MiCA on the Cryptocurrency Market’s Agenda
Cryptocurrency News
7 min read time
|Updated: 2026-09-23
As of September 23,
Bitcoin price is trading at around $86,200, Ethereum at $2,750, and XRP at $1.61, while total market capitalization, stablecoin regulations in Europe, and Bitcoin wallet security stand out among the day’s key developments. The total cryptocurrency market capitalization has once again surpassed the $3 trillion level, while the European System of Central Banks has proposed changes to the bank deposit requirements applied to stablecoin reserves under MiCA. Meanwhile, 52.37 BTC secured from wallets affected by the Coldcard vulnerability has been transferred to the Crypto Recovery Trust for eventual return to victims.
From a Market Perspective: Valuation, Regulation, and Security Are in Focus at the Same Time
Today’s three developments highlight changes taking place across different layers of the crypto ecosystem. While the total market capitalization surpassing the $3 trillion threshold once again reflects changes in the overall size of the market, the MiCA-related proposal shows that the regulatory framework governing how stablecoin reserves are managed continues to evolve.
The Coldcard case, on the other hand, focuses on technical security risks related to self-custody infrastructure rather than directly on market prices or regulation. The fact that hardware wallets provide offline storage does not eliminate all technical risks on its own; the methods used to generate private keys and recovery phrases are also among the important components of security.
Therefore, although
market capitalization, regulatory infrastructure, and custody security are different topics, they stand out as areas that should be evaluated separately when following the development of the crypto ecosystem.
Cryptocurrency Market Capitalization Surpasses $3 Trillion
The total cryptocurrency market capitalization briefly climbed back above $3 trillion on September 22, supported by price movements in Bitcoin and other large-cap crypto assets. According to CoinGecko data, at the time the news was published,
Bitcoin was trading at around $86,000,
Ethereum at $2,745, and
XRP at $1.53.
Alongside the movement in total market capitalization, open interest in futures markets also drew attention. According to data cited by Bloomberg, open interest in perpetual futures across the cryptocurrency market reached approximately $160 billion. This marked one of the highest levels of open interest recorded since late October 2025.
During the same period, more than $920 million in short positions were liquidated. Open interest, spot market size, and liquidations represent different metrics and therefore should not be used interchangeably. Total market capitalization reflects the market value of crypto assets in circulation, while open interest represents the value of futures contracts that have not yet been closed.
Accordingly, the $3 trillion level serves as an indicator of the cryptocurrency market’s overall valuation, while open interest in futures markets reflects activity in derivatives trading.
ECB and EU Central Banks Propose Changes to MiCA Stablecoin Rules
The European System of Central Banks (ESCB) has proposed changes to the bank deposit requirements applied to stablecoin reserves under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
Current rules require at least 30% of certain stablecoin reserves to be held in bank deposits. For stablecoins classified as “significant,” this ratio can rise to 60%. The ESCB is proposing that these fixed bank deposit thresholds be replaced with liquidity requirements based on how quickly reserve assets can be converted into cash.
Under the proposed approach, different thresholds would apply based on whether reserve assets can be liquidated within one or five business days. Overnight reverse repurchase agreements and short-term government bonds are also being considered among the liquid reserve instruments that
stablecoin issuers could use.
One of the central banks’ main concerns is that holding a significant portion of large stablecoin reserves at one or a limited number of banks could create liquidity interdependencies between issuers and banks. If stablecoin holders were to request large-scale redemptions, issuers might need to withdraw bank deposits within a short period, which is why the ESCB says the current structure should also be assessed from the perspective of the banking system.
It is important to note that the proposal does not mean MiCA rules are being removed or that stablecoin reserve requirements are coming to an end. At this stage, the issue under discussion is whether the technical framework governing which assets reserves may be held in and under what liquidity conditions should be changed.
52.37 BTC Secured in Coldcard Exploit Transferred to Recovery Fund
A total of 52.37 BTC secured by white-hat security researchers from addresses affected by vulnerabilities in Coldcard hardware wallets has been transferred to the Wyoming-based Crypto Recovery Trust for use in the process of returning funds to victims.
According to information shared by Galaxy Digital Head of Research Alex Thorn, a significant portion of the Bitcoin in question originated from addresses linked to the second wave of the Coldcard exploit. Around 40% of the Bitcoin associated with the second wave of attacks was reportedly moved by white-hat researchers before malicious actors could access it.
The transaction also included 3.0134 BTC originating from addresses that Galaxy had not previously tracked. Although these Bitcoin may also have been moved to protect users affected by the Coldcard vulnerability, the source of the funds has not yet been confirmed. For this reason, the full 52.37 BTC should not be treated as funds definitively belonging to the same category.
The Coldcard incident is linked to a weakness in the randomness mechanism used to generate recovery phrases in certain wallets. Although the issue was later addressed through a firmware update, the risks associated with assets tied to recovery phrases generated using the vulnerable method are not eliminated solely through a software update.
The Crypto Recovery Trust’s next task will be to verify the rightful owners of the secured Bitcoin and ensure that eligible funds are returned to the relevant victims.
CoinTR Insight
Today’s developments show that the cryptocurrency market is focused not only on price movements but also on regulatory frameworks, stablecoin reserve models, and the technical infrastructure used to store user assets.
While total market capitalization surpassing the $3 trillion level once again reflects changes in the overall size of the market, the new reserve proposals under MiCA show that the regulatory approach to stablecoin issuers’ liquidity management continues to evolve.
Users in Türkiye who follow the stablecoin market can track movements between the Turkish lira and USDT through the
USDT/TRY pair on CoinTR.
The Coldcard case, meanwhile, once again brings attention to technical risks in custody infrastructure independently of market movements. In addition to hardware and software updates, the way private keys and recovery phrases are generated is also among the security factors users should take into account.
Forward-Looking Assessment
-
$3 trillion market capitalization: The market will be watching how total cryptocurrency market capitalization moves around this threshold and how activity in spot and derivatives markets develops. It should be kept in mind that market capitalization and open interest in futures markets are different indicators.
-
MiCA reserve regulations: How the European Commission evaluates the ESCB’s proposals and whether bank deposit requirements are replaced with liquidity-based rules will shape the next phase of stablecoin regulation.
-
Return of Coldcard funds: The process of verifying ownership and returning the Bitcoin transferred to the Crypto Recovery Trust will be closely watched. Research into the total number of addresses affected by the vulnerability and the scope of the funds secured is also continuing.
2026-09-23Legal Notice
The information, comments, and evaluations contained in this content do not constitute investment advice. This content is not intended to be prescriptive in any way and is intended to provide general information. It does not constitute investment advice. CoinTR cannot be held responsible for any transactions made based on this information or any losses that may arise.
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