The post Why is the Crypto Market Down Today? appeared first on Coinpedia Fintech News

The crypto market cap dropped by over 1% to hover around $3.9 trillion on Tuesday, October 28, during the late North American session. Bitcoin (BTC) price led the wider altcoin market in bearish sentiment, having dropped to a local low of about $112,412. 

Ethereum (ETH) price slipped over 3% during the past 24 hours to trade at about $3,946 at press time. Nonetheless, the fear of further crypto capitalization has gradually declined as traders await high-impact news from the United States.

Main Reason Why Crypto is Down Today?

Midterm Uncertainty Caused by Wednesday’s Fed Rate Cut 

The crypto market experienced higher volatility during the past 24 hours ahead of the upcoming FOMC data. The Fed rate jitters have sent shockwaves to the crypto market amid rising calls for an altseason 2025.

Nonetheless, crypto traders are expecting the bullish outlook to return amid anticipated Fed rate cuts and the onset of Quantitative Easing (QE). Furthermore, the ongoing capital rotation from Gold to Bitcoin will be bolstered by notable cash printing from the Federal Reserve, with experts predicting $1.5 trillion in the near term.

Sell the News Impact After Altcoins ETFs

The wider cryptocurrency market experienced a slight drop following news that spot altcoin ETFs are now live, amid the ongoing U.S. government shutdown. The altcoin ETF hype is gradually getting factored in, as traders await QE and Fed rate cuts.

Longsqueeze Impact Caused by High Liquidations 

The crypto market recorded a notable decline on Tuesday, fueled by heavy liquidation of long traders. According to market data from CoinGlass, out of the $567 million liquidated from crypto traders during the past 24 hours, more than $409 million involved long traders. 

The post SOL vs XRP: Western Union Opts for Solana Over XRPL to Build Its Stablecoin appeared first on Coinpedia Fintech News

The XRP community has lost a major opportunity to the Solana (SOL) ecosystem. On Tuesday, Western Union announced a strategic partnership with Anchorage Digital to launch a stablecoin dubbed USDPT on the Solana network. 

“For 175 years, we’ve been connecting people, moving $150 billion a year. Digital assets are the next evolution. We looked at alternatives and came to the conclusion that Solana was the right choice,” Devin McGranahan, CEO of Western Union, noted. 

Notably, Western Union once used Ripple Labs xRapid, which uses XRP, to facilitate cross-border payments. The pilot program between Western Union and Ripple did not gain traction, as it was negatively impacted by the recently concluded lawsuit against Ripple by the United States Securities and Exchange Commission (SEC).

Why Western Union Chose Solana to Build its Stablecoin

Reliable, Tested, and Scalable Smart Contracts

Western Union has joined other institutional investors building on the Solana blockchain, including PayPal and Fiserv. The Solana network has been running for more than a year without any downtime amid its notable scalability and affordability. 

The Solana chain is also compliant with existing regulations, including the recently enacted GENIUS Act by President Donald Trump.

Vast Community to Adopt Its Stablecoin

The Solana’s global community has grown in the past years, fueled by its high throughput and cheap transaction rates. As such, Western Union will reach more global markets and users for its USDPT stablecoin.

Market Impact

The market impact of Western Union launching its stablecoin on Solana has a mutual benefit to both parties. As for Solana, the demand for SOL to facilitate USDPT payments will bolster its macro bullish sentiment.

On the other hand, Western Union has a higher chance of thriving in cross-border payments in the future, thus bolstering its stock market.

The post Coinbase Collaborates With Citi to Facilitate Seamless Adoption of Crypto and Stablecoin Payments appeared first on Coinpedia Fintech News

Coinbase Global Inc. (NASDAQ: COIN) has partnered with Citigroup Inc. (NYSE: C). The strategic partnership between Citigroup and Collaboration will help democratize stablecoin and crypto payments to both retail and institutional clients. 

According to Brian Armstrong, CEO of Coinbase, the collaboration with Citi will work on improving stablecoin utility and digital assets adoption. Furthermore, Citi is a top-tier bank with more than 200 million customers from over 160 nations and jurisdictions.

What’s The Market Impact of Citi’s Collaboration with Coinbase

Bull Market Fuel: Mainstream Crypto Adoption Facilitated by Institutional 

The direct impact of Citi’s collaboration with Coinbase is the enhancement of the mainstream adoption of digital assets, amid the ongoing macro bull market. With both entities serving millions of global users, their partnership will enhance crypto liquidity and demand in the short term.

“This collaboration will combine Coinbase’s years of experience building secure, streamlined, and scalable infrastructure for digital assets with Citi’s global payments network that spans 94 markets and over 300 payment clearing systems. Together we’re working to create innovative payment solutions for institutions operating at scale,” Coinbase noted. 

Both entities will be building their collaboration on the notable crypto regulatory clarity, especially in the United States. For instance, Citi users will seamlessly access stablecoin payments via Coinbase in a regulated manner through the GENIUS Act.

Stock Market Rebound on Competitive Edge 

Following the announcement, COIN shares edged 5% higher on Monday, October 27, to trade about $366 at press time. Investors have gained more confidence in the long-term growth of COIN, since the exchange has an edge over its competitors.

Notably, the COIN stock price in the weekly timeframe has signaled a potential bullish breakout towards market discovery. Meanwhile, Citi’s stock price gained 2% on Monday to trade at about $100.81 at press time.