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Today’s Cryptocurrency Headline
MakerDAO has approved Huntingdon Valley Bank, a US-based regulated bank founded in 1871, to open a stablecoin vault. This marks the first time a U.S. bank has connected to the DeFi ecosystem. The vault will work as a system allowing the bank to borrow DAI tokens after depositing off-chain loans on its balance sheet as collateral. At launch, the bank will be able to borrow up to $100 million, with the debt ceiling increasing to $1 billion over the next 12 months. The DAI borrowed from the vault will be used to support the bank’s operations, which will generate an estimated 3% yield for MakerDAO.
BingX’s Bitcoin Chart
Bitcoin is up 7.69% over the past 24 hours and rose to an intraday high of $22,500.00. The largest cryptocurrency experienced another strong relief rally which sets the price above the 20-day exponential moving average ($21,239), indicating the buyers remain active at this level. The Crypto Fear and Greed Index is still showing the market is in the extreme fear territory, but it has improved significantly over the past few days, suggesting the market sentiment is getting better. If the market keeps the current momentum, the BTC/USDT pair could then rally toward the 50-day EMA ($24,764).
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