Crypto Bull 🐂

BREAKING: $CRCL is down 16% intraday, wiping out $5.6 billion in market value after Congress proposed banning stablecoin yield. The sell-off is tied to leaked stablecoin legislation that would ban platforms from offering yield on stablecoins "directly or indirectly", blocking anything "economically or functionally equivalent to interest." Circle generates 96% of its revenue from interest on USDC reserves. If platforms cannot offer yield to users, USDC demand weakens and Circle's revenue base contracts directly. But here's the wild part. Cathie Wood's ARK Invest sold $5.9 million worth of CRCL on March 20, four days before the legislation leaked. Did she already know this would happen?

BANKS ARE SCARED OF CRYPTO. Stablecoin issuer Circle $CRCL has crashed -18% today, wiping out $4.6 billion from its market cap This came after the leaked update to the CLARITY Act proposes “ banning yields on stablecoins like USDC.”

There is no need, really. Stack sats with the largest on-chain Bitcoin reserve.

🔥 ADOPTION: Corporate Bitcoin holdings surged from 197K $BTC to 1.08M $BTC, a ~448% increase since January 2023, per Glassnode.