Anchorage–Mezo partnership opens institutional access to BTC-backed loans

The likelihood of a Federal Reserve rate cut in December has dropped to 33%, down from 67% at the beginning of November, coinciding with a decline in Bitcoin's price below $89,000. This shift reflects a significant change in investor sentiment and market dynamics.

Dave Portnoy's recent investments in XRP, BTC, and ETH have drawn attention, reflecting a growing interest in cryptocurrency among mainstream investors. His actions may influence market dynamics and highlight the potential volatility of digital assets.

Mezo has partnered with Anchorage Digital to enhance institutional access to Bitcoin-based borrowing and yield opportunities. This collaboration aims to provide low-cost MUSD borrowing and new veBTC yield options through Mezo's Bitcoin-native finance platform, marking a significant step in the cryptocurrency sector.

The second wave of Solana-based Exchange-Traded Funds (ETFs) has launched, with strong demand driving Solana's price recovery to $140. VanEck's new Solana ETF debuted on Nasdaq, waiving fees for initial assets under management. This development suggests a potential rebound for Solana amidst recent market volatility.

On Tuesday, Bitcoin (BTC) fell below $90,000, reaching its lowest price in seven months, resulting in over $1 billion in liquidations across the crypto market within 24 hours. Analysts from the Bull Theory noted that this decline was due to structured institutional selling rather than typical market pressure. Despite Bitcoin's downturn, altcoins have remained stable, indicating a divergence in market behavior during this period of volatility.

The Asia Morning Briefing highlights the current stress in the Bitcoin (BTC) market, revealing a shift in the cryptocurrency landscape. As Bitcoin's price fluctuates, market participants are witnessing a new order emerging within the crypto space. This situation underscores the ongoing volatility and uncertainty that characterizes the cryptocurrency market, impacting traders and investors alike.

Bitcoin's price has found support near $89,250 after a recent decline, attempting to recover some losses. However, it faces resistance levels around $93,500 and $94,200. The cryptocurrency has been trading below $93,000 and the 100 hourly Simple Moving Average, indicating a bearish trend. A low of $89,252 was recorded, and while Bitcoin is attempting a recovery, it remains under pressure from bearish market conditions.

Hyperliquid's native token, HYPE, is experiencing a notable recovery following a significant liquidation event that saw $96.5 million in BTC-USD perpetual contracts liquidated. This event was part of a larger market downturn that affected over 164,000 traders and resulted in $814 million in total liquidations across various exchanges. Despite this turmoil, HYPE's price has increased by 6% in the last 24 hours, surpassing $41 after maintaining a critical support level of $36.51.