Oleg Ogienko, the public face of A7A5, pitched the ruble-pegged stablecoin as a fast-growing trade rail built to move money across borders despite sanctions pressure.
As U.S. lawmakers consider limits on data and mining facilities because of energy usage, the industry wants to explain that their crypto worries are unfounded.
The shift may be due to complex market dynamics, potentially reflecting the unwinding of a trade that capitalized on bitcoin treasury companies trading at premiums to their mNAV.
McGlone links bitcoin’s downturn to record U.S. market cap-to-GDP levels, low equity volatility and rising gold prices, warning of potential contagion into stocks.
Crypto markets remain under pressure despite firmer U.S. equity futures, with ether rebounding toward $2,000 as heavy weekend selling eases as gold leads.