From Crypto ETPs recovering to markets getting rid of fear, the market is starting to bloom. In such conducive conditions, Japan launched its first stablecoin, and Zcash reached $370.
Crypto ETPs recover from last week’s leakage
Crypto Exchange Traded Products (ETPs) recover from outflows to inflows following softer Consumer Price Index (CPI) data.
According to prominent media, Crypto exchange-traded products (ETPs) recovered from last week’s outflow of nearly $513 million. With the CPI data, which measures the change in the price of household goods, coming at 0.3%, lower than the expected 0.4% the crypto market recovered. Offsetting all the outflows this week, about $921 million flowed into crypto ETPs.
Market gets rid of fear
CoinMarketCap’s Fear and Greed Index indicator crossed into the neutral zone for the first time after being in the fear zone for quite a while. This indicator, which gauges the mood of the market, crashed into the fear zone after Donald Trump announced tariffs on China. But now, with the things clearing out and with softer CPI data, the investors seem to be relieved.
Japan launches first stablecoin
Japan launched its first stablecoin, which is pegged to the Japanese Yen. The Asian country reportedly launched its first yen-pegged stablecoin — JPYC — today, following approval from Japan’s Financial Services Agency. The stablecoin, which is named after the Tokyo-based fintech firm JPYC, is backed by domestic savings and Japanese government bonds (JGB).
Almost half billion liquidated during the past 24 hours
During the past 24 hours, around $405 million was liquidated. Within this $400+ million, more than $290 million was liquidated in short positions, while only $113 million was liquidated in long positions. When the short vs long liquidations are considered, the short liquidations were more than 2 times the long positions liquidated.
96% chance of an interest rate cut
As the next Fed meeting is in a couple of days, the CMEGroup market watch predicts that there is a 96.7% chance of the interest rates being cut. If the interest rate cut is carried out, as per the prediction tool, then the current rate, which is between 4.00%-4.25%, will fall to a range of 3.75% -4.00%.
Zcash crashes past 2021 high
Zcash has flown past its 2021 peak after it registered a triple-digit rally during the past 30 days. This rally was driven by a combination of speculative hype and a renewed focus on privacy. Zcash rose from a low of $54 to around $372 in a month.
As shown in the chart below, Zcash was trading inside the bull flag, after which it spiked to $370. However, the Zcash token will keep on increasing until it hits $387.
Bitplanet makes its initial purchase
Bitplanet, a publicly traded Korean firm, initiated its first purchase of 93 Bitcoin in its daily accumulation plan. The company, which is backed by Metaplanet CEO Simon Gerovich, made this purchase, kicking off its journey toward a 10,000 BTC target, to establish a BTC treasury.
