shutterstock 1955707429 750x406 1 Stablecoins Continue to Flourish Amid Sideways Markets

Stablecoins Continue to Flourish Amid Sideways Markets

Read Time:1 Minute

-Bitcoin prices have resumed their decline, falling back below $30,000 after a brief surge earlier this week.

-Experts believe that if the current momentum persists, BTC prices could fall to even lower levels between $14,000 and $21,000 over the next six months.

-The ongoing decline in BTC prices is a direct reaction to slumping price action across the traditional finance ecosystem.

-However, the decline in prices contrasts with a report by IntoTheBlock, which highlights a surge in long-term holders buying BTC since the LUNA crash.

-Among the top 10 altcoins, the value of Solana (SOL) token experienced the steepest plunge, dropping by nearly 11% in the past week.

-In spite of the weak backdrop, Cardano (ADA) managed to outperform the broader market, with the price of ADA rising by 13.18% this week.

-One of the biggest gainers of the week was WAVES token, which soared by nearly 89% after the Waves ecosystem announced a revival plan for its Neutrino Protocol Stablecoin (USDN).

-In adoption news, Mexican fast-food chain Chipotle (CMG) has revealed that it is now accepting cryptocurrency payments by integrating with digital payments provider Flexa.

-Meanwhile, Russian Central Bank Deputy Governor Ksenia Yudayeva recently stated that the bank is willing to permit the use of cryptocurrencies for international transactions.

-Finally, MoneyGram International (MGI) and Stellar (XLM) have partnered to create a stablecoin-based platform for money transfers.

 

 

shutterstock 1955707429 Stablecoins Continue to Flourish Amid Sideways Markets
Stablecoins Continue to Flourish Amid Sideways Markets 3

Leave a Reply

%d bloggers like this: