The stablecoin-focused GENIUS Act, which was enacted in July, will trigger an exodus of deposits from traditional bank accounts into higher-yield stablecoins, according to the co-founder of Multicoin Capital. “The GENIUS Bill is the beginning of the end for banks’ ability to rip off their retail depositors with minimal interest,” Multicoin Capital’s co-founder and managing
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas. A ruble-backed stablecoin tied to a sanctioned Russian defense bank somehow
Bitcoin’s price rallied last week, climbing 12.14% and erasing the losses from a lackluster September. While altcoins largely drove major rallies from July to September, this time the bull run was led by Bitcoin. Over the same period, major altcoins like Ethereum (ETH) and Solana (SOL) saw more modest gains of 12.90% and 13.24%, respectively.
Financial services giant Morgan Stanley issued guidelines for crypto allocations in multi-asset portfolios, recommending a “conservative” approach in an October Global Investment Committee (GIC) report to investment advisors. Analysts at Morgan Stanley recommended up to a 4% allocation for cryptocurrencies in “Opportunistic Growth” portfolios, which are structured for higher risks and higher returns. The analysts
Bitcoin-friendly Donald Trump won was inaugurated in January as the 47th President of the United States of America. But ahead of being formally sworn in, the commander in chief dropped a meme coin. Yes, you read that right. Running on the Solana network, the TRUMP token at one point had a market cap of $14
The UK government is teaming up with Wall Street to revive London’s fading appeal as a global listing hub. Chancellor Rachel Reeves and Anthony Gutman, one of Goldman Sachs’ top investment bankers, will co-host a private roundtable on Monday with executives from technology and other growth sectors to pitch London as a viable destination for
The cryptocurrency market saw the price of Bitcoin (BTC) jump to an all-time high this week due to the US government shutdown and some investors seeking safe havens. However, gains for altcoins were pallid compared to Bitcoin. However, there’s plenty of altcoin activity and economic developments to keep an eye on in the cryptocurrency market
The Federal Reserve’s October rate decision could trigger unexpected shocks in U.S. stocks and Bitcoin as unresolved federal government shutdown risks cloud the outlook. Government shutdown delays key data ahead of FOMC meeting A partial federal government shutdown began on Oct. 1, shuttering many non-essential services including the Bureau of Labor Statistics (BLS). This shutdown
Global demographic shifts and rising wealth could power cryptocurrency adoption and asset demand well into the next century. Demand for global assets, including cryptocurrencies, is expected to be driven by an aging global population and increased productivity worldwide, resulting in an older population with more capital to invest. This dynamic will drive asset demand until
Stablecoins, tokenized versions of fiat currencies that move on blockchain rails, will eventually force banks and other financial institutions to offer customers yields on their deposits to remain competitive, according to Patrick Collison, CEO of payments company Stripe. The average interest rate for US savings accounts is 0.40%, and in the EU, the average rate