It was a terrible week for the stock market where the S&P 500 fell more than 6% over the past five days. It didn’t help Bitcoin, but the original cryptocurrency did better than the wider market and rose over 1% in the same period.
Nasdaq had one of its biggest falls of 25 years on Thursday, but Bitcoin kept relatively stable (Coindesk’s James van Straten reported), although now there is nowhere near the heights above 100,000 we saw at the beginning of the year.
The big question for Bitcoin in the midst of market uncertainty is whether it is seen as a risk company to be sold in a storm or a safe harbor equivalent to gold (which until the last 24 hours at least had a good time compared to the market). The impact of customs rates on crypto is much discussed by scientists. Meanwhile, the digital asset industry was preparing for better days to come. Circle – the issuer of the second largest stableecoin, USDC – officially filed for a stock exchange listing. An important US house committee presented its stablecoin bill with significant democratic support.
Fidelity Investments, a larger brokerage company, announced plans to offer an IRA that gives investors direct access to crypto in their pension accounts. Helene Braun had the news. Advisers are increasingly willing to promote crypto products for their clients, studies show. In other news, Corporate Bitcoin buyers such as strategy, metaplanet, Mara and Tether, who stored Bitcoin, taking advantage of today’s prices.
Ethereum developers locked in May 7 for their next upgrade (named pectra), reported Margaux Nijkerk. Ripple reported a great demand for his new stableecoin RLUSD, Kris Sandor reported.
In legislative news, Paul Atkin’s confirmed confirmation of the SEC chairman and long-term DC Crypto Advocate, who stepped down from the heading Blockchain Association to work for a new Solana-focused group.
Much of the news followed a pattern we have seen in the last few weeks: Sagging markets and quiet industry growth helped by a regulatory thaw.
Given the storming macroeconomic environment, it will be fascinating to see how crypto continues to cope.
