Bitcoin is on the decline, and Stripe makes the largest acquisition of a cryptocurrency by a payment company. Coin S Daily. I’m your host, Christine Lee Bitcoin is in the red, dropping about 1% below $67,000 at the start of the morning in the US after pushing near $70,000 over the weekend but failing to maintain it. . The decline comes as a continued rise in U.S. Treasury yields has made riskier assets less attractive. The Coin20 Index, which provides a weighted measure of the broader crypto market, fell about 1%. The use of leverage surged over the weekend, with more than $165 million longs liquidated across crypto futures tracking major tokens in a sign of a leverage flush, according to Coinglass data. In a move that historically precedes market volatility, Strike’s acquisition of crypto startup Bridge validates the use of stablecoins on public blockchains, broker Bernstein said in a new research report. , says Stripe has finalized the purchase of Bridge in a $1.1 billion deal. Bernstein analysts say that stablecoins are a key use case for blockchain, especially in cross-border payments, and that bridges and the like will help companies integrate stablecoin payments into regular payment experiences. It says it plays an important role by building API software. Bernstein noted that the bridge deal is the largest cryptocurrency acquisition ever by a major payments company. Last week, Coindesk spoke live with John Egan, Head of Cryptocurrency at Stripe, about how cryptocurrencies are achieving mass adoption. I think stablecoins have the best chance of actually achieving that goal. Because stablecoins are a killer use case in my view. That’s what everyone understands. You just buy things, right? And just like receiving dollars, these two things are so simple and so powerful that they’re core not just to businesses like Stripe, but to every seller, every consumer in the world. This is what will happen. Co-founder Chris Larson has poured $10 million worth of XRP into Vice President Kamala Harris’ campaign. Larson is currently the largest individual in the cryptocurrency sector, and Harris’ supporters say she will bring a new approach to innovation. According to Federal Election Commission records, Mr. Larson previously donated about $2 million to Ms. Harris, who is supporting Ms. Pack, a future forward. He has also donated hundreds of thousands of dollars to Democratic Congressional campaigns, largely overshadowed by the overall involvement of the crypto industry campaign that led the Super Pac Fair shakeup. The group’s $169 million in donations, primarily from Coinbase Ripple Labs and Andre Horowitz, make it one of the largest sources of campaign funding in the 2024 election. So much for Coin Daily. Stay tuned to Coins.com for more updates. See you next time.
