Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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August 31, 2025

Major Japanese companies are continuing to buy Bitcoin (BTC) and altcoins with their balance sheets, with the mobile gaming firm Gumi poised to spend 2.5 billion yen ($17 million) on XRP purchases.

Per an official Gumi release and a report from the Japanese media outlet CoinPost, the Tokyo Stock Exchange-listed firm’s board of directors has signed off on the move.

The firm said it aims to complete the purchase before the end of February next year. Gumi’s largest shareholder is SBI Holdings.

Gumi: XRP and BTC Are ‘Two Pillars’ of Our Financial Strategy

SBI is a long-term partner of the XRP issuer Ripple, and an ardent advocate of the altcoin. But Gumi has also proven to be extremely Bitcoin-keen.

The firm announced plans to buy over $6.5 million worth of Bitcoin back in February. And in March this year, Gumi held a $106,000 BTC lottery event for its newest shareholders.

Gumi officials said that the future XRP buy is not purely speculative. Instead, it called the move a “strategic initiative” that would allow it to move into the financial sector.

The company claimed its move would help it participate in the XRP ecosystem. This ecosystem, officials aid, is now playing a central role in international remittances and liquidity networks.

Developing cross-border remittances and liquidity are values “at the core of” SBI’s operations, Gumi noted.

XRP will thus take on “great significance” as a medium- to long-term growth asset, Gumi believes.

Gumi has also unveiled plans to launch a multi-billion yen crypto management fund in conjunction with SBI.

SBI: Aiming for Crypto ETF

SBI wants to launch an exchange-traded fund (ETF) that incorporates BTC, XRP, and other tokens. The firm is currently waiting on approval from Tokyo, which continues to deliberate on crypto ETF appoval.

Gumi has also said that it will look to manage its Bitcoin holdings by using staking protocols.

The company has also explained that it sees BTC and XRP as two separate pillars of its growth strategy.

XRP, it said, is a “network asset that is rooted in real financial demand.” Bitcoin, meanwhile, is a “globally universal asset,” Gumi believes.

The cryptocurrency market has recently seen renewed excitement. The price of Solana (SOL) has surged, continuously breaking through key technical levels. On August 14, SOL’s market capitalization reached $205.79, attracting the attention of crypto enthusiasts worldwide. Furthermore, SOL’s high performance, high throughput, and low-cost network have attracted numerous retail and institutional users to participate in node deployment and staking, earning token rewards.

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With the continuous development of blockchain technology, the combination of cloud mining and SOL ecosystem investments is increasingly demonstrating its potential and returns. Analysts at SIX MINING recommend that investors pay particular attention to platform compliance, revenue model transparency, and fund security, and prefer service providers with mature technology and stable operations. For example, SIX MINING cloud mining also allows retail investors to participate in Solana’s growth dividends without being limited by technical hurdles and equipment costs.

At the dawn of this “golden age of blockchain,” SIX MINING’s cloud mining could be the decisive entry point into the future prosperity curve.

For more information, visit the official website.

At Kraken, transparency is not a slogan. That’s standard. Our latest news Preliminary Proof (POR) AuditIt was completed at that point June 30, 2025Again, make sure that the client assets held on the platform are backed up to 1:1 or later. This process includes the main crypto assets BTC, ETH, SOL, USDC, USDT, XRP, ADA.

We don’t expect blind trust. We don’t need it. Provides evidence of encryption.

Is it your first time with POR? Learn how it works in a beginner’s guide.

The June 2025 report shows

Our POR Audit captures a complete snapshot of client assets across all services, not just spot balance. Included Margin accounts, futures holdings, and betting assetsIt provides a full spectrum view of customer exposure.

Reserve ratios as of June 30, 2025

A simple review – What is a proof of preparation?

Proof of reserves is a encryption process that allows the client to independently and personally verify that the assets are contained in a third-party audited snapshot of the platform’s liability.

Use a Markle Tree Combine individual balances into a single cryptographic hash. Client receives a Personalized Markle Proofcan be used to confirm inclusion without revealing personal details. An independent auditor then checks Kraken’s Onchain Holdings exceeds the total client balance – Effectively test your complete preparation without assumptions.

Why is Kraken’s POR going even further?

Nowadays, more exchanges offer some form of “pole” offering, but not all of them offer the same level of rigor or transparency. This is what sets us apart:

1. Consider not only assets but also liabilities

Some platforms show what they have, but skip what they owe. Included Client’s Total Debt With all audits. Below that is not complete evidence of reserves.

2. User-Level Verification

All clients can Check your own inclusion Use the open source Merkle Verification Tool. This is not just about trust, it is about verification.

3. Ten Year Consistency

First I developed POR 2014 – And we haven’t stopped. Kraken will implement for Regular and orderlyit’s not just the news cycle.

POR is essential. It’s not about promises. That’s about evidence – Visible, encryption, and proof of third-party verification. Kraken’s process is built to withstand scrutiny and provide information to users.

What’s next – Enlarge scope

We are committed to publishing Pors quarterin addition to our financial disclosures, we also ensure that users have a normal window in our platform solvency. We are also actively working to expand and include our pole coverage. More supported assetsgives us a broader view of the reserves throughout our ecosystem.

From the beginning, Kraken was a supporter. Accountability, Independence, Cryptographic Primary Values. I believe transparency should be an industry norm, not an afterthought. So we keep raising the bar.

Ready to verify your account? Please visit the spare proof portal.

Over the past few weeks, XRP has been on a wild ride, rising from below $2.30 to highs above $3.50. A double top, a well-known bearish chart pattern, could form, but the asset’s recent momentum might be hiding this new technical risk. Based on the current price structure, XRP is making a comeback after a steep decline, after its initial breakout near the $3.50 region. 

The bulls’ continued activity is indicated by the encouraging recovery above $3.20. The catch is that if the price bounces back to the $3.50 region and does not sustain a break, it could print a second peak, the second top of the double top, which could signal a short- or medium-term reversal. 

Also contributing to the worry is the Relative Strength Index (RSI), which is once again getting close to 75. Bullish strength can be indicated by a strong RSI, but the likelihood of exhaustion is increased when high levels are retested without a fresh breakout. Another important element here is volume. 

Despite strong buying support during the rally toward $3.50, the recent ascent has been on somewhat lower volume, which may indicate waning interest. The formation of lower highs and indications of distribution should be closely monitored by traders if XRP does return to $3.50 and stalls or reverses from that level. 

The double top would be confirmed if there were a confirmed break below the neckline between $3.00 and $3.10, which could push XRP back toward support close to the 50-day EMA at $2.60 or even lower.

Ethereum stays up

Ethereum does not appear to be slowing down. Since emerging from its months-long consolidation range in early July, the second-largest cryptocurrency by market capitalization has been riding a relentless bullish wave. With its current price of $3,888, ETH has increased by more than 40% in recent weeks, and the bulls continue to have the upper hand. 

The breakout was flawless: Ethereum moved immediately and with high volume past its prior resistance level of $2,900. The 50-day EMA and that level now serve as a strong support zone. Regaining the 200-day EMA and making a strong move above the $3,300-$3,500 range, which confirmed the trend reversal and attracted aggressive buyers, further increased momentum. 

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The absence of significant drawbacks is the true clutch here. Each consolidation is brief and superficial, indicating high levels of demand. The RSI has reached overbought territory at 82, but historically, ETH can remain extended for a considerable amount of time before a significant correction occurs in strong uptrends like this one.

Psychological resistance is looming close to $4,000, which many traders may consider a short-term target. FOMO-driven inflows would probably be triggered by a clear break above it, which might push Ethereum closer to the $4,400 range, the last local peak observed in late 2021.

Watch the $3,300-$3,500 range as the immediate support on the downside. Buyers will probably intervene at those levels, which also coincide with important moving averages if ETH declines. It appears that Ethereum’s rally will continue unless a macro-level catalyst steps in. Strong momentum encouraging volume and an unquestionably bullish market structure are all present. As of right now, there are no warning signs — just a steady upward trend from a reputable cryptocurrency asset.

Bitcoin’s main target

Bitcoin has formally established $120,000 as a distinct resistance level. Following weeks of consistent rising and numerous retests, the digital gold is still being rejected around this technical and psychological ceiling, creating what seems to be a standard horizontal resistance zone.

In recent weeks price action has shown both growing exhaustion and bullish intent. BTC has failed to close above $120,000 decisively despite several intraday breakouts above that level, indicating the existence of significant sell pressure or profit-taking activity. The comparatively low volume during these attempts raises the possibility that the bulls are running out of immediate fuel to push higher without consolidation.

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It is not necessarily bearish to look at the current consolidation that is just below resistance. Indicators such as the RSI, which is currently at a neutral 61, can be reset by the market as a result of this healthy pause following a robust uptrend. There is still momentum, and moving averages, particularly the 50 and 100-day EMAs, keep sloping upward, providing strong support zones at $115,000 and $111,000, respectively.

If, on the other hand, the market is unable to make a breakthrough, it may retrace further toward the $111,000-$108,000 support band. For the most part, Bitcoin is still structurally bullish. Stronger confirmation is necessary to maintain the rally though — particularly a convincing breakout above $120,000 with supportive volume. 

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

Share

Last updated: 

July 23, 2025

Park Gyuri, a founding member of the K-pop girl group Kara, is facing fresh crypto allegations, days after telling a court she did not participate in her ex-lover’s alleged altcoin fraud operations.

The case revolves around a low-cap art-themed altcoin named Pica Coin and its alleged mastermind Song Ja-ho, Park’s ex-boyfriend.

At the time of the launch, Park was reportedly listed as Pica’s Chief Communications Officer and Advisor.

Park Gyuri: Crypto Accusations Continue

Last week, prosecutors summoned Park as a witness in the Song fraud case. She told a branch of the Seoul Southern District Court that she had played no part in any illegal crypto schemes or efforts to manipulate token prices.

She claimed that she thought Pica was an above-board art-technology startup. Park also claimed that she worked as a salaried worker at Pica “for a year as a curator and publicity manager, planning and promoting exhibitions for artists.” The K-pop star added:

“I knew nothing about cryptoassets. And I did not want any photos of me to feature in the Pica Coin white paper. I have never participated in or benefited from illegal coin operations. […] I have never made any profit from [this coin].”

‘I Sold My BTC to Buy Altcoin,’ Star Claims

Furthermore, Park claimed that she had invested 60 million won (currently $43,566) in Pica Coin in April 2021.

She said that she raised the funds for the purchase by selling her personal Bitcoin (BTC) holdings.

But the former Kara member said she “lost everything” when the Pica Coin was delisted from the Upbit crypto exchange two months later, in June 2021.

However, the Pica Coin CEO Seong Hae-joong told the media outlet iMBC that Park’s claims were untrue. Seong said that Song “directly compensated her with 60 million won in cash in December of the same year, acting out of pity for her.”

This was despite the fact that Park and Song reportedly broke up in September 2021. Seung provided the media outlet with screenshots of an alleged conversation about the “compensation” between Park and Song on KakaoTalk.

The screenshots appear to show Park asking Song when exactly he would send her the money on December 8, 2021. To this, he appears to respond: “Before the end of the month.”

Park also appears to “correct” Song’s intention to send 50 million, saying: “It wasn’t 50 million, but actually 60 million.”

Prosecutors Launched Legal Case in 2023

Seong also stated that Park’s claims that she had never made any profit from crypto were “untrue.” He asserted that Park’s assertions were “one-sided” and “lacked credulity.”

The media outlet said that it had contacted Park’s talent agency Big Boss Entertainment with multiple unsuccessful requests for comment.

However, the newspaper Maeil Kyungjae quoted Park’s representatives as stating: “We cannot comment on matters connected to Ms. Park’s private life.”

Park has previously expressed her exasperation with the case on her social media pages, asking rhetorically why she is not being allowed to move on from her involvement with Pica.

Police arrested Song in 2023 on charges of fraud and breach of trust. Prosecutors have accused him of soliciting investments for artworks he did not own.

Officials also think Song may have also manipulated Pica Coin prices to his own advantage.

Park debuted with Kara in 2007, with the group disbanding in 2016. Kara reformed in 2022 and is currently touring Asia, with performances slated for Yokohama, Japan, and Macau in August.

July 21st Bitfinex alpha | Alts Rally continues on to BTC ATH

Bitcoin hit a fresh high of $123,120 last week, then cooled to sideways integration, recording a rally of 65.3% from its April low. Once Bitcoin suspends, altcoins have surged aggressively, with many big caps like Ethereum and XRP surpassing the top for the first time in months. This change in momentum has led to a 6.9% decline in Bitcoin dominance, the largest since December 2023, suggesting that the market is spinning into higher beta assets, a feature of the medium-cycle expansion stage.

Despite Bitcoin integration, it far surpasses the 95% realized cost base of holders, highlighting that most of the supply is profitable. This historically illustrates a later stage bullish phase in which profits from short-term holders are intensified. Long-term holders first began distributing coins in early 2024, while ETFs, retail and new market participants are absorbing their supply. This natural rotation between holder classes reflects the maturation cycle, but also increases short-term vulnerability, especially when buyer momentum fades.

Bitcoin has returned for a short time to $115,820 after testing the +1 standard deviation band (σ) above the short-term holder cost base above $120,000. For the rally to continue, the next resistance will be in the +2σ band, close to $136,000. This is a level related to terms of acquisition and the vibrancy of the peak market. To maintain momentum to reach that level, it could require an updated institutional influx or a strong macro tailwind to absorb profit-raising pressure. For now, the baton has gone to Altcoins, but the structural strength of Bitcoins remains intact.

The macroeconomics has revealed tariff-driven inflation is emerging, with CPI rising by 0.3% in June and higher import costs from China and other major US trading partners, pushing up the prices of consumer goods such as appliances and apparel. Shelter and service inflation shows mild easing, but producer price data refers to rising upstream costs and potential “stagflation light” risks, urging the Fed to curb interest rate cuts for now. Despite these inflationary pressures, US retail sales rebounded 0.6% in June. This precedes car sales and pre-emptive consumer purchases, while actual consumption continues to rise slightly. Labor market data adds to complex situations. Although early unemployment claims have declined, this suggests continued claims and slow wage growth.

In Crypto, institutional adoptions have skyrocketed as Strategies (previously MicroStrategy) became the first public company to own more than 600,000 BTC, and now exceeding $73 billion. Meanwhile, Hungary has imposed strict penalties on unauthorized crypto transactions, forcing major platforms to halt services, and Kazakhstan is weighing the crypto allocation of sovereign reserves.

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