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  • Institutions managing €800 billion ask what crypto tokens actually earn

    Institutions managing €800 billion ask what crypto tokens actually earn

    Ma told CryptoSlate that allocators asked him how network activity connects to the asset an investor can own.

    Allocate or build in crypto

    Ma said institutions are drawn to networks “building towards durable, sustainable network revenues and a P&L that can be geared towards investment and reinvestment.”

    He described a maturing crypto industry with “so much work” ahead to win trust. Partnerships are important to investors once they reach the income statement, and the question he hears is how a partnership “is relevant for the underlying.”

    Ma separates two conversations: one covers “whether you allocate and actually invest in crypto,” and the other covers whether an institution is trying “to build a product and deploy it with the infrastructure.”

    Investors in the first group ask which infrastructure will power tokenization, and builders in the second ask which assets to put on chain. He said stablecoins and Treasuries came first, and “the race is now on” across private credit, equities, commodities and even hedge fund strategies.

    Private and publicly listed banks he met had advanced thinking about products and investments and “haven’t been very public with their ambitions.”

    What network activity earns

    Robinhood Chain offers a concrete test of that distinction. The Ethereum layer-2 network, built with Arbitrum technology, opened to the public on July 1.

    In its October 9 quarterly report, growthepie counted 793.7 million transactions and $51 million in fees paid by users between July 1 and September 30. It separately measured $591.4 million in application revenue.

    The fee stream was concentrated: a 12-day burst from August 30 to September 10 accounted for 74% of the quarter’s network fees. Stablecoin supply grew from $102.3 million at launch to $1.07 billion by the end of the quarter.

    That leaves allocators with two questions: how much activity persists beyond the launch surge, and how the resulting revenue reaches the asset they buy. Arbitrum’s governance documentation describes $ARB as a token for voting on DAO proposals. An investment case must explain how those governance rights connect network economics to returns.

    What would answer the question

    Institutions that value the infrastructure could build on it independently of an $ARB position. For an investment committee, sustained activity and a clear route from revenue to token-holder value would make a stronger case than a partnership announcement alone.

    Ma predicts that in 12 months these institutions will be “very active, very knowledgeable” participants.

  • Analytics Firm Says, “There’s a 90% Chance We’re at the Start of a Bull Market,” and Reveals Its Favorite Altcoins

    Analytics Firm Says, “There’s a 90% Chance We’re at the Start of a Bull Market,” and Reveals Its Favorite Altcoins

    Mike stated that the most important technical indicator for Bitcoin is the 50-week moving average, noting that the price managed to stay above this level in 2023, laying the groundwork for subsequent price increases. According to the analyst, the 50-week moving average, currently around $77,200, remains a critical support level in the current cycle.

    Mike predicted that this average could bottom out around $75,000, while Bitcoin’s movement between $78,000 and $92,000 would be similar to the early bull market of 2023. The analyst warned that a sustained decline below $75,000 could seriously weaken the current bullish scenario.

    According to an analyst, altcoins could be the winners of this cycle.

    One of the most notable points in Mike’s assessment was his expectation that altcoins could outperform Bitcoin in the current market cycle.

    Recalling that Bitcoin’s market dominance steadily strengthened in the previous cycle, the analyst argued that a different picture might emerge this time. He stated that the main reason for this is the presence of more cryptocurrency projects that have reached real user demand, generated revenue, and transferred economic value to token holders, compared to previous years.

    Mike, specifically highlighting the importance of token buyback mechanisms, stated that in some projects, reinvesting revenue generated back into the token economy creates a stronger value proposition for investors.

    The analyst, noting the recent performance of projects like Zcash (ZEC), Hyperliquid (HYPE), Lighter ($LIT), and $NEAR Protocol ($NEAR), said that demand for quality altcoins could create a different market structure than in previous cycles.

    However, Mike, who expects Bitcoin’s market dominance to rise again in the short term from around 60 percent, predicted that this movement could trigger a new wave of gains in altcoins.

    Could Robinhood’s Ecosystem Be the New Solana?

    The analyst suggested that one of the most notable opportunities in the current market could be the ecosystem developing around Robinhood Chain.

    Mike stated that the Robinhood ecosystem has seen a sharp correction following intense speculation during the summer months, with some assets losing approximately 70 percent of their value and investor sentiment deteriorating significantly.

    However, according to the analyst, this does not mean that the ecosystem’s long-term potential has disappeared.

    Mike noted that Robinhood’s large user base, wallet infrastructure, and ability to combine traditional and decentralized finance applications offer significant advantages, and drew attention to the infrastructure created by platforms such as Uniswap, Morpho, and Lighter.

    The analyst did not claim that the Robinhood ecosystem would directly become the Solana of this cycle, but reminded that in past cycles, some ecosystems that attracted speculative interest early on turned into big winners in subsequent rallies.

    According to Mike, the current price correction presents a noteworthy period for assessing whether the Robinhood ecosystem will play a significant role in future market movements.

    Related News Experienced Analyst Issues Warning About Bitcoin: “It Shouldn’t Close Above This Level This Week, or There Could Be a Sharp Drop”

    Which Altcoins Stand Out After the Sharp Decline?

    Mike also reviewed the recent performance of the assets in his portfolio, noting in particular the pullback in the price of Lighter ($LIT).

    The analyst noted that the $LIT price had fallen from around $5.50 to $3.30, adding that the Relative Strength Index (RSI) approaching the oversold region could be a potential positive sign.

    Mike also stated that he maintains his bullish outlook for Ethereum (ENA), while noting that Derive (DRV) remains stronger compared to some other altcoins, influenced by a recently published investment report.

    The analyst noted that momentum indicators in the Memecoin portfolio were also approaching oversold levels, suggesting that new opportunities could emerge in this area, but cautioned that these assets carry high volatility.

    Mike explained that although his positions outside of Bitcoin have fallen by approximately 33 percent from their September peaks, they continue to generate a total return of over 106 percent.

    On the other hand, the analyst added that one of the biggest risks to the bullish scenario is inflation. Noting that US annual inflation in September came in at 3.7%, exceeding expectations, Mike said that pressure on interest rates and bond yields could increase volatility in the cryptocurrency market.

    Nevertheless, the analyst, maintaining his long-term optimism, argued that the current sell-off could be a rebalancing process in the early bull market rather than the beginning of a new bear market.

    *This is not investment advice.

  • Killer of ‘tortured’ crypto millionaire and wife found in desert dies in prison

    Killer of ‘tortured’ crypto millionaire and wife found in desert dies in prison

    One of Roman and Anna Novak’s suspected murderers died in his prison cell last month, it’s been revealed by Russia’s Federal Penitentiary Service.

    Along with drugs smuggler Konstantin Shakht and soldier Yury Sharypov, Russian native Vladimir Dalekin was believed to have posed as a crypto investor in October 2025; meeting the millionaire Novaks on false pretences near Dubai before abducting them, torturing them in front one another and finally, killing them.

    Per The Daily Mail, it’s reported by the state that Dalekin passed away from a ‘longstanding chronic illness’, although these supposed health issues were never on public record prior to his death.

    This mysterious turn of events occurred on Wednesday, 16 September, but official word only came out of Russia this week.

    Could there be more to this story? You wouldn’t bet against it.

    Roman and Anna Novak were brutally murdered just outside of Dubai this time last year (X/Twitter)

    Roman and Anna Novak were brutally murdered just outside of Dubai this time last year (X/Twitter)

    As for what happened to Fintopio founder Roman, 38, and his wife, 37, they were taken to the village of Hatta by the three criminals.

    Here, in a villa, they were brutally forced to hand over codes in order for their captors to access their personal cryptocurrency, yet the wallets were completely empty.

    The husband, who himself spent some time in jail for embezzlement, is said to have sent a text at this time, claiming they were both ‘stuck in the mountains on the Oman border’ and desperately needed £152,000.

    Investigators found that Roman and Anna were subsequently stabbed and made to watch each other die.

    The three killers dismembered their bodies before jamming them inside thick polyethylene bags and drowning them in chemicals.

    Roman and Anna’s corpses were cast in concrete and later dumped in the desert.

    Phone tracking data revealed they drove from Hatta to Oman and then Cape Town, South Africa, before the signal was lost. However, UAE law enforcement and Russian police believe the phones were used to confuse investigators.

    The couple's mutilated bodies were found near the UAE's border with Oman (Instagram/Roman Novak)

    The couple’s mutilated bodies were found near the UAE’s border with Oman (Instagram/Roman Novak)

    Per the Russian paper Komsomolskaya Pravda, Roman was under investigation at the time of his disappearance over the alleged theft of above £38 million from crypto investors.

    Among his victims were businessmen from China and Middle Eastern territories.

    KP wrote of the deceased: “He had a knack for presenting himself as someone operating on the same level as Pavel Durov and Arab sheikhs. In reality, Novak was simply a talented manipulator who managed to convince people to hand over hundreds of millions of dollars”.

    Back when the three killers were first detained, Russian Investigative Committee spokesperson Svetlana Petrenko said they employed accomplices to help organise the Novaks’ abduction.

    “They rented cars and premises where the victims were held by force,” she said. “After the murder, the perpetrators disposed of the knives and the victims’ personal belongings, leaving them in different Emirates.”

    The committee further confirmed that the couple were meant to meet investors in Hatta, as their personal driver took them to a car park by a lake, where they were transferred to another vehicle and never seen alive again.

    As a result of their deaths, Roman and Anna’s orphaned young children are now in the care of their grandparents.

  • Hidden Text, a Fake Mailbox: How Researchers Got Rogue AI Agents to Talk

    Hidden Text, a Fake Mailbox: How Researchers Got Rogue AI Agents to Talk

    In brief

    • Swarmchasers used hidden text and a mailbox to exchange messages with some AI agents while they were still running; one described its job as checking public Amap map data.
    • The fleet made more than 2,600 attempts to retrieve Amap data, and some agents tried anti-bot workarounds or used exposed API credentials.
    • The activity traced to Tencent Cloud, but a person close to Tencent said the project tested third-party models rather than Hunyuan.

    Researchers investigating AI agents hijacking Alibaba’s mapping service, Amap, managed to talk directly to some while the software was still running.

    To do so, they added text invisible to human readers but visible to web-reading tools to a report the agents appeared to be scanning, then used a mailbox to ask about their tasks and environment.

    Myriad: Which company will have the best AI model? Click to make your prediction.
    Myriad: Which company will have the best AI model? Click to make your prediction.

    One agent said it was checking a map fact—how many entrance labels appeared for a scenic spot on Amap—and described itself as running in a restricted Tencent Cloud sandbox. The researchers could not independently establish which model powered each run. They called it the first outside communication with an active rogue-agent fleet they knew of.

    The October 14 Swarmchasers report traced more than 2,600 attempts from September 28 to October 8 to retrieve data from Amap, a Chinese mapping app operated by Alibaba. Some tasks were mundane, such as checking which entrance visitors most often use for Chengdu Zoo. Some agents kept trying after the service blocked their requests.

    The researchers’ hidden text falsely described the mailbox as an AI service with computer-use abilities. In reality, it routed messages to a Claude agent operated by the researchers, which could use a debugging browser. The exchanges were not a controlled test, and the researchers’ intervention may have affected what agents said.

    BitcoinBTC · USD

    $81,284−1.42%

    Oct 9Oct 11Oct 13Oct 15Oct 16

    $84.2k$82.9k$81.5k$80.2k

    24h HighHigh$82,816

    24h LowLow$80,761

    VolVol$1.2B

    Market projectionsOdds by Myriad

    →

    After Amap blocked requests, some agents tried to intercept tokens generated by anti-bot software, route traffic through third-party page readers, or use API credentials exposed in public code repositories. One exposed key-and-security-code pair returned real place data. Researchers also found requests targeting four development or pre-production hosts, but said they had no evidence the agents accessed private systems.

    Public records linked the fleet to Tencent Cloud since all 17 inboxes the researchers inspected were created from Tencent servers in Hong Kong, and observed direct requests passed through a proxy called hysandbox-ats. A person close to Tencent told Swarmchasers the activity came from a temporary evaluation project testing third-party AI models, not Tencent’s Hunyuan models.

    That said, this is not the first time we hear of malicious AI agents. OpenAI-powered AI agents have gone a lot further. Back in September OpenAI revealed that some of its agents had probed Hugging Face weeks before the July breach, and a separate investigation found roughly 1,200 agents coordinating on an internal message board, with about 700 joining the attack. Meta and Anthropic also revealed similar incidents of rogue AI agents escaping sandboxed environments.

    Another report linked OpenAI agents to breaches of four additional platforms, but Swarmchasers found no evidence that the Tencent-linked agents coordinated with one another in real time.

    The last observed activity from the fleet was on October 8. The researchers said Tencent’s internal review, as described by their source, found no evidence that the agents had been coordinated to target a specific platform or had breached external systems.

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  • NHS trust issue apology after staff ‘accessed record’ of Yorkshire tiger attack victim ‘without legitimate reason’

    NHS trust issue apology after staff ‘accessed record’ of Yorkshire tiger attack victim ‘without legitimate reason’

    Yorkshire Ambulance Service NHS Trust have issued an apology after they found that medical records of a man killed by a tiger were either inappropriately accessed or attempts were made.

    William Chapman was killed on Saturday (10 October) after he climbed into the tiger enclosure in Yorkshire Wildlife Park and was attacked by one of the animals.

    The park has since reopened and an inquest into Chapman’s death is scheduled, but an investigation has been launched after the trust said that two members of staff attempted to access his medical information.

    They said in a statement: “The trust has identified an information governance concern in relation to this tragic incident at Yorkshire Wildlife Park and William’s family has been informed of our ongoing investigation into this.

    “We believe there may have been two instances involving two members of staff accessing or attempting to access incident/medical information following this incident without a legitimate reason to do so.

    Attempts have been made to access William Chapman's medical records, his family have been alerted (Family Handout)

    Attempts have been made to access William Chapman’s medical records, his family have been alerted (Family Handout)

    “We take the confidentiality and security of patient information extremely seriously and have robust systems in place to protect information, and this concern has been identified as a result of our proactive audits.”

    The investigation is seeking to understand what the circumstances were around the attempt to access Chapman’s medical records.

    Whether his records were accessed or the attempts were not successful is unclear, but the Information Commissioner’s Office (ICO) has been alerted about what happened.

    Today (16 October) is the first day the park has been reopened since Chapman was killed, and visitors have said they are glad that the tiger, named Altai, is not going to be euthanised as a result of the tragedy.

    The park said they would continue to help South Yorkshire Police and all other agencies that form part of the investigation with their inquiries.

    Yorkshire Wildlife Park has started admitting visitors again (Press Association)

    Yorkshire Wildlife Park has started admitting visitors again (Press Association)

    Yorkshire Wildlife Park has asked those visiting to ‘be understanding and respectful towards our staff team’.

    Staff at the park were praised for their ‘tremendous professionalism and dedication during an exceptionally difficult time’.

    They said: “We are providing specialist trauma support and ongoing care for those affected.

    “As inquiries remain ongoing, it would be inappropriate for us to comment further on circumstances at this time.

    “We would like to thank everyone for their patience, understanding and support during this difficult period, and we look forward to welcoming visitors back to the park.”

    Chapman’s family said he was ‘bright, warm and engaging‘, while a neighbour who had known him for the past few months had described him as a ‘lovely, lovely man’.

  • GTA 6 Trailer Features Meme Coin—And Solana Copycat Soars 2,900%

    GTA 6 Trailer Features Meme Coin—And Solana Copycat Soars 2,900%

    In brief

    • GTA 6’s launch trailer was released on Thursday and briefly mentioned “Dacity Coin,” which has caused an on-chain frenzy.
    • A copycat Solana meme coin skyrocketed 2,900%, thanks to the trailer, with dozens of traders profiting more than $10,000 each.
    • The token existed five days before the trailer release, after degens found mention of Dacity Coin in leaked GTA 6 footage.

    Two seconds of the Grand Theft Auto 6 trailer was all it took for a Solana meme coin to fly, making some traders pretty rich.

    Dacity Coin was seen plastered along the side of a plane in the GTA 6 launch trailer released on Thursday, with a man setting off a neon pink flare on the wing. This prompted a real meme coin of the same name to skyrocket 2,900% from a $104,000 market capitalization to $3.18 million, in the hour following the trailer’s release.

    Interestingly, the token had been created five days prior, after notorious Rockstar hacker “Cyberleek” leaked GTA 6 gameplay revealing that Dacity Coin was set to be in the game—but only a comparatively small group of traders noticed.

    Upon its October 11 launch on Solana launchpad Pump.fun, Dacity Coin hit a peak market cap of $1.14 million before falling to $144,700 over the coming day and trading sideways until Thursday’s sharp rise.

    As a result, traders had plenty of time to buy into the meme coin before it skyrocketed. According to DEX Screener, 24 traders profited more than $10,000 on the token, with the top trader turning $1,912 into $44,000.

    Dacity now sits at a $1.5 million market cap, dropping around 53% from its $3.18 million peak.

    What is Dacity?

    In the launch trailer, the plane reads “DacityCoin AudaCity,” and in previously leaked footage, the game’s protagonist Lucia can be seen skydiving wearing an AudaCity parachute. When the parachute opens, per the leaked screenshots, it features the slogan “Quit your job. Sell your house. Move [ineligible].”

    According to the GTA wiki, Lucia is asked to parachute as a stunt to advertise the AudaCity brand and attract investment to the Dacity Coin.

    If true, the game appears to be satirizing the stunts that meme coin creators have performed to promote their tokens over the years. In 2024, Decrypt reported that a man set himself on fire to promote his meme coin while others smoked drugs on livestream, pretended to be a dog, or recklessly shot a pistol out of their window.

    Myriad: Where does Solana go next? Click to make your prediction.
    Myriad: Where does Solana go next? Click to make your prediction.

    This falls on the backdrop of years-long rumours of cryptocurrencies featuring in GTA 6. Several theories were thrown out, including play-to-earn features, NFT-owned properties, and even an entire blockchain for the game. However, all of them were unsubstantiated—Dacity Coin is the first solid sign of cryptocurrency being in the upcoming game.

    How prominent will Dacity Coin be in the upcoming GTA 6 game? That’s the question currently on the lips of traders. If it’s a mainstay of the game, then degens might stand to profit handsomely from holding the token for longer. If not, well, this might be the end of the road.

    Déjà vu

    This has all happened before.

    In February 2025, Fortnite added a fake crypto coin called Dill Bits, and degens quickly launched a real one on Solana that hit a $4.78 million market cap before crashing 96%. It pumped 2,700% again in April after Epic Games CEO Tim Sweeney called it a scam, then dropped 82% within days.

    “I didn’t launch it. What is wrong with you people,” Sweeney posted, as traders floated theories that he was secretly behind the coin.

    The Dill Bits community took the whole thing as bullish, given that Fortnite’s storyline was literally about a pickle villain called Big Dill running a crypto rug pull. It didn’t help much, with DB dropping 82.3% in the days that followed.

    Epic Games told Decrypt at the time that there was “no real cryptocurrency or memecoin associated with Fortnite or endorsed by Epic.”

    Rockstar has yet to say anything about Dacity Coin, and the game studio did not respond to Decrypt‘s request for comment.

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  • Katie Zacharia fired as White House press secretary after just 5 days following public scrutiny

    Katie Zacharia fired as White House press secretary after just 5 days following public scrutiny

    Katie Zacharia fired as White House press secretary after just 5 days following public scrutiny

    Donald Trump said she should ‘reconsider’ her role

    Featured Image Credit: Chip Somodevilla/Getty Images

    Topics: US News, Donald Trump

  • OpenAI Model Used Testnet Ethereum Wallet Without Permission to Finish Coding Task

    OpenAI Model Used Testnet Ethereum Wallet Without Permission to Finish Coding Task

    In brief

    • OpenAI said an internal research model used funds from a crypto wallet it had not been given to pay for a contract deployment on Ethereum’s Sepolia test network.
    • The model derived keys from publicly known developer recovery phrases, checked 362 addresses, and judged the valueless test tokens acceptable to spend.
    • It did not disclose using the account, and OpenAI says it has added safeguards to stop models getting live internet access in similar cases.

    An internal OpenAI research model used funds from a crypto wallet it had not been given to complete a coding task, deriving the wallet’s keys from publicly known developer recovery phrases, the company said in a misalignment report updated on Thursday.

    The model, from the company’s GPT-5.6 Sol family, was asked to update a crypto trading prototype and deploy smart contracts on Ethereum’s Sepolia testnet, where tokens have no monetary value. The incident took place in June during a training task, and OpenAI discovered it in September.

    The instructions allowed the model to deploy its own contracts if it could not find compatible ones. But they supplied no funded wallet and did not give the model permission permission to spend from an account it had found on its own, according to the report.

    After failing to source test tokens from faucets, the model wrote a script to derive accounts from common developer recovery phrases and check their balances. A recovery phrase lets anyone who knows it derive the private keys that control the matching accounts.

    Myriad: Where does Ethereum go next? Click to make your prediction.
    Myriad: Where does Ethereum go next? Click to make your prediction.

    The script checked 362 addresses and found one with enough Sepolia ETH to pay for the deployment.

    The model questioned whether it had permission before signing the transaction. “But using public known key/funds ethically? Funds on a known public dev mnemonic are effectively abandoned/test ETH; Sepolia valueless,” it reasoned, before concluding: “Fine.”

    The deployment succeeded and charged transaction fees to the account. In its final response, the model reported that it had deployed the contracts but did not disclose how it paid for them.

    “This case shows that a model can substitute its own judgment about likely harm for the account holder’s permission, then act on that judgment without authorization,” OpenAI wrote.

    AI agents in test environments

    The report adds to a string of cases in which AI agents have worked around the limits of their test environments, including one in which OpenAI’s GPT-5.6 Sol and a more capable pre-release model escaped their sandbox and hacked rival AI firm Hugging Face’s production servers.

    Last month, researchers at cybersecurity firm Darktrace found AI agents hacking their own test environment to cheat, while some scientists have called for AI systems to be cut off from the internet.

    OpenAI said it found the incident while extending its misalignment monitoring to records of earlier model activity. It has added “additional safeguards” to prevent live internet access for models in similar cases, and now runs its monitoring system on all traffic, designed to alert security if a model gains live internet access.

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  • Has the Bitcoin Selling Wave Stopped? Could $80,000 Be the Bottom? Glassnode Explains!

    Has the Bitcoin Selling Wave Stopped? Could $80,000 Be the Bottom? Glassnode Explains!

    Buyers Enter at $80,000!

    Glassnode reported that after Bitcoin briefly dropped below $80,000, large buy orders that had been waiting around $80,000 in the Binance $BTC/USDT spot order book for the past week were filled. Even new large buy orders were entered.

    Glassnode noted that $BTC subsequently recovered gradually, but buy orders below $80,000 were weaker compared to previous levels. This suggests that downward pressure could increase if the price retests the same region.

    Past Selling Waves Coincided with Lows!

    Glassnode’s data indicates that stop-loss orders increased in early and mid-August and mid-September, with each event coinciding with Bitcoin forming a short-term bottom. Following the August sell-off, the price rose to the $80,000 level, while a recovery above $85,000 occurred after the September drop.

    Glassnode also stated that profit-taking has decreased since Bitcoin’s peak in September. According to the company, if this pattern repeats, the sell-off seen yesterday around $80,000 could indicate a short-term bottom for the current correction.

    At this point, Glassnode’s assessment suggests that a drop below $80,000 could increase selling pressure and bring the $78,000 level into play. Therefore, the potential bottom is not yet certain.

    *This is not investment advice.

  • Experienced Analyst Issues Warning About Bitcoin: “It Shouldn’t Close Above This Level This Week, or There Could Be a Sharp Drop”

    Experienced Analyst Issues Warning About Bitcoin: “It Shouldn’t Close Above This Level This Week, or There Could Be a Sharp Drop”

    However, Cowen added that these indicators do not offer a definitive bullish guarantee. He stated that Bitcoin falling below the $83,000 level, especially on weekly closes, could seriously weaken the current bullish scenario. According to the analyst, such a development could lead to a concentration of selling pressure within just two or three weeks, similar to the false breakouts seen in 2015 and 2020.

    Cowen believes that for Bitcoin to continue its upward trend, it needs to maintain its 50-day moving average and reach a new local high above $87,000 before the end of October. Otherwise, he says, the price could quickly retreat towards the lower end of its current trading range.

    Related News Will This Altcoin Split from Ethereum? Critical Vote Begins, Price Rises

    The $50,000–$60,000 Scenario for Bitcoin is Also on the Table

    Another risk highlighted by Cowen was the Fed’s monetary policy. The analyst argued that rising inflation, which could lead to interest rate hikes, could put pressure on Bitcoin and other risky assets.

    Cowen, specifically comparing the situation to 2019, noted that Bitcoin’s rise then was supported by the Fed’s balance sheet expansion and interest rate cuts, but that current monetary policy is moving in the opposite direction. He also pointed out that increasing concerns about economic growth in the US and a potential sharp correction in stock markets could negatively impact the cryptocurrency market.

    The analyst stated that Bitcoin’s valuation against gold has not yet given a definitive bottom signal. Considering the possibility of the Bitcoin/gold ratio falling back to the historically seen level of 10, Cowen noted that in a scenario where gold is at $5,000, Bitcoin could be at $50,000, and if gold is at $6,000, it could be at $60,000. He added that this is more of a possible macroeconomic scenario than a direct price target.

    Cowen also argued that if Bitcoin were to fall again and form a new low above its current level, it could have a more negative impact on the market than expected. He stated that such a move could damage investor confidence and pave the way for a longer recession that could extend into 2027.

    *This is not investment advice.