Crypto Prices Tumble Amid Oil Price Spike and Conflict

Cryptocurrency prices declined yesterday due to higher oil prices and ongoing conflict in the Middle East, which dampened investor sentiment.

The decline came as investors awaited US inflation data due this Friday for clues on interest rate outlook, amid market expectations that the Federal Reserve will raise interest rates by 25 basis points at its meeting scheduled for September 15-16.

Coinbase is betting on stablecoin payments as a key source of revenue growth, seeking to diversify its business beyond trading, according to Bloomberg. Stablecoins are typically pegged to fiat currencies like the US dollar, enabling companies to transfer funds faster and at lower costs than traditional payment networks.