Crypto Markets Today: Altcoins Remain Subdued, MON Surges on Upbit Listing

The Financial Times highlighted Bitcoin's recent struggles amid rising British taxes, marking a notable downturn in the cryptocurrency market. This comes as Bitcoin's price has fallen below critical levels, reflecting a broader trend of volatility and uncertainty in the sector.

Naver Financial has announced plans to acquire Dunamu, the operator of the cryptocurrency exchange Upbit, in a significant all-stock deal valued at $10.3 billion. This acquisition will result in Dunamu becoming a wholly owned subsidiary of Naver, further solidifying Naver's presence in the cryptocurrency sector.

Monad (MON) successfully launched its Layer 1 blockchain, resulting in an 80% surge in its token price within 24 hours, making it the top performer among the top 100 cryptocurrencies by market capitalization. The token reached an all-time high of $0.045 after a challenging token sale that raised $95 million of a $187 million target.

Upbit, South Korea's largest cryptocurrency exchange, is considering appealing a $25 million fine imposed by the Financial Intelligence Unit (FIU), which it claims has made errors in the past that were overturned in court. This fine is related to alleged deficiencies in Upbit's anti-money laundering practices.

Dave Portnoy, founder of Barstool Sports, has successfully capitalized on a $1 million investment in XRP as the cryptocurrency market experiences a rally, validating his 'buy the dip' strategy. This investment follows his earlier purchase after missing a significant price surge known as the 'god candle.'

Strategy has raised $21 billion in capital year-to-date in 2025, shifting its funding approach to preferred equity while maintaining a record pace to expand its bitcoin holdings and attract institutional investors. This significant capital influx reflects the company's ongoing commitment to cryptocurrency investments.

Dunamu, the parent company of South Korea's cryptocurrency exchange Upbit, is reportedly planning an initial public offering (IPO) on Nasdaq following its merger with Naver, a significant player in the tech industry. This move is expected to provide US investors with access to South Korea's dynamic crypto market.

Andrew Tate's recent $794,000 bet on Bitcoin has resulted in his liquidation for the 84th time on the Hyperliquid exchange, highlighting ongoing volatility in the cryptocurrency market. This incident underscores the risks associated with high-stakes trading in a fluctuating environment.