Crypto Markets

The U.S. Treasury Department has proposed key definitions and jurisdictional standards for implementing the GENIUS Act, a major step toward a federal framework for payment stablecoins. The proposal opens a 60-day comment window as regulators work through delayed rulemaking ahead of the law’s expected effective date.

Tether reported $1.5 billion in net operating profit for the second quarter of 2026, supported by returns from U.S. Treasury and repurchase agreement holdings. The USDT issuer also expanded its gold and bitcoin reserves, even as the value of those holdings declined alongside weaker gold and bitcoin prices used in its attestation.

Bitcoin briefly fell to its lowest level since September 2024 before recovering, but derivatives positioning still points to caution. Altcoins such as Jupiter and Stellar posted gains even as broader sentiment stayed defensive.

Bitcoin has posted an unusually strong negative 52-week correlation with the dollar-yen exchange rate, with recent moves closely tracking shifts in USD/JPY. The pattern is challenging old assumptions about how the yen carry trade and risk assets interact.

Bitmine Immersion Technologies added 27,084 ether last week in a $43 million purchase that lifted its ETH holdings to 5.7 million tokens. Chairman Thomas Lee said quarter-end window dressing helped drive recent weakness in bitcoin and ether.

Bitcoin recovered after touching its weakest level since September, even as ether extended losses and U.S. equity futures softened. Derivatives gauges point to rising stress, with shorts building, volatility climbing and more than $1 billion in leveraged crypto positions liquidated in 24 hours.

Strategy’s preferred stock STRC, designed to hold near $100, slipped to a low of $83 as a wave of capital structure changes and weaker bitcoin prices hit sentiment. The move has intensified debate over whether the security’s par-value target can hold under pressure.

SpaceX has soared to a roughly $2.5 trillion valuation after its June 12 debut, putting it among the world’s largest companies. The rally is raising questions about whether risk capital is shifting away from crypto and into AI-linked equities.

Strategy’s bitcoin-backed preferred stock is trading well below its $100 par value, raising fresh questions about dividend coverage and investor demand. At the same time, Strive’s SATA is attracting attention with a higher yield and daily dividend payments.

Bitcoin climbed to its highest level since early June after reports that the US and Iran reached an interim agreement to end hostilities. Crude oil fell sharply as Nasdaq 100 and S&P 500 futures moved higher.

Bitcoin, Ether, and XRP fall as December opens with renewed volatility after a security incident at Yearn Finance’s yETH pool. Liquidations surpass $400M as crypto extends November losses.