🔵 #Can BTC Break $110K?#
Bitcoin recently broke above $107,000 and is currently trading around $105,000, just shy of its all-time high at $109,580. Do you think Bitcoin can set a new record and push past $110,000? Share your analysis and predictions with us!
🔵 #AI Token Market Cap Rebounds#
According to CoinGecko, the total market cap of the AI agent sector has rebounded to $6.862 billion, with a 1.2% increase in the past 24 hours. Notably, VIRTUAL surged 18.5%, and AI16Z rose 7.1%. Which AI tokens are you bullish on? How are you planning your portfolio strategy? Let’s hear your thoughts!
Ark Invest: Stablecoin transaction value reached $15.6T in 2024, beats Mastercard and Visa - CoinJournal
The transaction value of stablecoins hit $15.6 trillion in 2024 overtaking traditional payments made with Mastercard and Visa.
The data, published in Ark Invest Big Ideas Report 2024, showed that stablecoins surpassed Mastercard and Visa by 200% and 119%, respectively. Despite a two-year bear market that witnessed a more than 70% decline in market capitalization, stablecoin growth remained uninterrupted, reaching a five-year high.
The number of stablecoin transactions hit 100 million monthly, roughly 72% and 41% of which were processed by Mastercard and Visa.
Compared to previous years, the number of people using stablecoins to transfer funds has steadily increased. For instance, in 2023, the value of stablecoin transactions was roughly $7 trillion with Visa taking the lead at around $13 trillion.
Stablecoin transaction value. Source: Ark Invest## Top stablecoin issuers
Of the stablecoins on the market, Tether (USDT) continues to dominate the market followed by Circle (USDC). Together, they account for 90% of the total supply.
Tether also reported $5.2 billion in profits during the first half of 2024. Tether and Circle account for 60% of the revenue generated by the top five networks and applications.
“Collectively, stablecoins USDT, USDC, DAI/USDS, and USDE generated revenues of $3.35 billion, or $6.7 billion at an annual rate, during the second half of 2024,” said Ark Invest.
News of stablecoin growth comes as David Sacks, President Donald Trump’s AI and crypto czar, indicated that one of the priorities within the White House is creating stablecoin legislation.
Republican Senator Bill Hagerty introduced a bill yesterday to create a framework for stablecoins.
The bill is proposing to implement a “clear, regulatory framework” for their use. With stablecoin use gaining popularity overseas, the US is hoping that the bill will reinforce the dollar’s dominance while aiding Trump’s mission to make America the crypto capital of the world.