🌙 Bitcoin Supply Shortages

The success of the Bitcoin spot ETFs created a Bitcoin shortage.

Author

Mike Gavela
April 05, 2024

Crypto Roundup - Apr 4

In the dynamic landscape of digital finance, three key developments underscore the evolving nature of the cryptocurrency and fintech sectors. First, Wall Street banks exhibit a growing interest in acquiring Bitcoin directly from miners, highlighting a potential shift towards scarcity in the Bitcoin market. This interest is spurred by the success of Bitcoin spot ETFs and the anticipation of the Bitcoin halving event, which will reduce new supply. Second, Ripple is poised to launch its own USD stablecoin, setting the stage for intense competition with industry stalwarts Circle and PayPal. This move signifies Ripple's ambition to carve out a significant presence in the stablecoin market. Lastly, PayPal's announcement of its stablecoin aimed at facilitating fiat international payments reflects the ongoing integration of cryptocurrency solutions into mainstream financial services, offering a new tool for seamless cross-border transactions.

Top stories:

  • Wall Street's Bitcoin Appetite: Major banks seek to buy Bitcoin directly from miners, anticipating supply shortages ahead of the Bitcoin halving event.

    Ripple's Stablecoin Challenge: Ripple plans to introduce a USD stablecoin, aiming to compete with Circle and PayPal in a crowded market.

    PayPal's Crypto Foray: PayPal announces its stablecoin to ease fiat international payments, marking another significant step towards cryptocurrency adoption in traditional finance.

TOP STORIES

This miner says Wall Street banks want to buy its Bitcoin. It’s a sign supply shortages are coming

Hut 8 told DL News that major banks contacted the firm to buy Bitcoin directly from the miner. The halving, due in weeks, will exacerbate supply issues.

www.dlnews.com/articles/snapshot/miner-says-wall-street-bankers-want-to-buy-bitcoin-holdings

Ripple to face off against Circle, PayPal with new USD stablecoin

Ripple, the company behind the XRP blockchain, will try to muscle into the crowded stablecoin market later this year.

www.dlnews.com/articles/fintech/ripple-to-face-off-against-circle-paypal-with-new-usd-stablecoin

PayPal Enables Stablecoin-To-Fiat Option for International Money Payments - Decrypt

PayPal now lets users in the U.S. convert its native stablecoin to dollars in order to make international payments.

decrypt.co/224898/paypal-stablecoin-fiat-international-payments

FUNDRAISES

OTHER HEADLINES

Solana struggles: Record 75% of users txs are failing... or are they?

Over three-quarters of all non-vote transactions on the Solana network are failing, as users complain of degraded experience. However, one developer says the bulk of the failed transactions are just “bot spam.”

cointelegraph.com/news/solana-struggling-record-seventy-five-percent-trasnactions-fail-memecoin-mania

Ethena Labs adds Bitcoin backing to its USDe synthetic dollar

Ethena Labs will now use Bitcoin as collateral to strengthen the peg of its USDe synthetic dollar and help it scale.

cointelegraph.com/news/ethena-labs-adds-bitcoin-as-collateral-usde-stablecoin

Google sues crypto app scammers, Crypto.com in Korea: Asia Express

Google files lawsuit against alleged Chinese crypto scammers — but can it be enforced? New Bitcoin ETF app in Hong Kong, & more: Asia Express.

cointelegraph.com/magazine/google-sues-crypto-app-scammers-crypto-com-korea-asia-express

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