- Bitcoin rose 7.62% to $21,800 while ether gained 8.27% to $1,284
- Online gaming firm Roblox’s stock jumped 16.2% to $39.52 in the past five days
Major cryptocurrency assets traded up Thursday. Bitcoin (BTC) jumped 7.62% to over $21,800 while ether (ETH) gained 8.27% in the past 24 hours up to $1,284 as of 4:00 pm ET.
In the wake of the release of the Federal Reserve’s minutes Wednesday, the US dollar continued to strengthen, closing in on parity with the euro for the first time since the early 2000s.
US equities also climbed Thursday, emphasizing the current strong correlation between BTC and the US stock market. Nasdaq jumped 2.3%, while S&P 500 and Dow Jones rose 1.49% and 1.12%, respectively.
Concerns over crypto lenders continue. “There will be no price recovery until the dust has settled and every company at risk has either gone bankrupt, been acquired, or stabilized,” Michael Rosmer, CEO and co-founder of data provider DeFiYield, told Blockworks in an email, referring to the recent spate of failures among crypto lenders.
“I think there’s concern about consolidation in the industry, in large part because the industry prides itself as promoting decentralization. So a lot of the actual DeFi [decentralized finance] protocols might see this as a call to action, of sorts, to double down and build out their superior borrow-lend services. After all, DeFi — as opposed to the centralized [centralized finance] lenders — has held up pretty darn well in this mess,” he said.
DeFi protocol Aave today introduced a proposal to launch a decentralized, collateral-backed stablecoin named GHO.
If approved, Aave said GHO would “make stablecoin borrowing on the Aave Protocol more competitive, provide more optionality for stablecoin users and generate additional revenue for the Aave DAO by sending 100% of interest payments on GHO borrows to the DAO,”…
