Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

BTC Price Calms at $89K After Tuesday Massacre, XRP Recovers 8% Daily (Market Watch)

After losing over ten grand within a day, bitcoin’s price movements have calmed in the past several hours, and the asset stands at around $89,000. Many altcoins have turned green now but are still deep in the red compared to the valuations since this weekend. BTC Calms at $89K It was less than a week ago, on Friday when the primary cryptocurrency was preparing for a charge of $100,000 after gaining over five grand since the Tuesday dip. However, no such challenge actually occurred as Bybit was compromised in what became the largest crypto hack ever, with $1.4 billion stolen. BTC reacted immediately with a drop to $95,000 within hours. After recovering some ground during the weekend to around $96,500, the landscape changed for the worse on Monday and especially on Tuesday. Within the span of just 24 hours or so, the cryptocurrency went from $96,000 to $86,000, losing ten grand in the process. This became one of its most violent price corrections and pushed its valuation to the lowest levels in over three months – erasing lots of the gains charted after Trump’s presidential victory. You can check some of the potential reasons behind this crash here . Since then, BTC has been able to rebound slightly and now sits quietly at $89,000. Its market capitalization, which shed over $150 billion in a day, is now at just over $1.760 trillion on CG. Its dominance over the alts has shrunk by almost 1% to 57.9%. BTCUSD. Source: TradingView Alts Bounce-Off The alternative coins suffered even more yesterday, but many have bounced off on a daily scale now. Ethereum, which dumped to $2,300, is up challenging $2,500 after a 4% daily increase. BNB is up to $630, while SOL is above $140. Even more impressive daily gains come from the likes of XRP, which has added 8.5% and sits north of $2.3, DOGE, ADA, LINK, XLM, AVAX, LTCO, SUI, TON, SHIB, HBAR, HYPE, and many others. The total crypto market cap, which went down by over $300 billion within a day, is now above $3.050 trillion after recovering $100 billion. Cryptocurrency Market Overview. Source: QuantifyCrypto The post BTC Price Calms at $89K After Tuesday Massacre, XRP Recovers 8% Daily (Market Watch) appeared first on CryptoPotato . Bitcoin World

---

Urgent Call for Fair Crypto Regulation: Circle Fights for Equitable Stablecoin Laws Amidst Tether ‘Kill’ Claims

In the ever-evolving world of digital currencies, a crucial debate is brewing around the regulation of stablecoins. Imagine a financial landscape where innovation thrives, but within a framework that ensures fairness and stability. This is the vision Circle, the issuer of USDC, is championing. Let’s dive into the heart of this discussion and explore why Circle is advocating for equitable crypto regulation , not just in the U.S., but globally, and what Tether’s CEO has to say about the competitive landscape. Why Equitable Crypto Regulation for Stablecoins Matters Now? Dante Disparte, Chief Strategy Officer at Circle, recently articulated a pressing need for the United States to establish crypto regulation that treats all stablecoin issuers fairly, regardless of their location. In an interview with The Information, Disparte emphasized that a level playing field is essential to foster growth and ensure continued access to vital banking and regulatory systems for these burgeoning financial instruments. But why is this so critical right now? Global Competition is Heating Up: Disparte anticipates a surge in global competition among stablecoin providers. Fair regulations can prevent a regulatory race to the bottom and ensure that innovation is driven by product quality and utility, not just by exploiting regulatory loopholes. Fostering Innovation: Equitable laws can encourage innovation within the stablecoins sector. When companies feel confident that the rules are fair and consistently applied, they are more likely to invest in developing better products and services. Protecting Consumers: Consistent regulatory standards, whether for U.S. or overseas entities, are vital for consumer protection. This ensures that all stablecoins operating within or serving the U.S. market adhere to similar safety and transparency standards. Maintaining U.S. Leadership: By establishing clear and equitable crypto regulation , the U.S. can maintain its leadership in the global financial landscape. A well-defined framework can attract innovation and investment in the digital asset space. The Tether Factor: Is it Really a ‘Kill Tether’ Strategy? While Circle advocates for fair crypto regulation , the landscape is undeniably competitive, and perhaps even adversarial, according to some. Paolo Ardoino, CEO of Tether, the issuer of USDT, recently took to X (formerly Twitter) to express his perspective on the competitive dynamics. He claims that while competitors should ideally focus on building superior products and expanding their distribution networks, their “real intent is ‘Kill Tether.’” Ardoino suggests that this view is widely held by insiders and observers who interact with the U.S. government. This paints a picture of a highly charged environment where competition isn’t just about market share but potentially about the very survival of certain digital assets . Tether vs. USDC: A Tale of Two Stablecoins The contrasting statements from Circle and Tether highlight the complex dynamics within the stablecoins market. Let’s break down some key differences and points of contention: Feature USDC (Circle) USDT (Tether) Issuer Transparency Circle provides regular attestation reports and is more transparent about its reserves. Tether has faced criticism for its reserve transparency, although it has increased transparency over time. Regulatory Compliance Circle is actively engaging with regulators and is committed to full compliance. Tether has faced regulatory scrutiny and questions regarding its compliance in various jurisdictions. Reserve Composition USDC reserves are primarily held in cash and short-term U.S. government bonds. USDT reserves have included a wider range of assets, including commercial paper, corporate bonds, and others. Market Capitalization USDC has a significant market cap but is generally lower than USDT. USDT consistently holds the largest market capitalization among stablecoins . Key Focus Advocating for clear and equitable crypto regulation to foster growth and stability. Navigating regulatory challenges while maintaining market dominance and defending against perceived competitive threats. Actionable Insights: Navigating the Evolving Stablecoin Landscape For those involved in the cryptocurrency space, whether as investors, developers, or policymakers, understanding these dynamics is crucial. Here are some actionable insights: Stay Informed on Regulatory Developments: Crypto regulation is a rapidly changing field. Keep abreast of the latest developments in the U.S. and globally. Follow regulatory bodies like the SEC, CFTC, and international organizations like the Financial Stability Board (FSB). Understand Stablecoin Risks and Transparency: Do your due diligence on different stablecoins . Understand their reserve composition, transparency practices, and regulatory compliance status. Not all stablecoins are created equal. Support Constructive Dialogue: Encourage and participate in constructive conversations about crypto regulation . Engage with industry associations, participate in public consultations, and voice your opinions to policymakers. Consider Diversification: In a competitive and potentially volatile market, diversification can be a prudent strategy. Consider using a mix of different digital assets and stablecoins based on your risk tolerance and investment goals. Advocate for Fair Rules: Support initiatives and organizations that advocate for clear, fair, and equitable crypto regulation that fosters innovation and protects consumers. The Future of Stablecoins: A Battle for Fair Play? The contrasting narratives from Circle and Tether underscore a pivotal moment for stablecoins . Circle’s call for equitable crypto regulation reflects a desire for a stable and predictable environment that fosters long-term growth and innovation. Tether’s concerns about a ‘Kill Tether’ strategy highlight the intense competitive pressures and regulatory scrutiny facing the sector. Ultimately, the future of stablecoins will be shaped by how regulators respond to these calls and how effectively the industry can navigate the complex interplay of competition and compliance. The quest for fair and effective crypto regulation is not just about the survival of individual companies; it’s about shaping the very foundation of the future digital economy. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. Bitcoin World