Bitcoin's price held near the $83,000 level. It moved in tandem with gold, as both assets steadied. A strong U.S. dollar and rising Treasury bond yields pressured market sentiment. Separately, IREN announced a multiyear cloud services agreement with Anthropic.
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The global financial watchdog known as the Financial Stability Board has called for improved cross-border information sharing and crisis planning for stablecoins. The warning highlights that multi-company stablecoins can face complications during a crisis, as reserves may be held in one jurisdiction while redemption demands surge in another. This jurisdictional mismatch could hinder an effective and coordinated response to a potential stablecoin failure. The FSB's statement underscores the growing regulatory focus on the systemic risks posed by these digital assets.
South Korean banks have begun offering loans secured by Bitcoin for the first time. The loans involve third-party custodians holding the cryptocurrency as collateral. In the event of a borrower default, courts would order the sale of the Bitcoin holdings. This development marks a step toward integrating digital assets into the traditional financial system.
SWI Group has secured $894 million in funding to repurpose Genesis Digital Assets. The company, acquired from the FTX bankruptcy estate, was previously a bitcoin mining operation. SWI plans to transform its infrastructure into data centers focused on artificial intelligence. The funding will facilitate this shift from cryptocurrency mining to AI services.
The CoinDesk 80 index, tracking a broad range of altcoins, rose approximately 3% over 24 hours. This gain was more than double that of the major-coin-focused CoinDesk 5 index. Meanwhile, U.S. spot bitcoin exchange-traded funds collectively saw net outflows of $681 million last week. The rally occurred as bitcoin's price remained below $83,500 and overall trading activity was described as thin.
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