Bitcoin’s autumn ATH, a DeFi boom and the end of hype: forecasts for 2026

Forecasts for 2026: bitcoin’s ceiling, DeFi’s path, and the end of effortless yield.

If the crypto market made New Year’s resolutions, in 2026 it would finally resolve to grow up. The industry is ditching hypey slogans for the monotonous, diligent work of wholesale transformation.

DeFi will become a complex quest, private networks will break into the mainstream, and projects with practical value will push aside the storytellers and their “easy Xs”.

How will that coexist with vampiric market makers and the hunt for loopholes under a regulator’s baton? Will we witness audacious victories or shocking failures?

ForkLog gathered expert forecasts so you can peer into the future without putting down the Olivier. Read on to the end to learn bitcoin’s potential ceiling in the new year—and whether risk-free yield is truly over.

Coming market trends—and anti-trends

Sergey Mendeleev, CEO of Exved:

As ever, I insist on the deep link between cryptocurrencies and the global economy, although the crusade by institutional giants against Strategy will alter bitcoin’s price behaviour, especially in January’s short term. Unfortunately, there is little to cheer for longs. Most likely, Michael Saylor and similar companies will no longer be able to buy bitcoin and Ethereum off the market at industrial scale, and whether JPMorgan and BlackRock keep doing so with the same zeal—we shall see.

The key question, of course, remains US fiscal policy and decisions by the Fed. Will there be the expected pause in cutting rates, or in 2026 do they fall closer to 2%? What are the prospects for market stimulus via various QE programmes? In this sense, for crypto holders the worse the economy fares, the better. And if [US President Donald] Trump keeps his promise and starts handing out “helicopter money” from tariff hikes before the midterms, then next year we could yet see a new bitcoin ATH.

Overall, I do not expect a critically deep correction, and whether bitcoin dips to $74,000 or $60,000 is not that important—it will still rise later, if not in 2026 then the year after. In short, if you have bitcoin, hold it; if not—look to buy the dips. Your children will thank you.

A third factor is, of course, the AI bubble—and whether one exists at all. If that market stays orderly, the global economy will keep growing with the S&P indices moving above 7000. If not, a serious correction could hit global markets, which traditionally hurts cryptocurrencies, knocking total market cap below $2trn.

Vladimir Menaskop, Web3 entrepreneur:

Technology trends for 2026:

1. ZKP—a base as vital as the blockchain itself: without it, nothing else follows.
2. Oracles 2.0—fast, omnichain and with a bias to decentralisation.
3. Storage optimisation and its decentralisation (Arweave, Filecoin and others remain promising).
4. To build global distributed computers you need not only storage but also memory and other components; this vector is inevitable in the evolutionary path.
5. Its direct descendant—the rise of AI projects built on resource rental.
6. DePin in the broad sense is crucial: data sets, storage, resource rental.
7. Optimising DAG, without which neither L2 nor competing designs will progress—and we will remain stuck in an endless stream of uniform data.

Economic trends:

1. Tokenomics was treated by projects as a neat table and a chart; 2025 showed that is not so, and I now expect sweeping changes here.
2. Setting up mutual insurance funds and similar instruments—another necessary lesson from 2025’s hacks.
3. Bridging offline and online. Although the old “foundation + DAO” model works, it is neither the only nor the most efficient approach.
4. Moving away from conservative governance and towards more flexible designs, where capital is only one control element—the others are reputation, and time and activity.
5. VE tokenomics is a gold mine—but it, too, needs modernising. Example: the merger of AERO and VELO.
6. “Bribes” have embedded themselves in VE tokenomics, and can evolve independently—especially alongside AI mechanics.
7. Tokenisation will be everywhere: if your business is not tokenised, it simply does not exist. This is the base of the future economy.

Organizational trends:

1. The community has finally stratified: enthusiasts on one side, institutions on the other, and in between—newcomers, speculators, traders and the rest. The stratification will only deepen.
2. DAOs have moved “under the hood”, and even DeepDAO could not keep up: the field is too low-margin. But you cannot do without DAOs—they are the basis of any decentralised project.
3. Speculator communities have grown very different: holders of sybil farms, farming droppers, airdrop hunters and others. Their shocks will only increase next year, as with the loss of returns from drops and testnets.
4. Much depends on liquidity providers: on the one hand, this is already a “profession” and a business; on the other, too many large players have entered and will try to dictate terms.
5. Community tooling keeps shifting: Discord is bursting at the seams, Telegram is playing too hard with TON, and Farcaster has gone into the wallet. 2026–2028 may bring something new—both in the built and the still-nascent.
6. Communities are increasingly niche, making real traffic hard to find: quest platforms and the like give shilling, not essence; Google ads and peers are inefficient; SMM only works once the flywheel is already spinning. We need a shift from shilling to something more fundamental.
7. Most key KOLs have discredited themselves; people increasingly turn to genuine authorities—developers, system architects. Expect this to become more pronounced, even if influencers do not disappear.

Anti-trends:

1. The Web 3.0 & Web3 (WW3) industry is becoming mass-market, so the problem of social hacks and vector attacks will only grow.
2. Speculators dislike low-margin industries, so they are migrating to AI and elsewhere—which is not so bad.
3. Crypto wants to be “white and fluffy”, yet increasingly submits to states and corporations: most forget cypherpunk principles and simply “make money”. This is the worst outcome—but inevitable. The only antidote is enthusiasm and education, and directing at least some WW3 proceeds to developing newcomers, who face the highest risks and influence.
4. The past five years saw a glut of technological, economic and legal copycats. Those who win will recognise that uniqueness is a native property of WW3.
5. There is a lot of blatant flirting with DAT mechanics and bets on regulated markets. This is a global setup, and it will not work as many expect—the unknowns are greater than they seem.
6. Time now works against enthusiasts. It never favoured us, but today standing still is impossible—you must keep moving. The anti-trend: most people want only clear earning and distribution templates. That ultimately slows everyone down.
7. The main anti-trend is disbelief in altcoins. Bitcoin has become a narrative and a thing-in-itself—but that is merely centralisation of a new kind. If altcoins do not develop, we will lose decentralisation for good.

Richard Teng, co‑chief executive of Binance:

By 2026 it has become clear: the digital-asset industry is entering a new, pivotal phase. It is now defined not only by growth but by deep integration into the global financial system and the emergence of more mature market dynamics.

The past year revealed a fundamental shift in bitcoin’s holder base, clearly showing a changing market landscape. As of December 2025, BTC on exchanges fell to a five‑year low—2.94m BTC—while holdings by public companies and in bitcoin ETFs keep rising and already exceed 2.5m BTC in aggregate. The migration from retail to institutions is not just dry statistics. It is a turning point that can reduce volatility, smooth speculative price swings, and soften the depth and duration of future bear markets. In other words, we may be moving towards gentler cycles befitting a more stable, mature asset class.

This shift is part of a broader transformation now under way. Digital assets are evolving from speculative mechanics to strategic financial instruments. Already, more than 200 public companies hold bitcoin on balance sheet, signalling growing confidence in crypto as a tool for diversification and long‑term value preservation. We see a similar trend at Binance. Institutional users rose 14% and institutional trading volumes 13% year on year. In 2026 we expect this to accelerate: corporate treasuries will diversify not only into BTC and ETH but selected altcoins; governments and public institutions will get more involved via regulatory frameworks and pilots.

A maturing regulatory environment will nudge asset pricing towards fundamentals: real utility, sustainable economics and compliance. This matters especially for altcoins, historically more volatile.

We also expect further growth in regulated access channels to digital assets, such as ETFs, which offer safer, more accessible entry points beyond bitcoin. Stablecoins are proving their worth not only for payments but as drivers of financial inclusion. In 2025 they topped $300bn in market cap, helped by clearer rules such as the GENIUS Act in the US.

Technology innovation will remain a key driver. The convergence of AI and blockchain is creating a smarter, safer financial infrastructure. Together, these technologies will form the backbone of the future across every economic subsector. At Binance, AI is already widely integrated to boost efficiency and security. It has helped our users avoid losses totalling millions and will play an even bigger role in personalising the user experience, strengthening compliance and protecting the ecosystem.

We are convinced the next chapter for crypto is thoughtful adoption, trust and long‑term impact. When innovation is paired with responsibility, digital assets become an integral part of everyday finance.

Global crypto regulation

Vladimir Menaskop, Web3 entrepreneur:

States are tightening rules for stablecoins and other assets, but this can be turned to advantage: for instance, by creating meta-stables that fall outside regulatory scope, and seeking innovation in algorithmic instruments that are still embryonic.

Acts like MiCA in the EU or laws in the US show regulatory divergence, and those contradictions can and should be used within the crypto‑offshore.

There will always be assets less regulated by certain states: NFT 2.0 or other programmable assets, tokenised delta‑neutral strategies.

Digital‑asset classes evolve: first native tokens (coins), then fungible and non‑fungible, semi‑fungible, synthetic, programmable and others. It is vital to determine the legal status of the assets you work with—many exist only in the crypto‑offshore.

As a result, the reach of platforms like Chainalysis will expand; AML checks (both “on the fly” and delayed) will broaden and grow more important for services.

The RWA segment will require special regulation—far tougher than standard DeFi approaches.

So follow cases around Tornado Cash, Samurai Wallet and the like—the answers lie there.

Regulatory risks were, are and will be. What projects should do to protect themselves:

• build and develop real DAOs, not mere declarations as with bZx and others;
• expand tokenomics’ horizons and bet on token velocity, not one‑off distribution;
• do documentation before—not after—token launch;
• develop community without relying on endless shilling‑marketing;
• study practice at the SEC and other regulators, without banking on a specific administration’s goodwill in a given country;
• build truly global solutions;
• sacrifice founder recognisability in favour of open, anonymous, decentralised solutions.

The world has split into zones, and the baseline runs between those backing CBDCs (China, Iran, Russia, South Korea and others) and stablecoins (above all the US). This stand‑off leaves plenty of legal gaps to exploit.

Anchoring to a legal entity looks sensible—until reality intrudes: the UAE is not always so lenient, the US not always kind, Russia changes demands year to year, and China stands ready to ban what is not yet born.

So all market participants should:

• create as many clean but anonymous wallets as possible;
• learn to use private DeFi—and quickly;
• study tax law carefully and optimise crypto taxes legally.

Regulation in Russia

Andrey Tugarin, founder of GMT Legal:

In 2026 Russia will introduce mandatory licensing for crypto exchanges and exchangers, and in 2027 administrative and criminal liability for providing such services without a licence.

A corresponding road map, and later a concept, were presented by the Bank of Russia, which for five years held conservative, prohibitive views on crypto circulation domestically.

There are several reasons for the central bank’s twist. Russia is one of the few CIS countries still without rules for organising crypto circulation.

The legal status of stablecoins remains undefined. For Russian users, P2P remains the only way to buy and sell crypto; it is rife with fraud and dirty funds. The result—mass account blocks under Federal Laws 115 and 161.

Though the bill’s text is not out, requirements for exchangers and exchanges to obtain a licence can already be forecast:

• a legal entity registered in Russia;
• charter capital;
• mandatory user identification with personal‑data storage per Russian law;
• all necessary measures for AML/FT compliance;
• an AML officer;
• mandatory digital compliance to prevent illegal crypto from circulating in Russia;
• technical requirements for trading platforms owned by exchanges and exchangers.

With 99% probability, licences will be issued and the register maintained by the Bank of Russia.

We can also forecast penalties the regulator plans to introduce in 2027 for providing exchange services without a licence. Administrative fines: 400,000–600,000 roubles for sole proprietors and 1m–2m roubles for legal entities. Attempts to introduce this norm were made in the summer by the Digital Development Ministry.

Criminal‑law provisions await refinement, but the regulator is likely to propose imprisonment and seizure of crypto from illegal exchanges and exchangers.

Also in 2026, new definitions are expected, including those covering stablecoins. This will help correctly determine the tax base for transactions with such assets and set which transactions are permitted and which are not.

What does this mean for the market and its participants? Those running an “exchanger” on a website, organising a P2P venue or working systematically with drop cards and mass transfers will face a choice in 2026:

• pursue licensing—change corporate structure, “whiten” cash flows, build KYC/AML, technical infrastructure and digital compliance; or
• exit the Russian perimeter—close or move the business to a foreign jurisdiction and stop serving Russian users.

Regulation in Ukraine

Kirill Khomyakov, head of Binance for Central & Eastern Europe, Central Asia and Africa:

The bill “On Virtual Asset Markets” is of fundamental importance to Ukraine, so it attracted a record number of amendments—about 750 pages from MPs. The sectoral committee must now convene, consider them in detail and decide which to accept and which to reject.

In our view, proposals range from useful and constructive to plainly unsuccessful—and potentially harmful in places. The key task now is to protect the bill’s concept and make it more flexible and practical, not overly complex and de facto unworkable for both businesses and users.

It is crucial to preserve several basics:

• ensure a reasonable, effective tax rate;
• avoid obliging crypto exchanges to hand over users’ personal data—otherwise the market simply will not work;
• build a regulatory model that minimises manipulation and corruption risks, notably in licensing.

Given Ukraine’s situation, a vote on the bill is likely to be delayed. If the regulator is not defined explicitly in the law—which looks likely—the Cabinet will appoint it. Then by‑laws must be drafted and passed before regulation can actually launch.

Based on current realities, the most optimistic scenario is licensing beginning in the third or fourth quarter.

Stablecoins

Dmitry Machikhin, BitOK:

In 2025, stablecoin rules were updated across several jurisdictions (MiCA in the EU, the GENIUS Act in the US, proposals in the UK, regimes in Singapore and Hong Kong)—a turning point for the asset class.

Key practical consequences for users and businesses:

1. KYC/AML applied at levels comparable to—or stricter than—traditional fiat payment providers.
2. On-chain analytics and wallet risk‑scoring become standard.
3. Continuous reserve attestations and capital/risk‑management requirements.
4. The convenience of instant payments and transfers comes with intensified regulatory scrutiny. AML is not just about reporting; it primarily mitigates risk and shields businesses from association with illicit crypto activity.
5. Non‑dollar stablecoins are trending too. Examples include A7A5, which reached a $0.5bn cap in under a year; USDKG from Kyrgyzstan; and the yuan‑pegged offshore AxCNH in Kazakhstan.

In 2026 the trend will strengthen—and it does not look like a passing hype cycle. Rather, this is the bridge between TradFi and crypto—and the best tokenisation use case.

Mining

Alex Petrov, co‑founder of Hyperfusion:

Bitcoin mining stands on the cusp of sweeping change. In 2026, fierce competition for energy, regulatory pressure, accumulation of bitcoin on the balance sheets of states and large firms, and the rise of AI data centres will redraw the global mining map.

Peak hashrate and key trends

Bitcoin’s network keeps posting explosive growth in power. Since mining began in 2009, engineering optimisation cut energy use by a factor of 1bn—from 16MJ/Gh to 12J/Th—and boosted efficiency by over 20bn times, from 10Mh/s to 580Th/s (on Bitmain’s Antminer S23 Hydro). It is a giant evolution driven by pure maths and competition.

In spring 2025, network hashrate first exceeded 1,000 EH/s, doubling in a year. If that pace holds, do not be surprised to see 1,250–1,350 EH/s by end‑2026. The surge will be driven not only by new ASICs but, more so, by states and corporates that, in addition to stacking bitcoin, will want a slice of mining—a logical security step.

Another defining trend in 2026 is intensifying competition for energy with AI data centres. This is already pushing mining to regions with stranded generation or weak grid infrastructure where big tech is reluctant to build. The key skill is “energy arbitrage”—operating flexibly during low‑tariff periods and joining grid‑stabilisation programmes (Demand Response), which benefits both companies and end users.

Regulators can still pressure pools and miners by shaping hosting‑contract terms and adding taxes. These vulnerabilities trigger migrations.

Renewables’ share in global mining has topped 50%. In 2026 this is critical for accessing capital and surviving tighter rules, especially in the EU and US.

Another trend: home‑use mining gear. In Europe and Canada, firms are selling heating and hot‑water systems based on such devices, cutting electricity bills.

Under MiCA, the EU will keep rolling out strict reporting requirements on energy use and carbon footprint, adding barriers for miners.

Miner migration

2026 will bring targeted—but not mass—migration. Under higher power prices, tighter rules and AI competition in traditional hubs (eg, parts of the US), miners will relocate.

Migration will target regions with:

• stranded generation weakly connected to main grids;
• political stability and friendly or neutral regulation;
• access to cheap renewables (geothermal and hydro).

CIS, Northern Europe, Latin America and Oceania remain in focus. As a “flexible” load, miners can be ideal grid‑stabilisation partners in such regions.

Industry leaders

Consolidation will continue. Survivors will be those that diversify risk, optimise and react faster than peers.

By end‑2026 the industry will further split between high‑professional, capital‑intensive players and niche, flexible models. Success will hinge not only on hardware efficiency but on energy contracts, adaptability to the macro backdrop and constructive regulatory engagement.

Key players to watch in 2026:

1. Public companies: Cipher Mining (CIFR), Bitfarms (BITF), IREN, Hut 8 and Core Scientific (CORZ). They benefit from scale, public‑market access and diversification (eg, CIFR and CORZ developing AI).
2. Vertically integrated operators: firms controlling the chain from generation or energy contracts to hosting and pooling. This confers critical cost and resilience advantages.
3. Financial and infrastructure giants: Galaxy Digital (GLXY) or Strategy (MSTR). Not miners in the pure sense, but central to the ecosystem via investing, coin custody and services.
4. Energy companies such as Kinder Morgan (KMI)—key as resource suppliers.

DeFi

Vladimir Menaskop, Web3 entrepreneur:

In 2026 DeFi has more growth points than ever. Here are the most interesting.

ZKP

Technologically we have reached a breakout zone; expect exponential expansion—from ZKP‑KYC procedures to ZKP at L1. It is not only about privacy and other perks, but also lower fees, speed and, ultimately, compactness.

Private DeFi

Last year proved the viability of anonymous and private cryptocurrencies. The approaches of Monero, Zcash and Mina will keep evolving within a much larger ecosystem and become its base. As will moving much onto the EVM at L2/L3.

Cross‑chain 2.0 and stablecoins

Old multi‑ and cross‑chain designs have given way to omnichain strategies: the CCTP protocol from USDc, USDt0 and the like.

Cross‑chain liquidity is a necessity. It will turn into a single melting pot that has already yielded the 402 standard, Uniswap v4 with its hooks, and novel designs from Chainlink and LayerZero.

Native‑ness

Omnichain and cross‑chain 2.0 demand collateral that is safe and flexible—possible only within the chains themselves. In 2026, native staking could turn into a native collateral deposit.

Protocol‑owned liquidity is an attempt to fuse cross‑chain and native‑ness in one bottle.

RWA: institutionalisation and tokenisation

The segment will evolve rapidly, increasing the number and complexity of instruments. Consequently, a niche of national stablecoins and related assets (akin to DFA in Russia) will emerge.

A second thread—uncollateralised lending based on repayment history, on‑chain data and other information. Here AI will be indispensable for platforms, and solutions like XRP—patterns for direct, fast deployment.

Neobanks

The super‑narrative ahead is cash flow and profit by any means. Institutions and VC will develop schemes where flows are transparent, clear and forecastable.

New derivatives

The upshot will be a boom in derivatives markets, including hashrate tokenisation, staking‑enabled ETFs and Web3 indices. Beyond structured products for institutions and programmable assets for retail, new assets will appear in AI, RWA, ReFi and CeDeFi. Prediction markets will inevitably integrate with delta‑neutral and other strategies.

It is vital to preserve DeFi principles and keep collateral visible and clear—otherwise any overlays will ultimately collapse.

Other prospects

In 2026 DeFi practitioners hunting yield will likely focus on value averaging and other advanced mechanics. Expect reshuffles across perp‑DEXes, AMMs and lending: leaders are visible, and ruthless optimisation is under way.

The biggest problem lies with market makers and their linkage to CEX—DeFi’s main enemies. They manipulate, dump, strip liquidity and commit other indecencies. I expect their collision with regulators to lead to a real bloody harvest and hard ultimatums. As a result, decentralised market makers will develop.

In DeFAI, breakthroughs are possible in capital efficiency, accounting and rebalancing. But in the next three years I would not expect autonomous AI agents to deliver passive income. The segment will face more attack vectors, creating headaches around approvals and delegations at the level of EIP-7702. The trend towards automated and autonomous liquidity will not vanish—but it will be as risky as farming in the early 2020s.

Privacy

Andrey Veliky, founder of Allbridge:

The ZK market will move towards compliant privacy, akin to the banking environment in trad‑fi. End recipients will not see how much a user has, to whom and how much he pays—but, if necessary (eg, a police request), services will be able to trace that transaction.

It will likely be a more elegant solution than what Zcash offers today. First, there is no off‑ramp to stablecoins. Second, Zcash has two address types—transparent and shielded—and privacy holds only for payments between two shielded addresses. In my view that is a crooked design. One can move towards Monero, where all transactions are shielded, but then you face risk‑score issues and XMR delistings. So I expect in 2026 to see a market for compliant‑privacy stablecoin payments.

The most viable monetisation model for private‑transaction services in 2026 will remain purely transactional (transaction fees).

ZK will, I think, become a mandatory element of Web3. There are many reasons to protect one’s data, starting with physical safety. Privacy is a basic human right, and ZK offers a convenient toolkit.

AI and robotics

Sergey Lonshakov, architect of the Robonomics project:

2026 will be a fascinating year for robots and AI. Recent AI advances have shifted humanoid‑robot ideas from near‑zero to plausible; humanoids are the primary universal actuator. Everything a human can do, in theory a robot can too.

Based on scientific materials used by engineers at Tesla and Figure, and limited practice with Unitree’s humanoid, I can roughly frame expectations as follows.

Figure AI focuses on a proven architecture with “several lobes of the robot’s brain” (in fact, two for now). This makes mechanisms slightly more adaptive to tasks, though their current use at BMW is very limited—a fairly simple assembly step in one workshop. Let’s see whether they can take it further. I like the analogy with the human brain: we have lobes too, but it is still one and the same entity.

The second path, seemingly pursued by Tesla Bot, is end‑to‑end learning. For example, Unitree’s robot needs to swap “tooling” or a behaviour model successfully assembled via simulation in the cloud. End‑to‑end is a way to make a robot universal “on the fly”. Elon Musk’s project currently shows results at the level of simple factory operations.

The third vector is straightforward factory modernisation. Chinese manufacturers—whose numbers will grow—will set the volume, starting domestically. Expect hundreds of odd robots on AliExpress that sort of work—or not. Much will depend on open‑source software development.

Keep an eye on Boston Dynamics—the oldest humanoid‑robotics firm, owned by Hyundai. Its prototypes are already being tested at plants in South Korea.

In sum: at best, expect numerous humanoid‑robot factories to open worldwide. There may be a small step forward for home use, but a practical household unit will not emerge before 2027. Robots in our kitchens will require a genuine scientific breakthrough; for factories, the kit is almost ready.

Main cyber threats

Experts at F6:

The main cybersecurity trend of 2025 was exploiting big brands, news hooks and memes. In the new year we expect further growth in scam campaigns built on topical narratives. Expect more fake crypto projects, “state programmes” and memecoins designed to snare victims fast.

Combined attack schemes will intensify. Social engineering will more often pair with malicious drainers and phishing pages, including inside popular services and messengers.

The share of miner‑based attacks will remain high. Stealthy, modular miner families will keep improving, integrating into legitimate processes to evade detection.

Criminals will prioritise quick monetisation. Vectors will shift towards attacks that deliver instant financial gain—seed‑phrase theft, wallet compromise, exchange‑service spoofing and other direct‑theft schemes.

Maksim Sizykh, CTO of Envelop:

Recently there have been many outages in core internet infrastructure—take Cloudflare, AWS or the hack of Node repositories.

This adds risk for crypto, as Web3 leans heavily on Web2. Result: possible delays in various Oracles, including price feeds—potentially triggering liquidations in lending protocols.

Also expect possible outages/hacks in off‑chain components of L2 networks—for instance, bridges.

Global politics and economic shocks

Alex Momot, CEO of Peanut Trade:

Possible scenarios

The key risk that could most affect crypto capital flows in 2026 is the lingering threat of war between China and Taiwan. Some analysts consider it plausible; its realisation would have severe consequences for the world economy and, therefore, Web3.

In my view, the probability remains low: Beijing traditionally avoids hard, unambiguous moves that close off alternatives.

A second important factor is Europe, which could face new risks amid lower US military support and a possible truce or peace deal between Ukraine and Russia. This is less likely to spark global escalation; however, compared with a Taiwan crisis it is more probable and could carry substantial economic consequences for the region.

There are also intermediate scenarios where, even after a formal peace, tense confrontation persists: economic blockades, sanctions pressure, hybrid conflict. In such a case, outright military escalation is avoided and the situation remains relatively stable.

Overall, the most likely 2026 scenario is no major upheavals in these two regions. The biggest changes are intangible: the transformation of the global order and a shift in America’s role. The new US doctrine effectively abandons the old NATO leadership model, shifting Europe’s security burden to Europe itself.

These processes create deferred risks. They are more likely to materialise in later years; in 2026 they are unlikely to erupt.

Cryptocurrencies as a safe asset

In 2026 crypto is unlikely to become a full‑fledged safe haven, although attitudes among large funds and institutions have softened. Exposure of a few per cent of a portfolio is considered acceptable—mainly in bitcoin and, to a lesser extent, ether and a few large networks.

Institutional capital is entering selectively and via regulated products and centralised channels, barely touching DEXs, memecoins and small projects. The gap between the institutional crypto segment and the high‑risk retail ecosystem is widening.

Participation by large players will keep growing, but at a modest pace by Web3 standards. In the short run, pricing is still driven by crypto’s internal logic and global liquidity. Crypto thus remains a risk asset, even as some segments institutionalise.

Debt and banking crises

An acute global debt or banking crisis in key economies looks unlikely in the near term, including 2026. The present picture suggests persistent structural imbalances rather than a sudden systemic collapse.

Such distortions are seen in China, Russia and others. China keeps smoothing internal issues via large stimulus and record trade surpluses. Russia’s economy remains functional under sanctions but shows gradual macro deterioration without signs of an acute crisis. In some emerging markets, including Argentina, economic and currency curbs are offset by public adaptation and widespread digital payments.

The chance of a crisis that radically reshapes the global financial system in 2026 remains low. Some economies will continue on a downward path, while Ukraine will retain access to substantial European financial support.

Europe will likely shoulder the burden through more debt and modest social‑spending cuts—potentially triggering political change, but not a pan‑European or global crisis.

Against this backdrop, institutions are growing more interested in stablecoins, DeFi and alternative financial systems as more flexible cross‑border tools. This is driven by easing regulation and more room to experiment—not an acute global crisis.

Prices for bitcoin and other coins

Vladimir Koen, trader:

Bitcoin and Ethereum

In the base 2026 scenario I expect bitcoin and ether to set new all‑time highs. The main drivers: money‑supply growth, Fed easing, speculative capital rotating out of precious metals and partially from an overheated tech sector. Passage and implementation of the CLARITY Act will boost confidence among funds and investors previously wary of crypto.

Price also matters. At current levels, on a risk‑reward basis, bitcoin, Ethereum and Solana are far more attractive than three months ago.

There is also hope for a US strategic reserve of cryptoassets—any concrete steps could spur prices.

Expect high volatility this winter as liquidity tightens after Christmas. There are grounds for bitcoin to hold above $100,000 as early as January. However, if gold and silver keep rising steadily, the first cryptocurrency will stay in an $80,000–105,000 range.

In May, [Fed chair] Jerome Powell will resign and likely be replaced by a Trump appointee who will pursue quantitative easing. That will buoy risk assets, including crypto. On that anticipation, bitcoin could break $120,000 and ether $4,500.

The launch of Staked Ethereum ETFs from BlackRock and others will restart capital inflows. I expect ether to outperform bitcoin in Q1 2026.

In April–May Ethereum could set a new ATH and trade in a $4,800–6,200 range; BTC at $120,000–140,000.

In autumn, in the base case, bitcoin will reach $150,000 and the second‑largest crypto $6,000–7,000.

Ethereum at $7,500–10,000 is possible in Q3 2026 if ETF inflows stay strong and stablecoin issuance on Ethereum rises.

Volatility will likely stay elevated all year, especially in H1—largely due to stock‑market instability amid global repositioning in the yen.

Political risks remain—alongside the impact of Trump’s posts and statements. Before the midterms I am confident we will see liquidity injections and Fed rate cuts.

Promising altcoins

The strongest bases are in the following:

• Chainlink—arguably the best coin for TradFi integration. For steady growth it needs larger buybacks and more network activity; the groundwork is in place. Possible highs: $30–50.
• Solana. Strong marketing cemented its US positioning as the fastest, cheapest chain. The key issue: inflation and lack of steady profits. Base case for H1: $200–320 with further upside.
• XRP is showing the steadiest crypto‑ETF inflows: $1 billion in a month—the best dynamic of all. Founders wield huge financial and administrative resources (they drew closer to the Trump administration). Solid upside to $3–5 in H1 2026.
• Stellar—real utility in cross‑border payments, RWA and CBDC. With proper marketing it could reach $0.8–1.

Exchange tokens have strong communities but carry risks from regulation, hacks and bankruptcies:

• BNB with possible upside to $1,450–1,600;
• Hyperliquid has economic incentives, but unlocks weigh on price. Forecast max: $45–76;
• Mantle.

Other coins with potential: Bittensor, Hyperlane, Sui, Avalanche, Arbitrum, Babylon, Kite, Worldcoin, Jupiter, Oraichain and Ondo.