First Mover Americas: BTC Crosses $30K and Bitcoin Layer 2 Stacks Networks Gains 15%

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First Mover Americas: BTC Crosses $30K and Bitcoin Layer 2 Stacks Networks Gains 15%

Coindesk2023/06/22 15:59

By:Lyllah Ledesma

The latest price moves in crypto markets in context for June 22, 2023.

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

Bitcoin extended its rally on Thursday after for the second time this year the day before. Bitcoin rose almost 5% in the past 24 hours to $30,219. The cryptocurrency has been on an upward trajectory since last week after BlackRock it had applied to the U.S. Securities and Exchange Commission for a spot bitcoin exchange-traded fund (ETF). Amongst altcoins, Stacks (STX), the native token of Bitcoin layer 2 Stacks Network, gained 16% on the day. Some traders have been that with the recent positive news for bitcoin from , other assets related to bitcoin have also performed well. For example, litecoin and bitcoin cash are also up on the week.

CACEIS, the asset servicing arm of banking giants Credit Agricole and Santander, has been by French regulators to provide crypto custody services. CACEIS Bank, which provides services to asset managers such as insurers, pension funds and private equity, was registered by the Financial Markets Authority (AMF) as of Tuesday, June 20, according to the . It joins other traditional finance firms such as and in being recognized under one of the most advanced crypto regulatory frameworks in Europe, as the European Union prepares to impose new crypto licensing rules known as as of 2024.

Three Arrows Capital (3AC) is up the crypto community again, this time with a surprise comeback using the same name, only in the guise of a venture capital (VC) firm. On Wednesday, OPNX, the bankruptcy claims exchange co-founded by CoinFLEX executives and two people behind the defunct 3AC hedge fund, said it has a new partner: 3AC Ventures. The partners will “invest in projects building in the OPNX ecosystem and working toward a decentralized future,” . 3AC Ventures has a that says the new firm "is focused on superior risk-adjusted returns without leverage.” Hedge fund 3AC after suffering heavy losses during the implosion of Terra’s LUNA stablecoin.

Edited by Sheldon Reback.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.

Bitget VIP•2025/04/25 06:05