Bitcoin Dominance Surges as Crypto Market Extends Losses

The crypto market witnessed a downturn over the last 24 hours, continuing a bearish trend. Bitcoin (BTC) is hovering around $108,000, while Ethereum (ETH) trades near $3,800.This fall indicates the general market pressure, as the majority of leading altcoins are recording losses. Through slight rallies, the BTC dominance rose to 59.06, which improved by 0.09 points within the same time.

Crypto Market Faces Bearish Turn as Bitcoin Dominates Altcoins

Altcoin Season index , which is at 33 out of 100, indicates a strong Bitcoin Season. It means that Bitcoin remains the leader in the altcoins despite the sporadic spikes in such projects as Clearpool and XPIN.

Clearpool had a 63.2% gain, and XPIN had a 38.4% increase due to new exchange listing and increased integration of RWA. Nonetheless, the DeFi trend did not trigger a more extensive altcoin rotation.

The Eth dominance fell to 12.77, a decline of 0.08 points, indicating low traction. The trading volume in derivatives exhibited conflict and imperfect competition on perpetual trades, which increased 56.7% to $489 trillion.

However, open interest fell 10.9% in a two-week period, which indicated speculative trading without a long-term belief. The crypto market is still volatile, with optimism being cautious, giving way to uncertainty.

Tether’s USDT Reaches 500 Million Users Globally

USDT is a stablecoin by Tether, and it is said to have over 500 million users all over the world. It was announced by Tether CEO Paolo Ardoino, who described it as probably the largest financial inclusion success in history.

Tether boasts of these numbers being real people using the stablecoin as opposed to wallet counts. It translates to an approximation of 6.25% of the world population having interacted with USDT. The usage of Tether is only getting more popular, particularly among individuals who are not traditionally covered by banks.

According to the World Bank, some 1.4 billion adults in the world have not been banked. To a great number, stablecoins such as USDT represent a secure way to save, transact, and store money safely, particularly in a nation with hyperinflation or financial instability.

Federal Reserve Plans to Open Payment Rails to Fintechs

The US Federal Reserve is seeking a new paradigm that could alter the operational manner of fintechs in the banking system. In a speech to the Payments Innovation Conference, Fed Governor Christopher J. Waller proposed the idea of payment accounts.

These would enable fintechs that have access to the payment services of the Federal Reserve through legitimate. Until then, major banks that have master accounts were the only ones that could access this infrastructure.

The new model would allow small financial institutions to go around third-party banks and utilize Fed rails. Waller stressed the need to offer innovations to the future of the payment ecosystem and keep the systems safe and risk-controlled.

Coinbase Acquires Crypto Crowdfunding Platform Echo for $375M

Coinbase has purchased crowdfunding Echo for a value of 375 million dollars. In April 2024, Echo, a venture co-founded by a prominent crypto personality, Jordan Fish, also known as Cobie, was launched. Echo has been able to enable 131 deals in less than eight months and raise in excess of 51 million dollars for early-stage crypto projects.

Ethena is the most remarkable project on the platform that collected funds with the help of Echo. Coinbase's purchase is indicative of its increased on-chain interest in the formation of capital. Most recently, Echo released Sonar, which enables crypto founders to host blockchain sales on blockchains such as Solana, Base, and Hyperliquid.