According to Bybit data, the Philadelphia Semiconductor Index fell 5%, Maiwell Technology fell over 7%, Arm fell nearly 7%, Intel fell nearly 7%, Micron Technology fell 5.7%, and Nvidia fell over 2%.
BitMEX co-founder Arthur Hayes announced his appointment as the head of Flop Labs and the launch of the AI Agent token FLOP, which is positioned as a fuel for AI agents. FLOP adopts an issuance model of no pre-sales, no venture capital institutions, and 100% fair launch. Flop Labs is expected to conduct a large-scale airdrop in the fourth quarter of this year and launch the Genesis block in the first quarter of 2027.
Securitize, a tokenization company, has jointly launched the Neuberger Securitize High Income Tokenized Fund (HINC) with Neuberger. Neuberger serves as a sub advisor for the tokenization fund for the first time, investing in high-yield bonds, CLOs, leveraged loans, and other fixed income assets with the goal of obtaining risk adjusted returns.
GSN CEO Ryan Kirkley stated that the cryptocurrency industry is undergoing a large-scale cleanup, with over 100 projects going bankrupt since 2026. Galaxy Research data shows that in the first quarter of 2026, venture capital in the cryptocurrency and blockchain fields was approximately $4 billion, a decrease of about half in funding compared to the fourth quarter of 2025. Ryan Kirkley believes that stablecoins, digital banking, and settlement infrastructure may become winners, while social tokens, Meme coins, and some Web3 gaming projects face severe challenges. Ryan Kirkley stated that Bitcoin is currently in a mild bear market, with $61200 being a key support level. If it falls below this level, the price may drop towards $41000.
According to CoinDesk, Cash App, a payment application under Block, has expanded the trading scope of encrypted assets from Bitcoin and USDC to tokens such as ETH, SOL, XRP, and USDT by integrating the encrypted payment platform MoonPay. Eligible US users can use their Cash App balance to purchase the aforementioned assets and recharge wallets such as Ledger, BitPay, Trust Wallet, MetaMask, Uniswap, etc.
