Crypto sector breaches $4 trillion in market value during pivotal week
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
The crypto sector's market value hit $4 trillion on Friday, according to CoinGecko, marking a milestone that reflects its shift from a nascent asset class to a central part of the global investment landscape.A wave of renewed optimism, regulatory clarity in key markets and rising institutional flows have catapulted the crypto sector to a new valuation peak.The U.S. House of Representatives passed a bill on Thursday to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens, known as stablecoins, sending the bill to President Donald Trump , who is expected to sign it into law."The arrival of the Trump legislation signaled an about-turn in attitudes towards the crypto industry, but legislators are still exercising some caution," said Derren Nathan, head of equity research, Hargreaves Lansdown.House lawmakers also passed two other crypto bills, sending them next to the Senate for consideration. One lays out a regulatory framework for crypto, while the other seeks to ban the U.S. from issuing a central bank digital currency.The $4 trillion milestone underscores how far the crypto industry has come from its speculative, fringe origins. With growing interest from asset managers, new exchange-traded products and broader adoption among retail and corporate users, digital assets are increasingly shaping conversations in global finance.Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually a 1:1 dollar peg, are commonly used by crypto traders to move funds between tokens. Their use has grown rapidly in recent years, and proponents say they could be used to send payments instantly."The Genius Act will go down in history as a law that served as a foundational step in mainstreaming of crypto as an asset class," said Chris Perkins, president, CoinFund.Corporate treasury allocations to bitcoin are also gaining pace, with a growing number of public companies adding the token to their balance sheets as a long-term store of value.The sector was last trading at a combined market value of $3.92 trillion, as bitcoin - the world's largest cryptocurrency - fell 1.8%.Bitcoin crossed the $120,000 mark earlier this week, setting a record. Brokerage Bernstein forecast it could climb to $200,000 by end-2025.Ether, the second-biggest crypto token, was last up 4.5%. It has more than doubled over the past three months.The crypto rally also powered gains in linked equities, with Coinbase and Robinhood climbing to all-time highs on Friday. Shares of the crypto exchange were last up 1%, while the retail trading platform, which also supports crypto trades, gained 3%.Ether-focused stocks also saw broad gains.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
17 minutes ago
- Indian Express
US, China officials to hold trade talks in Stockholm: What to expect?
Senior officials from the United States and China will meet in Stockholm today to discuss trade and economic issues, in what both sides describe as a step toward easing tensions. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng will be meeting for the third time this year, nearly four months after President Donald Trump proposed sweeping tariffs, including an import tax of up to 145% on Chinese goods. The meeting is also expected to lay the groundwork for a potential meeting between Trump and Chinese President Xi Jinping later this year. The planned meeting in the Swedish capital is part of broader efforts by both countries to stabilise a relationship that has been strained by trade disputes, technology competition, and geopolitical rivalry. While officials have kept the agenda under wraps, it is expected, as per AP, that the discussions will cover: This could be the first real opportunity for the two governments to address structural reform issues including market access in China for US companies, said Sean Stein, president of the US-China Business Council, as per AP. The US imposed a 20% tariff on fentanyl-related products earlier this year. China responded with a 10% tariff on US goods. In July, China placed two fentanyl precursor chemicals under enhanced control. Gabriel Wildau, managing director at the consultancy Teneo, said major relief is unlikely. 'It's possible that Trump would cancel the 20% tariff that he has explicitly linked with fentanyl… but I would expect the final tariff level on China to be at least as high as the 15–20% rate contained in the recent deals with Japan, Indonesia, Vietnam.' A key concern for Washington is China's industrial overcapacity. 'Right now, many companies, especially in manufacturing, feel quite deeply that China's manufacturing capacity is so strong, and the Chinese people are incredibly diligent,' Chinese Premier Li Qiang said on Thursday, as per Bloomberg News. 'Factories run 24 hours a day.' The US is expected to pressure China on reducing oil purchases from Russia and Iran. The Stockholm talks will be 'geared towards building a trade agreement based around Chinese purchase commitments and pledges of investment in the US in exchange for partial relief from US tariffs and export controls,' Wildau said, as per AP. (With inputs from AP)
India Today
17 minutes ago
- India Today
Donald Trump's DOGE AI tool aims to wipe out half of US federal regulations, says report
The US government under Donald Trump is reportedly using an artificial intelligence tool to identify and scrap nearly half of all federal regulations. A new report by The Washington Post reveals that the AI system, known as the DOGE AI Deregulation Decision Tool, is part of a larger plan to cut down thousands of rules by the first anniversary of Trump's return to tool is being operated by the Department of Government Efficiency, or DOGE, and has been trained to review over 200,000 federal rules. Based on early estimates, around 100,000 of these regulations may be marked for removal. The AI tool has already been used at agencies like the Department of Housing and Urban Development (HUD), where it reportedly reviewed and suggested deletions for more than 1,000 regulatory sections within two weeks. At the Consumer Financial Protection Bureau (CFPB), it is said to have been responsible for writing all of the agency's recent officials told The Post that the AI system was created by engineers brought into the administration during Elon Musk's involvement in DOGE. While some agencies have embraced the tool, others remain cautious about depending on an AI model to review sensitive and often complex federal rules. According to a presentation reviewed by The Post, the tool is being positioned as a solution to save both time and money. The Trump administration believes this AI-driven approach could reduce the federal budget, cut red tape, and attract more investment by easing compliance burdens for broader deregulation agenda is not new. In January, he signed an executive order aimed at fast-tracking deregulation efforts, asking agencies to repeal 10 rules for every new one. Since then, departments like Transportation and Labor have publicly announced large-scale cuts to existing rules and regulatory legal experts warn that the process may not be as straightforward. Scrapping a federal rule often requires going through detailed procedures under administrative law. There are also concerns that using AI to make such decisions could lead to mistakes or House spokesperson Harrison Fields said in a statement that the administration is still exploring all options and that nothing has been finalized. But he praised the DOGE team for bringing new ideas into government the tool's full impact remains to be seen, it has already created tension within the federal workforce. Some staff members worry that relying on AI for complex legal decisions may lead to unintended consequences. Others point out that ongoing staff cuts within agencies are slowing down the overall deregulation push, even as pressure builds from the White House to deliver faster results.- Ends
Economic Times
17 minutes ago
- Economic Times
India-UK trade deal not historic but should help Indian workers in UK: Swaminathan Aiyar
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Consulting Editor,suggests that while the UK trade agreement may not drastically alter the overall scenario due to existing low trade levels, any increase is beneficial. A significant achievement is the improved conditions for Indian workers in the UK, including exemptions from social security contributions and the ability to work remotely in 35 sectors, enhancing their to say it is historic is a clear exaggeration. It is a useful thing. We live in a world right now where trade barriers are going up and it is happening all over the place, not just in the USA. Others in retaliation are putting theirs up. We ourselves have retaliated. On some occasions we have put ours up. So, when you get any agreement where there is a significant amount of liberalisation of trade, I would say it is you go back to the 1950s, Britain was our largest trading partner; today it is not even in the top 10. So, it has fallen away in importance. The old colonial connection is completely severed and Britain itself has suffered a substantial amount of deindustrialisation. And if you ask what are the main exports of England's, somebody will say Premier League football or The Economist. It does export scotch whiskey of course and that is where the duty is going to come down from 150% to 75%, subsequently maybe to 40%. That still gives plenty of protection for Indian anybody who is worried, I need to emphasise that we now have two or three artisanal whiskey companies in India which in blind tasting have beaten everybody else. Now, of course, we are not mass-producing these things. Indri will have a small batch run. It is not like the continuous mass production of some famous scotch names, but we are competent and we are high class even in something like whiskey. So, I welcome the increased competition out there too. India itself will benefit significantly in various the end of it all, this freeing of trade will change things. But if already the UK is not among your top 10 trading partners, you cannot expect this to really change the whole scenario. If already the trade is low, it means the complimentarity between the two countries is not that high. It is much higher with China and the USA and much less with the UK. So, the overall scope for trade is limited, but we are increasing it and every increase is a good have often talked about improving the conditions for Indians to move to the UK for work. This used to be one of the things that was holding up an agreement. There, we have a good deal. Indians can work in 35 sectors for two years without any office and that means you can land up there and just work from your residence with zoom and you can be functioning without going through all the difficulties of setting up a formal sector and there is an exemption for social security. This is important. A significant part of your salary, anything you earn when your people go to the UK, is cut and goes towards your long-term fellows are going there to do IT or other work for one year, for two years, for three years, so there is no point in them paying into social security when they will get nothing out of it once they retire. You have to work a very large number of years before you can get those benefits. Earlier they resisted it and said they were not going to do it. The United States still has not allowed this, but Britain has given what the United States has not given and this is very useful.I do not know the exact rates of the deduction for different categories, but 10-15% or sometimes 20% of your salaries went in these various deductions. If that gets reduced, there is that much more these Indian professionals will be able to send home. So that is a positive thing.
