Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
The bitcoin-friendly nation's central bank now holds over $360 million of the yellow metal, while the government, led by President Nayib Bukele, has bitcoin holdings worth $635 million.
Thursday's decline showed that, despite hopes for being a macro hedge, bitcoin continues to trade like the riskiest of risk assets when markets turn lower.
With crypto prices and crypto-related stocks in the midst of a major selloff today, Securitize SPAC merger partner Cantor Equity Partners II is higher by 4.4% on the news.
The token broke below key support at $0.1218 on heavy volume, turning that level into near-term resistance even after a brief bounce from around $0.115.
Bitcoin price just fell through that price floor it's been bouncing off for two months. Now charts might be pointing to $75,000 as next level to watch.
The market structure legislation for the first time advanced beyond a committee, setting up the next steps that could end with a vote of the overall chamber.
Banks are embracing stablecoins and tokenized deposits as a means to upgrade their financial infrastructure, but they are approaching the two technologies differently.