Crypto Market Navigates Bitcoin Dip, Stablecoin Growth, and Global Tokenization Initiatives
Crypto Market Navigates Bitcoin Dip, Stablecoin Growth, and Global Tokenization Initiatives
The crypto market experienced a mixed bag of news, with Bitcoin sliding below the $71,000 mark to its lowest level since October 2024, impacting related crypto stocks. Despite this downturn, the stablecoin sector showed strength as Tether (USDT) reported record user growth and increased reserves in Q4. Meanwhile, the broader blockchain ecosystem saw significant developments in tokenization, with Hong Kong exploring the potential to double its fund industry through such initiatives, and SBI Holdings unveiling a Layer 1 proof of concept for tokenized stocks. Individual projects like Aptos were highlighted for their involvement in token-based finance demonstrations, while prominent figures continued to advocate for specific assets like Solana.
Bitcoin slides below $71,000 to lowest level since October 2024
Crypto-related stocks also fell on Wednesday, with Coinbase shares closing down 6.14% and Bitmine dropping 9.17%.
Tether USDT posts record user growth in Q4 despite crypto market shock
Tether's total reserves also grew by $11.7 billion during the quarter to $192.9 billion, including 96,184 BTC.
Hong Kong could double its fund industry through tokenization, BCG says
BCG, Aptos, and Hang Seng have completed the technical and commercial demonstration for token-based finance in Hong Kong.
SBI Holdings unveils Layer 1 proof of concept for tokenized stocks co-developed with Startale Group
SBI tapped the blockchain R&D firm behind Sony’s blockchain to co-develop a Layer 1 purpose-built network for onchain stocks.
Binance denies issuing legal threats over insolvency allegations
A social media user claimed that Binance sent a cease-and-desist order over his post alleging the exchange's insolvency.
Cipher’s AI subsidiary Black Pearl Compute garners $13 billion offers in $2 billion junk bond sale: report
Cipher shares closed down 12.36% on Wednesday amid a continuing selloff in crypto tokens and equities, despite the outsized interest.
Multicoin founder Kyle Samani steps back from investment firm, will continue to advocate for Solana
Kyle Samani pledged to continue making personal investments in the crypto sector as he pursues other tech interests.