Bitcoin Hovers Near $65.5K; Cross-Chain Bridge Wormhole Debuts at $3B Valuation

Bitcoin is down but Stablecoin expansion continues. Reassuring stability to Bitcoin Bulls. You're watching Coindesk Daily, I'm your host, Jen Sani Bitcoin is back down to $66,000 this morning as rising treasury yields catch investor interest. The largest Cryptocurrency by market cap held on to losses during Asian trading hours on Tuesday. As traders digested resurgent treasury yields and the possibility that the fed might delay rate cuts until later this year. The yield on the 10 year Treasury Note clocked a two week high of 4.4% overnight due to persistent inflation and unexpectedly strong manufacturing activity. The CME fed watch tool has a 97% chance of rates staying the same after May's meeting. Stablecoin expansion continues even as Bitcoin's rally appears to stall stable coins or dollar pegged cryptocurrencies are often used to fund token purchases. Reassuring stability to Bitcoin bulls. Bitcoin was changing hands this morning at around $66,000 down from its record high of $73,500 on March 14th. During the same time, the cumulative supply of the top three Stablecoins US DT US DC and die increased by 2.1% to 100 and $41.42 billion reaching its highest level since May 2022. According to data from trading view, a reflexivity research newsletter said that as stablecoin supply continues to trend up, this shows that capital continues to flow into crypto markets. And wormhole debuts at a $3 billion valuation in a 617 million Token airdrop. The cross chain bridge initiated an airdrop that will see early users rewarded with 617 million of its new governance token. W the token opened at a dollar and 66 cents on Solana based decentralized exchange open book with a market cap of all almost $3 billion. The tokens represent 6% of supply with 12% being allocated to core contributors and 23.3% being put towards the foundation's treasury. The Token was initially launched on SOLANA and will be natively issued on Ethereum and layer two networks later this year. That's it for Coindesk daily. Get more updates on coindesk.com and we'll see you next time.