This week in crypto feels like a market caught between momentum and recalibration, with Bitcoin stalling just below US$76,000 (AU$105,962) as liquidations, ETF outflows, and fading institutional demand cool its recent rally. At the same time, a 12% surge during the Iran conflict is reshaping how investors think about BTC, shifting the narrative beyond “digital gold” towards a neutral settlement layer in an increasingly fragmented global financial system. Under the surface, the industry is evolving quickly, with major players such as Kraken, Tether, Solana, and X pushing toward an “everything finance” model in which trading, payments, and user experience converge. But that progress is being tested by ongoing security failures, scams, and governance breakdowns, reinforcing the need to close gaps in trust and infrastructure. High-profile disputes like WLFI versus Justin Sun highlight deeper tensions between decentralisation and control. At the same time, regulatory developments from Hong Kong to the stalled CLARITY Act show the global rulebook is still being written. The result is a market no longer driven purely by speculation but by competing visions of what crypto should become. The signal is getting clearer, even if the path forward remains uneven.
What’s Happening On The Wayex Platform
Slight Bitcoin Rally Fuels Crypto Optimism
Bitcoin’s rally has stalled just below US$76,000 (AU$105,962), as profit-taking and a wave of liquidations cool momentum after its recent push higher. Over US$152 million (AU$211 million) in leveraged positions were wiped out, while ETF outflows and a declining Coinbase premium signal that institutional demand is starting to fade, even as whales continue accumulating in the background. With no fresh macro catalysts to drive the next leg up, BTC has slipped back into consolidation, holding above the mid-US$73,000 (AU$101,779) range for now, but facing strong resistance near US$76,500 (AU$106,659), leaving the market in a wait-and-see phase as traders look for a clearer direction.
Bitcoin’s recent rally during the Iran conflict is forcing a rethink of its role in global markets, with the asset gaining around 12%. At the same time, equities and gold declined, breaking their usual correlation with risk-on tech trades. Rather than just "digital gold," the market is increasingly pricing Bitcoin as both a store of value and a potential neutral settlement layer, highlighted by Iran's move to demand Bitcoin tolls in the Strait of Hormuz. While critics argue that this use case is driven by sanctions rather than true adoption, the shift signals a bigger structural change, in which geopolitical fragmentation and the weaponisation of traditional financial rails are pushing Bitcoin closer to real-world utility beyond speculation.
Big Players Making Big News
It's been a big week for the big players on the market. In one week, Tether launched a consumer wallet, Twitter released cashtags to its global audience, and Kraken's secret IPO.
Let’s get to it.
Kraken's long-awaited IPO saga continues to simmer, with the crypto exchange, via a comment from Co-CEO Arjun Sethi, indicating the IPO was still in play. Kraken submitted the confidential S-1 form to the US SEC in November 2025, much to the ire of internet finance nerds who like to devour S-1s like traders chasing the next breakout that already happened. Kraken's IPO debut was initially slated for early 2026, but that clearly has not happened yet. The company has taken a cautious approach, which is sensible given that its valuation has slid from US$20 billion (AU$28 billion) in late 2025 to around US$13.3 billion (AU$18.5 billion), the most recent confirmed valuation. The market has changed remarkably since Nov 2025, when we were all riding the high of our own supply at Bitcoin's ATH valuation in October 2025. Kraken's story is worth watching as more and more crypto players attempt to become the everything of crypto. The exchange is positioning itself as far more than just a trading platform, pushing into derivatives, tokenised stocks, and even securing a Federal Reserve master account to operate more like a traditional financial institution. With a wave of crypto firms already hitting public markets globally, Kraken's eventual listing could be a bellwether for how seriously mainstream investors are willing to take the sector. The smart money is on patience, and Kraken appears to have plenty of it.
Tether is doubling down on its dominance in stablecoins by pushing into the wallet layer with a new self-custodial product designed to bring USDT closer to everyday users. Tether, according to CoinGeek, is positioning itself as both the infrastructure and the user interface for digital money. The defiant adds that the app's primary pitch is to simplify and streamline self-custodial crypto management, and that it notably only supports Tether's USD stablecoins (USDT, USAT) and its tokenised gold product (XAUT) across multiple chains, plus Bitcoin.
But this expansion comes amid growing tension, highlighted by the fallout from the Drift Protocol exploit, in which around US$285 million (AU$397 million) in stolen funds reignited debate over whether issuers should intervene and freeze assets. While Tether has historically promoted cooperation with law enforcement, the broader industry response, including hesitation to act without clear legal direction, underscores a deeper conflict between decentralisation and compliance that continues to shape trust in stablecoins.
Solana has emerged as the clear standout in Q1 2026, capturing 41% of all on-chain spot trading volume and processing over 10 billion transactions, cementing its position as the go-to network for high-frequency activity. What’s notable for crypto enthusiasts is the shift beyond pure trading: Solana overtaking Ethereum in real-world asset lending, with deposits surging 115% to US$1.23 billion (AU$1.71 billion), alongside record tokenised asset volumes, signalling growing demand for on-chain exposure to traditional finance. Combined with strong institutional inflows and nearly US$292 million (AU$407 million) in app revenue, the data points to Solana evolving into a full-stack financial ecosystem, where trading, RWAs and consumer apps are converging into what’s increasingly being seen as an “everything exchange.”
X is pushing further into crypto-native trading behaviour with the rollout of Cashtags, turning token tickers like $BTC into clickable, real-time data hubs directly inside the app. For traders, this removes the constant switching between social sentiment and charting tools, effectively merging alpha discovery and execution into one feed, with early integrations already allowing Canadian users to place trades via Wealthsimple. The move is even more interesting given its ties to Solana, with pricing and infrastructure powered by ecosystem tools, signalling a deeper alignment between social platforms and on-chain data rails. For a crypto-native audience, this feels like a natural evolution, with attention, liquidity, and execution converging, and X positioning itself not just as the place where narratives start but also as the place where trades could increasingly happen.
Hacks, Hacks and Hackers
Crypto scams are again hitting the headlines, and yes, we know we keep harping on about it, but now it's more important than ever to protect yourself from the nefarious conduct of the interwebs.
Apple has removed a malicious app impersonating Ledger after more than 50 investors were scammed out of roughly US$9.5 million (AU$13.2 million). The fake "Ledger Live" app used a bait-and-switch tactic to trick users into entering their seed phrases, allowing attackers to drain funds across BTC, ETH and stablecoins. While Apple terminated the developer and pointed to its broader efforts to block fraudulent apps, the incident is a sharp reminder that even trusted app stores aren't immune. In a shocking twist to the story, On-Chain Investigator ZachXBT alleges that Kucoin helped the hacker exploit their funds in a vitriolic Twitter rant.
In news from the home front, Sydney entrepreneur Ben Pasternak is facing a lawsuit in New York over allegations that he orchestrated a crypto scheme involving a series of tokens that followed a classic hype-driven pump-and-dump cycle. The Australian Financial Review "alleges" (keyword "alleges") that Ben Pasternak, through his platform, first launched as Clout and later rebranded to Believe, enabled low-friction token creation that flooded the market with speculative assets, generating significant trading fees while investors suffered heavy losses. In another twist, which I make no comment on, good or bad, it seems Nikkita Bier of X tweeted about the activities of Pasternak’s exchange.
The lawsuit claims he encouraged holders to stay invested despite sharp declines, introduced new tokens that diluted existing positions, and ultimately left users exposed after billions in trading volume flowed through the platform, reinforcing ongoing concerns around meme coin ecosystems and the risks of unchecked token launches.
In more scam news, the US Department of Justice has begun the compensation process for victims of the infamous OneCoin scam. This US$4 billion (AU$6 billion) fraud falsely marketed itself as a Bitcoin rival despite having no blockchain. While the move marks progress in returning funds, the remission-based claims process places the burden of proof on investors, raising concerns that many, particularly smaller holders, may struggle to recover losses due to missing documentation and tight deadlines. With key figures like Ruja Ignatova still missing and the scheme's global impact spanning years, the case remains a stark reminder for crypto natives of how easily hype and complexity can be weaponised against retail participants, even in one of the industry's most well-known scams.
WLFI vs Justin Sun
The World Liberty Financial saga has evolved into a clear example of the tension between DeFi narratives and centralised control, with early token restrictions escalating into a full liquidity crisis. Concerns first surfaced when investor tokens were limited or frozen, before escalating in April 2026 when the project borrowed roughly US$75 million (AU$105 million) against its own token on the Dolomite platform, pushing the lending pool to near 100% utilisation and effectively locking user withdrawals. The move triggered widespread backlash, with Justin Sun accusing the team of treating users like a "personal ATM". At the same time, the project dismissed concerns as "FUD" and claimed it was acting as an "anchor borrower" generating yield for the ecosystem.
Tensions escalated further when Sun alleged the existence of a "backdoor blacklisting function" that could "freeze, restrict, and effectively confiscate" user assets, claims the company denied while stating, "We have the contracts. We have the evidence. We have the truth. See you in court." At the same time, WLFI introduced sweeping tokenomics changes, proposing long-term lock-ups alongside a multi-billion token burn, moves framed as stabilising the network but viewed by many as reinforcing issuer control. Taken together, these developments highlight a deeper structural issue in crypto: governance, liquidity, and ownership can still be dictated by a central entity, challenging the idea of true decentralisation.
Stablecoin Updates: Hong Kong Issues Its First Licenses
The first license has been issued, and we are EXCITED. The race to be the next big hub for stablecoins is one we at Wayex are deeply invested in.
And finally, Hong Kong has put its foot forward while our popcorn was in the microwave. The Hong Kong Monetary Authority (HKMA) has issued its first stablecoin licences under the new Stablecoins Ordinance, approving HSBC (FRS02) and Anchorpoint Financial (FRS01), effective 10 April 2026. The move follows the rollout of Hong Kong’s regulatory framework in August 2025, which emphasises strict standards around reserves, governance, technology, and AML compliance, with regulators deliberately limiting the first batch to prioritise risk management. HSBC plans to launch a Hong Kong dollar-backed stablecoin later in 2026, fully backed by high-quality liquid assets and integrated into its existing apps for payments and tokenised investments, while Anchorpoint, a joint venture involving Standard Chartered, HKT and Animoca Brands, represents a more crypto-native model emerging from the HKMA sandbox. Overall, the licences signal Hong Kong’s intent to position itself as a regulated hub for stablecoin innovation, balancing institutional-grade infrastructure with controlled experimentation in digital assets.
Whilst Hong Kong is issuing licenses, the CLARITY Act is stalled again. The CLARITY Act is approaching a critical deadline, with delays in the Senate threatening to push meaningful US crypto regulation out for years, and the core issue holding it back is stablecoin yield. At the centre of the debate is whether issuers should be allowed to pass interest on to users, with banks warning that this could trigger large-scale deposit outflows. At the same time, policymakers and crypto advocates argue that the risks are overstated and that a ban on yield would limit consumer benefits. For the market, this isn't just a policy detail; it's a defining moment for stablecoins, as yield could be the key driver of adoption, determining whether they evolve into true alternatives to bank deposits or remain constrained within trading and settlement use cases.
What's Making Us Laugh This Week
Founder's Corner
This week's newsletter covers a lot of ground, but two themes stand out to me: the continued evolution of crypto as serious financial infrastructure and the equally relentless pace of scams, governance failures, and trust breakdowns. The Ledger fake app, the OneCoin compensation process, the Drift exploit, these aren't isolated incidents; they're a pattern. And as the industry pushes toward its next 100 million users, the gap between great technology and safe technology remains too wide. The Ben Pasternak lawsuit, whatever its outcome, is another reminder that low-friction token creation without accountability isn't innovation, it's exposure. For anyone building in this space, consumer protection isn't a compliance checkbox; it's a competitive advantage.
At Wayex, we think about this every day. Our 24/7 customer support, our licensed and regulated infrastructure, and our commitment to operating through official channels aren't just features; they're the foundation. Hong Kong issuing its first stablecoin licences this week, and the ongoing CLARITY Act debate in the US, signal that the regulatory floor is rising globally. We welcome that. The platforms that will matter in five years are the ones being built right now, with compliance, consumer trust, and safety at the centre, not bolted on later. That's the version of crypto we're here to build.
**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Wayex to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of Wayex products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
