The week began with major cryptocurrencies down, including Bitcoin, Ether, and XRP. S&P Global's new research on stable coins found that they provide a bridge between the highly volatile cryptocurrency ecosystem and the traditional financial world. Coinbase clarified that while its exchange remains inactive in India, its wallet and tech hub remains active. The G20 member nations meeting in India endorsed the financial stability board's recommendations on regulation and oversight of crypto assets to mitigate some of the risks associated with them. S&P Global's research focused on five major stable coins and found that good governance, collateral, and reserves can help mitigate price volatility.
1. Major cryptocurrencies started the week in the red.
2. Coinbase responds to reports that it could be ceasing services in India.
3. S&P Global released research on stable coins.
4. Bitcoin dropped more than 2.5 percent.
5. Ether fell more than 3.5 percent.
6. Ripple's native token xrp sank six percent.
7. X account of ethereum co-founder was reportedly hacked.
8. G20 member nations endorsed the financial stability board's recommendations on regulation and oversight of crypto assets.
9. Coinbase clarified that while its exchange remains inactive in India, its wallet and Tech Hub remains active.
10. S&P Global found that stable coins provide a bridge between the highly volatile cryptocurrency ecosystem and the traditional financial world.
11. Stable coins rely on traditional payment rails during normal business hours.
12. Good governance, collateral, and reserves can mitigate price volatility.
13. Future stability of stable coins depends on factors like collateral, concentration, and stabilization mechanisms.