By mid-day on Feb. 6, the fog of uncertainty had begun to lift. Both cryptocurrencies and crypto-linked equities staged a solid rebound. But Wall Street strategists aren’t rushing back in just yet. Citibank has dialed back its expectations for Coinbase (NASDAQ: COIN), citing persistent volatility and ongoing uncertainty surrounding U.S. crypto regulation. Related: Crypto stocks rally up to 25% after big relief Coinbase Stock Bounces but Still Deep in the Red Founded in 2012 by Brian Armstrong and Fred ...

Core Insights - DraftKings Inc. has announced a partnership with Crypto.com to expand its prediction markets, introducing player-specific sports event contracts for the NFL and NBA, and laying the groundwork for future categories including politics [2][3] Company Overview - DraftKings is a digital sports entertainment and gaming company founded in 2012, offering products across daily fantasy, regulated gaming, and digital media, with operations in 30 states and Canada [6] - The company aims to enhance the competitive spirit of sports fans through responsible real-money games and betting experiences [6] Partnership Details - The collaboration with Crypto.com will broaden customer access to various prediction markets, including sports, culture, entertainment, and politics, while integrating additional CFTC-regulated exchanges [3][4] - DraftKings Predictions will also incorporate Railbird Exchange in the near future, further enhancing its offerings [3] Market Expansion - The expansion of DraftKings Predictions will include a wider range of sports such as soccer, MMA, golf, boxing, tennis, and the Olympic Games, complementing existing markets provided by CME Group [3] - Eligible customers can make predictions through federally regulated event contracts in states like California, Florida, Georgia, and Texas [4] Crypto.com Overview - Crypto.com, founded in 2016, is a leading cryptocurrency platform focused on regulatory compliance and security, aiming to accelerate cryptocurrency adoption [7] - The partnership with DraftKings is seen as a significant milestone for expanding access to prediction markets across various sectors [4][7]

A sudden price gap on one of South Korea’s biggest crypto venues set off fresh speculation on Feb. 6 as traders tried to explain why Bitcoin briefly traded far below the wider market. The move looked like a localized shock rather than a broad selloff, but it landed in the middle of a bruising week for digital assets. Related: Trump's crypto policy has astounding reach in South Korea Exchange error reportedly credited users with Bitcoin Market watchers and local media reports said the disruption followe ...

Core Insights - Bitget, the largest panoramic exchange globally, achieved a trading volume growth of 45.5% year-on-year by the end of 2025, ranking sixth in the global market share of centralized cryptocurrency exchanges with a 6.4% market share [2][3]. Group 1: Company Performance - The CoinGecko report highlights Bitget's strong growth, attributed to its innovative product offerings and a robust security system that has built community trust over the years [3]. - Bitget has accelerated its transition to a panoramic exchange model, expanding its business from the cryptocurrency native market to multi-asset trading, including commodities, indices, forex, and precious metals [3][4]. - The introduction of tokenized stock futures has seen strong demand during global earnings seasons, enhancing Bitget's core advantages in liquidity for spot and derivatives trading [3]. Group 2: Market Trends - The report indicates a broader trend where users prefer platforms that offer depth, flexibility, and resilience, as trading activities increasingly encompass cryptocurrencies, macro assets, and on-chain products [4]. - As 2026 approaches, Bitget plans to continue its growth trajectory by expanding its product offerings, strengthening trading infrastructure, and investing in community trust and platform reliability [4]. Group 3: Company Overview - Bitget serves over 125 million users, supporting trading of more than 2 million cryptocurrency tokens, over 100 tokenized stocks, ETFs, commodities, forex, and precious metals [5]. - The company aims to enhance trading intelligence through AI agents, acting as a "co-pilot" for trade execution, and is engaged in strategic partnerships to promote cryptocurrency applications [5]. - Bitget leads the tokenized TradFi market, offering the lowest fees and highest liquidity across 150 regions globally [5].

Core Insights - Ark Invest sold over $19 million in Coinbase (COIN) shares shortly after increasing its position, as Bitcoin's price dropped to nearly $60,000 [1][3] - Coinbase shares have decreased almost 48% over the last six months, despite a recent 9% increase to around $159.13 [2] - Ark Invest's current valuation of its Coinbase investment is approximately $425 million, making it the seventh-largest investment across its ETFs [3] Group 1: Coinbase and Crypto Market Performance - Ark sold 119,236 shares of COIN as the stock reached its lowest price since March [2] - Bitcoin is down about 17% for the week, trading near $69,000, while Ethereum has seen a 27% decline, sitting just under $2,000 [4] - Despite selling COIN shares, Ark Invest acquired over 716,000 shares of Bullish (BLSH), valued at more than $19 million, as BLSH trades around $27.00 [4] Group 2: Other Investments and Market Sentiment - Ark Invest added 150,000 shares of Brera Holdings (SLMT), valued at around $172,500, despite major crypto treasury firms being underwater on their digital assets [5] - The firm also purchased shares in Alphabet (GOOG) amid macroeconomic concerns regarding AI, with Cathie Wood asserting that gold, not AI, is the real market bubble [6]

Core Insights - Bithumb confirmed that an operational error led to an abnormal Bitcoin payout during a promotional event, causing temporary price volatility on the platform [1][2] Group 1: Incident Details - An abnormal amount of Bitcoin was paid to some customers, leading to a sharp fluctuation in Bitcoin prices as recipients sold the assets [2] - Bithumb's internal monitoring systems quickly detected the abnormal transactions and restricted trading on affected accounts, which helped stabilize the market within 5 minutes [3] - The incident was not due to a cyberattack or security breach, ensuring that system security and customer asset management remained intact [5] Group 2: Customer Impact - Bithumb reassured users that customer funds are safe and core services are operating normally, with no customers suffering losses from the incident [6][7] - The company emphasized its commitment to transparency and responsibility, stating it would share follow-up actions and strengthen safeguards to provide a stable trading environment [8]

Core Insights - Bithumb experienced a significant operational mishap on February 6, 2026, leading to a double-digit decline in the BTC/KRW trading pair [1] - An accidental airdrop of 2,000 Bitcoin (BTC) instead of 2,000 Korean Won (KRW) triggered a sell-off, causing Bitcoin's price on Bithumb to drop over 10% [2] - The incident raised concerns about internal controls and risk management at cryptocurrency exchanges, particularly regarding high-value digital assets [4][7] Incident Details - The airdrop was intended as a small incentive for users, but the error resulted in hundreds of users receiving Bitcoin instead of the intended KRW reward [2][4] - Some users capitalized on the mistake by selling their unexpected Bitcoin at market prices, benefiting from the situation [4] - The price drop was primarily isolated to Bithumb due to its unique order book, with other exchanges remaining unaffected by the selling pressure [5][6] Market Impact - The operational error highlights ongoing risks in major exchanges, despite advancements in the industry [7] - The incident illustrates how a simple input error can lead to significant market disruption, emphasizing the need for robust risk management practices [7]

Core Insights - Cathie Wood's ARK Invest has increased its bullish positions following a positive Q4 report from a cryptocurrency exchange, while simultaneously selling its holdings in Coinbase [1] Group 1: Company Actions - ARK Invest has added to its bullish holdings in response to the recent performance of a cryptocurrency exchange [1] - The firm has divested from Coinbase, indicating a strategic shift in its investment focus [1] Group 2: Market Context - Bitcoin is attempting to recover from recent losses, reflecting ongoing volatility in the cryptocurrency market [1]

Group 1 - The Korea Fair Trade Commission conducted an on-site investigation at Bithumb's headquarters in Gangnam, Seoul, on February 4, focusing on the validity of Bithumb's claim of being "the number one in liquidity among domestic exchanges," as the market share leader is Upbit [1] - The investigation also examines Bithumb's previous changes to the conditions of its subsidy program aimed at API-linked users [1]

Core Viewpoint - Gemini, a cryptocurrency firm led by the Winklevoss twins, is reducing its workforce by up to 25% and ceasing operations in the UK, EU, and Australia due to challenges in these markets and a significant decline in Bitcoin prices [1][2]. Group 1: Workforce and Operational Changes - The layoffs will affect approximately 200 employees across Gemini's operations in the US, Europe, and Singapore [1]. - The company aims to focus on the US market, stating that foreign markets have proven difficult to penetrate and have led to increased operational complexity and costs [2]. Group 2: Market Performance and Financials - Bitcoin's price has recently dropped below $70,000 for the first time since November 2024, marking a 25% decline since the beginning of the year, with current prices around $65,000 [4]. - Gemini's stock has decreased by about 85% from its all-time high of $45.89 shortly after its public trading debut, with a notable 9% drop in trading on the day of the announcement [5]. Group 3: Strategic Initiatives - In December, Gemini launched a prediction market to diversify its offerings, with the belief that such markets could rival or surpass current capital markets [6]. - The company plans to complete the layoffs and end operations in overseas markets by the first half of the year [10]. Group 4: Regulatory and Legal Challenges - Gemini has faced regulatory scrutiny, including a lawsuit from the New York Attorney General, which was settled in June 2024, and another case from the SEC that was dropped in January [12].