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In brief Sonnet BioTherapeutics is merging with Rorschach I LLC to create Hyperliquid Strategies Inc. HYPE rose nearly 7% as the broader crypto market traded lower. The merger signals institutional confidence and long-term demand for HYPE, Decrypt was told. Decentralized exchange Hyperliquid’s HYPE token is bucking the broader market trend, soaring while the rest of the crypto market is caught in Bitcoin’s dragnet.Hyperliquid is up nearly 7% over 24 hours while competitor BNB Chain’s Aster is down 7.6%, per CoinGecko data. HYPE’s out-of-pocket performance comes as a landmark corporate pivot is set to funnel significant capital into the Hyperliquid ecosystem, via…

Blockchain.com, one of the oldest crypto platforms operating a wallet and a blockchain explorer, has received regulatory approval in Europe as it ramps up compliance efforts.Blockchain.com obtained a Markets in Crypto-Assets Regulation (MiCA) license from the Maltese Financial Services Authority (MFSA), the company said on Thursday.With the license, Blockchain.com is enabled to provide custody and wallet services in 30 European Economic Area (EEA) countries and plans to roll out institutional services, including treasury management.“Prior to MiCA, the company operated within a fragmented regulatory environment,” a spokesperson for Blockchain.com told Cointelegraph, adding that the license helps it consolidate those services across…

Crypto market observers have locked their gaze on the delayed US inflation report for September, which is expected to be published on Friday and to exceed 3% for the first time in 2025, which could have a knock-on effect on crypto markets. The US Bureau of Labor Statistics is scheduled to publish the Consumer Price Index (CPI) for September on Friday. It has been delayed due to the ongoing government shutdown, which is now in its 24th day.Economists forecast that September inflation rose 0.4% monthly and 3.1% annually, so it would be the first time headline CPI would exceed 3% this…

In brief Paxos mistakenly minted 300 trillion PYUSD tokens last week before burning them 24 minutes later in what the company on Wednesday called an “internal technical error” that never left its systems. The Paxos co-founder said “the mistake was entirely ours” and blamed rarely-used manual operational processes designed for “very secure cold minting processes” for the error in the amount minted. The incident comes as Paxos seeks a national trust charter from the OCC under the GENIUS Act, with critics questioning whether the company should receive federal banking authority after the $300 trillion blunder. On Wednesday, Paxos Chief Executive…

The crypto trader who supposedly made millions shorting the crypto market before US President Donald Trump’s tariff announcement appears to have profited again by betting that Trump would pardon the founder of Binance. Onchain sleuth Euan pointed to Etherscan data to make the connection between the trader and the Polymarket account. The crypto wallet reportedly made $56,522 on Polymarket by betting that Trump would pardon Changpeng “CZ” Zhao sometime in 2025. Source: EuanThe crypto trader had already been suspected in crypto circles of having access to insider knowledge after their tightly timed Bitcoin and Ethereum shorts, just hours before Trump’s tariff announcement…

Decentralized finance (DeFi) lending protocol Spark has rotated a portion of its treasury reserves from US government bonds into crypto-native yield strategies, signaling new approaches to onchain yield generation as Treasury returns continue to compress.On Thursday, Spark said it allocated $100 million of its stablecoin reserves to Superstate’s Crypto Carry Fund (USCC), a regulated basis-trading fund that generates yield from price differentials between spot and futures markets across major digital assets. The fund allows DeFi protocols to earn market-neutral yield from the same derivatives markets traditionally used by hedge funds.According to Superstate’s website, USCC manages about $528 million in assets…

In brief Social media platform Reddit has sued Perplexity AI, accusing the firm of an “industrial-scale” scheme to scrape its user-generated content. Reddit alleges billions of search pages were scraped through tools that bypassed its and Google’s protections. The lawsuit names Perplexity, SerpApi, Oxylabs, and AWM Proxy as defendants. Social media platform Reddit has sued Perplexity AI in federal court on Wednesday, alleging that the artificial intelligence company and its data partners orchestrated an “ industrial-scale” scheme to scrape the platform’s user-generated content.Reddit alleges that the other defendants: SerpApi, Oxylabs, and AWM Proxy, developed and sold tools specifically designed to…

The end of another week has come around, which means another batch of Bitcoin and Ether options contracts are expiring as spot markets remain sluggish. Around 47,000 Bitcoin options contracts will expire on Friday, Oct. 24, and they have a notional value of roughly $5.1 billion. This expiry event is a little larger than last week’s, but there is unlikely to be any impact on spot markets, which have been mostly sideways in the past several days. The US government remains in a shutdown, and a delayed September CPI inflation report is due today, which could induce volatility, especially…

XLM traded lower through Tuesday’s session, slipping from $0.3137 to $0.3123 over 24 hours ending Oct. 23 at 14:00 UTC. The token moved within a narrow $0.0132 range (4.2%), reflecting volatile but range-bound behavior. A sharp 62.1 million volume spike—180% above average—at 21:00 on Oct. 22 triggered a selloff from $0.3081 to critical support at $0.3027, establishing the lower boundary of the current trading range.Despite briefly recovering, Stellar faced persistent technical resistance. Prices rebounded toward $0.3160, consolidating above $0.3120 before a double-top pattern formed at $0.3147, signaling exhaustion. The final hour saw renewed selling pressure, with a breakdown below $0.3131…

Bitcoin and Ether rose 1.5% on Thursday as the S&P 500 and Nasdaq approached their all-time highs.Crypto markets rose slightly Thursday morning, with Bitcoin holding around $110,000 and the total market cap at $3.78 trillion, as the 10-year Treasury yield climbed above 3.98%.Bitcoin (BTC) has gained 1.6%, pushing the price to $110,000 and keeping it firmly within the $108,000-$112,000 range.In a commentary for The Defiant, Farzam Ehsani, CEO and co-founder of VALR, suggested that Bitcoin’s path higher “is not guaranteed” as the same macro volatility that triggered gold’s rally due to its general perception as a defensive asset “could cap…