As the U.S. Treasury shuffles papers like a librarian who’s lost her glasses, Coinbase has tossed its hat into the ring with a proposal that’s either brilliant or utterly bonkers. In a November 4 submission, the crypto giant urged that payment stablecoins be classified as cash equivalents under the GENIUS Act. Because nothing says “innovation” like treating digital assets like Monopoly money.
XRP tried to put on a brave face with a mini recovery above $2.25 and $2.30. It even had the audacity to aim for a push above $2.40, but no – it couldn’t quite manage to clear $2.42. Classic overachiever.
Thus, an earnest survey conducted by the AIMA and PwC – two establishments one assumes are employed – reveals that no fewer than 55% of traditional hedge funds now dabble in these ethereal currencies, a climb from a merely embarrassing 47% in 2024. One sniffs at the implications.
– Ethereum, that most fickle of lovers, has embarked on another bearish romp after a brief dalliance below $3,450. A tragedy of epic proportions, if you’ll pardon the hyperbole.
Stein casually revealed that the global financial market is apparently ready for a massive blockchain takeover. Hold onto your hats, folks – we’re talking trillions of dollars being moved on-chain, like, soon. 😱 Ripple, among other blockchain pioneers, is paving the way for this digital money revolution. Guess we’re not just talking about concepts anymore. This is the future of finance… or is it? 🙄
The term “institutional participation,” those words now echo with an ever-louder resonance, dominating the flows within the cryptocurrency realm. It is as though the entire brotherhood has taken up the cause! On the fifth of November, one Mr. Hougan of Bitwise Asset Management spoke with certainty to the chroniclers of CNBC. He proclaimed, in near prophetic tones, that the institutions have seized control of the market’s destiny, while the foot-soldiers-those day traders in the guise of retail investors-remain in their subdued dormancy.
Will the party last? Well, it all comes down to $0.20. Stay above it, and we might be in for some champagne showers. Fail, and it’s back to the drawing board. 🥂
Not content with watching XUSD turn into digital confetti, USDX politely raised its hand and said, “Hold my algorithm,” before gracefully leaping off its $1 peg on November 6 like a particularly anxious penguin at the edge of an iceberg.