Hong Kong's forex reserves in April

#Share 3 coins suitable for buying the dip##BTC##GateioInto11##BOME# Europe is preparing to implement MiCA regulation (crypto regulations) which may result in some stablecoins no longer being supported by private companies. Today Uphold announced the suspension of support for: USDT, TUSD, USDP, GUSD, FRAX, and DAI starting from July 1st. Stablecoins continue to be supported: USDC, EURC, and PYUSD (Paypal).

💫 While US dollar-backed stablecoins hold 90% market share in stablecoin transactions, the share of transactions directly using US dollars is 10%. The usage share of Euro-backed stablecoins is 1.1%.

🔥 BTC options bullish buying interest may drive BTC to $74,000; Meme zone performs well; related data supports the Fed's policy easing...

Stablecoins have expanded more swiftly this year compared to the previous one. Just a week earlier, the stablecoin market was valued at $155.86 billion; today, it stands at $158.67 billion, reflecting a 1.8% increase. In contrast to the broader cryptocurrency market, which experienced a noticeable decline, the dollar-pegged crypto sector demonstrated strong growth. Stablecoin Market Climbs $2.81B in a Week, Nearing $160B Valuation Stablecoin dominance according to defillama.com. The overall value of the stablecoin market increased by approximately $2.81 billion, with $2.2 billion of this growth attributable to tether (USDT). Over the past month, tether’s supply expanded by 5.6%, reaching a current valuation of $109.38 billion. Last week, on April 12, usd coin (USDC) held a market valuation of about $32.02 billion, which has since risen to $33.15 billion. DAI also enjoyed a week of growth, with its market cap increasing from $4.93 billion to $5.12 billion. In contrast, FDUSD experienced a small drop from $3.93 billion on April 12 to $3.58 billion today. Despite this weekly dip, FDUSD’s supply has risen by 23.8% since March 19. Ethena’s USDE has shown no significant changes in supply over the past week, maintaining a stable figure of $2.38 billion. Over the past month, USDD, TUSD, and USDP have all recorded declines. USDD’s supply decreased by 2.7% this month, while TUSD saw a substantial 48.9% reduction over the same period. Paxos’ USDP experienced a 25.2% cut since March 19. Meanwhile, Paypal’s stablecoin, PYUSD, achieved a 6.8% increase this month, boosting its market valuation to $202 million at press time. In the dynamic landscape of the stablecoin market, this week’s growth exemplifies a clear deviation from the broader cryptocurrency trends, with USDT leading the charge. As the market faces fluctuations, stablecoins seem to offer a semblance of stability, albeit with varying supply changes among different tokens.

Flash News 9/4/2023 1. According to data from Gate.io: $BTC$ reached a 24-hour high above 26,000 USDT, and its current price is 25,906 USDT, showing a 0.07% increase in the past 24 hours. 2. JPMorgan: After Grayscale's legal victory, the SEC might be compelled to approve multiple spot Bitcoin ETF applications. 3. Santiment data reveals that the total market value of the six significant stablecoins (USDT, USDC, BUSD, DAI, TUSD, and USDP) has increased by $663.2 million since August 22nd. 4. RootData data indicates that crypto market financing in August amounted to $662 million, a 57% decrease compared to the previous year.