Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, a surge in token supply is diluting returns and breaking the link between fundamentals and price, Telegram co-founder says Iran ban backfired. Meanwhile, Polymarket removed a market tied to the fate of a missing US service member after backlash.
US dollar-pegged stablecoins and Bitcoin (BTC) share a “symbiotic” relationship, mutually benefitting from rising adoption, according to Sam Lyman, head of research at Bitcoin Policy Institute (BPI), a Washington DC-based digital asset advocacy organization.
“Bitcoin is beneficial to the US system because the largest Bitcoin trading pair is BTC/USD,” or Tether’s USDt (USDT) stablecoin, which is backed by cash deposits and short-term US government debt, Lyman told Cointelegraph.
