USDC Native Cross-Chain Transfers, Hong Kong Launching Crypto License

Name: FS Insight
Price range: $$$

Apr 27, 2023

BTC -2.01% ETH -3.30% ETHBTC

Market Update Crypto markets are lower today, with $BTC down 1.7% after a highly volatile session saw ~$360m in both long and short derivative liquidations yesterday. After initially rising to $30k, $BTC dropped nearly 7% in one hour following alerts that U.S government BTC sales were taking place from Arkham Intel. The rumors were later proven false, sending $BTC from an intraday low of $27.2k to its current level of ~$29.2k. Despite the high levels of volatility, Bitcoin continues to trade as a safe haven amid uncertainty in the banking sector, recently reaching a 57% 30-day rolling correlation with gold, its highest level in nearly two years. $ETH fell 2.5% nominally while $ETHBTC is down -0.9%. Equities are higher today, with the S&P gaining 1.6% and the Nasdaq up 2.14%.Circle, the creator of US Dollar Coin (USDC) has launched a new protocol that enables users to transfer USDC between Ethereum and Avalanche without the need for bridges or third-party services. The new protocol, called Cross-Chain Transfer Protocol (CCTP), destroys tokens sent to its contract and issues new tokens on the receiving network, improving liquidity and capital efficiency in decentralized finance. CCTP is expected to simplify user experience and increase trust in highly liquid, safe, and fungible as

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin

Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities

Market Update

By Sean Farrell • Oct 4, 2024

CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...

BTC -2.01% ETH -3.30% RENDER -2.23% SOL -2.50% STX -1.71% TAO 2.44% TIA 2.28% WIF -5.88% XMR 3.18% WULF

Bitcoin will hit $200,000 in the second half of 2022, predicts FSInsight

Visa Unveils Tokenization Platform, SEC Appeals XRP Decision

Market Update

By Tom Couture • Oct 3, 2024

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -2.01% falling to $60k and ETH -3.30% approaching the low $2,300s. Aptos (APT -1.30% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -1.41% is also showing slight gains following...

AAVE -1.41% APT -1.30% BTC -2.01% ETH -3.30% TOTAL XRP -1.83%

Invesco ditches its plan to launch a US bitcoin futures ETF any time soon, just before the first-ever makes its debut

Bitwise Files for XRP ETF, Crypto Prices Bounce as Oil and Gold Retrace

Market Update

By Sean Farrell • Oct 2, 2024

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -2.01% climbing back above $61,000 and SOL -2.50% moving above $145, while ETH -3.30% is lagging, trading around $2,400. Among today's outperformers is SUI 5.83% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...