USDCx brings privacy-preserving stablecoin payments to Aleo via xReserve

Cathie Wood, CEO of Ark Invest, has indicated that Bitcoin may be entering a new phase as institutional players increasingly buy and hold the cryptocurrency, potentially reducing its historical price volatility. This shift follows the recent halving event on April 20, 2024, which decreased the daily supply of Bitcoin by approximately 450 coins, a factor that could influence market dynamics.

Standard Chartered has significantly reduced its Bitcoin price prediction for 2026 by 50%, now forecasting a target of $100,000. The bank acknowledges that its previous projections were overly optimistic, particularly in light of changing market dynamics influenced by ETF-driven flows rather than traditional halving cycles.

On Tuesday, the price of Ethereum surged by 6.5%, reaching the significant $3,300 mark for the first time in nearly a month, marking a nearly 12% recovery over the past week. This increase has positioned Ethereum ahead of its competitors among the top ten cryptocurrencies by market capitalization. Analysts attribute this rise to heightened institutional interest, particularly from major players like BitMine, which holds a substantial collection of ETH.

Ethereum's institutional market momentum has significantly declined, with ETF flows experiencing their worst month since launch, totaling approximately $1.4 billion in net outflows. This downturn reflects a broader cooling in investor demand amid market volatility and changing risk appetites.

Tether and Circle have received significant regulatory approvals in Abu Dhabi, with Tether's stablecoin recognized as an Accepted Reference Token (ARFT) and Circle obtaining a Financial Services Provider (FSP) license. These developments mark a pivotal moment for the cryptocurrency sector in the UAE, reflecting the region's commitment to fostering a regulated digital asset environment.

Circle's stock has encountered a technical sell signal as indicated by the TD Sequential indicator, following a recent local bottom identified by analyst Ali Martinez. This development comes amidst a challenging cryptocurrency market environment, where major digital assets are experiencing declines.

Standard Chartered and Bernstein have revised their Bitcoin price targets, with Standard Chartered lowering its forecast to $100,000 by year-end, while Bernstein maintains a long-term bullish outlook, predicting Bitcoin could reach $1 million by 2033. This adjustment comes amid recent declines in Bitcoin's price and ETF outflows, reflecting shifting institutional demand.

Circle has secured a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM), marking a significant step in its expansion into the Middle East and positioning the company to enhance stablecoin adoption in the region.