OKX, a leading global cryptocurrency exchange, has announced a major upgrade to its X Layer network that could reshape the future of its native token, OKB. The platform plans to permanently burn over 65 million OKB tokens, lock the total supply forever, and retire OKTChain.
Following the announcement, OKB surged to a new all-time high, jumping 140% in a single day and currently trading around $110.
OKX Fixes Total OKB Supply
According to the OKX announcement, X Layer will now evolve into a public blockchain designed for decentralized finance (DeFi), payments, and real-world asset (RWA) applications. The goal is to make it more useful for developers and users. Meanwhile, OKB will remain the sole native and gas token powering the network.
OKX announced a strategic upgrade to X Layer and will permanently burn 65,256,712.097 OKB from historical buybacks and reserves. The OKB smart contract will be upgraded to remove minting and manual burns, fixing total supply at 21 million. OKTChain will be phased out, with OKT…
One of the most eye-catching announcements is that OKX will permanently burn 65,256,712 OKB from past buybacks and reserves. The smart contract will also be upgraded so no new tokens can be created, locking the total supply at 21 million — similar to Bitcoin.
OKX believes this fixed supply will help stabilize long-term value and build trust among investors, especially those looking for predictable and transparent tokenomics.
Goodbye to OKTChain
Alongside the upgrade, OKX also announced that OKTChain will be phased out. Users holding OKT tokens will be able to swap them for OKB based on the average closing price between July 13 and August 12, 2025.
According to OKX, retiring OKTChain will simplify the network and focus attention on the main OKB token.
OKB token Hit All-time-High
Following OKX’s announcement, OKB briefly reached a new all-time high of $134 before settling around $110 reflecting a gain of 130%. Analysts say the rally reflects excitement around the fixed supply and the bigger role OKB will play in the upgraded ecosystem.
Meanwhile, by combining scarcity, utility, and a streamlined network, OKX’s latest move could put X Layer in a much stronger position for the years ahead.
Ripple (XRP) price momentum has stalled below the $3 threshold after a volatile trading this week driven by conflicting market catalysts. While Trump’s proposal to include XRP in a U.S. strategic crypto reserve initially ignited a price rally, macroeconomic headwinds and skepticism from key financial institutions have cut gains in half
XRP Bulls Struggle to Hold Gains Amid Conflicting Catalysts
XRP price grazed the $3 mark on Monday as rallying 40% after Trump included XRP in the Crypto strategic reserver assets last weekend. However, traders digested multiple market-moving developments this week, those gains have been halved.
Trump’s push to establish a cryptocurrency strategic reserve, with XRP included alongside Bitcoin and Ethereum, Solana, and Cardano generated strong initial momentum at the start of the week. Further optimism came from the easing of tariffs imposed on Mexico and Canada, boosting broader market sentiment.
XRP Price Action
However, XRP bulls faced resistance as macroeconomic uncertainties dampened risk appetite. The latest U.S. Non-Farm Payroll (NFP) report revealed rising unemployment, fueling concerns about persistent inflation and a potentially more hawkish Federal Reserve. As a result, profit-taking emerged near the $3 mark, halting the upside breakout and forcing consolidation around $2.40.
The rejection at $3 suggests traders remain wary of overextending bullish positions amid policy uncertainty. Liquidity remains a key factor, with leveraged long positions likely facing liquidations if XRP fails to hold critical support levels.
JPMorgan Director Casts Doubt on Strategic Crypto Reserve Approval for Ripple
At press time on March 8, Ripple price was trading at $2.40, with a market capitalization of approximately $140 billion. Bull traders anticipate that a break above $3 could push XRP’s market cap toward $200 billion, especially if U.S. Treasury actions align with Trump’s strategic reserve proposal.
However, JPMorgan’s latest report has thrown cold water on Ripple’s ambitious valuation target, highlighting significant hurdles in gaining congressional approval for a U.S. strategic crypto reserve. According to Nikolaos Panigirtzoglou, managing director of global market strategy at JPMorgan, the probability of such a reserve materializing remains below 50%.
“We don’t believe an approval of a U.S. strategic crypto reserve is the most likely scenario (assuming congressional approval would be needed). So the chance is less than 50% in our mind. And if a U.S. strategic crypto reserve is eventually approved, it would be difficult to include smaller tokens outside Bitcoin and Ethereum, as the inclusion of such tokens would raise more concerns about risk and volatility”
– Nikolaos Panigirtzoglou, Maanaging director of global market strategy at JPMorgan
The report further noted that similar state-level Bitcoin reserve proposals have recently failed in Montana, North Dakota, South Dakota, and Wyoming due to concerns over volatility and regulatory hurdles.
Skepticsm around approval of Trump’s crypto strategic reserve plan added to the bearish sentiment keeping XRP price below the $2.50 mark on the daily candle. As traders await further clarity, XRP’s technical structure suggests a pivotal battle ahead.
XRP price is showing early signs of bullish exhaustion after failing to hold above $2.60, suggesting a potential retest of lower support levels. The 12-hour chart highlights a clear rejection near $2.99, coinciding with the upper Donchian Channel boundary, signaling strong resistance. Despite the recent breakout, the inability to sustain momentum above this zone raises the likelihood of profit-taking, particularly with the latest 5.84% decline.
XRP Price Forecast
The MACD histogram, while still in positive territory, has begun fading, hinting at waning bullish momentum. The MACD line remains above the signal line, supporting a bullish case, but the narrowing gap suggests that if selling pressure persists, bears could regain control. Key support is forming near $2.47, aligned with the midline of the Donchian Channel. A decisive break below this level would expose $2.39, a critical pivot where bulls must step in to prevent a slide toward $1.95.
Conversely, if XRP price holds above $2.47 and volume picks up, a renewed push toward $2.99 is likely, with $3.20 as the next bullish target. Leverage traders appear active, making sharp wicks and liquidity hunts a key risk in both directions.
Bitcoin (BTC) is trading with a bullish bias, driven by renewed optimism surrounding US–China trade negotiations and signs of détente between Donald Trump and Elon Musk, two of the world’s most powerful men.
The momentum shift in geopolitical and social dynamics helped push global markets higher. While Chinese stocks in Hong Kong enter a bull market and the S&P 500 approaches its February highs, Bitcoin may be poised for a new all-time high (ATH).
Trade Diplomacy Reignites Risk Appetite
BeInCrypto data shows Bitcoin surged nearly 4% in the last 24 hours and was approaching the $110,000 threshold. As of this writing, BTC was trading for $109,275, steadily approaching its $111,814 ATH recorded on May 22, 2025.
The surge follows a high-level trade discussion between the US and China, which resumed on Monday, June 9, at London’s historic Lancaster House.
“I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal. The meeting should go very well,” Trump said in a Truth Social post on June 6.
According to a Bloomberg report, the meeting stretched more than six hours and will continue into Tuesday, June 10.
Treasury Secretary Scott Bessent leads the US delegation alongside Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. They attempt to strike a deal with China’s Vice Premier He Lifeng over technology export controls and rare earth shipments.
Expectations are that the US may ease export restrictions on chip design software and advanced materials. In return, they would get increased access to China’s rare earth supply.
The Trump administration remains firm on protecting high-end semiconductor technologies like Nvidia’s H2O AI chips. However, Reuters reported that officials hinted at a broader willingness to compromise.
Bitcoin’s strong recovery highlights its increasing sensitivity to global macro winds. Controversial trader James Wynn anticipated market optimism in a June 6 post on X (Twitter).
“Once this trade deal is cleared up, another green light for crypto to start rallying,” Wynn wrote in a Friday post.
The softening of Musk and Trump’s hostilities coincides with a sharp shift in investor mood. Bitcoin’s rebound pushed the Crypto Fear & Greed Index into “Greed” territory. The change in sentiment came as traders interpreted the Musk–Trump rapport as a stabilizing force amid broader volatility.
Nevertheless, speculation is that the conflict may have been engineered or orchestrated.
“The Trump-Musk Feud: A Staged Manipulation… They’re orchestrating the drop – but not joining in themselves… The abrupt emergence of the Musk-Trump clash is not accidental… Collaboratively, they unsettle retail, paving the way for fresh market surges,” wrote DeFi researcher Qmo.
Blockchain data supports the claim, showing large BTC accumulations by whale wallets during the feud’s peak.
BTC and ETH accumulations amid the Musk-Trump feud. Source: Qmo on X
Bitcoin’s recovery highlights how tightly the crypto market is tethered to high-level diplomacy and narratives surrounding influential actors like Trump and Musk.
With talks between the US and China set to continue today, and Musk’s perceived realignment with Trump, traders are watching for confirmation of de-escalation and potential policy clarity.
Bitcoin and altcoins’ price performance. Source: CoinGecko
At the time of writing, Bitcoin is trading at $109,406, with altcoins also beginning to move. CoinGecko data shows Ethereum is up by over 7% in the last 24 hours, while Solana (SOL) and Dogecoin (DOGE) surged by over 5%.
If Tuesday’s session in London yields concrete progress, Bitcoin could rally further, potentially establishing a new all-time high, especially with altseason narratives gaining traction.
Bitcoin price dropped sharply over the weekend, declining 7% to a 25-day low amid rising trade tensions and fading market liquidity.
Bitcoin trades $80,000 first time in 25-days as Trade Tensions worsen
Bitcoin price fell sharply over the weekend, declining 7% to hit a 25-day low of $79,000 on Sunday, April 6. This marks the first time BTC has traded below the $80,000 level in 25 days dating back March 11,
Bitcoin Price Action, April 6, 2025 | CoinMarketCap
After showing initial resilience last week, BTC has now surrendered gains made in late week
Amid escalating global trade tensions, bearish sentiment caught up with Bitcoin (BTC) markets over the weekend. TradingView data shows that BTC price traded as low as $78,964 according to CoinMarketCap, marking 7% losses from last week’s peak of $86,000 recorded when China’s reciprocal tariffs prompted investors to rotate capital into crypto markets on Thursday.
After China’s initially announced retaliatory 34% tariff on US imports, Bitcoin surged above $85,000 on Thursday, briefly lifting prominent altcoins like Ripple (XRP), Solana (SOL), and Ethereum (ETH) to gains exceeding 5% in 24 hours.
This spike hinted at a temporary decoupling of crypto from the broader U.S. stock market, as risk-averse investors rotated capital into cryptocurrencies to hedge against escalating trade tensions.
However, as U.S. markets closed on Friday, the momentum faded. Liquidity dried up across major exchanges, creating an opening for bearish traders to seize control.
Within 48 hours, Bitcoin shed more than 7%, triggering cascading losses across the crypto landscape. The sudden shift highlights how thin weekend trading volumes can leave markets vulnerable to aggressive short-side pressure.
Validating this stance, derivatives data at press time on April 6, shows that crypto traders have racked up considerable liquidation losses in the last 24 hours,
Crypto Market Liquidations, April 6 | Source: Coinglass
According to Coinglass data, over $597 million in leveraged positions were liquidated in the past 24 hours alone—affecting more than 205,000 traders. Bitcoin led the wipeout with $203.78 million in liquidations, followed by Ethereum at $164.72 million.
Notably, the majority of these losses—$514 million—came from long positions, suggesting that bullish traders were caught off guard by the sharp BTC price reversal.
Beyond that, the liquidation heatmap shows how altcoins such as Solana ($29.35M), XRP ($13.65M), and Dogecoin ($12.97M) were also heavily affected, as panic spilled over from Bitcoin’s price correction to 25-day lows.
This sweeping liquidation event has not only erased a large portion of the recent gains but has also shaken investor confidence ahead of the new trading week.
Bitcoin Price Forecast: BTC Eyes $76K as Bears Break Technical Support
Bitcoin price forecast remains tilted to the downside after BTC decisively broke below key support near $80,700, marked by the VWAP.
The daily candle posted a 6.33% drop, closing below the 50-day SMA ($84,068) and 200-day EMA ($82,828), both of which acted as prior support zones.
This signals a structural breakdown, with bearish momentum accelerating as weekend volatility triggered liquidations across $597 million in positions.
Bitcoin Price Forecast
Volume spiked to 26.04K on April 6, confirming strong sell-side conviction. Meanwhile, the MACD histogram has turned deeply negative, with the signal line sharply diverging from the MACD line—both indicating an intensifying bearish crossover. This pattern has historically preceded deeper retracements, especially when volume confirms directional bias, as it does here.
Despite this, bulls may argue that BTC remains in a long-term uptrend and sits just above March’s intraday low of $78,694.
A sustained defence of this zone could invite dip-buying, especially if macro sentiment improves post-Monday’s market open. However, should BTC fail to reclaim $80,700 swiftly, downside risk toward $76,000 and potentially $72,500 remains firmly in play.
Bitcoin price forecast now hinges on whether bulls can reclaim broken trend lines or risk deeper correction into lower liquidity zones.
