Bitcoin price takes an unexpected turn to the downside even as stocks soar following the US-China trade deal announcement. Key takeaways: Bitcoin lags as investors shift toward stocks after the US and China strike a deal that could end the current trade war. Macroeconomic conditions are swinging away from gold investing and back to stocks. Read more
The asset manager added a detailed overview of quantum computing threats to the risk disclosure in its Bitcoin ETF's regulatory filing. Emerging technologies, including quantum computing, could potentially render the cryptography securing Bitcoin and other blockchain networks ineffective, asset manager BlackRock said in a regulatory filing. On May 9, BlackRock updated the registration statement for its iShares Bitcoin ETF (IBIT). The revised version addressed potential risks to the integrity of the Bitcoin network posed by quantum computing, the filing shows. “[I]f quantum computing technology is able to advance […] it could potentially undermine the viability of many of the cryptographic algorithms used across the world’s information technology infrastructure, including the cryptographic algorithms used for digital assets like bitcoin,” BlackRock said. Read more
Despite restrictions in many developed markets, USDt still commands 61% of the total stablecoin market by circulating supply. Tether’s USDt (USDT) surpassed a $150 billion market capitalization for the first time on May 12, marking a new milestone amid growing stablecoin adoption. USDt’s circulating supply has expanded by over 36% in the past year, with growth accelerating in November following the election of US President Donald Trump. At its current supply, Tether accounts for 61% of the global stablecoin market, according to CoinMarketCap data. It’s followed by Circle’s USDC (USDC), which accounts for nearly 25% of the stablecoin market. Read more
Bitcoin sells off after nearly rallying to $106,000, but data suggests the correction will be short-lived. Key takeaways: Possible de-risking ahead of the May 13 CPI print could be playing a role in today’s BTC price correction. Bitcoin market structure and qualitative fundamentals remain bullish, suggesting today’s correction could be short-lived. Read more