HYPE has entered a classic breakout stage after its onchain activity exploded, with a 45% price rally to $50 next in the cards. Hyperliquid's native token, HYPE (HYPE), is up 23% over the last 24 hours to trade at $33, significantly outperforming other top-cap cryptocurrencies. The altcoin has gained 58% over the last three days to an eight-week high of $34.50 as commodities trading on Hyperliquid surged to new highs. Key takeaways: HYPE has surged over 57% in 72 hours, driven by high commodities trading on Hyperliquid HIP-3 DEXs. Read more
Banks warn stablecoins could siphon deposits from the banking system, but policy and regulatory experts say there’s little evidence of it happening yet. Banks warn that stablecoins, especially those paying yield, could pull deposits out of the banking system, but policy and finance experts say there’s little evidence of that so far. Major US bank Standard Chartered recently estimated in a research note that increasing stablecoin adoption could drain bank deposits. The report estimates “that US bank deposits will decrease by one-third of stablecoin market cap,” which stood at $308.15 billion at time of writing, according to DeFiLlama data. The debate has intensified as US lawmakers weigh whether to prohibit interest on stablecoin holdings under a proposed version of the crypto market structure bill, or CLARITY Act, which has been delayed by protests from inside the crypto industry despite banking sector support. Read more
Hashrate fell sharply as Bitcoin miners curtailed operations during extreme winter conditions in the US, boosting profitability for companies that stayed online. Bitcoin mining stocks saw a significant bump on Wednesday after the US winter storm forced some companies to wind down operations, leading to lower block competition and more profitable mining operations. Shares of several major mining companies posted double-digit gains over the past 24 hours. TeraWulf rose about 11%, Iren Limited gained 14% and Cipher Mining climbed about 13%, according to data from Barchart. The rally occurred days after the Bitcoin network’s hashrate sank to a seven-month low of 663 exahashes per second (EH/s) on Sunday, a 40% drop in two days due to a severe winter storm battering the US. Read more