The crypto news of the day includes: Stripe’s CEO said that stablecoins would force banks to give users real interest rates on their deposits. US-listed Bitcoin ETFs kicked off September with billions worth of inflows.
Stripe CEO: Stablecoins force banks to compete on interest rates for users
Patrick Collison of Stripe said stablecoins would force banks into adopting 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 ripe for disrupting this market. 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 launchInvestors have a renewed optimism.
Spot BitcoinBTCETFs reported cumulative net assets 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 figure represents a significant improvement over the $902 million of outflows that occurred in the week prior. Analysts said that the turn around was due to expectations for another US interest-rate cut. This has led to a positive sentiment in risk assets.
The growing expectation of a second US interest rate reduction triggered a “shift in sentiment,” Investors are re-demanding 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 added that the key levels of technical support are near.
The continued inflows of ETFs could provide significant tailwinds to Bitcoin, as October is often called the “second-best” month in terms average historical returns 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 Data shows
“Very likely” Gemini executive: Bitcoin will cycle in some form.
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, 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 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 replied: 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
