In a prominent shift towards the integration of blockchain technology, Elon Musk‘s social media platform ‘X’ (formerly known as Twitter) has amassed a series of payments licenses from numerous states in the U.S., including a currency transmitter license in Rhode Island. This move could bolster digital transactions and crypto services on the platform, as Musk continues to hint at his inclination towards cryptocurrency.
X, with Musk steering its course, seeks to burgeon past its initial function as a social medium, transforming into an ‘everything app’. Licenses obtained from Arizona, Maryland, Georgia, and other states suggest that the platform may accommodate payment processing on a nationwide scale – analogous to PayPal, a company Musk co-founded.
Underlined by Musk’s past declarations and the latest support, optimism meets skepticism. Could this be just another ambitious digital endeavor riding the crypto wave, or a real stride towards a blockchain-powered future?
From another aspect of the crypto world, average trade size for Bitcoin experienced a dramatic leap on most exchanges, following Grayscale’s court victory over the U.S. Securities and Exchange Commission (SEC). Remarkably, the average trade figure swelled over $2,000 after the ruling from roughly $850 the previous day. Could this surge lead to the mainstreaming of larger amount transactions, or should we perceive it cautiously as a temporary spike?
Elsewhere, Binance disclosed that it would gradually phase out support for its BUSD stablecoin, encouraging users to shift their BUSD into other digital assets by February 2023. Notably, the 24-hour trading volume of BUSD is nearing $900 million. This decision, while certainly a disappointment for BUSD holders, could be an opportunity for other stablecoins to increase their foothold in the market.
Lastly, shares in ProShares Bitcoin Strategy ETF saw an energizing surge, registering its largest single-day gain since March 2023. This lends credence to the spot ETF optimism sparked by Grayscale’s legal victory, despite the apparent vulnerability of futures-based ETFs to rollover costs. As the crypto market appears tingling with volatility, it’s crucial for interested stakeholders to discern the distinction between inflated buoyancy and sustainable growth.
In conclusion, amid the myriad ways in which the blockchain future is beginning to shape, we witness prominent institutional interests, mainstream adoption, and murky regulatory waters all presenting a dynamic, unpredictable market panorama.
Source: Coindesk
