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Bitcoin (BTC), which was hovering at just under $43,000, traded little changed on Monday. Altcoins, however, gained. Chainlink’s LINK token has gained 7% in the last 24 hours, after reaching a 22-month-high on Friday. This marks the end of a three-month bull run for the token. Traditional financial institutions require data, compute and cross-chain capability to adopt blockchains, tokenized and RWAs on a large scale. Chainlink announced on X that only the Chainlink platform offers all three. Flare Network also saw a rise: the FLR token, which is compatible with EVM layer 1, rose by just over 7%. Ether, which is the second-largest cryptocurrency in terms of market value, grew by 1%.

In January, bankrupt exchange FTX a href=”https://www.coindesk.com/business/2024/01/22/ftx-sold-about-1b of grayscales’ bitcoin etf explaining much of outflow sources/”>sold over $1 billion worth/a> of GBTC holdings. In January, the bankrupt exchange FTX had sold over $1 billion worth of GBTC. This coincided with a price drop from $49,000 to $39,000. Grayscale Bitcoin Trust, which was a fund that held nearly $1.4 billion in assets for Genesis, has been converted into a spot ETF. The filing also shows that it holds $165,000,000 in Grayscale Ethereum Trust as well as $38,000,000 in Grayscale Ethereum Classic Trust.

JPMorgan said that the increasing dominance by stablecoin USDT is bad for the wider cryptocurrency ecosystem. It said the bank views the “increasing tether concentration over the last year as a negativity for the stablecoin ecosystem and the crypto eco-system more generally.” Stablecoins face regulatory risks in multiple jurisdictions. “Tether is most at risk due to its lack of transparency and regulatory compliance,” wrote analysts led by Nikolaos Pantigirtzoglou. The bank stated that there is a chance for other stablecoins to benefit as those who have been more in line with the regulations can take advantage of any crackdowns and gain market share.

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CORRECTION (5.02.14.24 UTC) Corrects the transposed letters and token of Chainlink to LINK in EVM for first item.

Sheldon Reback is the editor.