Crypto Markets Surge as Bullish Sentiment Gains Momentum
Crypto markets continued their upward trajectory this week, with Bitcoin rising 5.63% and Ethereum increasing by 5.47%. The total crypto market cap grew to $2.69T, up from last week's bloodbath.
Despite the bearish sentiment in traditional equities, Nvidia's earnings beat seemed to ease sell pressure, sending the S&P 500 up 0.85% and the Nasdaq up 0.96%. Meanwhile, the crypto market saw a shift towards long liquidations on late market entrants, with funding rates falling from last week's levels.
Michael Saylor's Strategy raised its USD Reserve by $300M and repurchased $136M in STRC shares, bringing its total USD Reserve to $5.1B. Fintech app Revolut rolled out its first stablecoin, EURR, a Euro-backed stablecoin issued by Bridge.
Crypto companies like Coinbase are pushing the utility of tokenized stocks through integrations with DeFi applications. Tokenized stocks trading on Coinbase are now live on the Base L2, available for use in DeFi while remaining backed 1:1.