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Vote to use BlackRock’s BUIDL as backing asset for Frax stablecoin goes live

Voting on the proposal is open from Dec. 27 until Jan. 1, with all votes that have been cast so far in favor of the proposal.

The Frax Finance community vote to adopt BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) as a reserve asset for the proposed stablecoin Frax USD (frxUSD) has gone live.

Opened on Dec. 26, votes cast by the decentralized finance (DeFi) lending protocol tokenholders (FXS) have so far all been in favor of the proposal. All of the comments in the discussion are also in favor. The vote will remain open until Jan. 1, 2025.

Source: Frax Finance

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Bitcoin targets $70K as stablecoin inflows and China stimulus boost rally

Bitcoin has surged past $65,000, boosted by China’s stimulus measures and stablecoin inflows.

According to a recent report from 10x Research, Bitcoin has broken out of its ongoing recent downtrend, and the cryptocurrency is now setting its sights on the $70,000 milestone again. 

The report attributes the price surge to a combination of driving factors, including an influx of stablecoin liquidity and a general global recovery for the crypto market.

The change in the tide also comes amid Changpeng “CZ” Zhao, Binance founder and former CEO, being released from United States federal prison on Sept. 27.

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Cryptoquant Insights Report: Seller Fatigue Suggests Bitcoin Price Bottom

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Report: Bitcoin Market Lacks Upward Momentum Amid Weak Demand

Report: Bitcoin Market Lacks Upward Momentum Amid Weak DemandBitcoin continues to trade near a crucial price level, with the downside appearing limited but a lack of bullish momentum evident. The leading cryptocurrency stands around the $65,000 to $66,000 mark, a critical onchain realized price that could either support the price or signal a correction, according to the latest analysis from Cryptoquant researchers. Cryptoquant: […]

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