Why is the crypto market up today?
Cryptopolitan (RSS)
The crypto markets have seen a dark 24 hours following hacks and false news in the market. However, that did not last long. The digital asset market’s resilience has been witnessed since Asian markets opened this morning. As reported, Bitcoin’s price sits above $29,400.
Both bitcoin and ether started the Asian trading day in the green, with bitcoin up 2.2% and ether up 0.8%. This comes as Eastern markets open in the negative following Fitch’s reduction of the United States’ long-term ratings to AA+ from AAA.
Crypto markets have been in turmoil for the last 24 hours
Yesterday, price trends in the crypto market remained bearish as traders assessed an upsurge of negative fundamentals emerging across the industry. The digital asset market’s net capitalization declined 2% to $1.16 trillion on August 1.
The drop came a day after the Financial Times reported that the US Securities and Exchange Commission (SEC) had directed Coinbase, a US-based crypto exchange, to delist all cryptocurrencies except Bitcoin (BTC) from its exchange.
Coinbase, however, deemed the report to be false, explaining that the Financial Times omitted context regarding its conversations with the SEC.
Breaking! The SEC is reported to have told Coinbase that EVERY crypto aside from Bitcoin is a security.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win. pic.twitter.com/IXzwE9js4J
— Lark Davis (@TheCryptoLark) July 31, 2023
However, the clarification failed to help the crypto market’s recovery as Curve Finance’s $47 million breach over the weekend hampered its upside potential. Since the exploit, the market’s value has decreased by $43 billion, or 3.75 percent.
The recent increase in the US dollar index (DXY) has exacerbated the crypto market’s losses.
On August 1, the index rose 0.57% to 102.43, its highest level in three weeks, as investors continued to digest the Fed’s rate move last week. It has recovered nearly 3% from its low on July 13, when the digital asset market reached a session high of $1.22 trillion.
Technically, the crypto market is testing a reliable short-term support level around $1.12 trillion, with an eye on a rebound towards $1.18 trillion, which has served as resistance since March 2023.
According to Santiment, the wealthiest crypto wallets began amassing stablecoins in late July, precisely as the price of Bitcoin, the leading coin by market share, fell below its critical psychological level of $30,000.
💸 Key #whale & #shark #stablecoin wallets appear to be loading up during #Bitcoin's visit below $30k here at the end of the month. #Tether, #USDCoin, #BinanceUSD, & #Dai are all seeing supply shifting into these key wallets. Explore more with Sanbase PRO. https://t.co/vnmD8qjcov pic.twitter.com/2PB5HAgoj9
— Santiment (@santimen...
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Cryptopolitan (RSS)
The crypto markets have seen a dark 24 hours following hacks and false news in the market. However, that did not last long. The digital asset market’s resilience has been witnessed since Asian markets opened this morning. As reported, Bitcoin’s price sits above $29,400.
Both bitcoin and ether started the Asian trading day in the green, with bitcoin up 2.2% and ether up 0.8%. This comes as Eastern markets open in the negative following Fitch’s reduction of the United States’ long-term ratings to AA+ from AAA.
Crypto markets have been in turmoil for the last 24 hours
Yesterday, price trends in the crypto market remained bearish as traders assessed an upsurge of negative fundamentals emerging across the industry. The digital asset market’s net capitalization declined 2% to $1.16 trillion on August 1.
The drop came a day after the Financial Times reported that the US Securities and Exchange Commission (SEC) had directed Coinbase, a US-based crypto exchange, to delist all cryptocurrencies except Bitcoin (BTC) from its exchange.
Coinbase, however, deemed the report to be false, explaining that the Financial Times omitted context regarding its conversations with the SEC.
Breaking! The SEC is reported to have told Coinbase that EVERY crypto aside from Bitcoin is a security.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win. pic.twitter.com/IXzwE9js4J
— Lark Davis (@TheCryptoLark) July 31, 2023
However, the clarification failed to help the crypto market’s recovery as Curve Finance’s $47 million breach over the weekend hampered its upside potential. Since the exploit, the market’s value has decreased by $43 billion, or 3.75 percent.
The recent increase in the US dollar index (DXY) has exacerbated the crypto market’s losses.
On August 1, the index rose 0.57% to 102.43, its highest level in three weeks, as investors continued to digest the Fed’s rate move last week. It has recovered nearly 3% from its low on July 13, when the digital asset market reached a session high of $1.22 trillion.
Technically, the crypto market is testing a reliable short-term support level around $1.12 trillion, with an eye on a rebound towards $1.18 trillion, which has served as resistance since March 2023.
According to Santiment, the wealthiest crypto wallets began amassing stablecoins in late July, precisely as the price of Bitcoin, the leading coin by market share, fell below its critical psychological level of $30,000.
💸 Key #whale & #shark #stablecoin wallets appear to be loading up during #Bitcoin's visit below $30k here at the end of the month. #Tether, #USDCoin, #BinanceUSD, & #Dai are all seeing supply shifting into these key wallets. Explore more with Sanbase PRO. https://t.co/vnmD8qjcov pic.twitter.com/2PB5HAgoj9
— Santiment (@santimen...
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Breaking! The SEC is reported to have told Coinbase that EVERY crypto aside from Bitcoin is a security.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win.
I suppose that means Ethereum too.
Coinbase said, NO.
The SEC sued them.
Coinbase is on the right side of history, they will win.
🚨 Visa and Upbit Parent Dunamu Partner for Stablecoin Payments
Global payment giant Visa has signed a strategic partnership with Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The collaboration focuses on integrating stablecoin payments, cross-border remittances, and AI-driven commerce into Visa's global network.
The companies are exploring the use of OUSD (Open USD), a dollar-backed stablecoin from Open Standard. While Dunamu clarified that no specific asset is finalized, OUSD already has backing from major players like Mastercard, Stripe, and BlackRock.
#Visa #Upbit #Stablecoin #AI
Global payment giant Visa has signed a strategic partnership with Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The collaboration focuses on integrating stablecoin payments, cross-border remittances, and AI-driven commerce into Visa's global network.
The companies are exploring the use of OUSD (Open USD), a dollar-backed stablecoin from Open Standard. While Dunamu clarified that no specific asset is finalized, OUSD already has backing from major players like Mastercard, Stripe, and BlackRock.
#Visa #Upbit #Stablecoin #AI
💰 Tether enters $3 trillion private credit market with $400M StableFund
Stablecoin giant Tether is expanding beyond crypto lending by launching StableFund in partnership with London-based Fasanara Capital. The venture starts with $400 million in anchor capital and aims to raise an additional $3 billion from institutional investors to provide loans in the private credit sector.
Fasanara will manage the portfolio while Tether acts as a co-sponsor and adviser, providing USDT-linked settlement and treasury infrastructure. The fund will target short-duration, asset-backed loans for small businesses and consumers across 60 countries, including trade receivables and supply-chain credit.
#Tether #USDT #PrivateCredit #Stablecoin
Stablecoin giant Tether is expanding beyond crypto lending by launching StableFund in partnership with London-based Fasanara Capital. The venture starts with $400 million in anchor capital and aims to raise an additional $3 billion from institutional investors to provide loans in the private credit sector.
Fasanara will manage the portfolio while Tether acts as a co-sponsor and adviser, providing USDT-linked settlement and treasury infrastructure. The fund will target short-duration, asset-backed loans for small businesses and consumers across 60 countries, including trade receivables and supply-chain credit.
#Tether #USDT #PrivateCredit #Stablecoin
💰 Circle Launches Circle Match for Institutional USDC Auctions
Circle has introduced Circle Match, a new service allowing institutional customers to mint and redeem USDC through hourly auctions. This system directly pairs those cashing out of the stablecoin with those looking to mint new tokens.
In this setup, institutions redeeming USDC for dollars pay a fee, which is then passed as a rebate to the institutions minting the tokens. Circle stated it will retain no separate spread on these matched volumes, passing the full fee amount to the minters.
Participants set their own limits: redeemers define a maximum fee they will accept, while minters set a minimum rebate. All matched orders in an auction clear at a single uniform fee. The service is available to eligible Circle Mint customers, aiming to provide more efficient settlement than standard routes.
#Circle #USDC #Stablecoin #CryptoNews
Circle has introduced Circle Match, a new service allowing institutional customers to mint and redeem USDC through hourly auctions. This system directly pairs those cashing out of the stablecoin with those looking to mint new tokens.
In this setup, institutions redeeming USDC for dollars pay a fee, which is then passed as a rebate to the institutions minting the tokens. Circle stated it will retain no separate spread on these matched volumes, passing the full fee amount to the minters.
Participants set their own limits: redeemers define a maximum fee they will accept, while minters set a minimum rebate. All matched orders in an auction clear at a single uniform fee. The service is available to eligible Circle Mint customers, aiming to provide more efficient settlement than standard routes.
#Circle #USDC #Stablecoin #CryptoNews