New Stablecoin Bill Introduced, Ronin Onboards Ragnarok

Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. BTC (-5.49%) has tested the high $59,000s and ETH (-4.42%) is trading below $3,000. Among a sea of red, SUI -1.87%  is showing relative strength, gaining 6.44% on the back of a partnership announcement with TikTok’s parent company ByteDance to explore web3 use cases for the social media behemoth. TikTok boasts over 1.7 billion users worldwide, and ByteDance reported $120 billion in 2023 revenues. A successful partnership between the two could significantly impact Sui’s users and network activity.