Tag: CRYPTOS FoxBusiness

This creates a positive feedback loop for $STX: As more $BTC moves into the Stacks ecosystem, a larger portion of $STX is systematically locked up and removed from the active market. By tying bitcoin liquidity directly to $STX scarcity, the architecture skews demand-supply dynamics heavily in favor of long-term price appreciation.

Period 3 follows Periods 1 and 2, which served as preparatory phases to safely transition signers and bootstrap initial liquidity.

$STX is not the only coin to have surged over 24 hours. BDX, REDNER, and PYTH are other major gainers, adding 6% each. It’s a sign of liquidity increasingly pivoting to coins other than the major cryptocurrencies.

Still, the broader context remains tightly bound to macroeconomic indicators. Analysts are getting ready for Wednesday’s U.S. Consumer Price Index (CPI) report, which could heavily influence expectations for upcoming Federal Reserve interest-rate decisions. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

• Ledger says ‘spy’ chip inside CryptoBilis Ledger devices transmitted wallet keys over mobile network (CoinDesk): Covert hardware implanted in some Ledger crypto wallet devices read users’ 24-word recovery phrases and sent them to an attacker over a mobile phone network.
• Global semiconductor stocks sell-off over AI boom worries pulls Asian shares lower (AP): Global shares were mixed, but a selloff in chipmaker shares pulled Asian shares lower, with South Korea’s benchmark Kospi index falling more than 5%. U.S. futures edged higher, and oil prices fell.
• Bitcoin whale that sat through the March 2020 crash moves $378 million (CoinDesk): A bitcoin whale who received their coins days before the Covid crash of March 2020 and sat through it has moved $377.6 million worth of $BTC.
• U.S. Treasury yields fall as energy prices pull back (CNB): Bond yields fell after energy prices dropped in early trading as investors looked ahead to key economic data releases this week.

“User assets remain safe and secure, and we will communicate any further updates through our official channels.”

BitMart, Phemex and MEXC did not immediately respond to a CoinDesk request for comment.

South Korea’s proposed Digital Asset Basic Law, yet to come into force, would set the groundwork for a legal framework for digital assets, including issuance, trading, custody and supervision. The country’s Financial Services Commission and Financial Supervisory service announced new rules in April, removing the discretion exchanges had to let users bypass holding periods.

The FIU said it has referred 44 unregistered operators to investigators and will seek further blocks against websites that reopen under different addresses. Only 28 virtual asset service providers are currently registered with the regulator.

The financial watchdog also warned that traders using unauthorized platforms could face difficulties recovering their funds. The FIU said it will work with the Digital Asset eXchange Alliance (DAXA), an industry association, to help affected customers withdraw their funds where access restrictions create problems. It also urged investors to check whether their exchange is registered and to withdraw assets from unauthorized operators.

South Korean investors have been gradually moving large amounts of crypto overseas for months due to stricter rules, with an estimated $110 billion leaving domestic exchanges in 2025.

The move adds another major asset manager drawn to Wall Street’s tokenization effort. Firms including BlackRock, Franklin Templeton, JPMorgan and, more recently, New York Life Insurance Company have embraced blockchain-based versions of traditional funds, betting the technology can modernize how assets are issued, transferred and settled. Using blockchains for investment funds could settle faster, automate recordkeeping and move more easily between financial platforms, proponents say.

Citi has projected that the tokenized securities market could balloon to $5.5 trillion by 2030.

In-house tokenization

Federated Hermes have already experimented with tokenization, and its latest effort goes beyond previous its blockchain initiatives.

The firm has worked with platforms including London-based Archax, Goldman Sachs (GS) and Singapore-based Conduit Digital to create tokenized representations of its existing investment products. Those arrangements involved third parties issuing digital versions of conventional fund holdings.

Federated Hermes now intends to issue tokenized fund share classes itself, Barr said, giving the asset manager a more direct role in bringing its products onchain. Before joining the asset manager in May, Barr spent 15 years at custody banking giant BNY, most recently as head of digital cash and innovation.

The firm’s large liquidity-management business makes money market funds a natural starting point, Barr said. Such funds invest in short-term debt and serve as a place for investors to park cash while earning yield.

Market Pulse

Currently, KuCoin’s trading volume is not reported, indicating a potential pause in user activity amid these regulatory changes. The broader crypto market continues to show mixed signals, with varying momentum across major assets. This uncertainty may further complicate user engagement with platforms affected by South Korea’s restrictions.

KuCoin is a global cryptocurrency exchange that facilitates trading in various digital assets. The South Korean FIU has jurisdiction over financial operations within its borders, making its recent actions significant for both domestic and international crypto exchanges operating in the region. These measures underline the government’s commitment to enhancing compliance and user protection in the rapidly evolving crypto landscape.

Where Do We Go From Here

Traders are now watching how this regulatory action will impact KuCoin’s operations and user base in South Korea. The potential for further restrictions on additional domains used to circumvent these blocks could create a ripple effect in the market. Analysts suggest that the response from affected exchanges and user compliance will be critical in shaping the market’s near-term dynamics.

Bitcoin BTC$82,292.69 climbed back above $83,000 on Tuesday, shaking off an early drop as a sharp selloff in Asian chip stocks and U.S. tech futures weighed on risk appetite.

The largest cryptocurrency by market value fell to just under $81,000 at 00:50 UTC before recovering above $83,000, according to CoinDesk data. Ether ETH$2,510.04 bounced from five-day lows, while $XRP ($XRP) turned higher after touching three-week lows. Zcash (ZEC), solana (SOL) and several other major tokens followed a similar pattern.

Asian tech rout

The early crypto weakness came as South Korea’s KOSPI plunged more than 6% intraday, falling below 6,000 and hitting its lowest level since late July. The index remained down roughly 6% in morning trade.

Chipmakers led the rout. Samsung Electronics and SK Hynix each fell roughly 8%, extending their losing streaks to five sessions. Investors were rattled by concerns over AI-related valuations and rising competition from Chinese memory-chip producers.

Hong Kong’s Hang Seng slipped 0.4%, while Nasdaq futures fell 0.6%, extending Monday’s 0.78% decline in the tech-heavy index.

Oil stays elevated

WTI crude traded near $92.67, holding most of Monday’s sharp recovery from below $90. Fresh attacks in Saudi Arabia and continued threats to shipping through the Strait of Hormuz have kept energy-market uncertainty elevated.

However, according to the analyst, even though market conditions are beginning to recover, a sustained uptrend requires regular capital inflows into spot Bitcoin ETFs and a strengthening of buying activity in the US spot market to be confirmed.

On-Chain Data Giving a Bottoming Signal!

The analyst also considers the improvement in macroeconomic conditions among the possible signals of a bottoming out. At this point, market expectations regarding the probability of a Fed interest rate hike in October have fallen to approximately 18%, and Brent oil prices have dropped from levels close to $110 per barrel to around $103.

In addition, the analyst cited changes in three on-chain indicators as bottoming signals. According to the analyst, the first indicator shows that Bitcoin holdings on exchanges have recently recovered but remain at a low level. Second, ‘Apparent Demand,’ which indicates new demand for Bitcoin, has also rapidly recovered from a significantly negative level. Third, the amount of Bitcoin held by whales has also increased. It was stated that the Bitcoin holdings of large investors have reached approximately 3 million $BTC and maintained a high level even during the recent price correction.

According to the analyst, these indicators suggest that conditions are improving for a bottom formation in Bitcoin. However, a definitive bottom confirmation requires sustained ETF inflows, strengthening buying in the US spot market, and continued demand recovery.

There’s a Possibility of Correction!

The analyst noted that while October historically stands out for its bullish expectations, a potential rise in October doesn’t necessarily have to be uninterrupted.

The analyst says that current data suggests a correction could pave the way for a new uptrend. However, confirmation of strengthening market demand is needed to say that Bitcoin has formed a permanent bottom.

“…The October rally doesn’t necessarily mean uninterrupted gains. A correction could lay the groundwork for the next rally.”

*This is not investment advice.

According to data shared by Arkham, the portfolio includes approximately $1 billion worth of SUSDS, $653 million worth of STETH, $341 million worth of Bitcoin, and $142 million worth of WBTC. The value of WLFI assets is estimated at approximately $31 million. These figures reflect estimates at the time the research was published.

Arkham also said that this estimate was based on tracking wallets identified as belonging to Sun across 10 blockchains.

However, Arkham points out that Sun’s on-chain assets should be separated from his total wealth. In this regard, Arkham states that Justin Sun’s total wealth could reach $7 billion. In fact, a separate study published by the company in February 2026 estimated Sun’s total wealth to be between $5 and $7 billion.

Justin Sun Ranks Second on the Crypto Millionaires List!

In Arkham’s rankings, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, still holds the top spot with approximately $92 billion in on-chain assets. Justin Sun is in second place with approximately $2.2 billion. However, on-chain analytics only cover wallets that can be identified and associated with specific individuals or organizations. Therefore, the figures disclosed do not accurately reflect the total assets of individuals.

*This is not investment advice.

According to the statement, the service is provided through the bank’s Dubai International Financial Centre (DIFC) branch. DIFC allows eligible corporate clients to hold their digital assets in the bank’s custody infrastructure.

The bank also added that it is working with Ripple and LMAX Group to make $RLUSD acceptable as collateral under its Collateral Mirroring model. According to the bank, another aspect of this work involves extending Standard Chartered’s existing Collateral Mirroring model to LMAX Group.

This model aims to allow assets to be held in a custodian institution while the corresponding balances can be used as collateral on the trading platform. This enables institutions to access liquidity and reduce counterparty risk without transferring their assets to trading platforms.

What Does This Mean for the Institutional Cryptocurrency Market?

This development has the potential to expand $RLUSD’s use in institutional custody, collateral, and transaction processes. The previously announced partnership between Ripple and LMAX Group also aims to increase the stablecoin’s use in institutional markets.

Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated: “$RLUSD was developed specifically for these types of institutional use cases. Our clients want the efficiency of a regulated stablecoin without sacrificing the custody standards they already trust. Combining $RLUSD on the $XRP Ledger with Standard Chartered’s custody capabilities and LMAX Group’s institutional transaction infrastructure creates a practical way for institutions to use stablecoins in global markets.”

*This is not investment advice.

The Tether freeze, confirmed by Bitquery, is important because stablecoin issuers can block tokens linked to crime, unlike bitcoin or ether. Bitquery also said roughly $81 million could still be traced onchain as of Oct. 11, while some funds had moved through Tornado Cash and Zcash.

Tether did not immediately respond to a CoinDesk request for comment on the freeze.

Ledger’s effort to characterize the incident as confined to CryptoBilis has drawn pushback because the reseller was listed as authorized on Ledger’s website. “It’s not a CryptoBilis incident, it’s a Ledger incident,” X user MyCryptoParadise wrote. “At least take ownership of this mess.”

The episode is distinct from an April phishing campaign involving a fake Ledger Live app on Apple’s App Store, which drained at least $9.5 million after users entered their recovery phrases. This time, the attacker appears to have obtained the keys needed to directly empty hundreds of wallets.

Ledger advised CryptoBilis customers not to set up unused devices. Those who have already used one should move assets to a new device with a newly generated recovery phrase, it said.