The new regulations could offer banks a competitive edge by limiting institutions without a banking license to a maximum stablecoin issuance of $10 billion, the report said.
Number of Stablecoin Holders Nears 100M Mark, Data Show
The number of addresses holding stablecoins has risen 15% this year.
S&P Global Just Made Ethereum’s Centralization Risk a TradFi Concern
Institutional interest in digital assets means that crypto terms such as ‘Nakamoto Coefficient’ are now mainstream issues.
S&P’s Stablecoin Report Is a Vote of Confidence for Crypto
Stablecoins are “something we’re putting strong resources towards, because we know it’s a growing area both in traditional and new financial areas,” a leading S&P analyst said.
Tether Scores Second-Lowest Rank in S&P Global Stablecoin Stability Assessment
USDT was assigned a low score of four, meaning the largest stablecoin is constrained in its ability to maintain its peg to fiat.
Will weakness in Magnificent 7 stocks spread to Bitcoin price?
Tech stocks face trillion-dollar losses as bond yields soar, but their $596 billion cash positions favor alternative hedges, including Bitcoin.
Will weakness in Magnificent 7 stocks spread to Bitcoin price?
Tech stocks face trillion-dollar losses as bond yields soar, but their $596 billion cash positions favor alternative hedges, including Bitcoin.
Bitcoin price breaks from range with drop below $28K, and options tilt toward BTC bears
$570 million in weekly BTC options expire on Friday, and the recent macro and crypto news events have further tilted the advantage to bearish traders.
Is Bitcoin’s record-low volatility and decline in short-term holders a bull market signal?
Traders believe that Bitcoin’s low volatility is a bull market signal, but their bias could be preventing them from acknowledging potentially negative macro outcomes.
Fed rate pause triggers traders’ pivot to stocks — Will Bitcoin catch up?
U.S. stock markets hit year-to-date highs, the Fed pauses rate hikes, Binance.US and the SEC reach an agreement, but data shows Bitcoin bulls remain somewhat skittish.
Are Cryptocurrencies an Inflation Hedge? Theoretically Yes, Factually No Says S&P
Some argue that crypto assets could be in demand in a high-interest rates/high inflation environment because they could serve as a store of value, however crypto’s track record is too short to prove this, S&P said.
Digital Asset Will Start Global Blockchain Network With Deloitte, Goldman Sachs and Others
Financial technology company Digital Asset has announced it will be launching a privacy-enabled interoperable blockchain network designed for institutional assets to provide a decentralized infrastructure, it announced Tuesday.
S&P Global, Coinbase Back $6M Fundraise for Crypto Firm Credora
The startup provides technological infrastructure for institutional credit across centralized and decentralized finance.
Bitcoin’s Tight Correlation With Tech Stocks Muddies Safe Haven Narrative
Bitcoin continues to move in lockstep with the Nasdaq to S&P 500 ratio. The positive correlation suggests bitcoin is still a risk asset.
A crumbling stock market could create profitable opportunities for Bitcoin traders
U.S. tech giants are set to report their second quarter earnings throughout October, presenting a scenario that could possibly benefit Bitcoin.
S&P Global downgrades Coinbase credit rating for weak Q2 earnings, competitive pressures
Coinbase Global sees its credit rating downgraded by S&P Global amid regulatory pressures, weakened market performance and competitors.
Bitcoin Jumps To $40k As Putin Sees “Positive Movement” In Negotiations
Bitcoin has reclaimed the $40,000 mark in the last hour, following indications of progress in discussions between and Ukraine amid the ongoing conflict.
Russian President Vladimir Putin stated that “positive movement” was being made in the negotiations on a “daily basis.” Russia is facing penalties from Western countries, among others, as world leaders criticize the invasion of Ukraine.
Bitcoin Spikes Following Putin Remarks
The spike came in the wake of new comments from Russian President Vladimir Putin, who indicated in a meeting with his Belarussian counterpart, Aleksandr Lukashenko, that there had been “positive shifts” in the Ukraine dynamic.
Putin said improvements has been made in the talks between the Kremlin and Ukraine:
“There are certain positive shifts, negotiators on our side tell me.”
BTC/USD trades close to $40k. Source: TradingView
Putin’s remarks boosted global markets. Futures on the S&P 500 rose 1.31%, while futures on the tech-heavy Nasdaq 100 rose 1.65%. Sentiment in Europe was higher, with the DAX in Germany rising 3.41% and the Stoxx Europe 600 rising 2.09%.
At the time of writing, BTC/USD volatility remained high, with bulls aiming to break through $40,000 resistance more convincingly.
The increasing volatility had an effect on liquidations as well, with over $24 million in leveraged positions being wiped off the market in the last hour alone. The largest single liquidation order was on Bybit, worth about $6 million.
Explosive growth in #Bitcoin bitfinex shorts
hate to say it, capitulation incoming pic.twitter.com/FTQGt41UBQ
— Cole Garner (@ColeGarnerXBT) March 11, 2022
Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts
Traders Unsure Of Market
The cryptocurrency market remains volatile. Bitcoin rose from $38,600 in European morning hours to little more than $40,200 after Putin’s remarks were made public. Ethereum, XRP, and Solana’s SOL all gained 2.4% in the last hour, while Polkadot’s DOT led advances with an 8% rise in the last 24 hours.
However, it’s worth mentioning that Russian troops are rumored to be gathering around Kyiv, and some foresee a possible effort to encircle the capital.
Adam Cochran, a well-known crypto critic and analyst, commented on the contradicting signals, saying:
“Markets are so thin and so desperate for relief that we’re moving on vague positive news in the Russia-Ukraine conflict while both sides also release worsening statements and escalating action.”
Bitcoin stayed at the lower end of its established trading range, with the area north of $42,000 proving impossible to hold for long in 2022.
The latest price action, however, was a godsend for some traders, with popular Twitter account Anbessa informing followers that everything was going as planned.
$BTC/USD Update 
bullish divergence playing out 
4th entry -> 4 bounce up 3% pic.twitter.com/QqZnheFLyQ
— AN₿ESSA (@Anbessa100) March 11, 2022
The deterioration of Ukraine’s position has sent shockwaves through global markets. This week, India saw a massive outflow of foreign capital worth billions of dollars, while Brent crude hit $140 per barrel.
Related Article | Billionaire Investor Says Crypto Outlook Is ‘Very Bullish’ For Bitcoin
Featured image from Getty Images, chart from TradingView.com
El Salvador’s credit rating could take hit amid Bitcoin adoption warns S&P Global
S&P Global believes El Salvador’s recognition of Bitcoin as legal tender has brought “immediate negative implications” for its credit rating.
S&P Dow Jones Launches Crypto Broad Digital Market Index
The S&P Dow Jones has announced this week the addition of five new crypto indices, including an index that tracks over 240 coins. The indices join legacy financial indicators that have been paramount in the traditional markets, such as the S&P 500 and the Dow Jones Industrial Average.
Fabulous Five
The focal point of the five new indices is the S&P Cryptocurrency Broad Market Digital Index (BDM). This index will seek to provide a broad snapshot of the crypto market, and is the index tracking a hefty 240 coins at launch. At present time, there are approximately 275 cryptocurrencies with a market cap great than $100MM. However, the S&P Dow Jones has not disclosed if market cap will dictate selection criteria, at least for the BDM index.
The S&P Dow Jones only first expressed their intent to track crypto prices as recently as December 2020, and debuted Bitcoin and Ethereum price tracking indices just a couple months ago.
The remaining four indices are BDM derivatives that include the following:
- Cryptocurrency LargeCap Index: A BDM subset that hones in on select coins with the largest market caps.
- Cryptocurrency BDM Ex-MegaCap Index: A BDM subset that excludes bitcoin and ethereum.
- Cryptocurrency BDM Ex-LargeCap Index: A BDM subset that excludes that aforementioned crypto LargeCap Index.
- Cryptocurrency BDM LargeCap Ex-MegaCap Index: A BDM subset that includes the aforementioned LargeCap Index, and excludes the already established MegaCap Index.
The indices join the ranks of early digital asset benchmarks already established by S&P Dow Jones, including the S&P Bitcoin Index, S&P Ethereum Index, and S&P Cryptocurrency MegaCap Index.
Related Reading | Bitcoin Trading Volume Plunges To Lowest Level Since 2020
The What, How & Why
The indices will pull pricing data from their already-established cryptocurrency partner Lukka, an enterprise-grade crypto software and data provider. Increasing indices around crypto reflect a clear growth in consumer demand that the S&P Dow Jones is now looking to address. “The market for cryptocurrency assets continues to grow and with that, transparent benchmarking and index-based solutions based on crypto and blockchain assets are more essential than ever,” according to the S&P Dow Jones press release.
Global Head of Innovation and Strategy at S&P Dow Jones Indices Peter Roffman stated in the release that “for more than a century, our indices have offered insight into how the markets are performing. Now… we’re providing that answer to cryptocurrency investors,” adding that the indices “gives one of the broadest snapshots yet of this rapidly growing asset class with the ability to slice and dice by market cap. We’re excited to bring this significant level of additional transparency to the cryptocurrency market.”
Despite a healthy pullback in recent months, the broad market growth of crypto at large is clearly realized by the S&P Dow Jones Indices. | Source: CRYPTOCAP-TOTAL on TradingView.com
Related Reading | Central Bank Balance Sheet: Bitcoin’s Most Bullish Chart Ever
Featured image from Pixabay, Charts from TradingView.com
IHS Markit Likely to Join Race for Crypto Indexes on Wall Street: Exec
“We have every millennial that works for us thinks we should have a major pricing, data services, software and participation,” said CEO Lance Uggla.
