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Bitcoin Drops Below $105,000 with a 0.51% Decrease in 24 Hours

Bitcoin has dropped the $105,000 benchmark and is now trading at $104,972, with a narrowed 0.51% decrease in 24 hours.

Coinbase Launches Stablecoin Payments Service for E-Commerce

Coinbase Global, Inc. is launching a platform designed to make stablecoins a go-to payment method for online transactions, a potentially big leap forward in the mainstream adoption of cryptocurrencies meant to track the US dollar.

The announcement follows the passage of landmark stablecoin legislation in the US Senate on Tuesday and comes as large retailers have expressed interest in exploring stablecoins for use as payments in online transactions, a roughly $6 trillion industry. Such use of this type of cryptocurrency threatens to circumvent card networks Visa Inc. and MasterCard Inc. and other online payment services.

Trump Urges House to Pass GENIUS Act for Stablecoin Regulation

U.S. President Donald Trump has expressed his desire for the House of Representatives to expedite the legislative process and swiftly pass the stablecoin bill. This call for rapid action highlights the administration's focus on advancing regulatory measures in the digital currency sector.

Bitcoin Options Signal Caution with $100K Strike in Focus

Bitcoin options traders are loading up on downside protection, driving demand for short-dated put contracts struck at $100K in the face of geopolitical tensions and economic uncertainty.

On crypto derivative exchange Deribit, the put-to-call ratio spiked to 2.17 in the past 24 hours as traders rushed to hedge their bets. Puts with a $100K strike price expiring June 20 now lead open interest with a put-to-call ratio of 1.16. A put option is a bet that an asset's price will drop.

The price of bitcoin was little changed at about $104K in Wednesday morning trading, down from its all-time high of $111.9K last month, but still up over 50% since pro-crypto Donald Trump won the U.S. presidential election for a second time late last year.

Yellow Card, Visa Agree to Hasten Stablecoin Adoption in Africa

Yellow Card Financial Inc. and Visa Inc. signed a deal to promote the use of stablecoins for cross-border payments in emerging markets where the cryptocurrency exchange operates.

The two will explore opportunities to streamline treasury operations, enhance liquidity management, and enable faster and more cost-effective transfers, according to Yellow Card co-founder and Chief Executive Officer Chris Maurice.

“Visa sells virtually to every bank in the world, so it opens up opportunities to work with the broader financial institutions that can benefit from the technology the most,” he said in an interview.

Coinbase Reportedly Seeking to Offer Stock Trading Via Blockchain

Coinbase Global, Inc.'s derivatives arm has struck a deal to use the USDC stablecoin as collateral for U.S. futures trading under a new deal with clearing house Nodal Clear, it said on Wednesday.

The crypto exchange is aiming for the first regulated use of a stablecoin as margin in the U.S. derivatives market, it said in a blog post, as such price-stable tokens are becoming more mainstream across trading, as well as global payments.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $389.57 million. The total net asset value of Bitcoin spot ETFs is $127.43 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.12%.

The Bitcoin spot ETF with the highest net inflow on Jun. 18 was iShares Bitcoin Trust ETF, with a net inflow of $278.93 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of 104.38 million, according to SoSoValue.

SoSoValue