Bloomberg commodity strategist Mike McGlone explains his bearish turn on Bitcoin outlook and broader market expectations for 2026. Bloomberg Intelligence strategist Mike McGlone said he has reversed his long-term outlook on Bitcoin and the broader crypto market, arguing that investors should “sell the rallies” across risk assets in 2026. In McGlone’s view, the conditions that once made Bitcoin (BTC) compelling have changed fundamentally. What began as a scarce, disruptive asset has become part of a crowded and highly speculative ecosystem, increasingly correlated with equities and vulnerable to the same macro forces that drive traditional markets. He draws parallels with past market peaks, pointing to excessive speculation, the approval of exchange-traded funds (ETFs) and historically low volatility as warning signs. Bitcoin, he argues, has gone from being a hedge against the system to being firmly inside it, and that changes everything. Read more
Paradex said a planned database upgrade briefly corrupted funding data, prompting a chain rollback and refunds after unintended liquidations across multiple markets. Onchain derivatives platform Paradex refunded $650,000 to about 200 users after a maintenance-related software error triggered unintended liquidations across multiple markets. According to a Friday post-mortem shared on X by Paradex, the incident occurred during a planned 30-minute database upgrade on Monday, when a “race condition” caused corrupted market data to be written onchain. Paradex said the issue was operational and not the result of a hack or security breach. In response, Paradex temporarily disabled access to the platform, canceled all open orders except take-profit and stop-loss orders, and rolled back the chain to a snapshot taken before the maintenance window began. Read more
US lawmakers pause the CLARITY Act as DeFi leaders warn the bill still risks developers, DAOs rethink governance and regulators face mounting pressure. United States lawmakers postponed a planned markup of the Digital Asset Market Clarity Act (CLARITY), delaying progress on a bill intended to define how cryptocurrencies and decentralized finance (DeFi) platforms are regulated and prompting renewed pushback from DeFi leaders who say the bill still fails to adequately protect developers. Industry groups and crypto venture firms warned that proposed amendments could impose requirements that are not suitable for decentralized systems. Representatives from Paradigm and Variant said the current draft leaves unresolved ambiguity over whether DeFi developers and infrastructure providers could be forced to implement Know Your Customer (KYC), register with financial regulators or comply with rules designed for centralized platforms. The delay follows mounting criticism from across the crypto sector, including public o...
The digital asset custodian’s choppy debut reflects shifting investor sentiment and tighter scrutiny of new listings as crypto markets struggle to regain momentum. Shares of digital asset custodian BitGo Holdings (BTG) have swung sharply since the company’s public debut on the New York Stock Exchange on Thursday, with early gains quickly reversing as initial IPO enthusiasm cooled and investors moved to lock in profits. BitGo priced its initial public offering at $18 a share and it jumped about 25% in its first day of trading, reflecting strong early demand. While the stock closed only modestly higher in its first full session, the rally proved short-lived. Shares have since fallen below their IPO price, declining as much as 13.4% on Friday, according to Yahoo Finance data. Read more