On Wednesday, the crypto market experienced a downturn, with altcoins leading the decline while Bitcoin remained stable, trading just above $105,000. This occurred amid broader risk aversion and rising oil prices, fueled by escalating tensions between Israel and Iran. (Source: CoinDesk, April 17, 2024)
The market's cautious stance was further influenced by the U.S. President's threats regarding Iran's supreme leader. Despite global tensions, Bitcoin has not behaved as a typical risk-on or risk-off asset recently. (Source: CoinDesk, April 17, 2024)
On Tuesday, the U.S. Senate passed the GENIUS Act, a bipartisan bill establishing a regulatory framework for stablecoins. This legislation allows banks to issue stablecoins backed by Treasury bills and other high-quality liquid assets. (Source: CoinDesk, April 17, 2024)
This act is seen as a potential catalyst for institutional adoption and could normalize stablecoin payments across various industries. The GENIUS Act is considered the most comprehensive stablecoin legislation to date by some banks, potentially transitioning tokenized dollars from crypto exchanges into mainstream corporate infrastructure. (Source: CoinDesk, April 17, 2024)