Crypto: resilient markets, security under pressure, more aggressive regulators

Abstract illustration showing a colorful price curve winding among angular geometric shapes reminiscent of interest‑rate charts, on a dark background, symbolizing the resilience of Bitcoin and Ethereum in a tighter monetary context.

Bitcoin

€73,738

-0.28% over 24h

Ethereum

€2,361

+0.31% over 24h

EUR/USD rate

1.139

In this edition · 6

Editorial

On the eve of the month‑end, the crypto ecosystem reaches a delicate crossroads. Bitcoin and Ethereum prices remain close to their recent highs in euros, even as the Federal Reserve has raised its policy rate toward 3.9% and European central banks prepare to follow with technical meetings and autumn decisions. However, the resilience of prices masks growing fragility on other fronts. On the security front, the Bitget hack — the largest of 2026 by value — is a reminder that the operational risk of centralized platforms remains a structurally weak link, even when private keys are not directly compromised. At the same time, Anglo‑Saxon regulators are refining their doctrine: new SEC FAQs on the qualification of crypto‑assets, a Fed consultation on stablecoins, and renewed debates around MiCA in Europe. Finally, adoption signals remain mixed. On one hand, Circle is stepping up its partnerships with the public and humanitarian sectors, while tokenization is appearing at Fed conferences. On the other hand, a busy schedule of unlocks and technical updates will continue to test the real depth of demand, beyond price indicators alone.

Markets

Markets: Bitcoin and Ethereum Hold Their Levels in Euros Despite the Fed’s Tightening

On the morning of 26 September 2026, Bitcoin hovers around 73 700 € and Ethereum near 2 360 €, high levels that are for now resisting U.S. monetary tightening. This stability in euros sheds light on European investors’ risk appetite in a context of rising rates.

As of the morning of 26 September 2026, Bitcoin is trading around 73 700 € (approximately 84 000 $) according to Investing.com, very close to its closing level on 25 September, around 73 700 € (83 971 $). The daily change stands at nearly -0.5%, a moderate pullback that leaves the asset well above its mid‑August levels. For a European readership, this stability in euros matters more than dollar fluctuations, in an exchange‑rate environment that is itself volatile.

Historical data compiled by CoinGecko show that between 20 and 24 September 2026, Bitcoin remained confined within a range of about 71 000 to 75 500 € (81 000 to 86 000 $). Over the same period, the asset’s market capitalization oscillated around 1 405 to 1 529 Md€ (1 600 to 1 740 Md$). This concentration of trading in a relatively narrow price zone suggests a market that is consolidating rather than experiencing panic selling.

Ethereum shows a comparable trajectory. According to Yahoo Finance, its closing price on 25 September 2026 was around 2 365 € (2 694 $), in line with market reference points near 2 361 € (2 690 $). Despite inherent volatility higher than Bitcoin’s, ETH for now retains its price levels in euros. Again, the salient point for European investors is the resilience of flagship crypto values in the face of an already well‑advanced monetary regime shift.

According to AP News, the U.S. Federal Reserve raised its main policy rate by 0.25 percentage point the week of 16 September 2026, to around 3.9%. In theory, this tighter environment weighs on risky assets, including crypto assets. Yet Bitcoin and Ethereum remain at high levels in euros, which may reflect a sustained appetite for risk. Weekly reports from Nexus One nevertheless highlight a marked rotation within DeFi: notable variations in TVL and fees underscore a market more selective than it appears when looking only at BTC and ETH prices.

For European investors, this situation requires distinguishing the signal given by the market’s two main assets from the finer internal dynamics of the ecosystem. BTC prices around 73 700 € and ETH around 2 361 € do not necessarily reflect the growing dispersion of performance across protocols. In a context of U.S. policy rates near 3.9%, the resilience in euros of large crypto capitalizations is neither a guarantee of a durable trend nor a unique indicator for risk allocation.

Sources

Regulation

Regulation: the SEC refines the qualification of crypto-assets, the Fed and the EU target stablecoins

In both the United States and the European Union, regulators are simultaneously clarifying the legal status of crypto-assets and the prudential framework for stablecoins. A development that could reshape the obligations of issuers and platforms operating with European investors.

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Security

Security: Bitget Hit by the Largest Crypto Exchange Hack of 2026

Bitget confirmed on September 24, 2026 a massive hack of its hot wallets, with an estimated loss of about 340 M€ (387,5 M$). The incident, which reportedly did not affect funds in cold storage nor Bitget Wallet, renews the debate on dependence on centralized platforms and on the sophistication of the attacks.

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Adoption

Circle strengthens its alliances with Binance and the UN to impose its stablecoins in finance and humanitarian aid

Between Binance’s strategic investment and support for UN programs, Circle is accelerating the integration of USDC into cross-border payments and aid mechanisms. An offensive that raises the question of the role of stablecoins in international flows, notably in euros.

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Technology

At the Philadelphia Fed, tokenization takes center stage in traditional finance

On September 25, 2026, a panel organized at the Federal Reserve Bank of Philadelphia brought together Chainlink, BlackRock, Vanguard, Sharplink and the Atlantic Council to discuss asset tokenization. The session illustrates how blockchain topics are becoming embedded in the agendas of major asset managers and central banks, beyond cyclical effects on crypto-assets.

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Markets

Technical flows: an end of quarter under pressure with a wave of tokenized unlocks

The concentration of major unlocks between September 27 and 29, 2026 is testing market depth across several low-float tokens. Investors must contend with an increased supply spread over time, rather than a single shock on the unlock date.

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Coming up

27 September 2026: significant token unlocks for GRASS (~4,1 M€) and Yield Guild Games (~3,4 M€) according to the Tokentoria and Nundina schedules, likely to increase short‑term selling pressure.
27 September 2026: Optimism (OP) unlock mentioned in the CryptoTLDR calendar, a few days before other mid‑sized unlocks (Falcon Finance, MegaETH) scheduled for 29 September.
29 September 2026: cliff unlock Falcon Finance (~8,9 M€) and several DeFi projects (MegaETH, Zora, Layer3) according to Tokentoria, concentrating liquidity risk at month‑end.
30 September 2026: non‑monetary ECB meeting (iEconomy calendar based on official agendas), which may provide additional indications on the European interpretation of MiCA and systemic stablecoins.
1 October 2026: major monthly XRP unlock estimated at ~1,93 Md€ (2,20 Md$) according to Tokentoria, an event closely watched by the market given the token’s weight in overall market capitalization.
October 2026: next window for monetary policy decisions for the ECB (30 October) and other major central banks (BoJ, RBA) according to calendars compiled by MarketNews and FundMonitors, with potential impact on appetite for crypto risk.