Bitcoin has slipped below $65,000 as cryptocurrencies continue their extended downtrend.

Notable Statistics:

Coinglass data shows 157,606 traders were liquidated in the past 24 hours for $591.48 million.       

In the past 24 hours, top gainers include pippin, JUST and ether.fi.

Notable Developments:

Trader Notes: Crypto Tony said Bitcoin has three critical levels in focus this week.

A reclaim of the weekly open would signal short-term strength and could restore upside momentum.

Until then, those levels remain pivotal in determining whether price stabilizes or faces further pressure.

Trader KillaXBT noted that Bitcoin is breaking below its internal range low near $65,000.

If the…

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In a concise defense of the Bitcoin (CRYPTO: BTC) bull case, SkyBridge Capital founder Anthony Scaramucci argued that the digital asset is increasingly vital as a “neutral, non-sovereign, digitally native store of value” in a world of mounting geopolitical and economic instability.

Posting on his X feed on Monday, Scaramucci contended that no other asset credibly fills this role, especially as the global macro landscape deteriorates.

He highlighted four key drivers making the Bitcoin bet “more reasonable with each passing year”:

Debt Trajectory: Spiraling sovereign debt levels force central banks into a corner.

Money Printing: Persistent monetary debasement to service… Read more on Benzinga

ProShares now has what it describes as the first money market ETF structured to comply with the requirements of the GENIUS Act.

• ProShares GENIUS Money Market ETF shares are testing new highs. Why did IQMM hit a new high?

Michael L. Sapir, CEO of ProShares, stated that the company believes the ETF will be of interest to a broad spectrum of market participants, including institutional investors and stablecoin treasury managers, as well as financial advisors and individual investors.

Sapir stated the new ETF takes a more conservative approach to cash management than is normally required under standard money market regulations. He noted the new ETF structure attempts to marry the…

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The repo market just sent a signalWhat is a “repo”?

This week saw an unexpected jump in use of the Fed’s Standing Repo Facility (“SRF”) as well as heightened SOFR rates. If that sounds like Latin to you, don’t worry- here’s what it means:

A ‘repo’ transaction is just a very short-term (usually overnight) loan between two parties. That loan is secured by collateral, usually in the form of Mortgage Backed Securities (“MBS”) or US Treasuries.

Example:

Nakamoto Bank is tight for cash to fund operations and pay an upcoming tax bill. It can sell assets, or it can pledge those assets for a short-term cash injection, so Nakamoto Bank goes to the Fed’s SRF operation and pledges $10 billion of US…

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In a Sunday macro note framed explicitly as a thought exercise, Citrini Research modeled a speculative scenario in which AI-driven commerce structurally undermines card network economics.

Interchange in the Crosshairs

The central payments argument: AI agents optimizing consumer transactions around the clock would eventually identify the 2-3% card interchange rate as an obvious cost to eliminate. “Once agents controlled the transaction, they went looking for bigger paperclips,” wrote Citrini.

In the scenario, agents migrate toward stablecoin settlement on Solana or Ethereum Layer 2 networks, where transaction costs are “measured in fractions of a penny.”

Mastercard’s Stablecoin… Read more on Benzinga

Critics say the crypto bear market has sounded Web3’s death knell. There’s no doubt the casualties are mounting.

Once-hyped projects are shuttering. Ecosystems that commanded billion-dollar valuations look like ghost towns. Meme coins that minted overnight millionaires are reverting to zero. 

The haters say Web3 has been shown-up for what it always was: a liquidity-fueled mirage confected from speculative tokenomics and absent use cases.

There’s some truth in that. But it’s also true that bear markets do more than destroy. They stress-test narratives and separate winners from losers.

What we’re seeing now is the market’s version of a Darwinian reset, where selection favours the strong.

Too…

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