It comes following positive inflation comments from Kevin Warsh.
Standard Chartered becomes first global bank to offer direct USDC access to institutional clients.
After seeing a new yearly low of $57,722 on Wednesday, bitcoin has seen a small relief rally, pushing it back above $63,000.
The rebound followed comments from Federal Reserve Chairman Kevin Warsh, who spoke on Wednesday during a panel discussion at the ECB Forum on Central Banking in Sintra, Portugal. Warsh said inflation expectations and inflation risks have eased in recent weeks, while reiterating the Fed’s commitment to bringing inflation back down to its 2% target.
His remarks, combined with weaker-than-expected U.S. economic data released during the week, including non-farm payrolls, have slightly reduced the likelihood of a near-term rate hike this year, Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro.
Looking ahead to this week, focus again is on the Fed, this time with the release of the June’s meeting minutes on Wednesday. Investors will be watching for clues on the outlook for interest rates, as any sign that policymakers are becoming more dovish could support risk assets such as crypto.
Bitcoin spot ETFs will remain in focus after recording $224 million in net inflows on Friday, snapping a 10-day streak of outflows. Analysts will be watching to see whether inflows continue, as a sustained shift could signal improving sentiment and potentially indicate that bitcoin has found a price bottom.
BIGGEST MOVERS
Memecore was one of the strongest performers last week, surging more than 117%. This comes after the MemeCore Foundation announced a $10 million strategic treasury buyback programme aimed at restoring price stability.
The token has been on a run of significant declines in recent months. June alone saw 75% of its value lost. The buyback announcement from the MemeCore Foundation has helped to restore investor confidence and drive a sharp rebound.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
Standard Chartered becomes first global bank to offer direct USDC access to institutional clients
British multinational bank Standard Chartered announced last week the launch of a new service, enabling institutional clients to mint and redeem the USDC stablecoin.
The launch makes Standard Chartered the first Global Systemically Important Bank (G-SIB) licensed to offer institutional clients integrated access to USDC minting and redemption through a single onboarding and service experience. The service removes the need for clients to hold accounts directly with Circle, the issuer of USDC.
The new offering will initially launch through the bank’s Dubai (DIFC) operations and will target use cases such as on-chain settlement, treasury management and liquidity management, with additional payment features planned for the future. Institutions will be able move value across traditional and digital financial ecosystems with greater speed and transparency by connecting fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution.
By embedding USDC access directly within Standard Chartered’s institutional offering, Standard Chartered said it will bring together banking, custody, and digital asset services within one integrated solution. The offering will be delivered through the risk management, compliance, and governance standards expected of a leading international financial institution, the press release said.
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