The initial announcement, made on Aug. 1, came hot on the heels of the U.S. Securities and Exchange Commission’s (SEC) own “Project Crypto,” a project so ambitious it could almost be mistaken for a Hollywood blockbuster. 🎬
Verily, the United States, that paragon of fiscal innovation, hath passed legislation to govern the $288 billion stablecoin market, thereby igniting a fervor among EU officials to ponder the adoption of public blockchains, such as Ethereum or Solana, for the digital euro. The European Central Bank, that venerable institution, hath long mused upon the creation of a digital euro, a central bank-backed payment method as cash fades into oblivion. According to the Financial Times, EU officials, with their brows furrowed in existential dread, fear that the U.S. law shall elevate the dominance of dollar-denominated tokens, necessitating a digital euro to preserve the euro’s place in the grand tapestry of global commerce. While the ECB, that paragon of deliberation, contemplates myriad technologies-centralized, decentralized, and otherwise-no decision hath been reached, for what is life without a little uncertainty? 🧠
This charming little token has been on a veritable tear since Wednesday, setting new all-time highs daily, as if it were auditioning for a role in a grand production. Its resilience amidst a sluggish market is a clear signal of strong spot demand, with on-chain data revealing a delightful uptick in derivatives market activity. How positively thrilling! 🥂
The decision was made due to a persistent drop in Pi’s price and trading activity, which mirrors the ongoing difficulties and ambiguity facing the project in the current market conditions.
This curious manoeuvre by the esteemed institution shifts a product, long the exclusive preserve of the private client, into a common market where trades may be conducted with greater ease and, it must be noted, in far smaller portions-a development that will surely provoke discussion amongst those who consider such matters.
Now, you might think, “Oh my, what a massive amount!” But fear not, dear reader, for this expiry event was actually smaller than the one last week. The spot markets, those mischievous little sprites, had already begun their ascent after a brief mid-week tumble. 🌈🚀
“The way we buy Bitcoin is we do not move the price of the Bitcoin,” Shirish Jajodia, the corporate treasurer and head of investor relations at Strategy, shared with Natalie Brunell on the Coin Stories podcast, his voice steady as the sea on a calm day.
On a fateful Wednesday night, Ye took to his X account (formerly Twitter, but who’s keeping track?) to announce the arrival of “YEEZY MONEY.” He posted a picture of the contract address with the caption, “YEEZY MONEY IS HERE. A NEW ECONOMY, BUILT ON CHAIN.” Because nothing says “financial stability” like a meme-based currency launched by a man who once tried to run for president. 🏛️💸
Apparently, Circle and Tether – names which sound suspiciously like secret societies – intend to acquire five point three billion dollars worth of Treasury bills weekly. To maintain reserves, you understand. A perfectly reasonable pursuit, of course. Though I suspect those bills might have a subtle aroma of digital desperation. This, they claim, could shave two to four basis points off yields. Two to four! A pittance, really. Yet, apparently, this minuscule shift is enough to unsettle the entire $6 trillion money market. Such fragility! 🏛️
BlackRock just moved $366M of crypto to Coinbase Prime like, “Oh, just a little liquidity check.” Bitcoin dipped to 112K before bouncing back like a caffeinated kangaroo. Meanwhile, TORICO’s stock went parabolic after a manga publisher decided Web3 is the new “shōnen jump.” And the Fed’s about to drop another speech that’ll make everyone panic. Classic. 🏦💥
