In the crypto world today, Stripe’s CEO said that banks will be forced to offer real interest for deposits if stablecoins become popular. US listed spot Bitcoin exchange traded funds (ETFs), which are based in New York, kicked October off with massive inflows. A crypto executive also predicted that Bitcoin will continue its price cycle.
Stripe CEO claims stablecoins would force banks into offering users competitive interest rates on deposits
Patrick Collison, CEO of Stripe, said that the stablecoins would force banks into adopting them. offer competitive interest rates The rise in stablecoins with yields is a boon to consumers.
Collison pointed to the average rates of savings offered by banks in Europe and America, all well below 1%. Stablecoins are a perfect solution for this. He wrote:
“Depositors are going to, and should, earn something closer to a market return on their capital. Some lobbies are currently pushing post-GENIUS to further restrict any kinds of rewards associated with stablecoin deposits. The business imperative here is clear — cheap deposits are great, but being so consumer-hostile feels to me like a losing position.”
According to data from RWA.XYZAs the industry continued to thrive following the passage of a comprehensive US regulatory law,
Bitcoin ETFs kickstart “Uptober” With $3.2 billion, this is the second best week ever.
The US-listed Bitcoin ETFs started the traditionally bullish month October with their second-best week of inflows since launchInvestors are regaining their confidence.
Spot BitcoinBTCETFs reported cumulative net worth of $3.24 billion positive inflows The week ended November 22, 2024. This week’s total is almost the same as the record set by the previous week of $3.38 Billion. according SoSoValue provides data.
This is a dramatic improvement from last week’s outflows of $902 millions. Analysts attribute the change to growing expectation of another US rate cut which improved sentiment towards risk assets.
Expectations of another US rate cut have triggered an increase in the price of a “shift in sentiment,” Attracting renewed investor interest in Bitcoin ETFs “bringing four-week inflows to nearly $4 billion,” Iliya Kalchev is a dispatch analyst for digital asset platform Nexo. “At current run-rates, Q4 flows could retire over 100,000 BTC from circulation — more than double new issuance.”
“ETF absorption is accelerating while long-term holder distribution eases, helping BTC build a stronger base,” “Near key technical support levels”, he said.
In October, the average return on Bitcoin is second best in history. This month, also known as “October”, has been the most profitable for Bitcoin. “Uptober” Crypto investors are a growing group.
Bitcoin briefly rose above the $123,996 mark on Friday after this week’s $3.2 Billion, a price that was last seen over six weeks ago on Aug. 14. TradingView The data show.
“Very likely” Gemini’s exec: bitcoin cycle to continue.
Bitcoin may not follow the same four-year cycle as in previous years, but that does not mean it will be a failure. concept is entirely dead, According to a crypto executive.
“I think when it comes to the four-year cycle, the reality is that it’s very likely that we’ll continue to see some form of a cycle,” Saad Mohammed, head of APAC at Gemini crypto exchange, revealed to Cointelegraph, during an interview in Singapore, that he was sitting down with Token2049.
“It ultimately stems from people get really excited and overextend themselves, and then you kind of see a crash, and then it kind of corrects to an equilibrium,” Ahmed Ahmed
Ahmed added: growing institutional involvement The crypto-industry could absorb some volatility. “You’ll see some of the volatility, kind of flag off, but you’ll still see some sort of a cycle, because ultimately, it’s driven by human emotion,” Ahmed Ahmed
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Source: cointelegraph.com
