{"id":17401,"date":"2025-05-02T13:54:25","date_gmt":"2025-05-02T13:54:25","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2025\/05\/02\/crypto-market-recap-trumps-us2b-stablecoin-deal-with-uae-sparks-ethics-debate\/"},"modified":"2025-05-02T13:54:25","modified_gmt":"2025-05-02T13:54:25","slug":"crypto-market-recap-trumps-us2b-stablecoin-deal-with-uae-sparks-ethics-debate","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2025\/05\/02\/crypto-market-recap-trumps-us2b-stablecoin-deal-with-uae-sparks-ethics-debate\/","title":{"rendered":"Crypto Market Recap: Trump\u2019s US$2B Stablecoin Deal with UAE Sparks Ethics Debate"},"content":{"rendered":"<\/p>\n
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Here\u2019s a quick recap of the crypto landscape for Wednesday (April 30) as of 9:00 p.m. UTC.<\/strong><\/p>\n

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.<\/p>\n<\/div>\n

<\/div>\n
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Bitcoin and Ethereum price update <\/h3>\n

Bitcoin (BTC) <\/strong>was priced at US$93,992.22 as markets closed for the day, down 1.3 percent in 24 hours. The day\u2019s range has seen a low of US$93,333.62 and a high of US$94,464.34.<\/p>\n<\/div>\n

<\/small><\/p>\n

Bitcoin performance, April 30, 2025.<\/em><\/p>\n

<\/small><\/p>\n

Chart via TradingView.<\/em><\/p>\n

Cryptocurrencies have fallen slightly after the US Department of Commerce revealed that US gross domestic product declined by 0.3 percent in Q1, in contrast to economists\u2019 expectations for a 0.4 percent gain. <\/p>\n

Wednesday\u2019s reading marks the first decline since Q1 2022. \u201cMultiple indicators are now showing a recession to be the base case expectation in 2025,\u201d according to the Kobeissi Letter.<\/p>\n

<\/span>Ethereum (ETH) <\/strong>ended the day at US$1,782.75, a 1.9 percent decrease over the past 24 hours. The cryptocurrency reached an intraday low of US$1,750.28 and reached its daily high as the markets wrapped.<\/p>\n<\/div>\n

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Altcoin price update <\/h3>\n

Solana (SOL)<\/strong> ended the day valued at US$145.18, down 2.5 percent over 24 hours. SOL experienced a low of US$141.31 and peaked at $145.61.<\/p>\n

XRP<\/strong> traded at US$2.19, reflecting a 4.3 percent decrease over 24 hours. The cryptocurrency recorded an intraday low of US$2.15 and reached its highest point at US$2.20.<\/p>\n

<\/span>Sui (SUI)<\/strong> was priced at US$3.41, showing a decrease<\/em>of four percent over the past 24 hours. It achieved a daily low of US$3.32 and a high of US$3.46. <\/p>\n

<\/span>Cardano (ADA)<\/strong> was trading at US$0.6808, down 3.6 percent over the past 24 hours. Its lowest price on Wednesday was US$0.6711, with a high of US$0.6862. <\/p>\n<\/div>\n

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Today\u2019s crypto news to know <\/h3>\n

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Grayscale launches Bitcoin Adopters ETF<\/h4>\n

On Wednesday, Grayscale announced the launch of the Grayscale Bitcoin Adopters ETF on the NYSE Arca under the ticker symbol BCOR. The fund is based on the Indxx Bitcoin Adopters Index. <\/p>\n

The launch of this exchange-traded fund (ETF) represents the growing interest in Bitcoin among corporations. According to Rahul Sen Sharma, president and Co-CEO at Indxx, public companies\u2019 Bitcoin holdings increased by 16.1 percent in the year\u2019s first quarter, valued at approximately US$57 billion. Roughly 3 percent of Bitcoin\u2019s total supply is now held by companies globally, indicating a major shift in corporate treasury management.<\/p>\n

Tether announces plans for US dollar stablecoin
<\/h4>\n

Tether CEO Paolo Ardoino announced in a CNBC interview on Wednesday afternoon that his company plans to launch a US dollar stablecoin in the US as early as the end of this year or in early 2026. <\/p>\n

Tether\u2019s existing USDT stablecoin is the leading US dollar exporter with a market cap of nearly US$150 billion; however, it is overshadowed in the US by Circle\u2019s rival product, USDC. <\/p>\n

Ardoino told CNBC that USDT was created for smaller, developing economies, and that its new product will be designed with features that cater specifically to the US market. <\/p>\n

SEC postpones decisions on XRP and DOGE ETFs<\/h4>\n

The US Securities and Exchange Commission (SEC) has extended its review period for two proposed spot cryptocurrency exchange-traded funds (ETFs) tied to XRP and Dogecoin, delaying any decision until mid-June. <\/p>\n

The agency cited a need for more time to evaluate the filings, specifically the Bitwise DOGE ETF and the Franklin XRP Fund, and the legal issues they raise. <\/p>\n

Under federal securities law, the SEC is allowed up to 90 days from the initial publication to make a decision, and this delay appears to fall within that window. Analysts speculated that the delay was anticipated and aligns with broader expectations that most final rulings will land in the fall. <\/p>\n

While DOGE and XRP prices saw little immediate movement, the delay signals the SEC\u2019s continued caution around expanding ETF offerings beyond Bitcoin and Ethereum. <\/p>\n

Kraken launches \u2018Embed\u2019 service to let banks offer crypto trading<\/h4>\n

Crypto exchange Kraken is opening a new front in institutional crypto adoption with the launch of \u201cEmbed,\u201d a plug-and-play crypto trading service for fintechs, neobanks, and traditional financial institutions. <\/p>\n

Announced on Wednesday, the service enables companies to integrate crypto trading directly into their apps and websites using Kraken\u2019s APIs, bypassing the need to build costly infrastructure or secure their own licenses. <\/p>\n

Amsterdam-based digital bank Bunq is the first to roll out the new service, debuting \u2018Bunq Crypto\u2019 to let European users trade digital assets within its existing app. <\/p>\n

According to Kraken\u2019s head of payments, Brett McLain, the goal is to offer access to a wide range of tokens and fast asset listings, which he says sets Kraken apart from other white-label providers like Bitpanda. <\/p>\n

Embed customers will pay variable service fees and share a portion of trading revenues with Kraken. <\/p>\n

<\/span>KuCoin pledges US$2 billion to Trust project <\/h4>\n

KuCoin announced a bold US$2 billion investment into what it\u2019s calling the \u201cTrust Project,\u201d a sweeping initiative to restore user confidence and improve transparency across its platform. <\/p>\n

The announcement was made during the TOKEN2049 conference in Dubai, where KuCoin executives laid out a roadmap focused on regulatory alignment, user protection, and responsible innovation. <\/p>\n

A major component of the project involves giving the exchange\u2019s native token, KCS, a larger role in governance, risk mitigation, and user reward structures. CEO BC Wong said the investment is aimed at securing the \u201clong-term health\u201d of the digital asset ecosystem by strengthening accountability and neutralizing systemic risks. <\/p>\n

The initiative arrives as global regulators intensify their scrutiny of centralized exchanges and demand higher standards for custody, disclosures, and user safeguards. <\/p>\n

Nasdaq files to list 21Shares Dogecoin ETF<\/h4>\n

In a fresh bid to tap into retail enthusiasm for meme coins, the Nasdaq has submitted a formal application with the SEC to list the 21Shares Dogecoin ETF, according to a 19b-4 filing released Tuesday. <\/p>\n

The ETF is designed to track Dogecoin\u2019s market performance via the CF DOGE-Dollar Settlement Price Index and will hold the token directly, without using leverage or derivatives. <\/p>\n

Coinbase Custody Trust has been named as the fund\u2019s official custodian, offering added legitimacy and security to the proposed vehicle. The filing comes in the wake of 21Shares\u2019 S-1 registration and its partnership with the House of Doge \u2014 a corporate arm of the Dogecoin Foundation \u2014 to promote the fund. <\/p>\n

Although the SEC recently delayed a decision on Bitwise\u2019s similar DOGE ETF, Nasdaq\u2019s move signals sustained momentum behind bringing more meme coin exposure to regulated markets.<\/p>\n<\/div>\n

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/strong><\/p>\n

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/div>\n

Keep reading\u2026<\/span>Show less<\/span><\/div>\n<\/p>\n
This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Here\u2019s a quick recap of the crypto landscape for Wednesday (April 30) as of 9:00 p.m. UTC. Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news. Bitcoin and Ethereum price update Bitcoin (BTC) was priced at US$93,992.22 as markets closed for the day, down 1.3 percent […]<\/p>\n","protected":false},"author":0,"featured_media":17402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-17401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/17401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=17401"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/17401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/17402"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=17401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=17401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=17401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}