Bitcoin Cash Slumps as Mt. Gox Repayments Begin; USDC Surges Under MiCA
Bitcoin Cash (BCH) faced intense selling pressure as Mt. Gox initiated repayments to creditors on July 5. Meanwhile, the crypto landscape witnessed significant shifts with the full implementation of the EU's Markets in Crypto-Assets (MiCA) regulation at the end of 2024.
Circle and Deutsche Börse have been instrumental in integrating stablecoins, notably USDC and EURC, into regulated European markets. USDC's compliance with MiCA rules has bolstered its adoption, with Circle being the first major issuer to achieve this. This has led to improved trading venues and workflows, contributing to USDC's rising market share on centralized exchanges (CEXs) since Binance's re-listing in March 2023.
USDC's usage has expanded significantly. Its share in BTC and ETH perpetuals has risen to 3.6% and 6.8% respectively, indicating increased acceptance in the derivatives market. MiCA compliance has also driven up trading volumes for Circle's USDC and EURC, as well as Societe Generale's EURCV. USDC's daily trading volume has surged since MiCA's enforcement, reaching record highs and nearing FDUSD's 14% market share.
However, BCH prices experienced slippage due to thin order book depth, making it challenging for large market orders. Despite this, BCH saw strong selling pressure as Mt. Gox began repayments, reflecting broader market dynamics.
The crypto market continues to evolve with the full implementation of MiCA regulation. USDC's compliance and subsequent integration into European financial infrastructures have driven its market share and trading volumes. Meanwhile, BCH faces price challenges due to market conditions, but the overall crypto landscape remains dynamic and adaptive.
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