News

Traders speculating on MYX Finance's native token (MYX) were in for a rude awakening this week, with more than $40 million being liquidated over the past 24 hours as the shadowy project continued its surge from $0.10 to $16 over the past 60 days.

Crypto analyst Skew wrote on X that MYX "traded pretty normally between $2 & $4" but things began to get questionable during a targeted short squeeze that sent the token from $4 to $8.

"Clearly in the aftermath of that move some liquidity provider or market maker got massive carried out, especially with sizable liquidations that occurred," they added.

MYX Finance is a decentralized exchange that has just $55 million in total value locked (TVL) and $5 million in open interest, being dwarfed by the likes of HyperLiquid that have $712 million and $12.8 billion respectively.

Despite the major disparity, MYX has a fully diluted value of $17.7 billion, rivaling HYPE's market cap of $17.5 billion. It's worth noting that more than 80% of MYX's supply is currently locked, with just 197 million tokens circulating, which means the assets could be prone to manipulation with such a constricted supply as several traders pointed out on X.

MYX's rapid emergence has seen it become the 36th largest cryptocurrency by market cap.

Senate Democrats unveiled their own framework for market structure legislation to define how cryptocurrencies fit into current or future regulatory frameworks in the U.S., including how the Securities and Exchange Commission and Commodity Futures Trading Commission should oversee the digital asset sector.

The lawmakers' framework, published Tuesday, listed seven "key pillars," including calling for fair regulation that protects consumers and investors, defining how digital assets fit into different regulators' jurisdictions and "preventing corruption and abuse." Republicans on the Senate Banking Committee have already released multiple drafts of their own market structure bill, which Committee Chairman Tim Scott said should be through the Senate by the end of September.

Senators Ruben Gallego, Mark Warner, Kirsten Gillibrand, Cory Booker, Catherine Cortez Masto, Ben Ray Lujan, John Hickenlooper, Raphael Warnock, Adam Schiff, Andy Kim, Lisa Blunt Rochester and Angela Alsobrooks signed onto the framework. All but two of these lawmakers — Hickenlooper and Kim — had previously voted in favor of the GENIUS Act, a law regulating stablecoins in the U.S., suggesting these are members who may be willing to back this more consequential legislation. Gillibrand has previously sponsored numerous bills with Republican Cynthia Lummis addressing crypto. Any bill will need bipartisan support to advance through the Senate.

"We owe it to the millions of Americans who participate in this market to create clear rules of the road that protect consumers and safeguard our markets," the lawmakers said in a statement. "We also must ensure that digital assets are not used to finance illicit activities or to line the pockets of politicians and their families."

Their framework contends the existing regulatory regime in the U.S. has "hobbled both innovation and consumer protection," and it called for legislation to clarify how digital assets that are not securities fit into the rules and how they would be regulated. The seven pillars include "closing the gap in the spot market" for cryptocurrencies that aren't securities; clarifying regulatory jurisdiction; bringing issuers into a regulatory framework; bringing other platforms into a framework; blocking illicit finance; preventing corruption through crypto and "ensuring fair, effective regulation."

New White House crypto adviser Patrick Witt said in a CoinDesk interview this week that the GOP-driven effort has been seeking input from Democrats to ensure a bill that can pass the Senate. This document may stand as the most significant response so far, giving both parties something more concrete to talk about.

The 6-page document notes that the CFTC does not currently have the resources to properly oversee the crypto spot markets, and it calls for both that agency and the SEC to come up with new frameworks for overseeing their respective portions of the digital asset sector.

It also called for legislation to have all digital asset platforms register as "financial institutions" with the Financial Crimes Enforcement Network (FinCEN), a U.S. Treasury Department branch tasked with tracking illicit finance.

One sticking point may come through the sixth pillar, titled "preventing corruption and abuse."

The section said U.S. President Donald Trump "has turned to digital asset projects to enrich himself and his family," and said legislation should "limit elected officials and their families from issuing, endorsing, or profiting from digital assets while in office" and require disclosures.

Similar arguments contributed to a hold-up in the passage of the GENIUS Act earlier this year, but the bill ultimately passed without any provisions blocking Trump or his family from engaging in crypto.

In a statement, Senator Elizabeth Warren, the top Democrat on the Banking Committee, said, "producing a new crypto regulatory regime requires legislation that can pass both the House and the Senate."

"So far, instead of working with us, Republicans have produced two partisan drafts — including a recent proposal that reportedly reflects secret feedback from industry and other stakeholders that Republicans refuse to share with Committee Democrats, or the public," she said, adding that that feedback should be shared publicly.

Read more: New White House Crypto Adviser Patrick Witt Calls Market Structure Bill Top Priority

UPDATE (Sept. 9, 2025, 18:33 UTC): Adds Warren statement.

BONK rallied more than 9% in the last 24 hours, advancing from $0.000022 to a peak of $0.000024.

The trading range spanned $0.000002, representing significant volatility, with momentum heavily concentrated in the early morning hours, according to CoinDesk Research’s technical analysis data model.

Trading volume exceeded 1.2 trillion tokens during key rebound attempts at 06:00 and 07:00 UTC, underscoring strong short-term demand.

The rally met stiff resistance at $0.000024, where advances were rejected, confirming this level as a near-term ceiling. Support developed around $0.000023, while bulls pressed higher during the early morning breakout, late-session trading showed signs of exhaustion.

Between 11:53 and 12:52, BONK declined 1.14% from $0.000023459 to $0.000023190, as volume spiked above 35 billion tokens in a concentrated wave of selling. That reversal erased part of the earlier rally and left the token consolidating just above its established support zone.

The performance comes amid shifting dynamics within the memecoin sector. While BONK and dogecoin (DOGE) remain heavily traded, newer projects such as LayerBrett and Little Pepe are capturing market share by offering staking mechanisms and layer-2 integrations. Social engagement for legacy meme tokens has cooled, while traders are rotating into tokens with utility-driven models.

Technical Analysis

• BONK rallied 9% from $0.000022 to $0.000024 in 24 hours.
• Support consolidated at $0.000023 with buying pressure during repeated tests.
• Resistance hardened at $0.000024 with consistent rejection on high volume.
• Trading volume peaked at 1.2 trillion tokens during morning breakout attempts.
• A decline erased 1.14% from intraday highs.
• A sell-off between 12:30–12:45 UTC carried volume spikes above 35 billion tokens.
• Intraday lows at $0.000023180 hint at possible trend reversal signals.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

Popular meme-inspired cryptocurrency PEPE rose more than 4% over the last 24 hours to trade up nearly 10% over the past week.

The surge comes amid renewed interest in meme tokens, with the CoinDesk Memecoin Index (CDMEME) rising more than 11% over the past week, outperforming bitcoin’s 1.4% move. Over 24 hours, the memecoin sector is up 2.5%, compared with BTC’s 0.2%.

PEPE rallied from $0.00001013 to $0.00001074, setting a new short-term resistance near $0.00001082, according to CoinDesk Research's technical analysis data model. Trading activity spiked significantly, with over 5.89 trillion PEPE tokens changing hands during the peak of the rally, more than double the 24-hour average.

The price action shows a steady pattern of higher lows, a signal that buyers are stepping in consistently at increasingly elevated levels. That sort of structure is often interpreted as a sign of accumulation by more engaged investors.

During the most active phase of the move, the token also touched $0.00001081 before settling slightly lower. That quick spike drew a new resistance line while a firm support level emerged around $0.00001017.

These price boundaries, tested multiple times, help shape traders' expectations about where the coin might go next.

The rally was marked by strong liquidity and sustained demand. Activity surged around several retests of the $0.00001069 mark, a level that held each time, reinforcing its strength.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

Charles Hoskinson, the founder of Cardano and early co-founder of Ethereum, says the American healthcare system isn’t broken — it’s working exactly as designed. And that, he says, is the problem.

“Healthcare is just fucked in America. It's just fucked. Everybody knows it's true,” Hoskinson said in an interview with CoinDesk TV at the Rare Evo conference in Las Vegas. “Yet they all try to continue making the system go because it's just too profitable.”

While it may sound like a harsh criticism, Hoskinson is putting his money where his mouth is: He is pouring $200 million investment into a medical center in Gillette, Wyoming, that now serves about one-third of the town’s population.

His vision for his multi-million dollar investment? “If they can't pay, don't charge 'em,” he said.

The 'Horrible' problem

So, what are the main issues with the current healthcare system that made him pour millions into a new type of system? According to Hoskinson, it is how doctors are paid.

"All the financial incentives are just horrible and wrong inside healthcare," he told CoinDesk TV, using an example of how doctors are incentivized to treat their patients all the same, regardless of their needs.

“Let's say you're 75 years old and you have a ton of cool morbidities and you're just not feeling good ... Your doctor will be paid the exact same amount of money to see you ... as he or she will be paid to go and see a 16-year-old girl coming in for a UTI and just needs like five minutes and some antibiotics.”

That economic structure, he said, discourages coordination, conversation and long-term planning. “They have every incentive to keep you as sick as possible for as long as possible, because they've developed chronic treatments for all those things,” Hoskinson claimed.

And what's the source that built his scathing claims about the healthcare system? "Because my dad's a doctor, my brother's a doctor. Grandfather was a doctor, uncle's a doctor," said Hoskinson

The patient-centric solution

To fix this, Hoskinson suggests building a facility centered around the patient, not billing codes or bureaucracies and using cutting-edge technologies such as artificial intelligence and blockchain.

"Let's build a clinic where we put the patient at the center. We build care teams, we use AI and we do everything in our power to try to just make it patient-centered care that's affordable."

AI, for this new system, will be used to support — not replace — the physicians. “Every day it can rag in the totality of all medical knowledge, and you can have agents representing each specialty of medicine... and give an updated care plan at the beginning of the day to the provider.”

The system, he said, can catch “subtle cues in the patient history” and help with real-time auditing. He also described plans for AI tools that can flag drug-to-drug interactions, transcribe patient visits and eventually act as an "AI companion" to help people interpret food labels, medications and supplements.

The project’s architecture may also involve blockchain.

Hoskinson referenced selective disclosure and zero-knowledge technology — cryptographic tools that can verify facts (like age or citizenship) without exposing underlying personal details. “You can satisfy the intent and philosophy of those buckets without revealing the underlying customer,” he said.

He also plans to open-source the entire model — including protocols and software — to allow replication elsewhere. “We’re not here to make money off of [it],” Hoskinson said. “The goal is to open source them, open source the software, you know, get that care system out there.”

He’s also pushing for a broader policy reset. “Health insurance should be the same way you buy it in case you get really fucking sick,” Hoskinson said. “It makes no sense to say, well, it's there for when you get a paper cut or there for when you want to get birth control or something.”

However, Hoskinson claims that this new model of healthcare is facing pushback from the traditional medical system.

"The hospital there is trying to kill us," he alleges.

"They do everything in their power to make our life miserable. Uh, they won't credential our doctors. So it takes six months to 12 months to get credentials to have them practice medicine. I bring a world famous surgeon and a famous transplant surgeon. They won't give 'em credentials," Hoskinson said.

While Hoskinson's fight to revamp the health care system might be a David versus Goliath scenario, he sees this as part of his and his family's legacy. "I put $200 million of my own money into my clinic and we've been building for the last three years, and I legitimately wanna solve this problem," he said.

"I think it's my legacy and it's the family's legacy and it's also the single most important thing in America."

Dogecoin looks set to join the ETF era this week, with the Rex-Osprey DOGE ETF ($DOJE) expected to debut in U.S. markets under the Investment Company Act of 1940.

The launch would marks the first U.S. exchange-traded fund built around a token with no intended utility beyond speculation and culture, Bloomberg senior analyst Eric Balchunas, who flagged the launch, said in an X post.

The product, distributed by Foreside Fund Services, is backed by REX Shares and Osprey Funds, the same team that brought a Solana staking ETF ($SSK) to market earlier this year. Traders expect heightened volatility in the weeks ahead, with DOGE already trading up 17% in the past week on expectations of the forthcoming launch.

Jordan Jefferson, CEO of DogeOS and MyDoge, called the ETF a watershed in a note to CoinDesk.

“Dogecoin started as a joke, and now Wall Street finally gets it. The ETF approval proves that institutional investors recognize the real value in community, culture, and accessibility," he said. "When pension funds are buying the asset that started as a joke, you know we’ve reached a unique moment in financial history."

"Institutional capital flowing into DOGE provides new liquidity and stability while the Dogecoin ecosystem continues expanding with apps, games, and utility through DogeOS. The combination of Wall Street investment and grassroots community creates a foundation for sustained growth that few assets can match," Peterson added.

The DOGE ETF also comes as other memecoin products push for SEC approval. Canary Capital Group recently filed for a spot ETF tied to TRUMP Coin, a Solana-based token linked to President Donald Trump.

A wave of 1933 Act filings remains pending with the agency, while $DOJE will slip through under the 40 Act structure already used by $SSK.

Market participants will watch closely to see whether inflows into DOGE ETFs expand the memecoin trade into regulated products, or whether liquidity remains concentrated on centralized exchanges.

Either way, the listing is indicative of how cultural tokens are moving into mainstream financial wrappers — an institutionalization of memecoins few would have anticipated even a short time ago.

The U.S. preliminary benchmark payrolls revision revealed a downward adjustment of 911,000 jobs for the one-year period ending March 2025, the largest on record.

The news suggests the labor market was far weaker than previously suggested by the government's monthly Nonfarm Payrolls reports. Those very closely watched reports are responsible for tens of billions of capital allocation decisions, not to mention playing a major factor in Federal Reserve monetary policy.

Had those numbers been previously available, it's highly likely that the Fed would have been trimming rates all through 2025. At the moment, the U.S. central bank is overwhelmingly expected to cut rates for the first time this year at its meeting next week. This news could put a 50 basis point rate cut on the table as opposed to the forecast 25.

Crypto, gold, bonds head higher on the news? Not so much

Traders in rate-sensitive assets like crypto, gold and long-dated bonds lodged another entry in the long history of "buy the rumor, sell the news."

In the minutes prior to the report, gold futures surged past $3,700 for the first time ever, while spot gold set a new all time high above $3,670. Just following the data, though, gold futures gave back their morning gains, now flat for the day at $3,679.

Bitcoin (BTC), meanwhile, swiftly pulled back from the $113,000 level to $111,600 at press time, down 1% over the past 24 hours.

And U.S. 10-year Treasury yields, threatening to dip below 4% for the first time since February, rose to 4.07%.

Derivatives exchange Cboe said it plans to introduce “Continuous futures” for bitcoin (BTC) and ether (ETH) on Nov. 10, pending regulatory clearance. The products are designed to resemble perpetual futures contracts popular on offshore exchanges, but with modifications to fit U.S. regulatory structures.

Unlike traditional futures, which expire monthly or quarterly, Cboe’s new contracts will last up to 10 years. That long horizon reduces the need for traders to continually “roll” their positions into new contracts, a costly and time-consuming process. Instead, the futures will be adjusted daily against spot prices through a transparent funding rate mechanism.

In practice, that means a trader seeking to maintain long-term exposure to bitcoin could buy a Continuous futures contract and hold it for years without rebalancing. At the same time, the contracts are cash-settled, so no bitcoin or ether ever changes hands — settlement is in dollars, with payouts tied to crypto’s spot price.

“Perpetual-style futures have gained strong adoption in offshore markets,” said Catherine Clay, Cboe’s head of derivatives. “We expect Continuous futures to appeal to not only institutional market participants and existing CFE customers, but also to a growing segment of retail traders seeking access to crypto derivatives.”

Cboe’s futures will clear through Cboe Clear U.S., a derivatives clearinghouse overseen by the Commodity Futures Trading Commission (CFTC), the company said.

easyGroup, the company behind easyJet and easyHotel, is entering crypto with the launch of easyBitcoin.app, a mobile platform built with Uphold to make buying and holding bitcoin (BTC) simpler for retail users, the company said in a press release Tuesday.

The move comes as bitcoin trades near record highs and surveys show rising confidence in the asset. The world's largest cryptocurrency was trading around $112,650 at publication time.

A study commissioned by Uphold found 88% of U.S. respondents trust bitcoin to grow their wealth over the next decade, with 39% ranking it among their top three investments, ahead of gold and just behind real estate. Despite this, nearly half said trading remains too complex.

easyBitcoin aims to lower barriers with incentives including a 1% welcome bonus on recurring buys, 2% annual rewards for long-term holders and 4.5% APY on USD balances paid out in bitcoin, backed by $2.5 million in FDIC insurance, the company said.

“Investing in bitcoin has felt like an exclusive club, out of reach for the general public with very high transaction costs," said easyGroup founder Stelios Haji-Ioannou, in the release. “With easyBitcoin, we want to change that.”

Uphold commissioned a survey of 1,001 U.S. respondents, aged between 25–50, all holding at least a university degree, and earning a minimum of $80,000 per annum, between June and July this year.

A U.K. version of the app is planned for later this year, easyGroup said.

A California man was sentenced to 51 months in prison for his role in laundering $36.9 million from a crypto investment scam that was carried out in Cambodian scam centers, according to a press release published by the Justice Department.

The Justice Department's acting assistant attorney general Matthew G. Galeotti said the defendant was involved in a group that "preyed on American investors" by promising them high returns of crypto investments.

Blockchain security firm Elliptic co-founder Tom Robinson told CoinDesk that "some of the victim funds in this case were laundered through Huione International Payments, which operated through Huione Guarantee."

Huione was a huge Telegram-based marketplace that was shut down in May based on intelligence from Elliptic, it was estimated to have facilitated up to $98 billion worth of illicit crypto transactions since 2014.

The defendant in this case was the former co-owner of the Bahamas-based Axis Digital, which the Justice Department said transferred the proceeds of the scam to a single account at Deltec Bank in the Bahamas before the capital was converted to tether (USDT) that was then distributed back to Cambodia.

Eight co-conspirators have also pleaded guilty so far including Daren Li, a national of China and St. Kitts and Nevis who has been in U.S. custody since April 2024 on separate money laundering charges.