XRP rises as Ethereum faces selling pressure

Bloomberg notes that the total capitalization of stablecoins reached a record of $191.5 billion, renewing the ATH after the collapse of Terras UST in May 2022. The role of stablecoins in global trade as a tool for cross-border payments is also growing.

MARA Holdings, the largest publicly traded mining company, bought 6,474 BTCs for ~$618 million following a $1 billion convertible bond offering. The average purchase price was $95,395 per coin. The company’s bitcoin reserves reached 34,794 BTC, worth approximately $3.3 billion.

The mayor of Vancouver, Canada unveiled a plan to use BTC to diversify the city’s coffers and become a “bitcoin-friendly” city.

Ethereum developer and co-founder Jeffrey Wilke sent 20,000 ETH (~$72.5 million) to the Kraken exchange, Spot On Chain notes. This is the programmer’s fourth major sale of ether since the beginning of the year, dampening the spirits of potential buyers.

by FxPro Senior Market Analyst Alex Kuptsikevich