The crypto news of the day includes: Stripe’s CEO states that stablecoins are forcing banks to give users real interest rates on their deposits. US-listed Bitcoin ETFs kicked off September with billions of dollars in new inflows. A crypto executive predicts that Bitcoin will continue its price cycle.
Stripe CEO claims stablecoins would force banks into offering users competitive interest rates on deposits
Patrick Collison of Stripe said stablecoins are forcing banks to adopt them. offer competitive interest rates Stablecoins that offer a yield are increasingly popular with customers.
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.”
Data from RWA.XYZAs the industry continued to thrive following the passage of a comprehensive US regulatory law,
Bitcoin ETFs kickstart “Uptober” Second-best ever week for revenue with $3.2 Billion
The US-listed Bitcoin ETFs started the traditionally bullish month October with their second-best week of inflows since launch. This signals renewed investor confidence.
Spot BitcoinBTCInvesting in ETFs generated a cumulative net of $3.24 Billion. positive inflows Over the last week, the amount of money spent by Americans on the average was almost equal to the $3.38 trillion that they had in the week ending November 22, 2024. according SoSoValue data.
This is a dramatic improvement from last week’s outflow of $902,000,000. Analysts attribute the change to increased expectations that another US rate cut will occur, which have improved sentiment towards risk assets.
The growing expectation of another US interest-rate cut has triggered 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,” He said that major technical support is available at key levels.
In October, the average return on Bitcoin is second best in history. This month, also known as “October”, has been a great one for Bitcoin. “Uptober” By crypto investors
Bitcoin briefly rose above the $123,996 mark on Friday after this week’s $3.2 Billion, marking a more than six-week peak last seen on August 14, for the first cryptocurrency in existence. TradingView The data show.
“Very likely” Gemini’s exec: bitcoin cycle to continue.
Bitcoin’s 4-year cycle might not be exactly the same as the previous ones, but it doesn’t necessarily mean that the currency will crash. concept is entirely dead, A crypto executive has said so.
“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 Ahmad, the head of APAC for Gemini, spoke to Cointelegraph in a sitting-down interview held at Token2049, Singapore.
“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 Crypto industry can help absorb volatility in the markets. “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
