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Cryptocurrency News Articles
Ethereum (ETH) Just Can't Catch a Break, With Stablecoins Now Eclipse It in Market Cap
Mar 14, 2025 at 03:07 am
Happy Thursday! Ethereum just can't catch a break, with stablecoins now eclipsing it in market cap and the ETHBTC ratio recently dropping to the lowest level
Happy Thursday! Ethereum just can’t catch a break, with stablecoins now eclipsing it in market cap and the ETHBTC ratio recently dropping to the lowest level since May 2020 amid record selling. But with ether reaching oversold levels reminiscent of the 2022 Terra collapse, the 2018 bear market and the 2016 DAO hack, could bulls finally be ready to step in?
In today’s newsletter, Changpeng Zhao denies asking the president for a pardon amid reports the Trump family held talks about taking a stake in Binance. Also, Grok’s unintentional token creation spree comes to an end, MoonPay acquires Iron in a deal worth at least $100 million and more.
Meanwhile, cooling U.S. inflation could give the Fed “wiggle room” to cut rates and potentially boost risk assets, analysts say. Plus, the SEC and Ripple case is reportedly nearing its conclusion as a comparison between XRP and ETH takes center stage.
Let’s get started.
Benzinga - U.S. stocks opened higher on Thursday as traders assessed lukewarm economic data and the unfolding political scene in Washington, where Democrats are aiming to scuttle a vote on a Republican-led bill to cut federal spending.
The Dow Jones Industrial Average rose 86 points, or 0.26%, starting the day at 33,843. The S&P 500 opened at 4,306, showing an increase of 0.3%. Meanwhile, the Nasdaq Composite began the trading session at 13,408, climbing by 0.1%.
The economic calendar brought mixed signals. New jobless claims clocked in at 248,000 for the week ended July 15, higher than expectations of 233,000 and marking the third straight week of increases. Economists polled by Tipweb expected the number to be 233,000, and last week's figure was revised up to 234,000 from 231,000.
The Continuing Claims were also reported at 1.67 million for the week ended July 8, showing a decrease from the previous week's figure of 1.7 million. Economists polled by Tipweb expected the Continuing Claims to be 1.64 million.
The Philadelphia Fed Manufacturing Index for July came in at -13, lower than the economists' predictions of -8 and a significant drop from the June reading of 12. This signaled a decline in manufacturing activity in the Philadelphia region. Economists polled by Tipweb expected the index to be -8, and last month's figure was revised down from 13 to 12.
In other news, the Trump family reportedly held talks about taking a crypto-related equity stake in Binance, while Democrats planned to try to derail a vote on a Republican-led bill to cut federal spending.
The Trump family members had approached Binance for the investment opportunity, according to The Wall Street Journal, which cited unnamed people familiar with the matter. The talks took place earlier this year, and the Trump family was considering investing in convertible preferred stock that could be redeemed for common equity, the report said.
The Trump Organization declined to comment, and a spokesperson for Binance said the company doesn't comment on rumors or speculation.
House Democrats, meanwhile, planned to try to scuttle a vote on a Republican-led bill to cut federal spending and raise the debt ceiling, Politico reported.
The move comes as the two parties are clashing over how to fund the government and avert a default on U.S. debt obligations.
The House is expected to vote on Thursday on the GOP bill, which would cut spending by about $130 billion over last year's levels and raise the debt ceiling through March 2024.
Democrats are largely opposed to the bill, arguing that it makes deep cuts to social programs and doesn't do enough to reduce the deficit. They have proposed their own bill that would raise the debt ceiling through December 2023 and keep spending at last year's levels.
The two parties also disagree on how to handle a U.S. default, which Treasury Secretary Steven Mnuchin has said could come as early as September.
Republicans have said they won't allow the U.S. to default on its debt obligations, while Democrats have said they are open to discussing a short-term extension of the debt ceiling if necessary to buy time for negotiations on a broader spending deal.
The Economic Impact Of U.S. Inflation Slowdown Could Have Implications For Fed Rate Cuts And Risk Assets
As U.S. inflation continues to cool, there are indications that the Federal Reserve might have more "wiggle room" to begin cutting interest rates, which could trickle down to impact risk assets.
According to
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