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Coinbase Brings Bitcoin to Solana with cbBTC

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Coinbase has just announced cbBTC, the very first Bitcoin-backed token on Solana. The newly minted SPL token is backed 1:1 by Bitcoin and held in Coinbase custody. It provides an easy way for users to access BTC directly on the Solana blockchain.

According to the announcement on X, cbBTC by Coinbase brings the power of Bitcoin onto Solana’s high-speed network, expanding the availability of BTC to decentralized applications and traders worldwide.

Bitcoin Now Accessible on Solana with Coinbase’s cbBTC

Coinbase has officially launched cbBTC on the Solana blockchain to increase access to Bitcoin within Solana’s fast-growing DeFi ecosystem. cbBTC, issued as an SPL token, is backed 1:1 by native Bitcoin held by Coinbase.

The addition will join the variety of other wrapped options for Bitcoin on the chain. Some include tBTC, WBTC via Wormhole, and soon-to-be-listed zBTC and sBTC. This further rounds out the Bitcoin offering on Solana.

On the first day, it was integrated into major DeFi platforms, including Jupiter Exchange, Meteora, Kamino Finance, Jito Sol, PhoenixTrade, DriftProtocol, Raydium, Orca, Save Finance, ManifestTrade, and Loopscale Labs, where it also presents users with most of the liquidity and collateral opportunities presented on Solana’s DeFi applications.

In the meantime, Solana (SOL) price appears poised for a breakout as bullish momentum gains traction. It also lifts the cryptocurrency to a three-month high. Some experts think it could soon reach $300 and surpass BNB token.

cbBTC Making Inroads in Global Crypto Markets

On September 12, Coinbase introduced the cbBTC customers in Singapore, Australia, the UK, and the US – apart from New York. This is its wrapped Bitcoin product, first available on Ethereum and Base. It is fully backed at a 1:1 ratio by Bitcoin and held in Coinbase custody.

One more notable thing is that cbBTC will be operated without order books or trading pairs dedicated explicitly to itself within the Coinbase platform. This is how it makes its usage seamless over multiple chains.

According to CryptoQuant, cbBTC has emerged as the third most used wrapped Bitcoin asset in just one week. The token has leapfrogged long-standing competitors such as Huobi BTC, HBTC, and renBTC, RENBTC to compensate for lost ground in the wrapped Bitcoin market.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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US SEC Faces Backlash as Bybit Hack Highlights Lack of Oversight

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John Reed Stark has pointed out that one of the causes of a rising risk in crypto security is the US SEC cutting back on enforcement activities. This includes a latest attack on crypto trading platform Bybit which compromised and stole $1.5 billion belonging to customers.

The attack, which analysts describe as the largest crypto heist in history, has raised concerns about the lack of regulatory safeguards protecting investors.

US SEC Criticized as Bybit Hack Highlights Security Gaps

According to a recent post on X, Stark criticized the US SEC’s decision to roll back enforcement actions against cryptocurrency platforms. He pointed out that Bybit’s security breach is a direct consequence of weak regulatory oversight, leaving investors unprotected against sophisticated cyberattacks.

The attack on Bybit has been linked to North Korea’s Lazarus Group, a state-sponsored hacking collective known for targeting cryptocurrency exchanges. Analysts at blockchain forensics firm Elliptic reported that the group has stolen billions in crypto over the years, using complex laundering methods to fund North Korea’s missile programs. Without strict cybersecurity requirements enforced by the US SEC, exchanges remain vulnerable to such threats.

EX SEC John Reed Stark added,

“For crypto-exchanges, there’s no regulatory oversight; no consumer protections; no net capital requirements; no licensure of individuals; no US audits, inspections or examinations; no segregation of customer funds; no insurance, no cybersecurity requirements; no transparency; no accountability; no SEC/FDIC/OCC/etc. engagement and the list goes on”

Bybit’s $1.5 Billion Hack Exposes Risks

The Bybit hack has sparked concerns about the broader security risks in the crypto industry. Crypto exchanges lack oversight, unlike traditional financial institutions. They have no mandatory audits, capital reserves, or customer asset protection.

Bybit has responded by securing bridge loans to cover losses and working to recover the stolen assets. However, experts remain skeptical about the likelihood of successful recovery. This incident underscores how the absence of SEC enforcement leaves crypto investors exposed to large-scale losses with no regulatory safeguards.

With the US SEC pulling back from crypto-related investigations and enforcement, investors are left without key protections. The lack of insurance, consumer safeguards, and oversight mechanisms means that customers impacted by breaches like the Bybit hack have limited options for recovering their funds.

As the US SEC changes its regulatory stance, critics raise concerns. They argue that offshore crypto exchanges may still operate with weak security. This regulatory gap increases the risk of further large-scale hacks, placing investors at continued financial risk.

The US SEC decision to halt enforcement actions has sparked debates on crypto regulation. Ongoing cases against major exchanges are now on hold. Some industry participants see reduced oversight as a way to promote innovation. Others warn it increases risks of fraud, security breaches, and financial instability.

Following the recent crypto hack, Bybit has launched a $140 million recovery bounty to track and reclaim stolen funds. The exchange is offering rewards to individuals or organizations that provide information leading to the identification of hackers.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst Identifies Key Support For Cardano Price Bullish Momentum

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Crypto analyst Ali Martinez has noted key support levels for Cardano (ADA) price between $0.67 and $0.80. He emphasized their role in sustaining the current bullish trend. According to Martinez’s analysis, these levels have historically acted as both resistance and support for the altcoin. The repeated interaction with this range indicates its significance in determining ADA price direction.

Key Support Levels for Cardano Price Stability

In a post on X, Ali Martinez highlighted that Cardano price has repeatedly tested the $0.67–$0.80 range. This zone has provided stability for ADA, preventing further declines and acting as a foundation for bullish movements.

Historical price movements suggest that this support area has been critical during both uptrends and corrections. The ability of ADA to hold above this range signals strong buying interest.

Recent market data indicates that ADA remains within this support range, maintaining its position despite market fluctuations. If buying pressure persists, Cardano price could establish a stronger footing and attempt an upward breakout.

Meanwhile, Grok 3 AI highlighted Cardano’s strong decentralization as a driving force behind its potential rally to $5-$6 in this bull cycle. If Cardano price can break key resistance levels, it may gain the bullish momentum needed to reach these ambitious price targets.

Technical Indicators Suggest Growing Buying Pressure

Supporting the bullish sentiments, the 1-day Moving Average Convergence Divergence indicates Cardano price is holding above key support levels, providing a foundation for a altcoin rally.

More so, the MACD line is above the signal line, signaling a bullish crossover. If ADA maintains its position above $0.75 and builds on this momentum, it will break the $0.80 resistance and push higher in the short term.

Furthermore, there is the Parabolic Stop and Reverse (SAR) indicator whose dotted lines are placed below Cardano price, which is common in an upward trend. This suggests that ADA price has found a strong support base, further reinforcing the likelihood of an upward move.

Cardano priceCardano price
Source: TradingView

ADA Price To $1?

If Cardano price remains above the key support range of $0.67–$0.80 and manages to break above resistance levels, analysts project a potential rally toward $0.94. A successful test of this price point could pave the way for ADA to revisit the $1 mark.

Conversely, if ADA fails to sustain support above $0.67, selling pressure could increase, driving the price lower. In such a scenario, the next key support level would be around $0.54, where buyers might re-enter the market.

Moreover, another analyst shared the bullish sentiments, emphasizing that ADA price movements suggest a potential breakout. The expert highlighted that if Cardano surpasses the critical resistance at $0.9837, it could pave the way for a rally toward $1.35.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pi Coin Price Crashes 50%, What Shall Investors Do Next?

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All the excitement around the Pi mainnet launch has faded within 24 hours of launch as the Pi Coin sees strong selling pressure with its price crashing more than 50% from the peak of $2 yesterday. The selling pressure comes with huge trading activity as daily trading volumes surge to more than $1.2 billion.

Pi Coin Sees Major Pump and Dump

Pi Coin, the native cryptocurrency of the Pi Network faces a major pump-and-dump as it currently trades around $0.70 falling more than 65% from its peak of $2.0 Investors’ euphoria surrounding the mainnet launch seems to be waning fast.

Even as of the current price of $0.70, the Pi Network pegs a market cap of $4.45 billion. With more than 10 million users, the Pi Network has achieved significant market following. following the mainnet launch, a total of 1 billion from the total 9.7 billion PI tokens are available initially. The remaining tokens will be locked in user wallets and unlocked over a period of time.

Although some market analysts have turned bullish, investors should be careful while taking fresh bets and look for any potential signs of trend reversal.

Will Binance and Coinbase Listing lead to Trend Reversal?

Despite the current Pi Coin price fall, the optimism surrounding the recovery remains high. Some market analysts believe that this would not be the right time to sell at the bottom considering that the daily trading volumes have remained robust at more than $1.2 billion.

Some of the global crypto exchanges like OKX and CoinDCX have already extended support to Pi coin. Furthermore, the industry has been pushing to bring the Pi Network’s native crypto token to top exchanges like Binance and Coinbase.

Binance and Coinbase, being among the largest cryptocurrency exchanges globally, offer access to a vast user base and high trading volumes. This increased liquidity can make Pi Coin more attractive to traders and investors. Besides, it will further boost the credibility of the crypto asset among retail investors.

Pi Community Shows Discontent

Following the massive pump and dump, there’s a major discontent among the Pi community. Notably, crypto commentator Wood LightYear expressed frustration over a specific narrative surrounding the Pi Network mainnet launch. In a statement shared on social media, LightYear said:

“The only narrative I really hated about yesterday’s listing of Pi was that of people having cheap access to accumulate what we paid for with our time, for many years.”

The sentiment highlights concerns among long-term supporters of the Pi Network, who believe the listing undermines the project’s core narrative of valuing time and attention

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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