News & Research

Federal Reserve Vice Chair for Supervision Michelle Bowman said that the central bank has begun soliciting feedback on regulatory requirements for stablecoins.

USDC issuer Circle has partnered with digital asset management platform Safe, formerly Gnosis Safe, to utilize its multisig-based smart account technology as an institutional custody solution for USDC, The Block reported.

Citigroup has forecast a year-end price of $133,000 for Bitcoin, CoinDesk reported, citing a recent note from the bank. The firm maintained its year-end price forecast for Ethereum (ETH) at $4,500. In the report, Citigroup explained that while heightened U.S.-China trade tensions last week triggered a cascade of leveraged long position liquidations, the market partially recovered its losses due to inflows from new, low-leverage investors and ETFs. The bank stated that it does not anticipate a slump in demand as a result. Citigroup added that the positive correlation between the cryptocurrency and stock markets is becoming more pronounced amid worsening trade tensions between the U.S. and China.

U.S. Nasdaq-listed pharmaceutical company Sunshine Biopharma (SBFM) has allocated $5 million for Bitcoin investments as part of a strategy to strengthen its financial position, according to BitcoinTreasuries.

BlackRock CEO Larry Fink said the firm is exploring ways to tokenize long-term investment products such as its iShares ETFs and is dedicating time and resources to developing the underlying technology. He noted that more than $4.5 trillion worth of cryptocurrencies, stablecoins, and tokenized assets are now held in digital wallets, underscoring the rapid growth potential of the crypto market. Fink added that the U.S. should establish clearer cryptocurrency regulations and step up investment in the sector.

Companies employing altcoin-based digital asset treasury (DAT) strategies have recorded significant unrealized losses following last week's market downturn, BeInCrypto reported. Among them, Forward Industries (FORD), which focuses on Solana (SOL), is facing an estimated $245 million in losses. ALT5 Sigma (ALT5), which concentrates on World Liberty Financial (WLFI), has seen losses of $300 million, while Bitmine (BMNR), an investor in Ethereum (ETH), is down approximately $2 billion. The outlet added that these firms face the risk of margin calls amid financial pressure and that skepticism toward the DAT model is growing within the market.

Asset management firm WisdomTree has launched its WisdomTree Physical Stellar Lumens ETP in Europe, CoinDesk reported. The product, which tracks the spot price of XLM, has been listed on the SIX Swiss Exchange and Euronext. It is also scheduled to be listed on Germany's Xetra exchange on Oct. 15.

Arthur Cheong, founder of Defiance Capital, said on his X account that while his fund incurred some losses during the Oct. 11 crash, the event was not significant enough to rank among its top five days for profit-and-loss swings. He expressed frustration and disappointment over the significant market contraction that followed, noting in particular the collapse of the altcoin market, where prices are largely determined on overseas centralized exchanges (CEX).

A Hyperliquid whale, suspected of profiting from insider trading, is currently realizing a profit of $21.48 million on a Bitcoin short position. The allegations arose after the investor entered the position just before a record-breaking forced liquidation event on Oct. 11. Some speculate that the address belongs to Garrett Jin, the former CEO of the fraudulent exchange BitForex. The whale is currently holding a short position of approximately 4,400 BTC with 10x leverage. The average entry price for the position is $115,288, with a liquidation price of $124,260.

Analysts at Bernstein forecast that Circle's dollar-pegged stablecoin, USDC, could see its market capitalization reach approximately $220 billion by 2027. The firm anticipates that USDC's market share will expand to 33%, driven by its strong liquidity and a compliance advantage stemming from the potential passage of U.S. stablecoin legislation. While Tether's USDT currently holds a dominant position with a $180 billion market cap and 62% share, Bernstein noted that USDC has a liquidity edge over newer entrants like PayPal's PYUSD and Tether's U.S. subsidiary, USAT. The report also suggested that USDC's total supply could reach $4 trillion by 2035 as its regulatory compliance attracts more institutional partnerships. Bernstein projects the entire stablecoin market will grow to a total size of $670 billion by 2027.