Visa Enters Stablecoins, Bitcoin Rally Pauses As Fed & Iran Concerns Weigh On Markets: Top Headlines

[00:00:08]Hello and welcome to NDTV Profit. You are tuned in to Crypto Minutes part by CoinSwitch for your daily dose of news and updates from the crypto world with me, Sharad Dubey. Now, let's take a look at the top headlines.

[00:00:23]Well, the Bitcoin is below that $64,000 mark on macro-driven concerns.

[00:00:30]Softer US inflation fuels leveraged Bitcoin Ethereum rally.

[00:00:37]BlackRock records Q2 highlights with tokenization push.

[00:00:43]And lastly, Visa introduces platform for stablecoin minting.

[00:00:50]First one is that Bitcoin is below the $64,000 mark and remember there is a macro-driven concern coming in, especially on US and Iran tensions. And remember there is a chance of a hawkish Federal Reserve outlook. There may be a technical pause [music] in the momentum in the coming sessions.

[00:01:11]Looking at the June US inflation data which came in below the forecast, slashing the July Fed hike odds and of course lifting the Bitcoin to the mid $60,000 mark and for Ethereum near that 8 1900 [music] mark as the spot ETFs have absorbed roughly $239 million when it comes to the net inflows.

[00:01:34]There's a very interesting data I'd like to share with you and that's BlackRock's record Q2 highlights, the tokenization push and almost there is a $139 million of Bitcoin ETF inflows coming in. Now, the firm has filed a Securities Exchange Commission registration statements for tokenized money market funds and this also includes Ethereum-based share class.

[00:01:58][music] Now, to put that in perspective, this is a positive signal for the institutional support for crypto.

[00:02:06]Lastly, the Visa has announced the Visa stablecoin platform, [music] which is a new enterprise platform, and this is designed to help the financial institutions, FinTechs, and crypto natives, where you can access the stablecoin capabilities through a single Visa-managed environment. Now, this includes the on-chain wallet infrastructure, and of course, the connectivity for minting and burning open USD, which is a stablecoin, which was newly introduced.

[00:02:36]And before we wrap, here's a quick check on the changes to the crypto prices over the last 24 hours. And lastly, we see a sell-off happening for Bitcoin and Ethereum between the 2 to 4% mark, and other coins also seeing a selling pressure, a little bit of profit booking, I would say. And the range has shortened between that $63,000 mark when it comes to Bitcoin.

[00:02:59]Well, time to now take a look at the crypto strategy for the day. Here's what's there to keep in mind today. The market outlook is cautiously bearish right now. Now, going ahead, the key monitorable would be Fed chairperson's commentary and rise in treasury yields, which has happened recently. That's also a key trigger we'll be looking out for.

[00:03:17]But as of now, you should avoid new large trade positionings as the macro concerns are still there, and as we're heading towards the weekend, there might be more volatility across the asset classes.

[00:03:30]Now, as we wrap, remember you can reach out to CoinSwitch's dedicated helpline, where anyone can connect with the in-house experts to get their queries resolved, whether it's about crypto, regulations, taxation, or the broader industry. The team is available to provide guidance and help users make informed decisions.

[00:03:50]Well, that's all on this edition of Crypto Minute powered by CoinSwitch.

[00:03:53]Thank you so much for tuning in.