Today’s Crypto News Highlights

Insights from Stripe CEO Patrick Collison on Stablecoins

Patrick Collison, CEO of Stripe, has remarked that stablecoins will compel banks to offer competitive interest rates for deposits due to emerging yield-bearing stablecoin options. He highlighted that average savings rates in the US and Europe are currently below 1%, indicating an opportunity for disruption.

In his words:

“Depositors are going to, and should, earn something closer to a market return on their capital. Some lobbies are currently pushing to further restrict any kinds of rewards associated with stablecoin deposits. The business imperative here is clear — cheap deposits are great, but being so consumer-hostile feels to me like a losing position.”

The market capitalization of stablecoins has exceeded $292 billion this October, driven by a new regulatory framework in the US.

Strong Start for Bitcoin ETFs in October

US-listed Bitcoin ETFs experienced a favorable start to October, logging $3.24 billion in inflows in their second-best week since introduction. This uptick has reignited investor enthusiasm and resilience in the market. Analysts link the influx in investments to speculation over forthcoming interest rate cuts by the US.

Remarks from Gemini’s Saad Ahmed on Bitcoin Cycles

Saad Ahmed from Gemini shared insights on Bitcoin’s cyclical nature. He stated that while the four-year cycle may evolve, the market’s ups and downs are likely to continue due to human behavior affecting price movements. Ahmed emphasized the significance of institutional interest in mitigating volatility and maintaining equilibrium in the market.