Bitcoin and altcoin prices crumbled as BTC lost the $70,000 level. Will investors’ pivot to AI stocks continue to weigh on crypto markets? Key takeaways: Bitcoin (BTC) faced a sharp 9% drop over 48 hours, hitting the $67,000 support for the first time in two months. This correction wiped out a substantial $176 billion from the total crypto market cap in just two days, triggering $1.5 billion in forced liquidations for overleveraged long positions. Traders remain uncertain about the drivers behind crypto's underperformance, especially since US equities have shown notable strength. Read more
An affiliate of a political action committee backed by crypto companies ramped up spending on ads in California ahead of Tuesday’s primaries, but still has millions of dollars at stake in Maryland later this month. While residents of California, Iowa, Montana, New Jersey, New Mexico and South Dakota are voting today in Democratic and Republican Congressional primaries, the cryptocurrency industry is more focused on the Maryland primaries later this month. According to filings with the US Federal Election Commission (FEC) as of Tuesday, the Coinbase- and Ripple-backed political action committee (PAC) Fairshake affiliate Protect Progress spent about $3 million combined to support Democratic candidates in House races across California and New Jersey. Another affiliate, Defend American Jobs, spent more than $411,000 to support Republican Senator Mike Rounds’ reelection bid in South Dakota. In addition to its activities in California, Protect Progress appeared to be prepared for significant spending in Maryland, w...
The exchange has invested an undisclosed amount in ProShares’ Treasury-focused ETF built for the post-GENIUS era as lawmakers debate whether stablecoin issuers can offer yield-bearing products. Crypto exchange Coinbase has invested in ProShares' stablecoin-focused money market fund, betting that demand for stablecoin reserve-management products will grow as the recently enacted GENIUS Act formalizes the types of assets that can back US dollar-pegged tokens. Coinbase (COIN) announced Tuesday that it made an undisclosed investment in the ProShares GENIUS Money Market ETF (IQMM), which is designed to hold assets that qualify as reserves for payment stablecoins under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The GENIUS Act requires stablecoin issuers to back their tokens with highly liquid assets, including cash, bank deposits and short-term US Treasury securities. IQMM was created to provide exposure to those types of reserve assets through a publicly traded fund structure...
A sovereign default-risk model estimates Bitcoin’s fair value at $224,000, as rising debt risks and bond-market stress could strengthen the asset’s long-term investment case. New reporting from Bitwise suggests that Bitcoin's (BTC) undervaluation could expand if investors' concerns over sovereign debt deepen. The asset management firm said that mounting pressure in global bond markets and rising government debt levels could strengthen Bitcoin's role as a hedge against macroeconomic risks, with one valuation model suggesting a theoretical fair value of $224,000. Bitwise pointed to mounting pressure across the global bond markets. The Organization for Economic Co-operation and Development (OECD) estimates governments and companies will need to borrow roughly $29 trillion in 2026, up 17% from 2024 and nearly double the amount raised a decade ago. Around 78% of OECD government borrowing is expected to be used solely to refinance existing debt. Read more