Morning Crypto Market Overview for July 21: Exodus Reduces Staff, Celsius Pays Regulator, and LSE Prepares Night Session
While the market showed mixed dynamics, several landmark events occurred in the industry. Crypto wallet developer Exodus announced a 25% staff reduction, the co-founders of the bankrupt Celsius platform will pay the US regulator $6 million, and the London Stock Exchange (LSE) is preparing to launch overnight trading to compete with crypto platforms. Let's break down the key events of the morning of July 21.
Market Dynamics: Bitcoin and Altcoins
Bitcoin (BTC) started the day moving sideways. As of 07:35 (Moscow time), the asset is trading at $65,475 (approximately 5,128,234 rubles). Over 24 hours, the low was $63,720 and the high was $65,721. Ethereum (ETH) is showing more confident growth, trading at $1,923 (approximately 150,602 rubles).
In the top 10 by market cap, the best performer over 24 hours was Hyperliquid (+3.93%), and over the week — Ethereum (+7.72%). The largest losses over 24 hours were recorded by TRON (-0.18%), and over the week — by Hyperliquid (-1.03%). In the top 100, Lido DAO leads with a daily gain of 13.98%, while Pump.fun added 40.92% over the week. The weakest asset over 24 hours was Pi (-8.58%), and over the week — DeXe (-17.79%).
Exodus: Staff Reduction and Shift in Priorities
Exodus, known for its namesake crypto wallet, announced a 25% staff reduction. This is part of a reorganization favoring stablecoin payment infrastructure. The cuts will help align the cost structure with the strategy to build a full-fledged platform for card issuance and payments. The decision followed the acquisitions of Monavate and Baanx, which, according to Exodus, will reduce reliance on third-party service providers, including stablecoin payments. The reductions are expected to generate $10 million to $13 million in annual operating expense savings, with the full effect materializing by 2027.
Celsius: Co-Founders Pay $6 Million for Misleading Clients
The co-founders of the bankrupt crypto platform Celsius — Shlomi Daniel Leon and Hanoch "Nuke" Goldstein — were ordered to pay over $6 million to settle claims by the Federal Trade Commission (FTC). The regulator alleged they misled clients about the platform's reliability before its collapse. Former CTO Goldstein must pay $2.014 million, and former strategy director Leon — $4.1 million. Both are also banned from promoting and selling products related to crypto asset operations. At its peak, the platform held $25 billion in assets, and at the time of bankruptcy, it owed users $4.7 billion. According to the FTC, the company falsely assured clients it had sufficient reserves, $750 million in insurance, and no unsecured loans.
London Stock Exchange Prepares for Overnight Trading
The London Stock Exchange (LSE) plans to launch an overnight trading platform in the first half of 2027. The new platform will operate separately from the main market — from 17:00 to 7:50 London time. At launch, it will offer access to exchange-traded products tracking UK and US stock markets. The main market will continue operating during regular hours, from 8:00 to 16:30. This move is linked to growing competition from crypto markets and tokenized stock platforms, which trade around the clock.
Analytical Commentary: The LSE's decision is a clear signal that traditional exchanges are beginning to adapt to the 24/7 reality that has long been the norm in the cryptocurrency environment. However, a launch only in 2027 seems like a belated step. By then, crypto platforms and DeFi protocols could further strengthen their positions, especially in the tokenized assets segment.