Investing.com | Editor Venkatesh Jartarkar
Published Oct 19, 2023 01:25PM ET
In a week marked by diverse developments in the cryptocurrency market, Deutsche Bank and PayPal (NASDAQ:PYPL) have made significant moves, reflecting strong institutional interest. Amidst an 8.6% contraction in the crypto market in Q3 2023, Bitcoin appreciated by 63.1% due to anticipation of spot BTC ETF filings.
On Tuesday, PayPal launched its stablecoin PYUSD, a major step for the fintech giant in the digital currency space. This move comes on the heels of other significant institutional engagements in the cryptocurrency sector.
In the same quarter, Deutsche Bank also increased its involvement in the crypto market. The specifics of Deutsche Bank’s engagement were not detailed in the context provided.
The DeFi sector saw a decline of 13.1% due to lower yields and a declining ETH price. However, Near’s Layer-1 protocol exhibited promising growth alongside Ethereum’s “Base” Layer-2 solutions, indicating that not all altcoins followed the same path amidst the market volatility.
Grayscale secured a victory over the SEC, which suggests a growing integration of cryptocurrency into traditional finance and potential influence on future regulatory standards. Similarly, Ripple also secured a partial victory against the SEC, suggesting a maturing regulatory environment.
Coinbase (NASDAQ:COIN) expanded its services during this period by obtaining approval for crypto futures listing and offering retail perpetual trading. These developments occurred amid economic uncertainties marked by Fitch’s U.S credit rating downgrade and the U.S Congress passing a stopgap funding bill.
Notably, Microstrategy (NASDAQ:MSTR) made a considerable purchase of Bitcoin during this period. Franklin Templeton filed for a BTC ETF while the SEC delayed its decision on the ARK 21Shares spot BTC ETF. This week also saw the CFTC settle charges against three DeFi platforms.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
