More Bids & More Adoption
May Looking Good Here...
An impressive start as we head into May, contrarily to the ‘sell in May & go away’ thesis.
Coming into the 3rd day of the month & at the time of writing Bitcoin is in the green, if we can close the week green as well, it would make for a very promising start.
At the beginning of the week, Strategy acquired 3,273 BTC for $255.0 million at $77,906 per bitcoin & Bitmine staked another 112,656 $ETH ($260M). Bitmine total staked now stands at 3,701,589 ETH ($8.8 billion).
In terms of integration, we have also seen BlackRock bringing its $2.5B tokenised money market fund 'BUIDL' to crypto exchange, OKX. With Standard Chartered holding the underlying assets.
So far, current sentiment & the deafening bear talk has not put large institutions off, rather, they have continued to build and integrate Crypto into their long term plans.
A very bullish move looking forwards.
Looking at the now infamous ‘Clarity Act’, Senator Cynthia Lummis has pledged to push this bill across the finish line before leaving the Senate.
Vowing the CLARITY Act will be marked up in May!
If this does in fact come to fruition, it could very well be the catalyst we need for a change in sentiment, but more importantly ‘number go up’.
Let’s see.
Now for more adoption!
Visa adds Polygon to its global stablecoin settlement program, giving fintech issuers a new way to settle card payment flows beyond standard banking hours.
We have also seen Ripple partner with Kbank. South Korea's first internet-only bank, aiming to deploy institutional grade digital asset wallet infrastructure, through Ripple Custody.
South Korea's have also stepped on the gas regarding stablecoins.
Number 1 card issuer Shinhan Card, is bringing stablecoin payments to its 28,000,000 cardholders on Solana.
On stables, issuer Tether have reported a total profit of $1.04B in Q1 alone.
With reserves hitting a RECORD $8.23B buffer & $141B in U.S. Treasuries backing $USDT.
Bullish or bearish, no one can deny what is happening in front of our very eyes.
Crypto is being adopted at a rapid rate, by MAJOR institutions & some of the worlds largest funds are allocating.
Remove the noise & see the bigger picture.
That’s it from us at the Crib this week, be sure to follow us on X @Crypto_Crib_ to stay up to date with the latest market moving news and we’ll see you next time!