Bitcoin gained 6% on Wednesday, breaking its five-day losing streak, as the cryptocurrency reached $29,000 for the first time in a week. Ether, the second-largest cryptocurrency by market value, rose 4.5%. The moves up come as concerns over U.S. banking stability ramp up again, with shares of First Republic Bank (FRC) dropping 50% on Tuesday after the San Francisco-based lender revealed that customers pulled more than $100 billion from their accounts last month. The slide stressed U.S. markets, as the Dow Jones Industrial Average lost 1% and tech-heavy Nasdaq 100 fell almost 2% on Tuesday.
Joseph Seibert, who was head of digital assets at Signature Bank, and four members of his Signet team have joined Fortress Trust, a Nevada-based chartered trust company that specializes in cryptocurrency and Web3. Signature Bank, which was a crypto-friendly institution, was shut down in March after depositors withdrew large sums of money following the collapse of Silicon Valley Bank, another bank with crypto ties. Signet was a payments platform that was popular with Signature's institutional crypto customers.
Talos, a crypto trading platform for institutional investors, is working with Coinbase Prime to expand access to digital assets for customers of both firms. With rising demand from institutional investors for more secure and efficient trading platforms, the agreement offers Talos customers access to Coinbase Prime for spot liquidity and custody services, according to a press release. The pact will also give Coinbase Prime customers access to Talos’ trading and connectivity products.
Chart of the Day
- The chart shows changes in the market value of the top 10 stablecoins since February.
- Tether (USDT) has strengthened its dominance for the third-straight month in April, with its market cap rising 2.03% to $81.5 billion, while BUSD and USDC continued to lose ground.
- TUSD's market cap has increased by 4.19% to $2.13 billion.
- Despite TUSD's growing popularity, the tether-denominated bitcoin trading pairs remain the most liquid.
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