The Block
Bitcoin dropped by over 3% in the past hour, to hover above the $65,000 mark, after a surge in long liquidations.Despite the downturn, analysts say that an increase in the bitcoin apparent demand metric signals the potential for a sustained Q4 price rally, according to analysts.
Quick Take Azra Games plans to use the funding to advance its current projects, expand its team and grow the research and development initiative Azra Labs. Azra Games raised $15 million in seed funding led by a16z in May 2022.
Since the implementation of select provisions of the EU’s Markets in Crypto-Assets (MiCA) regulations in June, MiCA-compliant stablecoins, such as Circle’s EURC and Société Générale’s EURCV, have dominated the euro-stablecoin market, according to a Kaiko Research report.Circle’s EURC and Société Générale’s EURCV now hold a record 67% market share of the euro-stablecoin market, the report added.
Quick Take Coinbase on Tuesday asked the U.S. District Court for the District of Columbia if it could file a motion for partial summary judgment. Coinbase previously sued the SEC for not complying with FOIA requests.
Quick Take Stripe’s Pay with Crypto product is the first to utilize Paxos’ new stablecoin payments platform. Paxos supports instant conversions between USD and PayPal’s PYUSD, Circle’s USDC and Paxos’ own USDP for received payments, pay-outs and refunds.
Quick Take Blockstream has closed a $210 million convertible note financing round led by Fulgur Ventures. The firm will use the funding to accelerate market adoption of its Layer 2 technologies, expand its mining business and boost its bitcoin treasury.
Standard Chartered’s Geoff Kendrick said bitcoin is gaining upward momentum and could approach $73,800 in the lead-up to the U.S. presidential election.Kendrick added that, with three weeks until the U.S. election, Donald Trump’s increased odds of winning, along with substantial inflows into bitcoin spot ETFs and increased activity in bitcoin call options, is driving a bullish sentiment.
Quick Take Ripple named Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish as its exchange partners for the upcoming Ripple USD (RLUSD) stablecoin launch, with market markets B2C2 and Keyrock to support its liquidity. Meanwhile, former FDIC Chair Sheila Bair, former JPMorgan executive David Puth and Ripple Executive Chairman Chris Larsen have joined the RLUSD Advisory Board.
Quick Take Bse has become Ethereum’s largest Layer 2 rollup in terms of TVL, with $2.49 billion in total deposits. Overall, it is now among the top five blockchains by TVL, ranking behind Ethereum, Tron, Solana, and BNB Chain.
Recent bullish price action is being driven by bitcoin’s correlation to Donald Trump’s election odds, with MicroStrategy’s stock a leading indicator, according to analysts at Bernstein.There are also signs of a switch from AI diversifiers to pure-play bitcoin miners amid a potential breakout for bitcoin, the analysts said.
