Crypto News
Can Non-USD Stablecoins Compete?
Stablecoins continue growing into a pillar of both the cryptocurrency world and the global financial system. The market has already surpassed $235 billion, showcasing that people have faith in the future of these assets.Currently, two USD-backed stablecoins (USDT and USDC) have about 90% of the market. The rest of the top-10, including USDe and PYUSD, are all dollar-denominated. Euro-based stablecoins have little market share by comparison. Why is that?There are many discussions around regulation, interoperability, and integration with TradFi. However, the single most important factor is liquidity. Without deep and sustainable liquidity, no stablecoin can gain mass traction, and no amount of regulatory clarity will change that.What’s the Issue With Non-USD Stablecoins?Let’s take the Euro as an example. EUR-backed stablecoins...
Trade War Fury: Asia’s Markets Crushed, Recession Fears Soar
Asian markets experienced significant declines on April 7, with Hong Kong’s Hang Seng Index plummeting over 13%. The turmoil affected other asset classes, including bitcoin, which briefly fell below $75,000. China Sovereign Wealth Fund Intervenes Asian markets began the week of April 7 with steep drops across major indices, including Hong Kong’s Hang Seng Index,Source link
Strategy Didn’t Add Bitcoin Last Week, Expects to Book $6B Loss on Holdings in Q1
Its capital raising efforts likely on hold amid the market panic, Strategy (MSTR) did not add to its bitcoin (BTC) holdings last week.Additionally, the company expects to report a net loss for the first quarter due to a $5.91 billion unrealized loss on its bitcoin holdings, according to a filing Monday morning. This follows the adoption of new accounting rules requiring crypto assets to be marked to market. A $1.69 billion tax benefit is expected to partially offset the loss.Strategy raised a total of $7.69 billion during the quarter, $4.4 billion of that from common stock sales and the rest from preferred stock issuance. Most or all of those funds were used to purchase bitcoin at far higher prices than...
Bitcoin Price Breaks Below $75,000 as Global Tariff War Roils Risk Assets
"Does Bitcoin behave more like a tech stock or a safe-haven asset like gold? So far, we’re seeing elements of both," an analyst told Decrypt.Source link
CoinDesk 20 Performance Update: Index Plunges 13.5% as All Assets Trade Lower
CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.The CoinDesk 20 is currently trading at 2173.26, down 13.5% (-338.56) since 4 p.m. ET on Friday.None of the 20 assets are trading higher.Leaders: BTC (-8.4%) and ICP (-11.0%)Laggards: LTC (-19.7%) and SUI (-18.5%). The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.Source link