Financial lobby warns of potential $6.6T deposit outflow from traditional banks Several US banking associations, led by the Bank Policy Institute (BPI), are calling on Congress to amend the newly enacted GENIUS Act to close what they describe as a “loophole” allowing stablecoin issuers to indirectly offer yields through affiliated companies. In a letter sent Tuesday, the groups warned that without changes, stablecoin issuers could bypass the law’s ban on interest payments by partnering with crypto exchanges or related entities. The BPI estimates such a practice could trigger up to $6.6 trillion in deposit outflows from the banking sector, potentially…
Author: Blockto Team
Stablecoin issuer plans to sell 2M new shares alongside insider sales Circle (CRCL), the company behind the USD Coin (USDC) stablecoin, saw its shares slide 6% in after-hours trading on Tuesday after announcing a secondary stock offering totaling 10 million shares. The sale will include 2 million Class A common shares issued directly by the company and 8 million shares offered by existing stockholders. The move comes just two months after Circle’s high-profile stock market debut, which saw strong initial investor demand. The company reported a $428 million net loss for the second quarter earlier in the day, adding pressure…
LINK Outperforms Market With 42% Weekly Surge Chainlink (LINK) has continued its impressive rally, climbing to $24.20 after a week of strong bullish momentum powered by the recent Chainlink Reserve initiative and a strategic partnership with ICE. The token’s 42% weekly gain marks the largest advance among the top 50 cryptocurrencies by market capitalization. On the 4-hour chart, LINK broke decisively above the $21.00 resistance zone, a key green-highlighted area that had capped upside moves earlier this month. The breakout came with a noticeable spike in trading volumes, confirming heightened market participation and reinforcing bullish sentiment. Earlier in the summer,…
Exchange targets deeper liquidity across top decentralized finance protocols Coinbase has relaunched its Stablecoin Bootstrap Fund in a bid to expand USD Coin (USDC) liquidity in the decentralized finance (DeFi) sector. The initiative begins with support for USDC markets on Aave, Morpho, Kamino, and Jupiter, although the exchange has not disclosed the size of the new fund. Coinbase co-created USDC with Circle Internet Group and remains a central player in the stablecoin’s growth. However, Tether (USDT) still dominates the market, holding an over $100 billion lead in market capitalization compared to USDC. Strengthening liquidity in DeFi could help USDC attract…
Ethereum (ETH) has surged to $4,612, breaking through major resistance levels and positioning itself near a critical long-term price zone. The rally follows strong buying momentum and increasing institutional interest, with traders eyeing the $4,800–$5,000 range as the next test. On the weekly timeframe, Ethereum has decisively moved above the $4,000–$4,200 resistance band, an area that had rejected price advances multiple times since late 2021. This breakout comes after a powerful reversal from the $1,050–$1,200 demand zone, where ETH established a higher low compared to its 2022 cycle bottom. The chart shows a clear inverse head-and-shoulders formation, signaling a potential…
Polkadot’s native token DOT has rebounded over 4% in the past 24 hours, reclaiming the $4.15–$4.20 zone after defending a critical consolidation range near $3.88–$3.92. The price action suggests renewed bullish momentum as buyers step back in following recent volatility. After weeks of downward pressure that saw DOT fall from above $5 to sub-$3.90 levels, the token has staged a robust recovery. The $3.88–$3.92 range, previously a pivotal demand zone, has once again acted as a firm base for accumulation. A successful defense here has sparked renewed buying interest, pushing the price toward its immediate resistance band at $4.15–$4.20. On…
Ethereum (ETH) has broken above key resistance levels, reaching $4,489 — its highest price since 2020 — fueled by unprecedented institutional inflows and growing speculation of a Federal Reserve rate cut. Ethereum’s rally accelerated this week as the price surged past the critical $4,000 resistance zone, climbing over 37% in just one month. The breakout comes after spot Ether ETFs recorded over $1 billion in daily inflows on Monday, surpassing Bitcoin ETFs in trading volume for the second consecutive week. On the daily chart, ETH convincingly cleared the $3,500–$3,600 supply zone, then sliced through the $4,000 psychological barrier, leaving minimal…
Strong demand and strategic accumulation signal potential breakout Binance Coin (BNB) has extended its bullish momentum, climbing above the $810 mark in the latest 4-hour trading session. The asset is currently trading near $817, showing a 27% gain over recent days, as buyers target the $815–$850 resistance zone. Over the past week, BNB has shown resilience, rebounding sharply from the $740–$755 support area, highlighted by a surge in buying volume. The chart indicates that institutional demand may be underpinning the move, with price holding steady despite brief pullbacks. Market analyst Daniel Hayes noted, “The consistent retests of support and quick…
Meme token faces selling pressure but buyers step in near demand zone The Solana-based meme token BONK experienced heightened volatility today, sliding over 6% in early trading before recovering part of the losses. The drop brought prices back to a key support zone around $0.00002400–$0.00002500, where buyers appeared to defend the level. Technical charts show BONK had been consolidating below the $0.00002800–$0.00002900 resistance zone after a strong rally in July. Today’s decline tested the green-marked demand area, which aligns with a previous breakout level from mid-July. “The market is retesting a critical support area that has held multiple times in…
Institutional demand for ETH surges as BitMine and SharpLink expand treasury reserves The corporate race to secure Ether is accelerating, with major players announcing multi-billion-dollar funding initiatives aimed at increasing their holdings. BitMine Immersion Technology, the largest corporate Ether holder, is seeking to raise $24.5 billion through a new at-the-market stock offering, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The proceeds are intended primarily for acquiring additional ETH as the cryptocurrency approaches its all-time high. On the same day, SharpLink, a leading crypto treasury management firm, confirmed it had raised $389 million from a…
