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Trade analysis and advice on trading the Japanese yen The designated test levels were not reached in the first half of the day. In the second half of the day, USD/JPY will be strongly influenced by data on initial jobless claims, Q2 GDP, and the U.S. Personal Consumption Expenditures (PCE) index. These macroeconomic indicators, like seismic waves, can trigger significant volatility in the currency market, determining the pair's next direction. Initial jobless claims serve as a barometer of labor market health. A sharp decline would signal resilience and likely be interpreted positively by the Federal Reserve. Conversely, an increase could point to deteriorating conditions, weakening the dollar. Stronger U.S. GDP would confirm economic stability and strengthen the dollar, while weaker data could cast doubt on future growth and weigh on the currency. As for intraday strategy, I will rely mainly on implementing scenarios #1 and #2. Buy signal Scenario #1: I plan to buy USD/JPY today at the entry point around 148.95 (green line on the chart), targeting growth toward 149.60 (thicker green line on the chart). Around 149.60, I will exit long positions and open shorts in the opposite direction (expecting a 30–35 point pullback). A continuation of the bullish market would support further upside. Important! Before buying, make sure the MACD indicator is above the zero line and only beginning to rise from it. Scenario #2: I also plan to buy USD/JPY today if there are two consecutive tests of 148.71, at a moment when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and trigger a reversal upward. Growth toward the opposite levels of 148.95 and 149.60 can then be expected. Sell signal Scenario #1: I plan to sell USD/JPY today after a breakout below 148.71 (red line on the chart), which would lead to a quick decline in the pair. The key bearish target will be 148.05, where I will exit short positions and immediately open long positions in the opposite direction (expecting a 20–25 point rebound). Selling pressure may return if the Fed takes a dovish stance. Important! Before selling, make sure the MACD indicator is below the zero line and only beginning to decline from it. Scenario #2: I also plan to sell USD/JPY today in case of two consecutive tests of 148.95, at a moment when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and trigger a reversal downward. A decline toward the opposite levels of 148.71 and 148.05 can then be expected. Chart guide Thin green line – entry price where the instrument can be bought.Thick green line – approximate price to set Take Profit or lock in profit manually, as further growth above this level is unlikely.Thin red line – entry price where the instrument can be sold.Thick red line – approximate price to set Take Profit or lock in profit manually, as further decline below this level is unlikely.MACD indicator – when entering the market, it is important to follow overbought and oversold zones.Important. Beginner Forex traders must be very cautious when making entry decisions. Ahead of important fundamental reports, it is best to stay out of the market to avoid sharp volatility. If you decide to trade during news releases, always place stop-loss orders to minimize losses. Without stop-losses, you can quickly lose your entire deposit, especially if you ignore money management and trade with large volumes. And remember: successful trading requires a clear trading plan, like the one outlined above. Spontaneous trading decisions based on current market moves are inherently a losing strategy for intraday traders. The material has been provided by InstaForex Company - www.instaforex.com

Trade analysis and advice on trading the euro The price test of 1.1735 occurred at a moment when the MACD indicator had already moved far below the zero line, which limited the pair's downward potential. For this reason, I did not sell the euro. I did not see any other entry points into the market. The growth of private sector lending in the eurozone was offset by a decline in M3 money supply. This contradiction may be explained by several factors. First, despite increased lending volumes, banks may be reducing interbank market operations, which leads to a decline in overall money supply. Second, the drop in M3 could be the result of capital outflows from the eurozone to other regions of the world with a more attractive investment climate. In any case, lending growth offset by a shrinking money supply indicates instability in the eurozone's financial system and heightened risks for economic growth. On the horizon is the release of a series of key macroeconomic indicators, keeping markets in a state of anticipation. The main focus is on U.S. initial jobless claims data. This figure will serve as an indicator of the strength of the U.S. labor market, which has recently shown signs of weakness. A decline in claims would signal labor market resilience, while an increase would point to potential problems. Revised Q2 GDP data will provide a more precise assessment of the economy's current state and the extent of its slowdown. Markets will closely monitor whether the new estimate aligns with expectations and confirms the trend of slowing growth. Equally important is the U.S. trade balance, which will reflect the state of international trade and its impact on the U.S. economy. A widening deficit may indicate declining competitiveness of U.S. products, while a narrowing one would support economic growth. As for intraday strategy, I will rely more on implementing scenarios #1 and #2. Buy signal Scenario #1: Today, buying the euro is possible at around 1.1754 (green line on the chart), targeting growth toward 1.1789. At 1.1789, I plan to exit the market and also sell the euro in the opposite direction, counting on a 30–35 point move from the entry point. Euro growth today will be realistic if U.S. data comes out weak. Important! Before buying, make sure the MACD indicator is above the zero line and only beginning to rise from it. Scenario #2: I also plan to buy the euro if there are two consecutive price tests of 1.1738, at a moment when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and trigger a reversal upward. Growth toward the opposite levels of 1.1754 and 1.1789 can then be expected. Sell signal Scenario #1: I plan to sell the euro after the price reaches 1.1738 (red line on the chart). The target will be 1.1708, where I plan to exit the market and immediately buy in the opposite direction (expecting a 20–25 point move upward from this level). Pressure on the pair will return today if the data is strong. Important! Before selling, make sure the MACD indicator is below the zero line and only beginning to decline from it. Scenario #2: I also plan to sell the euro today in case of two consecutive price tests of 1.1754, at a moment when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and trigger a reversal downward. A decline toward the opposite levels of 1.1738 and 1.1708 can then be expected. Chart guide Thin green line – entry price where the instrument can be bought.Thick green line – approximate price to set Take Profit or lock in profit manually, as further growth above this level is unlikely.Thin red line – entry price where the instrument can be sold.Thick red line – approximate price to set Take Profit or lock in profit manually, as further decline below this level is unlikely.MACD indicator – when entering the market, it is important to follow overbought and oversold zones.Important. Beginner Forex traders must be very cautious when making market entry decisions. Ahead of important fundamental reports, it is best to stay out of the market to avoid sharp price swings. If you decide to trade during news releases, always place stop-loss orders to minimize losses. Without stop-losses, you may quickly lose your entire deposit, especially if you ignore money management and trade large volumes. And remember: successful trading requires a clear plan, like the one outlined above. Spontaneous trading decisions based on current market conditions are inherently a losing strategy for intraday traders. The material has been provided by InstaForex Company - www.instaforex.com

River Valley PGM project. Credit: New Age Metals New Age Metals (TSXV: NAM) is raising C$3.5 million ($2.5 million) to fund exploration across its Canadian projects, with mining billionaire Eric Sprott committing more than half of that investment. In total, the company will issue C$2.3 million in regular units and another C$1.2 million in flow-through units, priced at C$0.22 and C$0.26 each, respectively. The units all comprise one common share (in the case of the latter, flow-through shares) and one-half of a share purchase warrant. Under both unit categories, each whole warrant has an exercise price of C$0.40. Sprott, currently its largest shareholder with a 23.2% holding, is expected to purchase C$2 million worth of units. Shares of New Age Metals shot up by as much as 15% to a near 52-week high of C$0.32 on the news. By midday, the multi-commodity junior traded at C$0.30 apiece with a market capitalization of C$15.8 million ($11.4 million). “We are extremely pleased with Mr. Sprott’s continued strong support of the company,” Harry Barr, chairman and CEO of New Age Metals, commented in a press release Thursday. “His investment, along with several new mining funds, will allow us to continue the development of our existing projects and for the company’s management team to be more aggressive with the acquisition of new projects.” New Age’s portfolio is divided between three divisions: platinum group metals (PGMs), lithium and rare earth elements (REE) and gold-antimony. Its River Valley PGM project in Ontario is the most advanced, having completed a preliminary economic assessment in 2023 that showcased a multi-million-ounce resource. The lithium projects in Manitoba are drill-ready, with exploration funded by Australia’s Mineral Resources (ASX: MIN), while the gold-antimony projects are newly acquired, located near the producing Beaver Brook antimony mine in Newfoundland. The company also has exposure to a fourth critical mineral with its investment in MetalQuest Mining (TSXV: MQM), which is developing a large iron ore project in Quebec.

Ethereum is under pressure after sliding below the $4,200 level, with price now testing the $4,000 support zone. The market is watching closely, as a breakdown here could expose ETH to deeper corrections, while a strong defense may open the door for a rebound. Despite the selling pressure, on-chain signals reveal a strikingly different picture beneath the surface. Top analyst Darkfost shared data showing that ETH inflows into accumulator addresses are exploding, signaling long-term conviction even as short-term sentiment wavers. Just yesterday, nearly 400,000 ETH were added to these specialized wallets. More notably, on September 18th, Ethereum saw a historic first when 1.2 million ETH were accumulated in a single day — a record for the network. Accumulator addresses are unique in that they only buy ETH and never sell, making them a reliable proxy for long-term holder behavior. Such massive inflows highlight that large players are strategically building positions, likely tied to institutional adoption and the growing demand for ETH ETFs. Long-Term Conviction Amid Pressure According to Darkfost, Ethereum’s inflows into accumulator addresses mark one of the most important trends developing beneath the surface of current market volatility. He explains that accumulator addresses are wallets that have made at least two ETH transactions without ever selling a single coin. This behavior makes them reliable indicators of long-term holder conviction, since accumulation, not short-term speculation, drives them. Darkfost adds that some of these addresses could be linked to institutional entities offering ETH ETFs, which have seen surging demand recently. The scale of these inflows — with nearly 400K ETH added yesterday and a record 1.2M ETH accumulated on September 18th — points to serious players positioning for the long haul. Still, this comes at a time when Ethereum is facing a critical technical test, hovering around the $4,000 support after losing more than 14% since mid-September. While accumulation shows strong confidence in ETH’s long-term trajectory, the short-term risks remain elevated. Selling pressure, broader market corrections, and macro uncertainty could test investor patience. Ultimately, Darkfost emphasizes that the coming weeks will be decisive: either ETH bulls hold the line and confirm this accumulation as the foundation for a rebound, or pressure deepens into a more prolonged correction. Ethereum Price Analysis: Testing $4,000 Support Ethereum’s chart reveals a decisive breakdown after losing the $4,200 level, with price now testing the $4,000 support zone. This marks a sharp 3.2% decline in the last session, continuing the corrective structure that has been developing since early September. The price breached the 12H 50 moving average (blue) and the 100 moving average (green), showing weakening bullish momentum. Price is now hovering just above the 12H 200 moving average (red), which sits near $3,800. This zone represents a crucial line of defense for bulls, as a confirmed breakdown could accelerate selling pressure and open the path toward deeper retracements. Momentum also reflects increasing market fear, as sellers remain in control and meet each bounce attempt with lower highs. Still, holding above $4,000 keeps Ethereum within a potential consolidation range, offering bulls a chance to stabilize before the next move. If buyers defend this area successfully, ETH could rebound to retest the $4,200–$4,400 resistance range. However, a daily close below $3,950 would likely confirm further downside pressure, exposing $3,800 and possibly $3,600 as the next targets. Featured image from Dall-E, chart from TradingView

The British Pound has continued its recent malaise against the US Dollar after a stellar rally ahead of the US interest rate decision. Since the decision, Cable has been on a downward trend as the US Dollar has continued to gain traction. At the time of writing, Cable trades at 1.3343 down 0.77% for the day. The US Dollar index meanwhile is up around 0.6% on the day to trade at 98.41 but faces resistance as price has tapped the 100-day MA. US Dollar Index Daily Chart, September 25, 2025 Source: TradingView US Data Boosts the Dollar US Data released today aided the greenback as it showed signs that the US economy is on a good footing. Weekly jobless claims dropped to 218 K which is lower than the 235 K forecast and also below last week’s 232 K. At the same time, the second‑quarter GDP estimate was nudged up to 3.8 % from 3.3 %, which beat most analysts’ estimates. August durable‑goods orders rose roughly 2.9 % after a steep dip in July, while non‑defense orders rose about 1.9 %. The inflation side of the report was a little higher too; core PCE prices ticked up to 2.6 % from 2.5 % in Q2. In some quarters this may raise the question around persistent inflation despite Fed Chair Powell's recent comments. Still many traders hesitate to place big bets before Friday’s August core PCE data, which likely matters a lot for the Fed’s next moves. Fed Messaging Continues to Confuse Looking at the date today, one could argue that criticism of Fed Chair Powell may be misplaced. The Fed Chair has been adamant on waiting for the data or a ‘wait and see approach’. Last week's FOMC meeting saw the Fed cut rates but appeared more hawkish than expected when it comes to 2026 and 2027. This in part could explain the USD rally as the Fed outlook diverges from current market participants expectations. The head of the Kansas City branch of the Federal Reserve, Jeffrey Schmid, stated on Thursday that current interest rate policy is "slightly restrictive," which he believes is the correct setting. Schmid admitted that inflation is "still too high." However, he noted that the job market is mostly healthy and "in balance." He did warn, though, that new economic reports suggest there are "rising risks" to employment. This highlights the difficult balancing act the Fed faces: keeping prices stable while ensuring strong employment (the Fed’s dual mandate). He concluded that the Fed’s recent decision to cut interest rates was necessary to reduce the risk of job losses. He stressed that the Fed is "close to meeting its goals" but must keep looking ahead to future economic conditions. The back and forth between policymakers looks set to continue for now. Differing viewpoints are always encouraged and that is what we are seeing from the Fed now. For all market-moving economic releases and events, see the MarketPulse Economic Calendar. (click to enlarge) Technical Analysis - GBP/USD From a technical standpoint, GBP/USD has broken below an ascending trendline and gathered pace since. A potential longer term correction toward the 1.3200 handle cannot be ruled at this stage. The RSI period-14 is trading below 50 suggesting bearish momentum. Immediate support rests at 1.3333 before the 1.3200 handle comes into focus. Looking at a move higher here and the potential for a bounce could bring resistance at 1.3378 and 1.3500 (psychological level) respectively. GBP/USD Daily Chart, September 25, 2025 Source: TradingView.com Client Sentiment - GBP/USD Looking at OANDA client sentiment data and market participants are Long on GBP/USD with 59% of traders net-long. I prefer to take a contrarian view toward crowd sentiment and thus the fact that the majority of traders are net-long suggests that GBP/USD prices could continue to slide in the near-term. Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

The world of crypto investing is changing. Companies are shifting from solely token-based assets to more sophisticated, equity-backed exposures. In a bold move, GSR – a well-known crypto market maker – filed for a new exchange-traded fund (ETF) to invest in companies whose corporate treasuries hold digital assets. If approved, this ‘digital asset treasury company’ ETF could provide a new way for investors to gain exposure to crypto without directly owning tokens. GSR Proposes a New Twist GSR’s ETF filing shows that the fund plans to invest at least 80% of its assets in equity securities of publicly traded companies that hold significant digital assets. That’s a reversal of the usual pattern, where digital asset treasuries (DATs) follow a strategy of leveraging stock sales of their own companies to raise funds for purchasing crypto. Then, the same companies use the increase in crypto prices to boost their stock prices, sell more shares to raise additional funds, and buy more crypto, continuing the cycle. The fund is designed to be flexible: it could concentrate on 10 to 15 positions, spanning 5 to 10 issuers, with no strict minimum market cap requirement. It’s a unique twist; while crypto-related, the fund isn’t focused directly on token performance, but rather on the corporate players behind crypto accumulation. Unlike a traditional token ETF that holds Bitcoin, Ethereum, or Solana directly, this fund essentially offers a ‘meta-exposure’—focused on companies involved in crypto accumulation crypto. GSR’s Ambition Goes Beyond Treasuries That’s just the beginning. In the same batch of filings, GSR has also proposed: Staking-oriented ETFs: Funds that stake Ethereum or other proof-of-stake tokens, and distribute yield-enhancement strategies. A Core3 ETF would bundle Bitcoin, Ethereum, and Solana in roughly equal allocations. This product would more directly mimic the token exposure and be packaged as a multi-asset fund. The filings show GSR intends to compete across the entire range from direct token exposure to equity-based crypto investments. GSR’s timing is deliberate. Recently, the U.S. Securities and Exchange Commission (SEC) has aimed to speed up the approval process for crypto ETFs, reducing review times and lowering obstacles for issuers. The window is opening for new products, and GSR seems determined to be a first mover in some of the more niche categories. And with GSR and others moving in, retail investors should prepare for complete crypto-financial integration. Tools like Best Wallet are ideal for the job. Best Wallet Token ($BEST) – Non-Custodial, Presale-Friendly Web 3 Wallet Best Wallet is more than just a place to store crypto. With the Best Wallet Token ($BEST), you enjoy lower transaction fees and increased staking rewards, boosting your token swaps. Set up multiple wallets in the app for EVM tokens or Bitcoin, and access the top crypto presales in the upcoming tokens section. That’s not all; with the upcoming Best Card, users will have a one-stop shop for buying, storing, and spending their tokens. What is Best Wallet token? It’s the gateway to a crypto economy fully integrated with everything, from Bitcoin HODLing strategies to crypto presale research. Learn how to buy Best Wallet Token, and visit the $BEST presale page. If launched, GSR’s treasury ETF would represent one of the most ambitious integrations of equity markets and crypto assets. As the lines between traditional finance and crypto blur, GSR’s experiment could pave the way for new hybrid investment options—and demonstrate how vital projects like $BEST are for the average crypto investor to build their own personal crypto treasury. Authored by Aaron Walker for NewsBTC — https://www.newsbtc.com/news/new-wall-street-etf-hypes-market/

Goldman Sachs has lowered its global copper supply forecast for both 2025 and 2026, citing recent disruptions at the world’s second-largest mine. Production at the Grasberg mine in Indonesia has been under suspension since Sept. 8 after a landslide unleashed 800,000 tonnes of mud into the Block Cave area, trapping seven workers and causing severe damage across the mine’s infrastructure. US-based Freeport McMoRan (NYSE: FCX), the mine’s operator, immediately halted mining activities to prioritize the rescue of the mine workers, and to date has recovered two bodies. As the search continues, the company has declared force majeure and is investigating the incident. This disruption, Goldman estimates, could lead to as much as 525,000 metric tons of lost copper mine supply. As a result, the bank dropped its supply forecast for the second half of 2025 by 160,000 tons and its 2026 forecast by 200,000 tons. Grasberg output hit Production at Grasberg, consisting of the Block Cave as well as the Big Gossan and Deep MLZ mines, is now expected to fall by 250,000 to 260,000 tons in 2025 and by 270,000 tons in 2026, the bank adds. Data from S&P Global shows that the mine had produced over 160,000 tons during the first half of 2025. When it declared force majeure earlier this week, Freeport said it expects Grasberg’s fourth quarter production “to be very low,” as the unaffected areas (Big Gossan and Deep MLZ) of the mine could only restart in the middle of the quarter. As for the rest of the mine, Freeport’s management said operations could restart sometime next year, though its 2026 copper output would be significantly lower — as much as 35% — than its previous forecast as it gradually ramps up production. A full recovery is anticipated in 2027, it added. Shift to deficit The setback has dealt a crucial blow to Freeport, as Grasberg accounts for half of its proven and probable reserves and 70% of its projected copper and gold output through 2029. Shares of the Phoenix, Arizona-based miner have fallen by more than 21% since its update, and are now trading at levels last seen during the April market turmoil. Grasberg’s suspension also represents a turning point for the global copper market. Goldman says the disruption has shifted its 2025 global copper balance from a projected surplus of 105,000 tons to a deficit of 55,500 tons, though 2026 is expected to remain in a small surplus. The projected production loss, Goldman says, exceeded its typical allowances for global supply disruptions. This has led the bank to revise its estimates for global mine production growth for 2025 to 0.2%, down from a previous forecast of 0.8%, and 1.9% the year after, down from 2.2%. The supply risks further support Goldman’s bullish outlook on the price of copper, with the bank reaffirming its target of $10,750 a ton by 2027. Click on chart for live prices. In the near term, Goldman sees upside risks to the December 2025 LME price forecast of $9,700 a ton, with possibilities of the $10,200-$10,500 range. Those contracts are currently priced at $10,336 a ton, up 3% on the day.

Mining companies could see earnings drop by as much as 25% over five years due to nature degradation, Barclays said in a new report. The bank’s stress test, published in Navigating Nature Risk: Applying the TNFD’s LEAP Framework, analysed 250 mines linked to 30 companies and about 9,000 European power facilities. It found that transition risks such as higher water prices, stricter pollution rules, expansion of protected areas and increased minerals recycling pose the greatest threat to miners. Power companies faced smaller potential earnings declines of around 10%, mainly due to physical risks such as droughts and floods. The World Economic Forum estimates that adopting nature-positive practices could unlock over $430 billion in cost savings and new revenue across the mining and metals value chain by 2030. Yet nearly three-quarters of mining assets overlap with sensitive locations, most commonly areas of high physical water risk. Copper mines, concentrated in water-stressed countries such as Australia, South Africa and Chile, were the most exposed. Barclays said biodiversity loss and ecosystem degradation are emerging as systemic financial risks. “These risks are increasingly materialising across our clients’ operations,” said Marie Freier, head of sustainability. The bank said data gaps limit analysis but stressed enough information is available for action, with opportunities also arising from biodiversity financing, which faces a $700 billion annual shortfall. Read More: From the ground to the rule book: Mining’s new regulatory era

Volatility is back again after relatively unsurprising sessions since the past week FOMC. It seems that the since last week, the 2025 theme of currency debasing, seeing a huge rally in metals (Gold, Silver at their yearly highs) and equities was intact after the September meeting which resulted in a cut. Stocks had been continuing their way higher, and metals had retracted slightly before surging again to new highs. But risk-assets have been sending alerts since Monday, with Cryptocurrencies – usually early runners for profit-taking–seeing some strong outflows (look at the Total Crypto Market cap which is hanging around its December 2024 highs, 10% lower than its most recent record). Total Crypto Market Cap Total Crypto Market Cap, September 25, 2025 – Source: TradingView Equities are following suit, with a third red open to the session, a very rare sign as of late. It seems that the ever-stronger US data has something to do with these moves. (Monitor ongoing dip-buying, a break towards the daily lows will show a bad sign) US Indices Daily overlook, Source: TradingView – September 25, 2025 Read More: Is the Euro trade still on? Outlook vs USD, CAD and CHFMarkets Today: SNB Leave Rates Unchanged, FTSE Stead. Fed Speakers and US GDP Data AheadUS Dollar strengthening, but an overall confused market — North American mid-week Market update Markets were ecstatic to see gradual cuts in a still-decent US economy, but with the confidence in the FED taking back some advantage due to data-proven decision-making combined with huge beats in GDP, jobless claims and American housing regaining back some edge, cuts are getting priced out sharply and the US Dollar loves it. This is leading to some huge whipsawing flows in the current session. The VIX is coming back to its September highs, metals (particularly Silver and Platinum) were up sharply but giving back their gains, and Cryptos are not having a nice time. VIX 8H Chart – Moving above its 200-MA for the 1st time since May 2025 VIX 8H Chart, September 25, 2025 – Source: TradingView Will the VIX close above or below this key point? A close above may trigger further volatility looking forward. The ongoing move in Cryptos is largely undoing the small dip-buying that was occuring in yesterday's session. A look at the volatile performance from metals today Dollar Index and Metals comparative Performance today, September 25, 2025 – Source: TradingView Platinum, Silver and Gold all-marked new yearly highs in today's session but they're seeing some decent reversals amid the ongoing US Dollar rally. I would suggest looking at this piece released after the FOMC which may underline some of what's going on. Copper is also in the middle of some volatile supply shifts and has its own dynamic. The Usual Suspect: the US Dollar rally Dollar Index 8H Chart, September 25, 2025 – Source: TradingView The USD is bullying its way higher after the wave of positive US data, with Yields rising again (cuts are pricing out) and other majors are not liking it. Keep an eye on these volatile flows – As I am writing this, markets seem to be taking a breather, but animal spirits could be waking up. Safe Trades! Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

The road ahead for Hyperliquid does not look so bright. In fact, the decentralized trading platform could face lots of tribulations, “painful” ones, according to an expert. Related Reading: Bitmine’s Ethereum Appetite Grows With Fresh $70 Million Buy Aster, a new DEX built on the BNB Chain, has grabbed market attention this week after a dramatic price surge and heavy on-chain flows. Traders and observers say the token’s spike has shifted capital away from established rivals, while heated commentary from a high-profile trader has added to the drama. Aster Surpasses Rivals In Volume And Revenue According to on-chain trackers, Aster’s 24-hour perpetual trading volume has climbed into the tens of billions, with figures reported around $23–$30 billion — more than double what Hyperliquid recorded over the same window. Reports have disclosed that the DEX is now pulling in roughly $10 million in daily revenue, a figure that some outlets say is about four times Hyperliquid’s daily take. Trader Claims And A Public Feud Crypto trader James Wynn — a figure known for large leveraged bets and big losses earlier this year — has publicly backed Aster and predicted a long, slow decline for Hyperliquid. Wynn’s comments, carried across social channels, have been part boast and part critique of Hyperliquid’s visible order model. He argued that Aster’s hidden-order and MEV-mitigation features make it a safer place for large players. Based on reports, Wynn said “Hype will exist, but it will have a slow and painful death,” a line that has amplified the rivalry online. Whale Accumulation And Big Withdrawals On-chain analytics show major wallets moving into ASTER. Two large buyers are reported to have picked up about 118 million ASTER, valued at roughly $270 million, which is said to represent about 7% of circulating supply. In the same stretch, a cluster of wallets withdrew 68 million ASTER (about $156 million), and one address moved 50 million ASTER from an exchange. These flows suggest both aggressive accumulation and repositioning by big holders. Aster’s Product Pitch Versus Hyperliquid’s Response Reports emphasize Aster’s features: MEV-free execution, hidden orders that keep limit sizes private, and trading interfaces pitched at both retail and pro users. That product story helps explain why some traders are rotating capital. Hyperliquid has not stood still; it has rolled out measures such as a USDH stablecoin and other moves meant to shore up liquidity and product breadth. Market data show HYPE has fallen from recent peaks — with declines reported near 25% from its highs — as money rotated into ASTER. Featured image from SleepApnea.org, chart from TradingView

The Euro has been very tenacious throughout the year. It is currently the top two in major currency performance this year, with only its neighbor, the Swissie, keeping it in check (the difference in performance between the two is very small). Trends can be expected to continue, particularly when they reverse flows that have been seen in the past 10 years. So, what has been going on with the Euro since the 2010s? The Euro was in a secular downtrend against the US Dollar, for example, due to lower growth, a disadvantageous trade balance, companies fleeing the overregulated economic zone, generally lower rates (implying basis trade activity), and some not-so-nice events like the Greek debt crisis. This year, however, the Joint currency bounced back, with a more united Europe against external menaces (e.g., Russia, economic tensions against the US amid their de-globalization moves), and promises to provide more elastic regulations. This took the Euro up close to 12.37% against the greenback at its prime. However, some technicals may indicate that the strong uptrend is slowing down. Let's examine the Euro in detail—EURUSD, EURCAD, and EURCHF—to see if the current slowdown anticipates a pullback or if the move really is exhausting. Read More: Markets Today: SNB Leave Rates Unchanged, FTSE Stead. Fed Speakers and US GDP Data AheadWall Street Slip: A Closer Look at the Dow, S&P 500, and Nasdaq DeclineUS Dollar strengthening, but an overall confused market — North American mid-week Market updateEURUSD EURUSD 8H Chart, September 25, 2025 – Source: TradingView The most traded major pair is seeing strong selling momentum in today's session due to the ever-stronger US data. Jobless claims and Q2 GDP just came in much better than expected which may take out some expected cuts for the FOMC – With rates at 4.25% in the US vs 2% for Europe, the yield differential is back higher and may drag demand in the pair. The most recent 8H candle breached the 50-period MA and the key pivot zone, but the important part is to see what traders do now: The 8H 200-period MA was sustaining prices throughout every pullback since the 21st of August, taking the pair to new yearly highs. However, the pair is down about 2,500 pips since reaching its peak ahead of last week's FOMC event (1.19188). With the 200 MA coming right in play, reactions will be very interesting to watch – A rebound here may lead to a retest of the 1.18 level, while a break of the 1.16 Support should lead to further downside. Resistance Levels: Daily Pivot 1.17 to 1.1740 (50-period MA in confluence)Main resistance 1.18 to 1.1830 1.19188 yearly highs1.20 psychological level and 2021 highsSupport Levels: 1.16840 MA 200 (immediate support)1.1570 to 1.16 Main support1.1470 Pivotal SupportEURCHF EURCHF 8H Chart, September 25, 2025 – Source: TradingView EURCHF has a more rangebound tendency with few events that can create trends. The latest one has been a down-move from March 2025 highs, as the Swissie was dragging more appeal amid a slowing economy and still tense geopolitics (with its safe-haven status getting strong attention – Gold was also very bid at that time). A (fairly) recent piece looked at the CHF to see if its run could also be exhausting, and now we look at both strongest 2025 currencies to see which one still has the upper hand on the immediate outlook. Having bounced thrice on its 0.9310 support but contained by the 200-period MA located within the key pivot (around 0.9350), any breakout from these two points should see further continuation (look for a weekly close above/below). In terms of fundamentals, look at the appetite for Risk-off assets and relative hawkishness from the respective central banks (ECB wins that point). Levels of interest for EURCHF trading: Resistance Levels: key pivot 0.93500.94 key resistance0.94250 to 0.9450 Main ResistanceSupport Levels: 0.9310 to 0.9320 support0.92675 last major lowsMain 0.9250 to 0.93 SupportEURCAD EURCAD 8H Chart, September 25, 2025 – Source: TradingView To spot whether the rally in Euro against all other currencies is really over, I would suggest to look at EURCAD: While the US Dollar weakened more rapidly in 2025, the trend in the Canadian Dollar is more persistent due to the weakening Canadian data and a still confusing US/Canada trade outlook. Sending many tricky signs of reversals, dips quickly got met with sharp buying and new yearly highs in the pair got reached just two days ago (1.6350, unseen since 2009). But, the pair is now evolving within an ascending wedge and bullish momentum is slowing down gradually. Will this be enough for sellers to take control of the one way trend? Look at the reactions when prices reach the upward trendline or if the pair breaks out of the current 2025 highs. Levels to place on your EURCAD charts: Resistance Levels: 1.6350 Current yearly highsMid-2009 Resistance (1.6320 to 1.6350)1.63 psychological resistanceSupport Levels: 1.62 immediate momentum Pivot1.61 Higher timeframe pivot zone (confluence with rising trendline)Support for higher trend 1.59July Lows around 1.58 Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Nine of Europe’s biggest banks—including ING, UniCredit, Danske Bank, SEB, KBC, DekaBank, Banca Sella, and Raiffeisen Bank International—have decided to collaborate on a euro-backed stablecoin. Under the European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) framework, the collaborating banks will roll out the stablecoin in the second half of 2026. Will this be a game-changer for European crypto payments? Will the euro-backed stablecoin reduce Europe’s reliance on US dollar-denominated stablecoins? On 25 September 2025, ING released the joint statement confirming that “the initiative will provide a real European alternative to the US-dominated stablecoin market, contributing to Europe’s strategic autonomy in payments.” According to the banking giants, the stablecoin will provide near-instant, low-cost payments and settlements. Furthermore, it will enable 24/7 access to efficient cross-border payments, programmable payments, and improvements in supply chain management and digital asset settlements, which can vary from securities to cryptocurrencies. DISCOVER: 20+ Next Crypto to Explode in 2025 “Digital payments are key for new euro-denominated payments and financial market infrastructure” The member banks made it clear – they are open to new members. Hence, additional banks are expected to join the original nine. “This digital payment instrument, leveraging blockchain technology, aims to become a trusted European payment standard in the digital ecosystem,” the joint statement said. The project is interestingly spearheaded by a newly formed company based in Netherlands. It will seek licensing and oversight from the Dutch Central bank, positioning itself as an “e-money institution.” Floris Lugt, Digital Assets lead at ING and joint public representative of the initiative said, “Digital payments are key for new euro-denominated payments and financial market infrastructure. They offer significant efficiency and transparency, thanks to blockchain technology’s programmability features and 24/7 instant cross-currency settlement.” “We believe this development requires an industry-wide approach, and it’s imperative that banks adopt the same standards,” he added. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 New European Guidelines Boosted Demand For Euro-backed Stablecoins A 2024 analysis by Kaiko Research revealed that while Europe has traditionally lagged the US and APAC when it comes to crypto trading, Euro-backed stablecoin’s have consistently grown in volume since the beginning of the year. This concretely suggests that demand for stablecoin is finally picking up in European markets. Particularly, Circle’s USDC stablecoin is expected to gain substantial market share from its larger rival, Tether’s USDT, found Kaiko. Anastasia Melachrinos, an analyst at Kaiko Research, highlighted that USDC could potentially benefit the most from the new European guidelines. EXPLORE: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 Key Takeaways The euro-backed stablecoin is expected to reduce Europe’s reliance on US dollar-denominated stablecoins – which currently dominate the global market. The euro stablecoin aims to enable near-instant, low-fee payments and settlements across borders, available 24/7. The post Launch Of Euro-Backed Stablecoin In H2 2026? Nine European Banking Giants Join Forces appeared first on 99Bitcoins.

Bitcoin is approaching a decisive inflection in its four-year cycle, with a euphoric “blowoff” advance likely to begin within days—or the market having already printed its peak at month 33—according to cycle analyst Bob Loukas. In a video published on September 24, 2025, Loukas told viewers he remains “heavily” inclined toward an imminent upside resolution into a cycle high during Q4, while outlining the risk markers that would instead confirm the top is already in. Bitcoin Blowoff Top Imminent Or Already In Loukas framed the present as the late stage of Bitcoin’s rising phase, noting that the advance from the bear-market low has been “a pretty consistent uptrend marked by these periods of outperformance that make up the majority of the gains in this cycle.” He argued that the current multi-month range resembles “one big foundation, one big solid block” built amid sustained distribution from long-term holders offset by persistent institutional demand. “We’ve seen a significant amount of whales selling… and that’s been kind of the pressure,” he said, adding that “significant buying support that we see from institutionals… has held the price in this range.” The central pillar of his bullish case is the absence of a terminal mania phase that has historically characterized cycle peaks. “What’s absent more importantly here is a blowoff to a high,” Loukas said. “In every cycle that we’ve had for Bitcoin into the four-year cycle high, we’ve had this three-month period… of euphoric buying and a significant price appreciation… and that leads to a peak.” With the market now around month 34 from the prior four-year-cycle low and seasonality turning favorable, he believes the conditions for that late surge are in place: “We really should be looking for a blowoff phase that is imminent, that is just about to begin in my opinion… We are at the most opportune time in the four-year cycle for such a move.” Loukas placed the recent August high at month 33, a timing band that “pretty closely” echoes prior cycles and, in his words, makes a bearish interpretation “credible.” He stressed he is not ignoring the relative underperformance versus equities and the powerful rally in gold. From a purely structural standpoint, the move from the bear-market low to the month-33 high amounts to “a very healthy 700% rise,” and—under a diminishing-returns framework—could be a complete cycle in itself. “I give it an outside chance that it peaked on month 33… maybe 10% to 20%,” he said. Still, he argued that attempting to sidestep risk at this exact juncture is unwise “on the eve of a possible move up.” If the blowoff materializes, Loukas expects it to follow the established template of late-cycle weekly advances that compound rapidly over eight to fifteen weeks. He will not commit to a hard target, but he illustrated the magnitude with prior doubling moves. “A doubling from the lows here in the last few months—let’s call it $105k—gets us up to $210k… getting to the $200,000 level by December, although it sounds extremely optimistic… there is a pretty clear path to that possibility,” he said. He emphasized that execution should be guided by sentiment and overextension rather than round-number targets: “I think we want to be a little flexible… looking at how stretched this market can get.” Risk management was a major focus. Loukas flagged the 10-month moving average—“around about the $100,000 level”—as a late-cycle guardrail: “Closing a month out under the $100,000 is a major warning sign at this point.” He also marked the prior “big weekly cycle decline down at $75,000” as a line that “Bitcoin shouldn’t be anywhere near,” implying that a breach would be consistent with a bear market already underway. What To Expect Next On the upside, he wants confirmation via fresh all-time highs that establish clear invalidation below. “Ideally, what I want to see is a move back above the $120,000 level… if we get a move to new all-time highs, then that certainly would become my floor,” he said, adding that a subsequent reversal “back below the $105,000 level” after printing a new high would “indicate a change in trend and a likely top.” Loukas also explored a third path: a more extended cycle that peaks in early 2026 with a shorter-than-usual bear phase. That scenario, he said, would probably not feature a classic blowoff and might advance in a “controlled rise” toward the $140,000–$160,000 area before consolidating and attempting a final push. Under that path, he would “play it week by week and month by month and give Bitcoin a chance to continue extending into Q1 of ’26 and beyond,” waiting for unmistakable euphoric conditions before distributing. While acknowledging that “everybody” is watching Q4 seasonality and four-year-cycle dynamics, Loukas cautioned against overthinking the consensus. “Historically… it ends up still unfolding in a similar way,” he said. For now, his base case is that the market is “on the cusp of a significant start to a final leg into the bull market high,” with a peak most likely in the 35–37-month window from the prior cycle low. If the market fails to deliver a sustained breakout and instead rolls over through his predefined levels, the analyst says he will treat that as confirmation that the cycle topped at month 33 and will pivot accordingly. “The point,” he concluded, “is we’re not trying to time an hourly or a daily or a weekly move. We’re in this [on] a four-year-cycle time frame.” The plan from here is simple, if not easy: “Stay humble… let the price action unfold… and try and capitalize on what I think will be the last move of this four-year cycle.” At press time, BTC traded at $111,740.

South Africa’s Gold Fields (JSE: GFI) is reportedly selling a A$1.1 billion ($720 million) stake in Northern Star Resources (ASX: NST), with JPMorgan running an auction process that began after Thursday’s market close. Gold Fields inherited the holding through its $2.4 billion takeover of Australian gold miner Gold Road Resources (ASX: GOR), which won shareholder approval this week. The shares are being sold at a floor price of A$21.85 each, according to The Australian. This reflected a 2.7% discount to Northern Star’s last-traded price of A$22.66 before the sale was announced. The divestment comes amid record-breaking gold prices and only days after Gold Fields cashed out its 19.5% stake in Galiano Gold (TSX: GAU), raising $151 million in a block trade. Under a December 2023 agreement tied to the sale of its 50% interest in the Asanko gold mine in Ghana, Galiano could still settle part of the acquisition cost in stock, potentially giving Gold Fields a way back into the Canadian-listed company. Gold Fields is increasingly focused on Australia, home to four of its nine global mines: Gruyere, St Ives, Granny Smith and Agnew. In 2024, these operations delivered 48% of total production and free cash flow, generating 992,000 ounces of gold and $552 million. Nearly all of the company’s $72 million exploration budget last year was spent in the country. Northern Star, valued at A$32.4 billion, has been one of the ASX’s standout mining success stories. Earlier this year, it expanded further with a A$5 billion ($3.3 billion) takeover of De Grey Mining. Gold Fields also operates mines in South Africa, Ghana, Peru and Chile, and is advancing a development project in Canada.

Fundstrat’s Tom Lee drew a crowd at Korea Blockchain Week 2025 with a bold call: Bitcoin could reach as high as $250,000 by year-end, and Ethereum could climb toward $12,000. According to reports, Lee gave a range for Bitcoin of $200,000 to $250,000 and said Ethereum might hit $10,000 to $12,000, with upside to $12,000 to $15,000 under favorable conditions. His case rested on macro tailwinds and growing institutional interest in crypto assets. Market Drivers And Timeline Reports have disclosed Lee’s timing is tied to a mix of factors. He pointed to a possible shift in US monetary policy from a hawkish stance to one that is less aggressive, which he thinks would be positive for risk assets. He also mentioned that fourth quarters have traditionally had high performance for Bitcoin. Lee explained Ethereum as embarking on a “super cycle” of 10 to 15 years based on its function in tokenized systems and possible interest from institutions and developers. Lee’s View On Ethereum Ethereum’s long-term attractiveness, Lee said, extends beyond the short-term volatility of price movements. He contended the network’s neutrality and widespread developer base position it well for future use in AI, finance, and tokenized real-world assets. That argument underpins his higher price scenario for ETH, where steady flows and adoption could push the token toward the upper end of his range. Skeptics Point To Fees And Competition Not everyone agrees with that outlook. Some industry figures have pushed back. For instance, critics say Ethereum has not seen fee growth that would match the scale Lee predicts, and that some institutional activity is migrating to alternative chains and layer-2 solutions. Those voices warn that competition, scaling challenges, and shifts in developer activity could limit upside for ETH in the near term. Macro Risks And What Could Break The Call Lee’s predictions assume markets stay friendly. A sudden return to tighter US policy, an unexpected economic shock, or harsh regulatory moves could derail a rapid move to $200,000 or higher. Liquidity matters here. For prices to hit Lee’s top targets by year-end, demand would need to be broad and sustained across spot markets, exchanges, and institutional channels. What To Watch Next According to market coverage, a few clear signals to track: central bank guidance from the US Federal Reserve, trading flows into spot Bitcoin products, large on-chain movements, and institutional custody announcements. Each of these could either support rapid gains or cool investor appetite quickly, analysts say. Featured image from BCB Group, chart from TradingView

Franklin Templeton is expanding its Benji Technology Platform to the BNB Chain, making it clear once again that crypto’s integration into mainstream finance is getting serious. The global investment firm, with $1.6T in assets under management, launched the Benji Technology Platform to experiment with the tokenization of traditional fund shares. Each $BENJI token represents one share in the Franklin OnChain US Government Money Fund. $BENJI tokens – already available on Ethereum, Avalanche, Stellar, and Polygon – will now be minted on the BNB Chain as well. But why’s that driving traffic to Maxi Doge ($MAXI), sending its meme coin presale close to $2.5M and placing it as one of the best altcoins of the year? Let’s find out. Franklin Templeton’s BNB Expansion Shows the RWA Market is Booming BNB Chain is known for its low fees and high speed, especially among users in Asia’s emerging markets. For $BENJI tokens, BNB integration unlocks access to a large crypto user base who are already active in the DeFi, NFT, and meme coin spaces. While Franklin Templeton established its brand with legacy fund infrastructures, like many, it has begun experimenting with blockchain tokenization for multiple reasons. First, blockchain offers better transparency through digital ownership records, while staying compliant. Being automated by smart contracts, the tokens require lower administrative costs and make fewer errors. Real-time settlement is also a major upgrade compared to slow mutual fund transfers. Another reason is the growing demographic of crypto-native investors, who don’t have faith in traditional investment channels. Blockchain integration helps the company tap into them through crypto wallets and dApps. The third – and more important – reason is that there really isn’t a choice. The RWA tokenization market is exploding, set to reach $3.5T by 2030 in a baseline scenario – and $10T in a bullish scenario, according to a Binaryx report. By launching tokenized real-world funds on the blockchain, the company positions itself as a pioneer in the space. As governments across the world embrace crypto, the move gives it strong credibility. $BNB, on the other hand, has climbed around 66% in just a year. Growing adoption, especially in traditional finance, could send the token further up the charts in the coming years. For faster gains, however, investors are turning to Maxi Doge ($MAXI) this season. The viral meme coin is on its way to smashing through the $2.5M milestone, as the market awaits an Uptober rally. Maxi Doge Ignites Meme Coin Mania With Gym-Bro Vibes Maxi Doge ($MAXI) is the latest in the Doge universe to spark interest. He is $DOGE’s better-looking, beefed-up cousin. If he’s not at the gym, you will find him glued to the screen, testing his luck with 1000X leverage trades. Maxi Doge thrives on community humor, and it’s unapologetic about that. The absurd yet relatable branding and over-exaggerated metaphors have already won it a large audience across social media, proving the potential of pure meme energy. Unlike most new meme coins that pretend to offer utility only to disappoint investors after the TGE, Maxi Doge makes no promises. And this transparency is exactly what sets it apart from the crowd of meme coins. At the same time, it offers multiple channels of rewards through staking, $MAXI contests, and exciting partner events. For investors eyeing high-risk, high-reward cryptos ahead of the Uptober rally, Maxi Doge is a clear choice. It has all the right elements to ignite a meme coin mania, especially given the growing presale FOMO. That could well make $MAXI one of the top new tokens to invest in now. The fair tokenomics adds to the project’s appeal, with equal focus on short-term hype and long-term growth. For instance, 40% of the tokens are allocated for marketing, while 25% goes to Maxi Fund. While the project has yet to announce what the Maxi Fund actually is, it is expected to fuel partnerships and integrations after the token matures. Having raised close to $2.5M already, the presale hints at an early sell-out. Investors have just over a day left to buy $MAXI at $0.000259 before the next price surge. The dynamic passive income program, currently offering a triple-digit APY of 134%, is another good reason to join the presale early. Ready to jump in? Visit the official Maxi Doge ($MAXI) presale website today. By Aaron Walker, NewsBTC – www.newsbtc.com/news/franklin-templetons-benji-bnb-expansion-fuels-fomo-around-maxi-doge

China’s Zijin Mining Group (HKG: 2899) has become the world’s third-largest mining company by value after surpassing $100 billion in market value for the first time at Thursday’s close. The milestone places Zijin alongside global heavyweights BHP (ASX: BHP) and Rio Tinto (ASX: RIO), which closed Thursday with market capitalizations of A$212 billion ($140B) and A$169 billion ($111B), respectively. Founded in the 1980s by geologist and current chairman Chen Jinghe, Zijin grew from a small gold mine in southeastern China into a sprawling global player. The company now controls or holds majority stakes in hundreds of operations worldwide. In the past year alone, it added Serbia’s largest copper mine, Kazakhstan’s Raygorodok gold mine, and Ghana’s Akyem gold mine to its portfolio. On Thursday, Zijin’s Shanghai shares hit a record high, lifting its market capitalization to 732 billion yuan ($103B). The surge comes amid record gold prices and copper’s strongest year on record, which together generated 77% of Zijin’s first-half revenue. The stock has more than doubled in 2025, with gold setting fresh records and copper on track for its best year ever in terms of average prices. The company is also preparing a Hong Kong listing for its international gold business, Zijin Gold International Co., which holds all its gold mines outside China. The IPO, scheduled for next week, aims to raise $3.2 billion and would be the world’s second-largest this year. Zijin said the spin-off will expand its financing channels and improve capital efficiency. Zijin expects the spin-off to expand its financing channels and improve capital efficiency. (With files from Bloomberg)

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are gearing up for their upcoming public roundtable meeting scheduled for 29 September 2025. To begin with, the meeting will focus on regulatory harmonisation across digital and traditional finance (TradFi), enabling the unification of fragmented oversight, since digital and TradFi often fall under different regulatory umbrellas. Importantly, the roundtable discussions signal legitimacy. With top crypto exchanges like Kraken and Crypto.com participating in the discussions, the message goes out that the regulators are serious about compliance and collaboration. Further, the roundtable aims to define clearer roles to prevent future clashes between the SEC and CFTC, whose overlapping jurisdictions have historically caused tension. The agenda includes three panel discussions aiming to explore how the two agencies can work together more closely to oversee crypto trading platforms, market participants and related services. The roundtable will run from 1 PM to 5:30 PM ET and will be streamed live. With the discussions, regulators gain an understanding of how crypto platforms operate while TradFi players share best practices from their decades of compliance and market structure understanding. Regardless, regulators, top crypto exchanges and traditional finance leaders will convene to discuss how unified rules could reshape operations for exchanges, custody providers, and stablecoin issuers and potentially draw institutional investors back into the crypto fold. Further, on 11 April 2025, the second session shifted the spotlight to trading rules. Executives from Uniswap Labs, Cumberland DRW and Coinbase joined the conversation along with representatives from the New York Stock Exchange and UC Berkeley. Then, about two weeks later, on 24 April 2025, discussions shifted towards custody. SEC Chair Atkins opened the session titled “Know Your Custodian,” which featured Commissioners Peirce, Uyeda, and Crenshaw. During the discussion, Pierce noted that custody remains one of the toughest challenges as crypto becomes more integrated with traditional finance. EXPLORE: 9+ Best High-Risk, High-Reward Crypto to Buy in 2025 Key Takeaways SEC and CFTC aim to align crypto rules through joint roundtable discussions Panels feature leaders from Kraken, Crypto.com, Nasdaq, and major financial institutions This meeting will focus on regulatory harmonisation from 1 PM to 5:30 PM ET and will stream live The post SEC-CFTC Roundtable Signals Crypto Legitimacy As Kraken, Crypto.com, TradFi Share Tables appeared first on 99Bitcoins.

Mechanism Capital co-founder Andrew Kang escalated his critique of Tom Lee’s latest Ethereum investment case with an unusually blunt tirade on X, interlacing his rebuttal with a series of sharply worded assertions and data-driven claims. “Tom Lee’s ETH thesis is one of the most retarded combinations of financially illiterate arguments I’ve seen from a well known analyst in a while,” Kang wrote, before listing five pillars he says underpin Lee’s view: “(1) Stablecoin & RWA adoption; (2) Digital oil comparison; (3) Institutions will buy and stake ETH; (4) ETH will be equal to all financial infrastructure companies; (5) Technical analysis.” Is Tom Lee’s Ethereum Thesis Retarded? Kang’s central attack targets the idea that rising tokenization and stablecoin activity should translate into outsized fee capture for Ethereum. “Since 2020, tokenized asset value and stablecoin transaction volumes have increased 100–1000x… [but] fees are practically at the same level as in 2020,” he argued. He attributed the disconnect to “Ethereum network upgrades making tx’s more efficient,” activity moving “to other chains,” and the reality that “tokenizing low-velocity assets doesn’t drive much fees.” He distilled the point with a stark comparison: “Someone could tokenize a $100m bond and if it trades once every 2 years… A single USDT would generate more fees.” The Mechanism Capital partner pushed the competitive angle further. “Most of the fees will be captured by other blockchains with stronger business development teams,” he wrote, naming “Solana, Arbitrum, and Tempo” as seeing “most of the early big wins,” and adding that “Tether is supporting two new Tether chains, Plasma and Stable,” explicitly intended to route USDT volume to Tether-controlled rails. Kang also dismissed Lee’s “digital oil” framing as analytically hollow. “Oil is a commodity… real oil prices adjusted for inflation have been trading in the same range for over a century with periodic spikes that revert… I agree ETH could be viewed as a commodity, but that’s not bullish,” he wrote. He extended the range analogy directly to Ether’s chart: “Looking at this chart objectively, the strongest observation is that Ethereum is in a multi-year range… we recently tapped the top of the range, failing to break resistance… I would not discount the possibility of a much longer $1,000–$4,800 range.” On relative performance, he added: “Long-term ETH/BTC is indeed in a multi-year range, but the last few years have mostly been dictated by a downtrend… The ethereum narrative is saturated and fundamentals do not justify valuation growth.” On institutions, Kang argued that Lee’s premise—that banks and large corporates will accumulate and stake ETH to secure tokenization networks or as operating capital—misunderstands treasury behavior and value accrual. “Have large banks… bought ETH on their balance sheet yet? No. Have any of them announced plans to? Also no… Do banks stock up on barrels of gasoline because they continually pay for energy? No… Do banks buy stocks of asset custodians they use? No,” he wrote, calling the idea that staking demand from incumbents would underpin valuation a category error. Kang’s thread culminated in a withering assessment of Ethereum’s pricing dynamics: “Ethereum’s valuation comes primarily from financial illiteracy… [which] can create a decently large market cap… But the valuation that can be derived from financial illiteracy is not infinite… Unless there is major organizational change it is likely destined to indefinite underperformance.” Lee’s latest outlook, by contrast, has emphasized Ethereum’s suitability for Wall Street tokenization and its role as a “neutral chain,” with public targets clustered around $10,000–$12,000 by end-2025 and up to $62,500 in a favorable super-cycle. At publication time, ETH traded near $4,000.

Overview: The foreign exchange market is becalmed today. The greenback is in narrow ranges with a slightly softer bias against most of the G10 currencies, but the Swiss franc and Canadian dollar. The news stream is light, and the leadership of the North American market seems awaited. The US announced a new sectoral investigation into robotics, industrial machinery, and medical devices. Under Section 232 of the Trade Expansion Act, the investigation can last 270 days. Separately, the White House budget office reportedly is preparing for large-scale permanent layoffs during a government shutdown, which looks increasingly likely. Workers deemed nonessential are typically furloughed during a funding lapse, but the administration appears to be threatening their permanent dismissal. About four in 10 federal workers are often considered nonessential during such periods. Equities are mostly softer after losses on Wall Street yesterday. In the Asia Pacific region, Japan, China's CSI 300, and Australia, among the large bourses bucked the move. Europe's Stoxx 600 is off around 0.40% after falling about half as much yesterday. US index futures are little changed but with a softer bias. European benchmark 10-year yields are narrowly mixed, while the 10-year Treasury yield is a little softer around 4.13%-4.14%. The US Treasury finishes this week's auctions with $44 bln in seven-year notes and $185 bln in bills. Gold is firmer near $3754 as it recoups around half of yesterday's decline. The record high was set Tuesday near $3791. November WTI settled above $65 yesterday, its best close since early this month. It is holding slightly below there today but mostly remaining above the 200-day moving average near $64.35. USD: The Dollar Index rose for the first time this week yesterday and approached the 97.90 area. It is consolidating in the upper end of yesterday's range. It has been confined to about a 97.75-97.90 range so far today. As long as nearby support near 97.60 holds, the next target is 98.25, and a move above there sets the stage for a test on the more formidable resistance around 98.70. There is a slew of US data today, including the advance goods trade balance and the preliminary August durable goods orders. With Q3 winding down, the revision of Q2 GDP is of little consequence. Given the focus on the labor market and the recent volatility, weekly jobless claims may be the most important data point today. Meanwhile, the Treasury completes this week's sales with $185 bln in bills and $44 bln seven-year note auction. Lastly, at least eight of the 19 Federal Reserve governor and regional presidents speak today and there is a good mix of hawks and doves. Watch Dallas Fed's Logan for insight into the Fed's balance sheet and QT. While casting a wide net to define US strategic interest, many are not persuaded that Argentina rises to the level of systemic risk. The contagion has been limited. The Mexican peso and Brazilian real recorded new highs for the year last week, and the Colombian peso did so on Tuesday this week. It is not a significant trade partner for the US. The appeal seems more ideological than economic. EURO: The euro reached a new four-year high last week near $1.1920. It finished last week near $1.1745. We have been looking for follow-through selling, and after some consolidation Monday and Tuesday, the euro was sold to almost 1.1725 yesterday. It is consolidating today between $1.1730 and $1.1755. Nearby support is seen extends to the $1.17 area, and a break could spur a move toward $1.1655. A modest widening of the US two-year premium over Germany and the turning of the daily momentum indicators favors this euro pullback. EMU money supply figures no longer capture the market's attention, while the lending figures are sufficiently firm to reinforce the sense that the bar to another ECB rate cut is high. Still, M3 money supply growth at 2.9%, matches the slowest pace since last July, but lending to both households and companies edged up. A shock, perhaps in the form of new USD tariffs, such as on pharma, or an escalation of Russia's asymmetrical disruption in central Europe could prompt a reassessment of ECB policy. CNY: The dollar rose by almost 0.35% against the offshore yuan yesterday, its largest advance since the end of July. It settled above the 20-day moving average (~CNH7.1280) for the first time in over a month. The dollar briefly poked above CNH7.14. The yuan's pullback seems to be a function of the greenback's broader gains, but also in the past two weeks, the PBOC stabilized the dollar's reference rate between CNY7.10 and CNY7.1130. Today’s fix was set at CNY7.1118 (CNY7.1077 yesterday). The dollar is paring yesterday's gains in quiet turnover. It is near CNH7.1280. Below here, the near-term risk extends toward CNH7.1225. JPY: With the help of higher US 10-year yields, the greenback rose to almost JPY148.90 yesterday, its highest level since September 4. It settled above the 200-day moving average (~JPY148.55) for only the second time since mid-February. The dollar is in a JPY148.55-90 range so far today. This month's high was set near JPY149.15. Japan's August producer service PPI was edged up to 2.7% from a revised 2.5% in July, but the more important price gauge is tomorrow's September Tokyo CPI. The headline and core rates are expected to rise for the first time in four months. GBP: Sterling's price action in the second half of last week was poor but it consolidated to start this week. The selling pressure resumed yesterday, sending sterling to almost 1.3425, its lowest level since the US employment data on September 5. While the low has held, it has not been much above $1.3465 today. A break of the $1.3420 area could signal losses toward $1.3365 next, and the month's low is closer to $1.3335. Short-term market positioning and the firmer dollar tone appear to be the main drivers, though the UK's economic outlook and the government's fiscal promises are concerning. After weak reception at the Gilt auction earlier this week, it is seeking to raise another GBP2 bln today. It has already sold GBP1.25 bln nine-year bond and will sell GBP750 mln 13-year bond shortly. CAD: In the context of the firmer US dollar, the Canadian dollar was the second strongest currency among the G10 yesterday, trailing behind the Australian dollar, which helped by the reassessment of the trajectory of RBA policy after a firm CPI reading. The greenback reached almost CAD1.3910 to record a new high for month. It is pinned in a narrow range around CAD1.39 today. The late August high was about CAD1.3925 and above there, CAD1.40 beckons, which also is where the 200-day moving average is found. The US dollar has not traded above CAD1.40 since mid-May. AUD: The Australian dollar reached almost $0.6630 yesterday, but the greenback's recovery proved too much for, and the Aussie was sold to session lows near $0.6575 in North America. It is in a $0.6580-$0.6605 range now. A break of $0.6575, which was also Monday's low, could signal a move back toward the $0.6525-60. The five-day moving average looks set to cross back below the 20-day moving average for the first time since late August. The market continues to adjust its outlook for the Reserve Bank of Australia, which meets on September 30. The current target rate is 3.60%. As recently as last week, the futures implied a mid-2026 rate of a little less than 3.10%. Now, it implies slightly about 3.25%. MXN: The US dollar has been consolidating against the Mexican peso since it approached MXN18.20 last week to set a new low for the year. It firmed to almost MXN18.4565 yesterday. The dollar is holding above MXN18.40 today but has not been above MXN18.43. Last week's high was closer to MXN18.47, and the bottom of the old range was above MXN18.51. The CPI for the first half of September, reported yesterday, was slightly firmer than expected, but it does not preclude a rate cut by Banxico today. A quarter-point cut brings the overnight target rate to 7.50%. The swaps market sees the terminal rate at 7.0%, but we suspect it can fall a bit further, maybe 6.50%-6.75% next year. Disclaimer

On Thursday, the Swiss National Bank (SNB) confirmed that the base deposit rate would remain unchanged at 0% after completing its quarterly monetary policy review for Q3 2025. This decision was fully in line with market expectations. The central bank ended its rate-cutting cycle after six consecutive reductions, which began in March last year and continued through June this year. According to the latest SNB statement, Switzerland's GDP growth forecast for 2025 was revised down to 0.2% from the previous 1.0–1.5% range. For 2026, the SNB projects Swiss GDP growth of about 1% (previously 1.0–1.5%). Inflation in the country is forecast to reach 0.0% in Q2 2028. Globally, economic growth slowed somewhat in the first half of 2025, pressured by U.S. tariffs and persistent uncertainty in world markets. The SNB expects global growth to remain subdued in the coming quarters, while inflation in the U.S. will likely stay elevated, and eurozone inflation is expected to remain close to target. Key risks include the possibility of rising trade barriers, which could cause a sharper slowdown in the global economy. However, there is also a chance that the world economy will prove more resilient than previously assumed. Switzerland's economic outlook has worsened amid significant U.S. tariff increases, which are expected to negatively affect exports and investment, particularly in sectors such as machinery and watchmaking. Unemployment is also projected to rise further. Overall, the country's economic forecast remains uncertain, with the main risks tied to U.S. trade policy and the broader trajectory of the global economy. The market's reaction to the SNB's interest rate decision was moderate. The USD/CHF pair is holding below 0.7950 but above support at 0.7940, showing minimal movement after the announcement. At present, the pair's rate has remained virtually unchanged. The table below shows the percentage changes of the Swiss franc (CHF) against major currencies for today. The franc showed the strongest performance against the New Zealand dollar. The material has been provided by InstaForex Company - www.instaforex.com

Why is no one shilling the RIOT Stock Price? Well, you can put us in the group because, out of the many crypto stocks, shares of Riot Platforms (NASDAQ: RIOT) climbed more than +10% on Tuesday, boosted by record production and renewed optimism around crypto mining. Wall Street sentiment has shifted firmly bullish, with most brokerages rating the stock a Strong Buy or Buy. If Riot Platforms can lease out its data center, as it has recently been rumored, the stock price is estimated to double. If it doesn’t, it’s still one of the best bitcoin miners with one of the healthiest balance sheets. Here is what’s next for Riot and if they will be a top crypto stock in Q4: DISCOVER: 20+ Next Crypto to Explode in 2025 How Does The Riot Stock Price Compare in the Mining Landscape? Can It Sustain Hype? Riot’s edge is easy to spot. August output hit 477 BTC, a 48% jump year-over-year, and electricity costs stayed at 2.6 cents per kWh. With mining economics dictated by power prices, that margin separates survivors from casualties. “Riot continues to expand its Bitcoin-driven infrastructure, underlining its cost advantage,” analysts at BTIG wrote this week. (Source: Riot Blockchain) Riot’s August mining revenue was $1.46Bn, up from $1.1 Bn in July. They’re 477 BTC, which translates to about $53 million at current prices, roughly 3.6% of global rewards. Meanwhile, Blockchain.com shows that the total mining hashrate, the entire mining power behind BTC, has slowly increased over the summer. (Source: Bitcoin Hash Rate) With US industrial power costs up 4% year-over-year (FRED), its sub-3 cent electricity rate is the edge that keeps margins intact. DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in July 2025 Should You Be Worried About Riot Blockchain’s Red Flags? Riot posted $376.7 Mn in quarterly revenue with margins that look enviable at first glance (76% EBITDA and 70.1% gross). But the devil is in the details and this netted RIOT a -17.5% net margin that raises questions about how durable the model really is. The company’s liabilities total $989M, though a current ratio of 1.4 suggests the balance sheet can handle near-term obligations. BitcoinPriceMarket CapBTC$2.23T24h7d30d1yAll time Efficiency is still a weak spot for Riot Platforms. Against a macro backdrop where Bitcoin hovers at $112,500, just above critical $112K support, Riot’s fate looks tied to whether BTC repeats its typical Q4 rally, averaging +23% since 2016, according to CoinGecko. Energy markets also remain a swing factor. With oil flirting with $90 a barrel and natural gas supplies tightening into winter, Riot’s fixed low-cost power contracts provide insulation that rivals like Marathon Digital and Hut 8 Corp. may envy. For crypto mining investors, the stock remains a high-beta play on Bitcoin. The numbers suggest Riot is building structural advantages, but profitability still depends on Bitcoin’s trajectory. We think it’s one of the best Bitcoin mining companies on the market. EXPLORE: ETH USD Price Primes to Retest $4,700: Dark Money Rotating into Ethereum? Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Why is no one shilling the RIOT Stock Price? Out of the many crypto stocks shares of Riot Platforms rocketed on Tuesday to new highs. Riot’s fate looks tied to whether BTC repeats its typical Q4 rally, averaging +23% since 2016, according to CoinGecko. The post RIOT Stock Price Rips +10% After Record-Breaking Production: Is RIOT Hottest Crypto Stock For Q4? appeared first on 99Bitcoins.

We introduce you to the daily updated section of Forex analytics where you will find reviews from forex experts, up-to-date monitoring of financial information as well as online forecasts of exchange rates of the US dollar, euro, ruble, bitcoin, and other currencies for today, tomorrow and this trading week.Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader. #instaforex #analysis #sebastianseliga The material has been provided by InstaForex Company - www.instaforex.com

After hitting its $124,000 all-time high back in July, the Bitcoin price has now moved back into a phase of struggling and consolidation. While many have called this out as only a temporary stop, expecting the Bitcoin price to continue its ascent once the decline is over, crypto analyst EXCAVO has taken a more bearish outlook. According to the analyst, the current market trend actually points to the end of the bull market and the beginning of the next bear market. Why The Bitcoin Price Will Crash In the analysis, EXCAVO outlined why they believe that the Bitcoin bear market was actually over. These were given as the classic signs of a top of the market, and there were three in total. The first of these is what the analyst referred to as “Universal Optimism.” This universal optimism simply points to the fact that everyone seems to be bullish at this point, in addition to seemingly bullish developments. EXCAVO points to the fact that governments are now accepting crypto and creating reserve funds as the reason universal optimism is a sign of the top. Next is that corporate buying has continued, especially for the likes of Bitcoin. Public companies such as Strategy have accumulated massive reserves of Bitcoin, with Ethereum treasuries not left out. These treasury companies have now bought tens of billions of dollars’ worth of Bitcoin and Ethereum. Last but not least, is that positive news around crypto is currently dominating the media. The analyst believes that with so much positive news and investors being reluctant to sell as they wait for higher prices, such as $200,000, $300,000, and $500,000, it is a signal that the Bitcoin price has topped. The Exit Strategy Playing into the idea that the Bitcoin price has topped and is headed into another bear market, the crypto analyst explained that they have sold everything. The plan is to wait until September 2026 before buying back in. According to the crypto analyst’s chart, they expect the Bitcoin price to fall below $61,000 at this time. The analyst also backs this up with the cycle theory, which says there are around 151 weeks of growth followed by 51 weeks of decline. Going by this, the growth phase is already completed, and between September 13 and October 6 is the beginning of the reversal zone that begins the bear market decline. Additionally, the crypto analyst also dismisses the idea of an altcoin season. Due to the large number of cryptocurrencies right now, sitting at over 1 million coins, EXCAVO says it is not possible for all coins to be pushed up at the same time, like it did in 2017. Rather, there will be selective pumps on altcoins that players are interested in. “I have not become a bear forever. I believe Bitcoin will hit $300,000. But not in the coming months,” the analyst stated. “It will be worth that in 2.5 years, after a healthy 50-60% correction from the peak.”

Dollar Strengthens, Stocks Slip On Wednesday, the MSCI global equity index declined, while the US dollar gained ground and gold prices fell. Investors were digesting cautious remarks from Federal Reserve Chair Jerome Powell about the timing of the central bank's next potential rate cut. Powell on Balancing Risks In his first speech since last week's rate reduction, Powell stressed that policymakers must carefully weigh the risks of persistent inflation against the signs of a cooling labor market before making further monetary moves. Market Expectations Despite his careful tone, CME FedWatch data indicates that traders still anticipate a rate cut in October. Housing Market Surprise Economic data released Wednesday showed a sharp surge in new single-family home sales, which jumped 20.5% in August to an annualized 800,000 units. Economists had expected a decline to 650,000. July figures were also revised upward to 664,000 from the previously reported 652,000. According to Goldman Sachs, the unexpectedly strong housing numbers could reduce the Fed's urgency to deliver further rate cuts. Inflation in Focus Investors now await Friday's release of the August consumer spending report, which includes the Fed's preferred inflation gauge and may heavily influence upcoming policy decisions. Market Closing Numbers Dow Jones Industrial Average: down 171.50 points, a drop of 0.37%, closing at 46,121.28;S&P 500: down 18.95 points, a drop of 0.28%, closing at 6,637.97;Nasdaq Composite: down 75.62 points, a drop of 0.33%, closing at 22,497.86.Stocks Under Pressure The global MSCI index slipped by 3.21 points, or 0.33%, finishing at 978.95. Gold Retreats from Highs Gold prices pulled back after reaching record levels in the previous session, as the US dollar strengthened. Market participants are now awaiting key economic releases that could shape expectations for the Federal Reserve's next policy moves. Spot gold fell 0.86% to 3,731.62 dollars an ounce, while US gold futures eased 0.36% to 3,767.10 dollars. Dollar Extends Gains The US currency advanced against the yen, the Swiss franc, and the euro. Meanwhile, the New Zealand dollar weakened following the appointment of a new central bank governor. The dollar index climbed 0.66% to 97.87. The euro declined 0.66% to 1.1737 dollars. Against the Japanese yen, the dollar rose 0.83% to 148.85. Versus the Swiss franc, it gained 0.54% to 0.795. The New Zealand dollar slipped 0.77% to 0.5811. Oil Hits Seven-Week High Crude prices surged to their highest level in seven weeks, climbing more than 2% as supply disruptions and export difficulties in Iraq, Venezuela, and Russia fueled market concerns. US crude gained 2.49%, or 1.58 dollars, closing at 64.99 dollars a barrel. Brent crude advanced 2.48%, or 1.68 dollars, to 69.31 dollars. Bitcoin in the Green Bitcoin added 1.36%, reaching 113,558.60 dollars. European Stocks Start in the Red On Thursday, the pan-European STOXX 600 index slipped 0.5%, standing at 551.3 points as of 07:08 GMT. Major regional exchanges also opened lower: Germany's DAX and the UK's FTSE 100 both retreated by 0.4%. Healthcare Sector Under Pressure Healthcare stocks were among the hardest hit, with the sector index down 1.1%. Shares of Siemens Healthineers plunged 6% after the US Department of Commerce announced new investigations into imports of medical devices, protective equipment, robotics, and industrial machinery over national security concerns. British firm Smith+Nephew also saw losses, falling 1.1%. Weakness Spreads to Other Sectors Construction and materials companies dropped 1.1%, while the industrial goods and services segment declined by 0.6%. Bright Spot: H&M Surprises with Strong Results Against the broader downtrend, Swedish fashion retailer H&M surged 9.4% after reporting third-quarter earnings that came in far stronger than analysts had anticipated. The material has been provided by InstaForex Company - www.instaforex.com