In 2023, stablecoins settled transactions worth $10.8 trillion, of which $2.3 trillion were related to organic activities such as payments and cross-border remittances. Today's payment giants face significant disadvantages, including high transaction costs, slow settlement times, and limited transparency, although stablecoins also have their advantages.

Stablecoins are the foundation of the cryptocurrency industry, mainly used for large-scale payments and promoting industry popularization. As of July 30, 2024, the total market value of stablecoins is US$168 billion, of which USDT and USDC account for about 90%. Tether and Circle generated more than US$10 billion in revenue in 2023. Decentralized stablecoin projects continue to emerge, aiming to break this monopoly. usual.money introduces U.S. Treasury bonds as collateral, combined with Ethereum smart contracts, to provide transparency and security. Usual Labs completed US$7 million in financing in April 2024 and announced the launch of the mainnet in July.

In the past week, the prices of Bitcoin and Ethereum fell sharply on August 5, when the volatility and trading volume of these two cryptocurrencies reached a peak. The volume of open contracts decreased significantly, while the implied volatility increased simultaneously. Bitcoin's funding rate continued to decline, which may reflect the weakening interest of market participants in its leveraged trading. Market breadth indicators show that the prices of most cryptocurrencies fell, and the entire market continued to be under pressure. In addition, the non-agricultural data was significantly lower than expected, which pushed the mainstream currencies to continue to decline for several days after the data was released.

Three major bearish warning signals and six major bullish signals, which ones can determine the true trend of Bitcoin in the future?

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In the past 24 hours, the cryptocurrency market has focused on two focuses: why did IV collapse, and why did it rise? The rise in coin prices has led to a rebound in Vol Skew, and the massive sell-off on the bearish side has significantly increased the slope of BTC from October to the end of the year.

Although the recent U.S. economic recession expectations have eased, macroeconomic and geopolitical risks remain. Bitcoin is expected to continue to fluctuate widely before the Fed cuts interest rates. Investors should remain cautious, but can keep an eye out for rebound opportunities.

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The United States will release inflation data next week, and Bitcoin may see a recovery.

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Whether in traditional Internet or Web3, traffic is the key factor that determines success or failure.