分类： Business

• Organised crime groups run scam operations from Southeast Asia.
• The US DOJ seized $112 million in crypto linked to these scams in 2023.
• Chainalysis reported scam revenues reached $9.9 billion in 2024.

Pig-butchering scams, once seen as consumer-level fraud, have quietly evolved into a global web of organised crime.

With links to human trafficking, cryptocurrency abuse, and international money laundering, authorities are now viewing these scams as matters of national security.

In a recent Chainalysis podcast, Andrew Fierman, the firm’s head of national security intelligence, and Erin West, a former prosecutor and founder of Operation Shamrock, discussed the evolution of pig-butchering scams.

They painted a chilling picture of how the fraud has transformed from digital deceit to a full-blown transnational crime model.

The scam involves creating trust-based relationships with victims over time, sometimes romantic, sometimes platonic, before luring them into bogus cryptocurrency investments.

Funds are then siphoned through fake platforms and disappear into an opaque crypto network.

Southeast Asian compounds and forced scam labour

Pig-butchering operations are no longer run by isolated hackers. Fierman and West explained that many are now backed by sprawling fraud rings operating across Southeast Asia.

These rings run dormitory-style compounds where trafficked workers, often victims themselves, are forced to operate scam networks.

In 2023, the US Department of Justice (DOJ) seized around $112,000,000 in crypto tied to such schemes.

However, according to Chainalysis, the problem has grown rapidly.

Scam-related revenue in the crypto space exceeded $9.9 billion in 2024, with pig-butchering scams alone increasing by nearly 40% compared to the previous year.

Victims often suffer more than once. After being drained of their initial funds, many receive follow-up messages from fraudulent recovery companies offering to “help” retrieve their lost assets.

These secondary scams use the same tactics, often targeting victims again by using lists sold among fraud rings.

Using blockchain visibility to fight back

While pig-butchering relies on exploiting emotions and trust, the infrastructure often moves through traceable digital rails.

Fierman suggested that this is where blockchain transparency can be turned against the scammers.

By tracking wallet flows and transactions on-chain, regulators, exchanges, and virtual asset service providers (VASPs) can intervene.

This is particularly possible at the point of cashing out, which remains the critical vulnerability for these operations.

Efforts are being made to freeze and reclaim these funds.

In August, a joint action by APAC law enforcement agencies and firms like Chainalysis, OKX, Binance, and Tether resulted in freezing $47,000,000 tied to pig-butchering schemes.

DOJ leads with new task force

The US is treating the matter seriously.

On 12 November, the DOJ announced the launch of a new “Scam Center Strike Force”.

This unit will specifically target transnational crime syndicates linked to Southeast Asia that have engineered these elaborate crypto investment frauds.

The strategy goes beyond arrests.

It involves targeting facilitators of the scam economy, including those offering payment solutions, managing the digital platforms, and providing banking rails.

This approach includes sanctions, indictments, and diplomatic efforts designed to pressure bad actors across borders.

Erin West stated the need to use all available legal and technical tools in this battle.

Disruption at scale, especially across the entry and exit points of crypto fraud, remains the immediate priority for law enforcement.

Common tactics and growing digital risks

The core mechanics of pig-butchering have not changed, even as the scale and coordination have grown.

Scammers still initiate contact over messaging platforms, using charm and emotional manipulation to build trust.

Fast declarations of love, secrecy about personal details, and the push toward investing in a “guaranteed” crypto platform are major warning signs.

These scams often include screenshots showing fake profits to pressure victims into depositing funds.

Once in, victims are encouraged to invest more before being ultimately locked out of the system.

Now, however, these scams sit within a broader framework of crime that merges human exploitation and financial laundering.

Victims are no longer just people who lose their savings.

They are also unknowingly interacting with a global machinery that fuels trafficking and cross-border criminal finance.

• The largest tokenized RWA has debuted on BNB Chain.
• Investors can now access tokenized US dollar yields on a user-friendly platform.
• Real-world assets top $36 billion after a 6% increase in the previous month.

BNB Chain has welcomed a new resident today as BlackRock’s USD Institutional Digital Liquidity Fund (BUILD) went live on the platform.

The strategic launch, powered by Securitize’s compliant tokenization platform and Wormhole, adds one of the most regulated digital assets to Binance’s thriving financial ecosystem.

The strategic move comes as real-world assets see massive traction, with their value up 6% the past month to surpass $36 billion.

BUILD’s debut reflects the convergence between blockchain and traditional finance.

BlackRock is a leading asset manager and is now bringing its trust, base, and compliance to BNB Chain, a platform known for accessibility, low fees, and high speed.

Commenting on today’s arrival, BNB Chain Head of Business Development Sarah Song said:

BNB Chain is designed for scalable, low-cost, and secure financial applications, and we’re excited to welcome BUILD to our ecosystem. BUILD is turning real-world assets into programmable financial instruments, enabling entirely new types of investment strategies on-chain.

Meanwhile, the development introduces a new share class on Binance’s ecosystem, offering eligible investors access to a tokenized US dollar yield in a blockchain setup.

BlackRock’s tokenized asset also secures new utility. Binance will now accept BUILD as collateral.

That allows professional traders and institutions to deploy cash smoothly without surrendering exposure to Treasuries-linked RWAs.

That use case underscores the broader shift in how on-chain systems integrate real-world assets.

These products are maturing from static representations to practical instruments that can function across DeFi and TradFi environments.

Leveraging Securitize’s compliant infrastructure

Securitize, a regulated tokenization firm boasting more than $4 billion in tokenized AUM (assets under management), is powering BlackRock’s expansion into BNB Chain.

Securitize handles everything from fund administration to digital transaction agency services.

That ensures that clients access enterprise-level RWAs within regulated frameworks.

At the same time, BUILD unlocks new use cases that were previously absent for real-world tokenized assets.

According to Securitize CEO Carlos Domingo:

Expanding BUILD to the BNB Chain and making it available as collateral on the Binance exchange further extends its accessibility and reinforces our mission to bring regulated real-world assets on-chain while unlocking new forms of utility that were previously out of reach.

RWA and stablecoin market thrive

BUILD’s launch on BNB Chain comes as on-chain real-world assets see impressive growth.

RWAxyz data shows the value of RWAs on public blockchains increased by 5.91% the past 30 days to $36.06 billion.

Furthermore, the number of holders surged 10.78% to 537,549, with asset issuers hitting 249.

Such figures reflect a flourishing ecosystem of enterprises tokenizing regulated real-world assets.

Stablecoins also steadied despite crypto market turmoil, with their value up 0.79% in a month to $299.76 billion.

Moreover, stablecoin holders increased by 3.39% in that timeframe to $202.89 million, indicating unwavering demand for digitized financial instruments that guarantee liquidity, compliance, and stability.

• Cardano price dips 9% as bulls face mounting pressure amid market turmoil.
• ADA’s plunge saw bulls risk crashing below the $0.50 mark.
• Despite the bearish outlook, analysts are upbeat on the longer-term performance for Bitcoin and top altcoins.

Cardano (ADA) has plummeted nearly 9% in the past 24 hours, trading as low as $0.51 on November 14, 2025.

The sharp decline has added significant pressure on bulls, with ADA dropping to near the psychologically vital $0.50 support level.

Losses in close to double-digit figures now see this mark in jeopardy, threatening a dump to lows witnessed in October.

Cardano price falls 9% to near $0.50

As one of the top 10 cryptocurrencies by market capitalisation, Cardano’s native token has mirrored the sector-wide downturn.

In the past 24 hours, this dip has gathered pace amid Bitcoin’s breach below $100,000, with BTC touching $97,000.

For Cardano, the drop from intraday highs of $0.57 to current levels around $0.51 highlights the fragility of recent demand zones at $0.56 and $0.54.

Notably, bears have capitalised on the momentum, extending losses from earlier peaks near $0.60.

Another leg down if bulls fail to hold $0.50 could accelerate selling, potentially seeing ADA revisit year-to-date lows of $0.27.

The altcoin touched the mark on October 10, 2025.

However, the level did serve as a rebound buffer in recent months.

Why did Cardano price fall sharply?

As noted, Cardano’s plunge in the past 24 hours is emblematic of a cascading altcoin rout.

Bitcoin’s dramatic fall below $100,000 for the first time since May had top altcoins shedding gains.

Ethereum dropped 8% to near $3,160, Solana declined nearly 10% to below $143, and XRP shed 8% to under $2.30.

Overall, the market convulsion appears pegged on macroeconomic headwinds, this week getting downside momentum despite the US government shutdown, the longest in history at over 40 days, ending on November 13.

President Donald Trump signed a short-term funding bill to end the impasse, a move that sparked brief optimism.

However, investor jitters quickly resurfaced, with US stocks cratering amid fears over the shutdown’s economic scars.

Mostly, the market is pricing in a collapse in the odds of a Federal Reserve rate cut in December.

Analyst on market outlook

Also, risk-off sentiment saw Bitcoin ETF flows flip negative with $870 million in outflows on Nov. 13, the second-largest so far.

Spot Ethereum ETFs also saw exits, with a total of $260 million net outflows that marked the third consecutive day of outflows for the top altcoin.

While the overall sell-off pressure could see ADA price fall and extend the rot below $0.50, analysts are suggesting a short-term dump followed by sustained gains.

Dragonfly managing partner Haseeb Qureshi contextualised the market outlook. In a post on X, he noted:

“Today’s market is much easier,” citing solid fundamentals and a resilient crypto infrastructure.

TBH this is the easiest bear market I’ve ever seen.

Seems like most of you have forgotten what 2022 was like. Luna collapsing, then 3AC, then FTX, then Genesis, BlockFi, Axie, NFTs–pretty much everything felt like a house of cards.

And then after all that stuff collapsed, the… https://t.co/DUwOZCBG3K

— Haseeb ＞|＜ (@hosseeb) November 14, 2025

Still, short-term consolidation or weakness looms for BTC and altcoins.

If Cardano gets into the mix as has happened so far, a dip below the $0.50 threshold might allow bears to chase $0.27.

Longer-term, though, Cardano’s fundamentals suggest bulls have a shot at regaining the upper hand.

This scenario puts a rebound toward $1 as a base case, with the all-time peak of $3.10 a key target.

• An attacker withdrew $3 million in USDC from OKX and split it across 19 wallets.
• They opened $26 million in leveraged long positions on POPCAT perpetuals.
• A $20 million buy wall was placed to falsely signal market strength.

A sharp and deliberately executed sequence of trades has exposed a serious vulnerability in decentralised finance infrastructure.

Hyperliquid, a derivatives platform known for its POPCAT-denominated perpetual futures, recorded a loss of $4.9 million after one entity manipulated internal liquidity to set off a cascade of liquidations.

This was not a conventional exploit for profit, but a calculated test of how much stress an automated liquidity provider can endure before it breaks.

It began with the movement of $3 million in USDC, withdrawn from the OKX crypto exchange. The funds were distributed evenly across 19 new wallets, each routing assets into Hyperliquid.

There, the trader opened over $26 million in leveraged long positions tied to HYPE, the perpetual contract priced in POPCAT.

This aggressive positioning was then reinforced with a synthetic buy wall worth around $20 million, placed near the $0.21 price level.

This wall functioned as a temporary illusion of demand strength. Price responded to the signal, rising as participants interpreted the buy wall as structural support.

However, once the wall vanished, that support disappeared, and liquidity thinned.

With no bids to absorb market movement, highly leveraged positions began liquidating en masse. The protocol’s Hyperliquidity Provider vault, built to absorb such events, took the full impact.

A deliberate architecture stress test with real losses

What separates this incident from typical price manipulation is that the initiator made no profit.

The $3 million in initial capital was entirely consumed in the process. This strongly suggests that the goal was not financial gain but architectural disruption.

By introducing false liquidity signals, removing them at a precise point, and triggering liquidation thresholds, the attacker was able to manipulate the internal logic of the vault system.

The vault, designed to balance risk across positions and supply liquidity in volatile moments, was pulled into a liquidation cascade that it could not fully contain.

This raised questions about how automated liquidity mechanisms handle synthetic volatility events, particularly when faced with malicious but structurally informed participants.

The entire sequence unfolded onchain and was flagged by Lookonchain, which traced the trades back to their source and identified the attack’s distinct phases.

Withdrawal freeze sparks questions about platform stability

Shortly after the vault was impacted, Hyperliquid’s withdrawal bridge was temporarily disabled.

A developer associated with the protocol stated that the platform had been paused using a function called “vote emergency lock.”

This mechanism allows contract administrators to halt certain operations during suspected manipulation events or infrastructure risks.

The withdrawal function was re-enabled within roughly an hour. Hyperliquid did not release any official communication linking the freeze directly to the POPCAT trading event.

However, the timing suggested a precautionary action intended to prevent additional outflows or manipulation during a period of platform instability.

This marked one of the largest losses Hyperliquid has suffered from a single coordinated event, highlighting that even in the absence of external code exploits, internal systems can be compromised through precise liquidity attacks.

Community reaction underscores DeFi volatility

Community responses varied from technical analysis to satire. One observer described it as “the costliest research ever,” while another suggested the entire $3 million burn was “performance art.”

Others focused on what the attack revealed about perpetual futures markets with thin liquidity buffers, noting how easily they can be pushed into self-reinforcing failure.

One user described the event as “peak degen warfare,” referring to the high-risk strategy used to exploit predictable vault reactions.

Despite no direct theft, the outcome was functionally equivalent to a targeted denial-of-liquidity assault.

The attacker had no gain, but the protocol suffered a measurable financial hit, and its architecture showed clear signs of stress under pressure.

This incident has become a case study in how decentralised systems can be stressed from within using only publicly available tools and capital.

In this instance, no vulnerability was found in the codebase. Instead, the vulnerability lay in the assumptions that underpinned market structure and risk containment.

Hyperliquid has not announced any changes to its vault mechanics following the attack.

However, the broader DeFi ecosystem is likely to take note of the strategy and review how vaults absorb or reflect risk under coordinated synthetic pressure.

Key takeaways

• XRP is trading above $2.4 after defending the $2.35 support level.
• The cryptocurrency could rally towards the $2.7 resistance level soon.

XRP defends the $2.35 support level

The cryptocurrency market had a positive start to the week, with Bitcoin and other major cryptocurrencies recording excellent gains. Bitcoin hit the $107k resistance level but faced rejection at this zone and dumped below $103k on Wednesday.

This bearish performance also affected major altcoins, including XRP. Ripple’s native coin dipped below $2.40 on Tuesday, but the bulls defended the $2.35 support level. This allowed the cryptocurrency to reclaim the $2.4 level and could serve as the springboard to push the price higher in the near term.

Analysts expect XRP’s price to surge higher ahead of a possible ETF approval by the United States Securities and Exchange Commission (SEC). In an email to Coinjournal, Alexis Sirkia, Chairman of (Ripple-backed) Yellow Network, stated that,

“Investors are looking to get in ahead of and benefit from the retail and institutional capital that floods in with ETF approvals, which looks to be set for around November 13. 

Whilst separate entities, Ripple’s recent $500 million strategic investment and $40 billion valuation are another positive factor impacting XRP’s price. If Wall Street titans like Citadel and Fortress are betting so much on Ripple, which stewards the XRPL, they clearly believe in the utility of the ledger itself. Any further major price move for XRP will be driven by these structural factors, not just by short-term sentiment.”

XRP eyes $2.7 if the daily support at $2.35 holds

XRP rallied to the $2.55 level on Monday, retesting its 50-day EMA following the bearish performance recorded last week. However, the resistance failed and XRP dipped below $2.40 on Tuesday. It is now trading around $2.44 per coin.

If the daily support at $2.35 holds, XRP could rally higher and retest the $2.55 resistance level once again. An extended bullish trend would see XRP grab the trendline liquidity and hit $2.70 in the process. 

The daily RSI dipped below the neutral 50 level to 47, indicating slight weakness in momentum. However, the MACD showed a bullish crossover earlier this week, suggesting that the bullish view remains in play.

On the flip side, if XRP closes below the daily support at $2.35, the bearish trend would continue, and XRP would decline toward the next daily support at $1.96.

• Coinbase Business launches in Singapore for startups and SMEs.
• The platform allows USDC payments, enabling instant settlement with lower transaction costs.
• Coinbase Business was launched in partnership with Standard Chartered, supporting SGD transfers and APIs.

Coinbase has officially launched Coinbase Business in Singapore, marking the first international expansion of its new business-focused platform.

Coinbase Business has officially landed in Singapore! 🇸🇬

We’re thrilled to launch the first international expansion of our all-in-one financial platform right here in Asia’s digital hub.

More details ↓ pic.twitter.com/reIvCMRmOM

— Coinbase Singapore 🛡️ (@CoinbaseSG) November 12, 2025

The move positions the major US crypto exchange to bring its stablecoin-powered payment solutions to startups and small and medium-sized enterprises (SMEs) in the region.

With a focus on digital innovation, the platform will simplify crypto payments, reduce transaction costs, and support business growth in a regulated environment.

Coinbase Business targets startups and SMEs

Coinbase Business offers an all-in-one crypto operating platform that enables companies to send and receive payments in USDC, Coinbase’s dollar-backed stablecoin.

The platform also allows businesses to manage digital assets, automate financial workflows, and reconcile transactions seamlessly with their accounting and enterprise systems.

By leveraging the speed and stability of USD Coin (USDC), businesses can settle payments instantly, avoid chargebacks, and significantly reduce cross-border transaction costs, making it particularly attractive for startups and SMEs operating in international markets.

The Singapore launch reflects Coinbase’s strategy to expand its services beyond the United States while focusing on the unique needs of smaller businesses that often face friction in adopting cryptocurrency solutions.

Early access applications are currently being accepted from eligible Singapore-based firms, signalling Coinbase’s intent to foster a strong initial user base.

Collaboration with Standard Chartered

The launch in Singapore is supported by a strategic partnership with Standard Chartered, which facilitates real-time transfers in Singapore dollars (SGD).

This collaboration allows Coinbase Business users to conduct seamless local and cross-border transactions while integrating stablecoin payments into existing financial operations.

Businesses can also leverage the platform’s APIs to link invoicing and enterprise resource planning systems, enabling automated reconciliation and smoother accounting processes.

With Standard Chartered’s banking support, Coinbase Business provides tools for crypto trading, global payouts, and payment links with a nominal transaction fee.

This combination of banking infrastructure and digital currency capabilities creates a hybrid model that blends traditional finance with innovative crypto solutions.

Regulated expansion and MAS collaboration

Coinbase’s Singapore expansion builds upon its regulatory engagement with the Monetary Authority of Singapore (MAS).

In October 2023, Coinbase Singapore Pte. Ltd. received a Major Payment Institution (MPI) license for Digital Payment Token and Cross-border Money Transfer services.

While the license does not currently cover domestic money transfers or merchant acquisition services, it enables Coinbase to offer instant stablecoin settlement and cross-border payments to businesses that fall within the permitted scope.

Further strengthening its local footprint, Coinbase recently joined the MAS BLOOM initiative, which focuses on expanding financial settlement capabilities using tokenised bank liabilities and regulated stablecoins.

The program demonstrates how Coinbase is actively working to develop compliant infrastructure that supports the next generation of business payments, combining regulatory oversight with innovative financial technology.

As more businesses in Singapore explore digital asset adoption, Coinbase Business could play a pivotal role in reshaping how companies transact locally and globally.

The combination of fast settlements, low fees, and API-enabled automation addresses longstanding challenges in cross-border payments, while reinforcing Coinbase’s vision of a regulated, inclusive, and innovative financial ecosystem for enterprises of all sizes.

• Ethereum exchange supply hit multi-month lows, indicating substantial accumulation.
• Solana price weakens as bears threaten a move below $163 – $165.
• ZEC lost 25% the past 24 hours after robust gains over the previous few sessions.

Cryptocurrencies displayed mixed performances on Tuesday, with most tokens losing momentum after yesterday’s gains.

The value of all digital tokens lost 2% the last 24 hours to $3.51 trillion as Bitcoin hovered at $104,340.

This article evaluates the current altcoin landscape by analyzing Ethereum, Solana, and Zcash.

Ethereum exchange supply hits record lows

The second-largest cryptocurrency exhibits a bullish catalyst amidst broader market sluggishness.

CryptoQuant reveals that the amount of Ethereum on the leading crypto exchange by volume, Binance, has plummeted continuously in the past few sessions, now at levels last seen in May this year.

ETH reserves on exchanges peak in June and July, before steady declines.

Notably, this trend indicates asset movement into private or cold wallets, which is bullish as it reduces selling pressure.

CryptoQuant analyst added:

If the current trend of declining Ethereum supply on Binance continues, we may see a decrease in liquidity available for sale. This could support the possibility of price stabilization and potentially a return to an upward trend as market risk appetite improves.

Thus, Ethereum remains poised for impressive recoveries once the broader market regains momentum.

The current whale activity signals investor conviction in ETH’s potential rebound in the upcoming sessions.

ETH is trading at $3,544 after a 1.75% dip in the last 24 hours.

Solana tests vital support

SOL traded in the red today after shedding over 3% of its value on the previous day.

Hovering at $162 during this publication, the digital token trades at a key support zone that could shape its trajectory in the coming sessions.

Crypto analyst @LordOfAlts highlights a visible ascending trendline that SOL has tested several times, confirming robust support at the $163 – $165 region.

Solana is trading just below this barrier, indicating significant weakness.

A confirmed breakdown could trigger sharper declines.

SOL has its next support zone at $155, below which it can plunge to the $150 psychological zone.

On the other side, reclaiming $170 could shift Solana’s short-term bias to bullish.

Zcash leads the downside

ZEC recorded one of the most bearish performances today.

It lost more than 25% of its value as the privacy-crypto hype fades amid profit-booking.

ZEC is trading at $485, with an over 150% uptick in daily trading volume, highlighting amplified activity possibly from profit-takers.

Zcash could slide further amid bull exhaustion after an over 275% increase in the past month.

Failure to steady above $488 could lead to deeper slides to $371, a roughly 23% slump from ZEC’s market price.

Meanwhile, broader market sentiments continue to influence altcoins’ trends.

Bitcoin, which sets the tone of the market amid uncertainty, trades at $104,501.

Failure to hold above $103,000 could trigger slides to the psychological mark at $100,000, where buyers can catalyze bounce-backs.

Amplified selling pressure could drop Bitcoin’s price to $90,000 – $93,000.

• Zcash price has plunged 25% in 24 hours, erasing over $3 billion in market cap amid heavy liquidations.
• Speculative unwind and profit-taking triggered the crash.
• ZEC price is under pressure despite hitting a record 4.96 million in shielded coins in circulation.

Zcash price has dropped by more than 25% in the past 24 hours, dipping below the psychologically significant $500 mark.

Amid heavy trading that saw daily volume spike by 150%, Zcash fell to lows of $476, paring a notable chunk of the gains in an explosive rally that pushed ZEC to highs of $744.

Privacy coins, including Dash, have mirrored the sector lead’s movements.

Zcash price crashes 25% to under $500

On Nov. 11, Zcash traded near $484.

At the time of writing, this was off lows of $476 but still showed a 25% dip from intraday highs above $600.

This dip below $500 and threats of further bearish strength contrast with the outlook just days ago, when Zcash stormed to $744.

Investors were attracted by visions of ZEC reaching $1,000; therefore, they poured in billions.

This drove trading volumes to unprecedented levels. Meanwhile, the coin’s rise mirrored a broader altcoin frenzy, with Zcash outpacing even established players like Stellar and Bitcoin Cash in market cap rankings. 

However, amid profit taking, frantic selling has daily volume up 156% to over $5.14 billion.

On-chain metrics also show some shielded ZEC outflows. Per CoinMarketCap, Zcash has a market cap of $7.89 billion, while data on the network’s page show shielded pool transactions have fallen from near 5 million to about 4.84 million.

Zcash price: What’s next?

In terms of price, a bearish double-top pattern has emerged on the 4-hour chart.

The price is also below the 50-day exponential moving average, and RSI is dowsloping near 39 to suggest further room for bearish movement.

Arthur Hayes, a key proponent of Zcash gains in recent weeks, summed up investor sentiment in a post on X.

To sell, or not to sell, that is the question. $ZEC to $10k or $10 ?????????? 🧐🧐🧐🧐🧐🧐🧐 pic.twitter.com/hOgcx5iILc

— Arthur Hayes (@CryptoHayes) November 11, 2025

At the centre of this turmoil lies a confluence of speculative unwind, structural events, and external pressures.

Zcash’s rally, which ballooned from $40 in early September to near $750 by early November, came amid halving anticipation, capital rotation and the privacy narrative.

However, profit taking, with a whale’s deleveraging of a $12 million position on November 9, has exacerbated the slide.

US stimulus expectations, relief over the end of the government shutdown, and renewed ETF-related staking enthusiasm have put the crypto market on firmer footing.

Bitcoin has pushed above $105,000, with brief spikes driven by gains in the largest tokens.

At the same time, ZEC’s sharp rally has introduced a note of caution into broader sentiment.

ZEC could still regain momentum following its halving, particularly if interest in privacy tokens strengthens again.

But a decisive reversal in Bitcoin would likely trigger further outflows from the segment and deepen the correction.

In the near term, the key downside area to watch sits in the $400–$300 range.

Bulls are looking to bounce off the $470 level as of writing and the EMA hurdle sits at $530.94.

• Bitcoin bounced back to trade near $106,000 on shutdown resolution hopes.
• The end of the shutdown could release a $150-200B liquidity jolt into markets.
• However, the shutdown is stalling crucial US crypto regulation bills.

Cryptocurrency markets started the week on a strong footing, with Bitcoin holding above the key $105,000 level as growing optimism around a potential resolution to the US government shutdown helped steady broader risk sentiment.

Following a volatile period, a weekend rally extended into Monday, with Bitcoin recovering from an early dip to trade near $106,000.

However, analysts warn that while an end to the shutdown could provide a short-term liquidity boost, the prolonged political impasse has created a significant, under-the-radar threat to the crypto industry’s long-term regulatory future.

The upbeat mood was felt across the asset spectrum.

In the crypto space, Ether traded just under $3,600, while XRP led gains among major altcoins, jumping 9% on anticipation of a potential spot ETF.

Crypto-related stocks, which suffered heavy losses last week, also rebounded strongly, with Coinbase (COIN) rising 4.1% and Robinhood (HOOD) gaining 4.8%.

The rally mirrored gains in traditional markets, where the S&P 500 climbed 1.6% and the Nasdaq rose 2.2%.

This recovery was largely fueled by growing confidence that the record-breaking 39-day government shutdown may be nearing an end, a sentiment bolstered by prediction market data and a weekend social media post from President Donald Trump.

The shutdown’s double-edged sword for crypto

While the market is cheering a potential resolution, the shutdown has created a complex “Jekyll and Hyde” scenario for the digital asset industry, according to David Nage, head of research at Arca.

In a Monday note, Nage explained the positive side: an end to the shutdown could release a massive liquidity injection of 150–200 billion from the Treasury General Account into bank reserves. Historically, such a jolt has been a major tailwind for risk assets like crypto.

However, there is a significant downside.

“The larger story for digital asset adoption over the next three to five years is being shaped behind the scenes… and the Banking Committee staff rooms are currently dark due to the shutdown,” Nage explained.

A race against time for US crypto regulation

The ongoing shutdown has completely stalled progress on crucial crypto legislation, including the CLARITY Act and the Senate’s digital asset market structure bill.

Nage warned that this delay poses a greater long-term threat to the industry than recent market volatility.

With the 2026 midterm elections approaching, the window for passing comprehensive digital asset regulation is closing.

“If comprehensive digital asset legislation is delayed until 2026 and then dies in midterm politics, the industry will miss out on the regulatory clarity needed to attract institutional capital and achieve sustainable growth,” Nage said.

He concluded that the timing is critical. “If the shutdown ends in November, we may benefit from both a liquidity injection and a legislative opportunity,” he said.

If it drags into December, the legislation may miss its window.

• Uniswap v4 has surpassed $200 billion in swap volume.
• The breakthrough has renewed interest in Uniswap.
• The update coincides with an over 10% increase in native UNI’s price.

Cryptocurrencies recorded substantial gains on Monday after the United States Senate voted to end the ongoing government shutdown.

Amidst the broad-based optimism, UNI extended its daily gains by over 12% as Uniswap Labs celebrated a remarkable breakthrough.

The team protocol took it to X to confirm that Uniswap v4 has handled over $200 billion in swap volume, making it one of the most active networks in the DeFi industry.

Notably, Uniswap released the version 4 upgrade in January this year to increase efficiency, reduce costs, and enhance developer activity through customized liquidity pools.

The massive swap volume underscores demand and interest in the past months.

We blinked and Uniswap v4 crossed $200B in swap volume pic.twitter.com/T2HW4xGXBo

— Uniswap Labs 🦄 (@Uniswap) November 10, 2025

The announcement coincided with UNI’s recovery.

Moreover, it has sparked renewed interest in the DEX. The timing is also crucial.

As the overall cryptocurrency market regains momentum, the $200 billion swap volume reflects Uniswap’s key role in decentralized trading.

Enthusiasts react to rising activity

The decentralized exchange sees renewed optimism from DeFi players and retail traders.

UNI’s surge coincides with increased trading volumes across leading exchanges.

Coinglass data shows Uniswap’s Open Interest has climbed to $344 million after a sharp rise today.

Meanwhile, market watchers perceive the $200 billion milestone as a sign of a vibrant chain driven by demand, not only short-term stats.

The robust swap volume reflects active participation, stable liquidity, and confidence in Uniswap’s future potential.

One crypto enthusiast and X user:

“While others talk decentralization, Uniswap quietly becomes the backbone of DeFi. $200B speaks louder than any narrative.

Why is Uniswap v4 unique?

Released in January 2025, Uniswap’s v4 upgrade introduced key changes in decentralized trading systems.

For instance, the version introduces hooks, a mechanism that allows developers to create liquidity pools with custom features.

That welcomed innovations like automated strategies, dynamic fees, and streamlined user experience.

V4 has gradually gained traction among liquidity providers and developers since launching.

Meanwhile, crossing $200 billion in swap volume confirms that the upgrade introduced practical improvements.

At a time when the decentralized trading space sees intense competition from perpetual DEXs like Hyperliquid and Aster, Uniswap’s growth remains remarkable.

The $200 billion swap volume signals the protocol’s relevance amid shifting preferences.

UNI price outlook

Uniswap’s native token traded in green as the community cheered the $200 billion swap volume.

UNI climbed from $6.40 to $0.78 in the past 24 hours, a roughly 12% uptick.

It is trading at $6.90 after correcting from intraday highs, with soaring trading volumes signaling renewed enthusiasm.

While the swap volume milestone signals a brighter future for UNI, broader sentiments will shape its short-term performance.

Continued overall market recoveries would extend the alt’s rally, whereas sudden selling pressure might erase the gains.