-1.png)
Markets Insights
Economic Calendar
ETF Dashboard
The News Room
PayPal and Venmo Integrate Ethereum Name Service for Crypto Payments
PayPal and Venmo have integrated Ethereum Name Service (ENS), allowing U.S. users to send crypto by entering ENS names instead of copying wallet addresses. ENS, a decentralized naming system on Ethereum, simplifies transactions by linking readable names to crypto addresses. This integration reduces errors and makes managing wallet addresses easier. ENS Labs highlighted that this collaboration brings crypto accessibility to users familiar with traditional payment platforms. ENS currently has over 2 million on-chain registered names, and PayPal and Venmo have supported cryptocurrencies since 2021.
Core Scientific Targets $25-$30 Billion Valuation with New AI Data Center Contracts
Core Scientific CEO Adam Sullivan envisions exponential growth through its AI data center services, potentially boosting the company’s valuation to $25-$30 billion in the coming years. This growth hinges on securing large-scale AI data center contracts beyond its current deal with CoreWeave, which could generate up to $3.5 billion in revenue. Despite higher margins from high-performance computing (HPC), other Bitcoin miners have yet to compete in this space. Core Scientific is focused on cost-efficiency in its Bitcoin mining operations while expanding into AI services to drive future profitability and reduce infrastructure costs.
Ethereum Stablecoin Volume Reaches Record $1.46 Trillion Amid Surging DeFi Demand
Ethereum's on-chain stablecoin volume has reached a record $1.46 trillion, more than doubling from $650 billion at the start of the year, driven by the rising demand for decentralized finance (DeFi) solutions. DAI leads with $960 billion in volume, although USDT and USDC remain dominant after adjusting for wash trading. Newcomer PYUSD, boosted by PayPal incentives, surged from $500 million to $2.4 billion. The growing stablecoin activity signals a maturing DeFi ecosystem, offering deeper liquidity and bridging traditional finance with crypto, while fostering innovation and competition among stablecoin providers.
Trading Desk Insights
Technical Analysis:
Bitcoin looks poised to close the week on a strong note, pushing toward a bullish breakout above the $60,000 mark. Earlier today, BTC surged by more than $1,500, jumping from $58,000 to $59,700. This price movement aligns with recent patterns of heightened low-timeframe volatility, oscillating within a six-month descending channel. If this trend persists, we could easily see BTC testing the $62,000 to $64,000 range next week.
Meanwhile, ETH continues to underperform, as highlighted on the ETH/BTC chart. The daily chart shows no signs of bearish momentum slowing down for the ETH/BTC pair, indicating it may struggle to keep pace with Bitcoin in the near term.
Crypto Market News:
Former President Donald Trump is set to address the cryptocurrency space next Monday, just 50 days before Election Day. His remarks will focus on the launch of World Liberty Financial, a crypto platform run by his sons, Donald Jr. and Eric. This move is a notable use of campaign time to promote a personal business, continuing Trump’s trend of intertwining his political and business ventures.
In a video posted on X, Trump stated, “We’re embracing the future with crypto and leaving the slow and outdated big banks behind.” His address will be streamed live at 8 p.m. EDT from his Mar-a-Lago residence.
Regulations:
In response to the fallout from FTX and Celsius, the SEC has ramped up enforcement actions against crypto firms to ensure compliance with securities regulations. The SEC’s latest target, eToro, has been hit with a $1.5 million fine and forced to significantly reduce its crypto offerings due to accusations of unregistered brokerage and clearing services. As part of the settlement, eToro’s U.S. customers can now only trade Bitcoin, Bitcoin Cash, and Ether, and have 180 days to liquidate holdings in other tokens.
Etoro emphasized that its UK and European markets operate within well-established regulatory frameworks and expressed hope that clearer guidelines in the U.S. will allow for a broader range of offerings in the future. Once the regulatory landscape improves, the platform plans to reintroduce assets currently restricted by the SEC.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
Start trading with Secure Digital Markets today by e-mailing:
trading@securedigitalmarkets.com