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LATEST: 📈 Ethereum could soon climb to $3,200, as low stablecoin yields of around 4% suggest the crypto market has not yet reached a major top, according to sentiment platform Santiment. https://t.co/Y0Hw9RTnaC ...

Market Overview - The cryptocurrency market capitalisation has decreased by 5.2%, nearing the $3 trillion mark, currently at $3.01 trillion [1] - Total crypto trading volume stands at $135 billion [1] Price Movements - 96 of the top 100 cryptocurrencies have experienced price declines over the past 24 hours [2][3] - Bitcoin (BTC) has fallen by 5.3% to $86,153 [2][3] - Ethereum (ETH) decreased by 6% to $2,823 [2][3] - Dogecoin (DOGE) saw the highest drop at 8.2%, now priced at $0.1368 [3] - Solana (SOL) dropped by 7.2%, currently trading at $126 [3] - The smallest decrease among the top 100 coins was 1.2% for Tron (TRX), now at $0.2766 [4] Significant Declines - Among the top 100 coins, 96 recorded decreases, with a dozen experiencing double-digit falls [4] - Zcash (ZEC) fell by 21.8% to $359 [4] - Ethena (ENA) decreased by 17.7%, now trading at $0.2386 [4] Liquidations and Market Sentiment - Approximately $608 million in crypto liquidations occurred in the past 24 hours, with longs accounting for over $535 million and shorts for about $73 million [5] - Bitcoin and Ethereum led the liquidations with roughly $185 million and $154 million cleared out, respectively [5] - Investors are seeking macroeconomic signals, particularly from the US, to determine if the current drops are a short-term correction or part of a longer trend [5]

Core Viewpoint - Ether may be on the verge of a short-term rebound, with on-chain data indicating that the market has not yet reached overheated conditions, suggesting potential price gains towards the $3,200 level [1][7]. Market Conditions - Current stablecoin yields are low, around 4%, indicating that the market has not reached a major top and could still push higher, with Ether trading near $3,001 at the time of the report [2][3]. - Stablecoin returns are between 3.9% and 4.5%, suggesting subdued borrowing demand and a measured risk-taking environment [3][7]. Recent Performance - Ether has experienced a challenging month, sliding over 21% in the past 30 days amid a broader digital asset selloff, exacerbated by a $19 billion liquidation event and trade uncertainties following tariff announcements [4]. - Technical indicators are beginning to show constructive signs, indicating potential for recovery [4]. Investor Sentiment - The ETH-BTC weekly chart is nearing a "bullish ribbon flip," a historical signal of potential outperformance against Bitcoin [5]. - Spot Ether ETFs have seen a reversal with $312.6 million in net inflows after three weeks of withdrawals, indicating renewed interest from institutional buyers [5]. - The Crypto Fear & Greed Index has improved, moving from "extreme fear" to the "fear" zone, suggesting that panic-driven selling may be subsiding [6].

Core Viewpoint - The crypto group Stand With Crypto is mobilizing its members to advocate against banking lobbyists' attempts to limit stablecoin rewards through the GENIUS Act, which aims to protect consumer interests in the crypto space [1][2][3]. Group 1: Advocacy and Legislative Actions - Stand With Crypto has successfully engaged over 250,000 messages sent to U.S. senators, opposing the banking sector's efforts to restrict stablecoin issuers from offering yields [1]. - The organization emphasizes that a ban on rewards would hinder consumers from earning value on fully backed digital dollars, contrasting this with banks' protection of their credit card rewards [3]. - The GENIUS Act, which has been enacted, prohibits stablecoin issuers from directly offering interest or yield, but allows affiliates and exchanges to do so, leading to concerns from bankers about potential deposit losses [3][4]. Group 2: Responses from Financial Institutions - Major banking groups, including the American Bankers Association and others, argue that closing the stablecoin interest loophole is essential for maintaining credit flow and financial market stability [4]. - The banking sector's lobbying efforts are aimed at rewriting the law to eliminate stablecoin issuers' ability to provide yields, which they believe could disrupt traditional banking operations [2][4]. Group 3: Regulatory Environment - The U.S. Treasury Department and financial regulators are in the process of implementing the stablecoin law, but their efforts are currently hindered by a government shutdown due to budgetary issues [5]. - Stand With Crypto has reported a significant membership growth, with over 2.7 million crypto enthusiasts joining the organization, indicating strong grassroots support for the pro-crypto agenda [5].

Global Trading Volume - Asian hours account for 42% of global trading volume [1] - Price discovery primarily occurs between 9 PM and 5 AM EST [1] - Western markets react to prices established during Asian trading hours [1] Investment and Monetary Policy - Japan is deploying $45 billion at negative rates into stablecoin yields [1] - Korea's pension fund divests $8 billion quarterly [1]

Stablecoin Yields & Validator Exits - Farming stablecoin 30% yields is unsustainable due to validator exits [1] - Validator exits spiked by 217,000 ETH in 2 days [1] Aave & wstETH Risk - Aave owns 28% of wstETH [1] - Liquidations could cascade upon wstETH depeg [1] - Market participants are leveraged on the same collateral, posing a systemic risk [1]