Morgan Stanley's Bitcoin ETF Could Attract $160 Billion, Says Strategy CEO

Cash App, a unit of Block, will introduce stablecoin payments powered by Solana, allowing users to send digital dollars quickly. The Lightning Network feature will also enable Bitcoin payments for businesses.

Bitcoin miners and other crypto-focused stocks experienced significant drops, with Bitdeer Technologies Group, Bitfarms, and Cipher Mining falling over 13%. Major indexes like Nasdaq and S&P 500 were also in the red, as investors moved away from tech stocks.

The Czech National Bank has invested in a test portfolio of digital assets, including Bitcoin, stablecoins, and tokenized bank deposits, to experiment with crypto adoption. Bank officials aim to understand purchasing, custodying, and managing digital assets, simulate crisis scenarios, and establish anti-money laundering protocols.

Despite Donald Trump's attempts to align himself with Bitcoin during his presidency, the asset's price has seen minimal change. On the first day of Trump's term, BTC traded at $101,275, and now it has fallen below the $99,000 mark.

Bitcoin's price fell below $100,000 for the third time this month due to investors selling off risk assets like cryptocurrencies and tech stocks amid broader economic concerns. Despite setting a record price in October, institutional participation and whale activity have decreased, leading to price volatility.

JPMorgan analysts upgraded Circle's rating to "Overweight," citing improved business fundamentals and a raised year-end price target to $100 per share. Circle's Arc network, with potential partnerships, is expected to drive USDC adoption and increase margins, despite facing competition.

The newly launched Canary XRP ETF exceeded expectations by surpassing $26 million in trading volume within just 30 minutes of trading, potentially outperforming the Bitwise Solana Staking ETF's $57 million debut this year.

Bybit's derivatives operations director predicts it may take two quarters for Bitcoin derivatives activity to recover from the $19 billion flash crash on Oct. 10. Bitcoin's open interest has dropped to $140 billion from $220 billion pre-crash, with derivatives volumes stabilizing around $300 billion.

Emory University increased its bitcoin holdings by reporting over 1 million shares of the Grayscale Bitcoin Mini Trust in the third quarter, valued at nearly $52 billion. The university also invested in BlackRock's iShares Gold Trust and slightly raised its equity stake in Coinbase.

Ark Invest, led by Cathie Wood, purchased over $30 million worth of Circle shares, totaling nearly 3 million shares valued at $255 million. Despite Circle's recent 20% drop in share price, the firm remains invested in various crypto-related equities.