Today’s Top Crypto News and Market Highlights
(Today’s Top Crypto News) GENIUS Act reshapes stablecoins, Bitcoin leads online chatter hinting at a possible top, and CoinDCX exchange suffers a $44M hack in a security breach.
GENIUS Act Creates Roadblocks for Big Tech in Crypto (Today’s Top Crypto News)
The GENIUS Act is making waves in the stablecoin world, as Circle’s Chief Strategy Officer, Dante Disparte, highlighted new restrictions targeting major tech firms and financial giants.
In a recent podcast, Disparte explained that the act enforces a framework requiring non-bank issuers of stablecoins to set up independent entities. These structures must operate separately from their parent companies, face antitrust review, and get clearance from a Treasury-led oversight panel before launching any dollar-backed digital asset.
Interestingly, even traditional banks aren’t exempt. If they want to issue stablecoins, they must hold them in separate subsidiaries, free from lending or risk-taking activities. Disparte believes these guardrails are even stricter than models proposed by institutions like JPMorgan.
He emphasized that this approach creates transparency and protects consumers, stating that it ultimately serves both market participants and strengthens the dollar.
Bitcoin’s Social Buzz Hits 43%—Market Top Ahead?
Bitcoin has dominated crypto discussions online, with over 43% of social media chatter focused on BTC, coinciding with its recent surge above $123,100 — an all-time high.
According to market intelligence platform Santiment, this level of attention might not be all good news. Analyst Brian Quinlivan noted that such spikes in social dominance are often linked to local price tops, fueled by retail FOMO (fear of missing out).
He stated that this surge in interest may indicate a short-term market correction, even though enthusiasm is high. On the other hand, Bitwise’s André Dragosch offered a different perspective earlier this month, pointing out that retail investors are still largely absent from the rally — suggesting room for more growth.
These mixed signals leave the market in a delicate position, with traders watching closely for either continued momentum or a potential pullback.
CoinDCX Loses $44M in Targeted Exchange Hack
Indian-based exchange CoinDCX reported a major security breach, resulting in a $44 million loss. The attack targeted an internal operational account used specifically for liquidity operations with a partner exchange.
CEO Sumit Gupta quickly addressed the incident, confirming in a post on X (formerly Twitter) that no user funds were compromised and that customer wallets remain secure.
“The breach was isolated to an internal account,” Gupta said. He assured users that their assets are safe and the issue was contained without broader impact.
Well-known blockchain investigator ZachXBT traced the stolen funds, which were moved across Ethereum and Solana networks. The breach underscores the vulnerabilities exchanges face, not just from external threats but from within backend infrastructure.
The company is actively investigating and working with authorities to enhance security measures and recover the stolen funds.
