A bearish market structure has reduced the cryptocurrency market capitalization to $1.13 trillion, with derivative metrics indicating a struggle for crypto bulls to break the downtrend. The U.S. debt ceiling standoff adds uncertainty, causing hesitancy among traders to bet on the market until more clarity is achieved. Derivatives metrics suggest bears remain in a comfortable position for now.
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US Debt Default and Stablecoins: How Circle Aims to Protect USDC Reserves with Repo Agreements
Circle Internet Financial is adjusting the reserves behind the $30 billion USD Coin, considering the possibility of a U.S. government debt default. BlackRock manages the Circle Reserve Fund, now incorporating $8.7 billion in overnight repo agreements as extra protection for the USDC reserve.
Navigating Innovation and Regulation in Crypto – A Global Odyssey
“The Argentine Agency for Access to Public Information is investigating Worldcoin’s data collection practices; Canadian authorities aim to improve storage of seized digital assets including NFTs; Coinrule recently launched its Marketplace driven by Generative Models. This crypto evolution requires a balance between innovation and regulation.”