The crypto market was a mix of institutional integration, major corporate movements and political developments in the second half of September. Coinidol.com will look at the top five most interesting headlines of the past two weeks.
Although prices were facing volatility, the underlying infrastructure and adoption continued to grow and demonstrated a mature industry.
PayPal extends Stablecoin to nine new blockchains
Paypal has announced that Pyusd, a Stablecoin, will expand availability to nine additional blockchains. This is a huge step towards making PYUSD a truly interoperable, multi-chain digital currency. This expansion is a powerful signal from the traditional financial giant that it is committed to building bridges with a decentralized finance (DEFI) ecosystem.
By leveraging the fast, low-cost transaction capabilities of multiple blockchains, PayPal has deployed Stablecoin for a wider range of use cases, from peer-to-peer payments to over-chain commerce. This development is an important step in bringing the stability of Fiat currency to the speed and efficiency of the blockchain world.
FTX to repay creditors: Crypto’s recovery milestone
The collapsed Crypto Exchange FTX has made a significant announcement, stating its plans to repay $1.6 billion to creditors by the end of September. This is a key milestone in the long and complicated bankruptcy process.
The distribution, which is the third payment to creditors, is a positive development that provides some degree of closure to those who have lost their funds due to the collapse of the exchange. A structured approach to repayment that prioritizes a particular group of creditors provides a significant precedent for future bankruptcy in the crypto space. The news shows that even the biggest failures in the industry could lead to a formal solution, rebuilding some of the trust lost during the 2022 market slump.
New crypto agreement between Us and the UK
As reported by Coinidol.com, the US and the UK have announced a comprehensive new cooperation agreement aimed at unifying regulatory oversight in the cryptocurrency sector.
The core of the contract is to address systemic risks and illegal financial flows, particularly with regard to stablecoins. This is a direct response to the rapidly expanding global market, aiming to promote regulatory clarity.
Bitcoin is watching a massive liquidation event amid volatility
Crypto Market has experienced a major liquidation event. The leveraged long attitude of over $1.7 billion was wiped out in one day. The sale, which primarily affected Ethereum and Bitcoin, highlighted the continued volatility of the market despite increased maturity.
However, the event was set against the backdrop of continuing long-term institutional benefits. The Spot Bitcoin ETF saw a strong weekly influx, suggesting that long-term investors continue to accumulate while short-term speculators are shaking, even as prices fall. This dual narrative of short-term volatility and long-term institutional adoption highlights fundamental changes in market dynamics.
The company’s Bitcoin Treasury adoption is stronger than ever
Despite liquidation and volatility, the trend for companies holding Bitcoin as a financial asset showed no sign of a slowdown. The Strategy (formerly MicroStrategy) announced that it added an additional 850 BTC to its holdings, bringing the total to 639,835 BTC. This strengthens the Bitcoin story as a viable alternative to long-term value and traditional financial assets. The move will strengthen the company’s position as Bitcoin’s biggest corporate holder and serve as a strong signal for other companies considering similar strategies.