Stablecoins have emerged as a store-of-value asset in emerging market economies at a rate no one predicted, Wood said on Thursday. ARK Invest’s Cathie Wood has cut her long-term Bitcoin price projection by $300,000, warning that stablecoins are eroding Bitcoin’s role as a store of value in emerging markets. “Stablecoins are usurping part of the role that we thought Bitcoin would play,” Wood, who previously forecast a top BTC price of $1.5 million by 2030, told CNBC on Thursday. Stablecoins are scaling here, I think, much faster than anyone would have expected,” she said. Read more
The update brings real-time forecasting data from Kalshi and Polymarket to Google Finance, as more major platforms move into the growing prediction markets space. Google is incorporating prediction market data from Kalshi and Polymarket into its search results as part of its AI-powered upgrade, enabling users to view real-time probabilities for future market events directly within the platform. According to a Thursday announcement, the prediction market data will be available in the next couple of weeks, letting users view market odds and track how forecasts have shifted over time by typing a question directly into Google’s search bar. The feature is part of an AI-powered revamp of Google Finance — a free web service by Google that provides real-time financial market data. The upgrade also introduces Deep Search, driven by its Gemini models, along with new live earnings features. Read more
The US Treasury Department accepted comments related to the implementation of the stablecoin bill until Tuesday as part of the law’s planned rollout. Stablecoin issuer Circle has advocated for a level playing field among banks, nonbanks and stablecoin issuers as the US Treasury Department considers implementing the GENIUS Act following its signing into law in July. In comments submitted on Tuesday as part of the Treasury’s notice of proposed rulemaking for GENIUS, Circle was one of many crypto companies that weighed in on how the US government should implement the law establishing a framework for payment stablecoins. While the company reiterated many of the principles for which proponents of the bill had advocated, such as having stablecoins “fully backed with cash and high quality liquid assets,” it also urged the government to set clear requirements for enforcement and consequences for noncompliance. Read more
Bitcoin’s slide toward $100,000 accelerates as ETF outflows, weak earnings and macro uncertainty rattle traders, leaving bulls hesitant to reenter the market. Key takeaways: Bitcoin ETF outflows of $2 billion since Oct. 29 intensified market pressure and erased optimism around institutional demand. Weak corporate earnings and macro risks suggest Bitcoin could fall below $100,000 before buyers regain confidence. Read more