Bitcoin’s bottom call gets a test

A few weeks ago, we covered Galaxy’s argument that Bitcoin’s bear market was over. Now, BTC is around $73,500 after five consecutive weekly losses, back below its 50-week moving average – a level Galaxy highlighted as a test of its bullish outlook. Galaxy said a weekly close below that average, followed by a failure to regain it within a month, would give it reason to reconsider. Traders are getting more defensive, too. Derive’s options prices imply a 31% chance of bitcoin ending Christmas below $70,000, up from 15% a week ago. Read more →

Alongside rising revenue, transaction volume, and tokenized assets on its platform, Securitize (SECZ), which just went public earlier this year, announced the acquisition of River One as it looks to expand into the $6 trillion asset-backed financing market. The company also announced a $50 million buyback program. The company’s shares skyrockets more than 20% on the news. Read more →

After weeks of pushback, OKXICE has set a November 23 launch for its tokenized-stock platform. The venture between OKX and NYSE parent ICE expects to offer more than 70 securities, including 59 ETFs, with Coinbase, Circle, Robinhood and Strategy among the participating companies. Eligible U.S. customers will be able to trade around the clock through the OKX app under the SEC’s temporary innovation exemption. Still, 67 companies, including Meta, Tesla and Netflix, have objected to having their shares traded there, amid concerns about shareholder protections, potential effects on stock prices and whether investors might mistake participation for a company endorsement. For now, the planned lineup is mostly ETFs and crypto-related stocks. Read more →

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