Bitcoin

3 Stablecoin Headlines Investors May Have Missed

Published

7 months ago

14 July, 2024

SatoshiTimes Staff

3 Stablecoin Headlines Investors May Have Missed

Stablecoins are quietly becoming even more important to the crypto industry

AFP via Getty Images

There has been no shortage of headlines and talk about crypto assets recently, generating both positive and negative price momentum for the sector. As the Mt. Gox and German government liquidations proceeded in a seemingly orderly fashion, these actions put significant pressure on the price of Bitcoin, which briefly dipped below $58,000. That said, as these liquidations continued, price support at these levels held, indicating that even after an initial bout of fear caused by this selloff, investors remain confident in the medium- to long-term price outlook. JP Morganfor example, expects the sell-off and price pressure to be completed by the end of July, followed by a market recovery in August. Crypto predictions are notoriously difficult to get right, but they serve as an example of market sentiment.

Additionally, cryptocurrency continues to play an increasingly prominent role in political conversations, with the Biden Administration holding high-level meetings with cryptocurrency industry leaders and advocates in an attempt to shore up support in what has emerged as an opportunity to sway undecided voters. On the other side of the aisle, former President Trump announced a 30-minute presentation on Bitcoin 2024one of the largest and most significant crypto conferences in the United States. With all of this going on, it would be reasonable for investors and advocates to focus on these items, but that would ignore several important points.

Let’s take a look at some headlines and stories that cryptocurrency investors may have overlooked.

The SEC continues to vacillate

While Binance and CZ have each pleaded guilty to criminal activity, paid fines in the billions, and are facing significant legal challenges going forward, the SEC has recently suffered a legal setback over additional efforts connected to Binance. The SEC recently concluded its investigation into Paxos – the issuer of the Binance USD stablecoin – without recommending any enforcement action. The lack of enforcement action alone should be seen as celebratory news for Paxos, but it could also have broader implications for cryptocurrency regulation.

As the SEC continues to face mounting resistance and legal challenges to its ongoing efforts to classify the entire cryptocurrency sector as securities, stablecoins are poised to benefit. Especially since these crypto assets — nearly all of which are backed 1:1 by USD — were purposefully built and intended to be used as a medium of exchange rather than an investment vehicle, these setbacks could provide some much-needed breathing room for more objective conversations on the topic.

PayPal Stablecoin Continues to Grow

After a somewhat low-key launch that was almost immediately marred by an SEC investigation into the stablecoin itself, PayPal’s stablecoin efforts have continued. A recent integration with the Solana blockchain has led to a surge in the token’s market cap, which recently surpassed 500 million dollars. Data from DeFillama shows that the total supply across the existing Ethereum blockchain is approximately $399 million, or 77% of the total supply with the remaining amount in Solana. Furthermore, the supply increased rapidly — by 58% during the first week of integration — on Solana, while it fell by 6% on Ethereum.

Furthermore, the integration with Solana has also led to substantial growth in DeFi platforms and the DeFi ecosystem at large, with availability on both the Jupiter and Orca DEX, as well as inclusion on the Kamino Finance lending and liquidity protocol. Given the household name recognition that PYUSD has, coupled with the growth resulting from the Solana integration, it seems that PayPal and PYUSD appear poised for continued growth and utilization.

State-backed stablecoins are coming fast

While the federal government continues to swing back and forth regarding cryptocurrency regulation and standard-setting, individual states continue to lead the way. Building on previous efforts, the state of Wyoming has announced its intention to launch a state-backed stablecoin in 2022. After dealing with some resistance and legislative difficulties, an announcement was made in May 2024 that the minting of the state-backed token was underway. The token, which is backed on a 1:1 basis by the US dollar, is scheduled to begin circulation in late 2024 and will be issued under the ticker WYST.

The commission was bolstered by the passage of Senate Enrolled Act 85: Wyoming Stable Token Act, which granted the Stablecoin Commission the right to issue the first state-backed stablecoin in the U.S. WYST is set to debut and be hosted on the Ethereum blockchain, and will only be traded/available on centralized exchanges like Coinbase. While it is too early to tell how successful or widespread WYST will be, the fact that an individual state has managed to come this far so quickly is indicative of how strong the appeal of stablecoins remains.

Stablecoins are here to stay, playing a critical role for TradFi, centralized exchanges, DEXs, and investors of all sizes looking to deploy capital into crypto. Despite the media hype, investors and advocates should not lose track of this critically important crypto asset class.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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