the day, but remains nearly 19% lower compared to last week, showing how deep the recent drawdown has been.
Liquidations drove the weekend sell-off

Market participants point to forced deleveraging as the main driver behind the sharp weekend move.
According to Adrian Fritz, the sell-off broke key short-term support levels and was unusually fast even by weekend standards. More than $2 billion in crypto derivatives were liquidated in a short period, with perpetual futures accelerating the downside rather than spot selling.
In simple terms:

👉 leverage unwound quickly, pushing prices lower before buyers stepped in.
U.S. stocks continue to outperform crypto

While crypto struggled, traditional markets moved higher:
Nasdaq: +0.6%S&P 500: +0.6%Dow Jones Industrial Average: +0.9%

Despite Bitcoin closing January with its fourth straight monthly loss, stocks told a very different story. Market analyst Ryan Detrick highlighted that the Dow rose for a ninth consecutive month, one of its longest winning streaks on record , historically a setup that often leads to strong future equity returns.
Crypto-related stocks remain under pressure

The bounce in crypto prices has done little to lift crypto-linked equities, which remained sharply lower across the board:
Robinhood: down ~9%Circle: down ~5%Coinbase: down ~3%Strategy: down ~3%

This divergence highlights continued investor caution toward the crypto sector, even as broader markets regain momentum.
Gold, silver add to market volatility

Adding to the cross-asset volatility, gold and silver saw sharp swings following their worst one-day sell-off since 1980 last Friday. While both metals rebounded slightly, they remained modestly lower on the day.
The bigger picture
Bitcoin’s bounce offers short-term relief, but the broader trend shows crypto still lagging traditional markets. With leverage flushed out and macro conditions favoring equities, digital assets may continue to face pressure unless fresh catalysts emerge.
For now, the recovery looks technical rather than structural, and markets remain cautious.