The recent Bitcoin (BTC) price correction has sent ripples through the broader cryptocurrency market, pushing many assets into the red. On Tuesday, Bitcoin fell below $110,000, marking a 12% decline from its all-time high. Experts are now warning that the situation could worsen as October approaches. Crypto Market’s Imminent Downturn Market analyst OxPepesso took to the social media platform X (formerly Twitter) to explain his decision to liquidate all his crypto holdings by October. He identified key factors based on historical patterns that influenced his decision. According to the analyst, many traders mistakenly believe that the upcoming altcoin season will last six to eight months. OxPepesso’s analysis indicates that altcoin season is anticipated to begin in late September to early October. He notes that Bitcoin is losing its dominance, while the resurgence of memecoins and growing momentum in the Ethereum (ETH) ecosystem signal a shift in market dynamics. Related Reading: Cardano Sentiment Crashes To 5-Month Low As ADA Defends Key Price Level Technical setups also appear to align with macroeconomic trends, suggesting that the market is nearing an “overheating phase.” He warns that following this peak, an “uncontrollable collapse” could occur, leading to significant losses for altcoins. The analyst also highlights the use of various indicators, such as the Extreme Oscillators, which measure market overheating or oversold conditions. Currently, this indicator sits at 1-2, suggesting that the market has not yet reached an overheated state, but the risk of a downturn looms. Another tool in OxPepesso’s analytical arsenal is the MVRV Bands, which assess the ratio of Bitcoin’s market value to its realized value. When this metric approaches its upper bands, it signals that the crypto market is becoming overheated, increasing the risk of a price drop. Although today’s readings remain below critical levels, the analyst asserts that there are signs indicating the market is heading in that direction. This could potentially worsen the broader crypto market’s retracement as the October deadline approaches. Analyst Predicts Lower Bitcoin Prices The Pi Cycle Top indicator, which tracks the crossover of the 111-day and 350-day moving averages, is another focal point in OxPepesso’s analysis. Although the lines have not yet crossed, the chart below shows that the gap is closing rapidly, suggesting that a market top could be imminent. Related Reading: XRP Millionaires Dump After Major Accumulation Trend, Will It Be A Red September? Additionally, Onchain Originals Price Models are being monitored, as they reflect investor behavior and establish Bitcoin’s value ranges, identifying support and overheating levels that indicate the current phase of the crypto cycle. In light of these indicators, OxPepesso notes that the current cycle is nearing its final phase. This sentiment is echoed by fellow market analyst Doctor Profit, who recently intensified his bearish stance. Initially, he had projected that the market’s leading crypto could reach a new all-time high after hitting the $90,000 to $95,000 range. However, he now considers the possibility of lower price points, stating that he sees little to be bullish about. Featured image from DALL-E, chart from TradingView.com
President Donald Trump’s family has struck gold in the crypto market. Their flagship token, World Liberty Financial (WLFI), debuted on September 1 and instantly boosted the Trump family’s net worth by more than $5 billion. The coin’s launch created massive buzz, with over $1 billion traded within the first hour, ranking WLFI among the world’s top 35 cryptocurrencies. Trump is officially listed as “Co-Founder Emeritus,” while his sons Eric Trump and Donald Trump Jr., along with son-in-law Jared Kushner, hold a controlling 60% stake in the project. The company’s branding leans heavily on Trump’s political image, featuring slogans like “Inspired by Donald J. Trump” alongside his portrait. This high valuation makes WLFI the most valuable Trump asset, surpassing the family’s real estate empire. Economic Imbalance vs. Trump’s Billions The launch, however, comes at a time when Americans are struggling with inflation. The USDA’s Food Price Outlook shows grocery costs are set to rise 3.4% this year, higher than the two-decade average. Tariffs introduced under Trump’s administration have also raised household expenses, costing families an estimated $2,400 annually. As millions stretch household budgets, the contrast is striking: the Trumps are building billions in digital wealth while ordinary Americans cut back on essentials. Senator Patty Murray criticized Trump directly on X, noting that families are “paying the highest tariff rate since 1933.” Conflict of Interest Questions Mount Critics argue that Trump’s dual role as president and crypto entrepreneur blurs the line between public duty and private gain. World Liberty Financial has already partnered with the Pakistan Crypto Council and is rolling out a stablecoin (USD1) and a mobile app, further embedding itself in the financial system. However, watchdog groups warn that the family’s vast holdings, most of which remain “locked” and not tradable, exist in untested legal territory. Meanwhile, the administration’s pro-crypto policies, such as easing stablecoin regulation, have directly benefited ventures like WLFI. For now, the Trump family’s crypto gamble is paying off in spectacular fashion. But whether this wealth proves sustainable, or sparks deeper political fallout, remains to be seen. Cover image from ChatGPT, WLFIUSDT chart from Tradingview
Ripple custody forecasts 10% of global assets will be tokenized by 2030, driven by digital asset custody growth; Ripple projects crypto assets under custody could reach $16 trillion, supported by
HONG KONG, Sept. 5, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) today announced its unaudited financial results for the second quarter ended June 30, 2025. Financial and Operational Highlights As of June 30, 2025, the company's total mining capacity reached 50 EH/s, primarily driven by the acquisition of 18 EH/s in June 2025. Furthermore, in May, Cango completed the divestiture of its China-based assets for US$352 million, generating substantial liquidity to support ongoing strategic initiatives. Total revenues were US$139.8 million during the period, with the Bitcoin mining business generating revenue of US$138.1 million. Adjusted EBITDA was US$99.1 million during the period. A total of 1,404.4 Bitcoins were mined during the quarter. Average cost to mine, excluding depreciation of mining machines, was US$83,091 per Bitcoin, with all-in costs of US$98,636 per Bitcoin. As of the end of June 2025, the Company had mined 3,879.2 Bitcoins since entering the Bitcoin mining industry. The net loss for the period was mainly attributable to the one-off loss on discontinued operations and the non-cash impairment loss from mining equipment contracted last November and settled via equity in June of this year—triggered by the significant appreciation in Cango's share price between signing and delivery. These charges related to the Company's strategic steps rather than operational underperformance. Excluding the impairment and the one-off loss from discontinued operations, adjusted EBITDA stood at US$99.1 million during the period, demonstrating the strength and profitability of the core Bitcoin mining business. Mr. Paul Yu, CEO of Cango, said, "This quarter marks a significant milestone as we report our first full quarter following our strategic transformation. In just nine months, we've established ourselves as one of the largest Bitcoin miners globally, supported by our asset-light strategy that enables quick scaling with minimal upfront capital. While this approach incurs higher cash costs per Bitcoin, our lower depreciation expenses ensure competitive all-in costs and strong capital efficiency. Our recent acquisition of 18 EH/s increased our total mining capacity to 50 EH/s, contributing to a 44% increase in Bitcoin production in July. This growth underscores the impact of our expanded operations and supports further scaling through organic initiatives and strategic acquisitions. Additionally, our acquisition of 50 MW mining facility in Georgia enhances our energy security and lowers power costs, providing operational expertise for future HPC and energy initiatives." Full article link: https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302546670.html Investor Relations ContactEmail: ir@cangoonline.com Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
BitcoinWorld Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results HONG KONG , Sept. 5, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) today announced its unaudited financial results for the second quarter ended June 30, 2025 . Financial and Operational Highlights As of June 30, 2025 , the company’s total mining capacity reached 50 EH/s, primarily driven by the acquisition of 18 EH/s in June 2025 . Furthermore, in May, Cango completed the divestiture of its China -based assets for US$352 million , generating substantial liquidity to support ongoing strategic initiatives. Total revenues were US$139.8 million during the period, with the Bitcoin mining business generating revenue of US$138.1 million . Adjusted EBITDA was US$99.1 million during the period. A total of 1,404.4 Bitcoins were mined during the quarter. Average cost to mine, excluding depreciation of mining machines, was US$83,091 per Bitcoin, with all-in costs of US$98,636 per Bitcoin. As of the end of June 2025 , the Company had mined 3,879.2 Bitcoins since entering the Bitcoin mining industry. The net loss for the period was mainly attributable to the one-off loss on discontinued operations and the non-cash impairment loss from mining equipment contracted last November and settled via equity in June of this year—triggered by the significant appreciation in Cango’s share price between signing and delivery. These charges related to the Company’s strategic steps rather than operational underperformance. Excluding the impairment and the one-off loss from discontinued operations, adjusted EBITDA stood at US$99.1 million during the period, demonstrating the strength and profitability of the core Bitcoin mining business. Mr. Paul Yu , CEO of Cango, said, “This quarter marks a significant milestone as we report our first full quarter following our strategic transformation. In just nine months, we’ve established ourselves as one of the largest Bitcoin miners globally, supported by our asset-light strategy that enables quick scaling with minimal upfront capital. While this approach incurs higher cash costs per Bitcoin, our lower depreciation expenses ensure competitive all-in costs and strong capital efficiency. Our recent acquisition of 18 EH/s increased our total mining capacity to 50 EH/s, contributing to a 44% increase in Bitcoin production in July. This growth underscores the impact of our expanded operations and supports further scaling through organic initiatives and strategic acquisitions. Additionally, our acquisition of 50 MW mining facility in Georgia enhances our energy security and lowers power costs, providing operational expertise for future HPC and energy initiatives.” Full article link: https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302546670.html Investor Relations Contact Email: ir@cangoonline.com This post Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results first appeared on BitcoinWorld and is written by chainwire
ETF Flows: 04 Sep 2025 Bitcoin ETFs: -$222.9M net outflows Ethereum ETFs: -$167.3M net outflows $BTC #Bitcoin $ETH #Ethereum
On September 5, COINOTAG reported that Justin Sun posted on X asserting that, as an early major investor in WLFI, he provided capital and strategic support but found his tokens
The Minneapolis-based bank with over $685 billion in total assets has renewed its Bitcoin custody services for institutions. Following a 3-year pause, now in a more crypto-appreciative environment, this is possible once more. Back After a Hiatus Shared via a press release, U.S. Bank, the primary operating subsidiary of U.S. Bancorp, announced yesterday that it will resume the service that was initially launched in 2021, but will limit it to its Global Fund Services clients who have applied to the early access initiative. As originally intended, it will remain limited to institutional investment managers with their own funds or private entities that require a safe way to store Bitcoin. The sub-custodian of choice will be the same as it was four years ago – NYDIG, a BTC firm that is focused on facilities and monetary services. The entity’s chair of Wealth, Corporate, Commercial, and Institutional Banking shared a few words on the announcement: “We’re proud to have been one of the first banks to offer cryptocurrency custody for fund and institutional clients back in 2021, and we’re excited to resume this service this year. Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.” What Caused The Pause? About a year after the bank initially launched the service, the Securities and Exchange Commission (SEC) issued its staff accounting bulletin (SAB) 121. It outlined that banks had to treat held crypto assets as on‑balance‑sheet liabilities, raising capital requirements and making custody operations impractical. The document also cites technical, legal, and regulatory risks associated with cryptocurrencies, as watchdogs were stricter in the Biden era during 2022. Specifically, this involved determining how the asset class would be stored, the procedures for court proceedings related to crypto, and whether these assets would be compliant at the time. “These risks can have a significant impact on the entity’s (user) operations and financial condition. The staff believes that the recognition, measurement, and disclosure guidance in this SAB will enhance the information received by investors and other users of financial statements about these risks, thereby assisting them in making investment and other capital allocation decisions.” There have been numerous changes since then, including laws, regulations, and personnel changes, notably the appointment of crypto-friendly President Donald Trump, which have all played a part in easing the hurdles that Bitcoin and the rest of the crypto world had to go through before becoming more widely accepted. In the wake of all of the reforms, the SAB 121 was rescinded , allowing institutions to hold crypto on their balance sheets and be less fearful of regulator scrutiny. However, they would still have to advise of any risks associated with holding cryptocurrencies as per the new SAB 122 policy. The post US Bancorp Restarts Support for Bitcoin (BTC) Custody Services to Investment Managers appeared first on CryptoPotato .
Bitcoin and stock markets are on “pins and needles” ahead of Friday’s US jobs report, but data shows traders are still buying the dip.
Gensler text messages were permanently erased after the SEC’s IT department triggered an automated enterprise wipe, compounded by poor backups, ignored alerts and vendor flaws, the SEC Office of Inspector