Daily Crypto Roundup - 25 Aug
Today’s Market Update
The crypto currency has dropped back since hitting an all-time high of $124,480 on August 14.
Monday's fall comes as European equity markets turn lower and reverse some of their gains on Friday. Federal Reserve Chair Jerome Powell opened the door to a likely interest-rate cut in September at a speech at Jackson Hole on Friday, boosting risk appetite.
However, analysts say investors are reassessing Friday's enthusiasm as a new week gets underway. "The river ahead appears far from being ripple-free," FP Markets' Aaron Hill says in a note, adding that Powell also cautioned that the Fed would proceed carefully.
Bitcoin was last down 3.06% at $111,206, Ethereum was down 3.16%, Solana was down 3.49%, and XRP was down 2.24% over the past 24 hours.
Crypto Dynamics Roundup
Arthur Hayes: Crypto Bull Market to Last Until 2028
According to BeinCrypto, former BitMEX CEO Arthur Hayes stated at the WebX conference opening in Tokyo on August 25 that, driven by changes in U.S. stablecoin policies, the cryptocurrency bull market will extend to 2028.
The U.S. aims to redirect the $10-13 trillion eurodollar market into a government-controlled stablecoin ecosystem for fiscal oversight. DeFi platforms like Ethena and Hyperliquid are expected to benefit from significant inflows of stablecoin liquidity.
Bitwise: Stablecoins Hold U.S. Treasuries Ranking 17th Globally
Bitwise Asset Management’s graphic data shows that as of March 31, stablecoins held U.S. Treasuries valued at just under $200 billion, placing them 17th in global rankings.
Vitalik: Interest on Prediction Markets Could Boost Trading Volume, Spur Hedging Use Cases
In the debate over the pros and cons of prediction markets, Ethereum co-founder Vitalik Buterin said, “Most mainstream prediction markets currently don’t offer interest, making them highly unattractive for hedging since participating means sacrificing a 4% annual dollar interest rate. It’s expected that once this issue is addressed and trading volume increases, a surge in hedging use cases will emerge.”
Philippine Lawmaker Proposes National Strategic Bitcoin Reserve: Plans to Buy 2,000 BTC Annually for 5 Years
Citing NLNico, Philippine lawmaker Miguel Luis R. Villafuerte’s submitted HB 421 bill proposes that the central bank (BSP) purchase 2,000 bitcoins annually for five years, totaling 10,000 BTC. These bitcoins would be held for 20 years to enhance national security and stabilize debt structure.
The bill aims to diversify asset allocation through a strategic bitcoin reserve to ensure financial stability amid the growing role of cryptocurrencies in the global financial system.