Major US banks consortium to launch tokenised deposit network in 2027
Bitcoin fell to $59,100 last week, marking its lowest price since October 2024.
Several factors appear to have contributed to the decline, including continued outflows from spot bitcoin ETFs, the liquidation of leveraged long perpetual futures positions, and a broader deterioration in market sentiment.
Spot bitcoin ETFs have faced significant selling pressure in recent weeks, recording more than $4.7 billion in net outflows since mid-May, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro. They also recently posted 13 consecutive days of outflows, the longest streak since their launch.
In bitcoin perpetuals, more than $2 billion worth of long positions have been liquidated since 1 June, highlighting the scale of deleveraging across the crypto market.
Sentiment has also weakened, particularly around the macroeconomic outlook, to which bitcoin has historically been sensitive. Following several months of higher-than-target inflation readings and concerns over persistently elevated oil prices, markets are now beginning to price in the possibility of Federal Reserve interest rate hikes by the end of the year. This could act as a headwind for bitcoin prices going forward.
US consumer price index data is due to be released on Tuesday. A higher-than-expected reading could further weigh on sentiment and reinforce the “Fed-hike” narrative.
BIGGEST MOVERS
It’s been a brutal week in the cryptoasset market, with bitcoin down over 13% and many altcoins significantly more.
$WLD however, managed to outperform the broader market, rising 23% last week as investors accumulated ahead of a major tokenomics change scheduled for late July.
Worldcoin’s daily token unlock emissions rate is set to fall by 43%, from 5.1 million WLD to 2.9 million WLD, creating anticipation of lower supply growth going forward.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
Major US banks consortium to launch tokenised deposit network in 2027
According to a report from The Wall Street Journal, major US banks are planning to launch a tokenised deposit network as soon as the first half of 2027.
The network is expected to be operated by The Clearing House, a private-sector payments company owned by a consortium of leading US banks including JP Morgan, Citibank, Bank of America and Wells Fargo.
The new initiative would allow commercial bank deposits to be represented digitally on blockchain-based infrastructure, enabling faster and more efficient payment settlement while remaining within the regulated banking system.
The involvement of some of the largest banks in the United States highlights the growing acceptance of blockchain technology within mainstream finance. While the proposed network is focused on modernizing banking infrastructure rather than supporting cryptoassets directly, this development is further evidence that blockchain-based financial systems are becoming an increasingly important part of the global financial landscape.
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