The past week has seen notable activity in the cryptocurrency space. From the global financial network SWIFT exploring Ethereum’s Layer-2 technology for stablecoin applications to a recent dip in Bitcoin’s value, let’s swiftly recap the main headlines from the weekend.
SWIFT Explores Ethereum Layer-2 Linea for Stablecoin Testing
According to reports released Friday, SWIFT has selected Linea, the Layer-2 blockchain solution on Ethereum (CRYPTO: ETH) developed by Consensys, for testing blockchain-based messaging and stablecoin transactions.
Citing sources familiar with the situation, journalist Grégory Raymond, formerly with Big Whale, indicated that the interbank communication network, which connects over 11,000 institutions worldwide, is examining the possibility of transferring payment instructions onto a blockchain.
The trial encompasses participation from major banking players such as BNP Paribas and BNY, representing one of the most ambitious blockchain endeavors undertaken by the traditional finance sector to date.
Read the complete story here.
Mark Cuban Revisits Bitcoin Regulation Stance
Prominent investor and media personality Mark Cuban has brought attention back to his perspective on what he perceives as inconsistencies within the Bitcoin (CRYPTO: BTC) community regarding regulation and decentralization.
In a post on X (formerly Twitter) this past Wednesday, Cuban shared a “blast from the past” reference to his opinion originally voiced on Sept. 18, 2021.
“Does anyone else notice how the staunch Bitcoin proponents who vehemently oppose any potential regulation are often the same ones eagerly awaiting the approval of Bitcoin ETFs and hoping for substantial investments from heavily regulated funds and pension plans?” Cuban stated.
Read the full article here.
Bitcoin Price Drops Below $109,000; Ethereum, XRP, and Dogecoin Struggle
The cryptocurrency market experienced declines on Friday morning, with Bitcoin trading below the $109,000 mark for the first time since early September.
More Details: Bitcoin Falls Below $109,000, Ethereum, XRP, Dogecoin Can’t Catch A Break
Crypto analyst Jelle pointed out that Bitcoin is approaching its 200-day moving average, a level that has historically acted as a support level during the mid-term throughout the current market cycle.
Read the full article here.
Peter Schiff Foresees Difficult Times for Bitcoin Treasury Companies, Calls Michael Saylor’s Approach ‘Foolish’
Economist Peter Schiff cautioned on Thursday about a potential downturn for Strategy Inc. (NASDAQ: MSTR), led by Michael Saylor, and other firms replicating its strategy of holding substantial Bitcoin reserves on their balance sheets.
In a post on X, Schiff questioned the long-term sustainability of companies holding large amounts of Bitcoin.
“While numerous companies have been emulating Saylor’s risky business model, many seem to have overlooked the fact that MSTR has declined by 45% from its high in Nov. 2024,” Schiff observed.
Read the full article here.
Bitcoin, Ethereum, XRP, and Dogecoin Suffer Amid Strong Economic Data; Analyst Suggests Correction Nearing End
Major cryptocurrencies experienced a downturn alongside equity markets on Thursday, triggered by robust economic data that diminished expectations for near-term interest rate cuts by the Federal Reserve.
Bitcoin dropped below $109,000, exacerbating the negative trend. The leading cryptocurrency saw a 55% increase in trading volume over the past 24 hours, signaling considerable selling pressure.
Ethereum also declined, falling below the $4,000 level for the first time in six weeks, with trading volumes doubling during the same 24-hour window.
Read the full article here.
Keep Reading:
Image Courtesy of Shutterstock
Disclaimer: Some content in this article was generated using AI and was subsequently reviewed and edited by Benzinga’s editorial team.