Crypto News: Stripe USDC, Ubisoft Web3 Launch, Bitcoin Surge & Tesla Moves

October 18, 2024

Crypto World

Maciej Zerelik

Catch up on the newest updates from StealthEX and CryptoDaily! Every week, we gather the most important crypto news just for you. Curious about the latest events? Our quick and easy summary gives you all the top highlights in one place. Stay in the loop with current trends and major events shaping the crypto space. Ready to explore what happened last week. Let’s go!

Stripe Brings USDC Payments to U.S. Businesses on Top Blockchains

Stripe has rolled out a new feature enabling U.S. companies to accept USDC payments across major blockchains like Ethereum, Solana, and Polygon. This move is a significant expansion of their payment options, allowing businesses to receive payments from customers in over 150 countries. Payments will be settled in U.S. dollars, simplifying the process for companies by avoiding the need to handle or convert digital currency.

This marks Stripe’s return to the world of crypto payments, a sector it initially explored in 2014 with Bitcoin. However, the company stopped supporting Bitcoin in 2018 due to concerns over high fees and slow transaction times. With USDC now supported, Stripe is back in the crypto space, focusing on stablecoins, which offer more stability and quicker transactions than Bitcoin.

The reintroduction of USDC payments is part of Stripe’s larger strategy to expand its crypto services. Earlier this year, the company introduced crypto widgets in Europe, allowing businesses there to accept a variety of cryptocurrencies. Stripe’s new USDC payment system lets U.S. businesses easily integrate stablecoin payments through their existing tools, without having to deal with the complexities of holding crypto themselves.

With this development, Stripe is aiming to make digital asset payments more accessible and user-friendly for U.S. businesses, positioning itself as a leader in the crypto payments space once again.

Ubisoft to Launch Its First Web3 Game, Champions Tactics: Grimoria Chronicles

Ubisoft, a giant in the gaming industry, is gearing up for the release of its first web3 game, Champions Tactics: Grimoria Chronicles, scheduled to launch on October 23. The game will be available on the Oasys Layer-2 network, called HOME verse, bringing blockchain integration into Ubisoft’s world of gaming.

Champions Tactics takes players into the dark fantasy world of Grimoria, where they can build teams of digital Champions and engage in PvP combat. What makes this game stand out is its use of blockchain technology, allowing players to own their in-game assets. This offers more control and customization, without affecting the core gameplay.

Nicolas Pouard, Ubisoft’s VP of Strategic Innovation Lab, highlighted how this game blends blockchain into the background, letting players focus on strategy and gameplay while enjoying the benefits of web3 technology.

The game features 75,000 unique Champions, each with special traits. Players will assemble teams of three to battle opponents, with the game’s Forge system allowing them to refine and enhance their teams. This adds layers of strategy, giving players a sense of ownership and creativity.

Ubisoft has already shown its strong connection to the web3 community through successful mints and a growing online presence. As anticipation builds, Champions Tactics looks set to redefine blockchain gaming by offering an immersive and engaging experience that appeals to all gamers, not just blockchain enthusiasts.

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Bitcoin Rises as China Stimulus and Trump Poll Lead Drive Optimism

Bitcoin (BTC) saw a significant boost on Monday, climbing more than 2% and breaking past $64,500. This surge in price comes as news from China about an upcoming stimulus package and Donald Trump’s lead in U.S. presidential polls fuel investor confidence in the cryptocurrency market.

While China has yet to release specific details, the stimulus package is expected to lift both the Chinese stock market and the crypto sector. Meanwhile, in the U.S., Democratic nominee Kamala Harris’s recent interviews haven’t resonated well with voters, causing polls to shift in favor of Trump. According to Polymarket, Trump now leads with 54.2%, compared to Harris’s 45.3%. Trump’s pro-crypto stance has created optimism in the market, with many seeing his potential victory as a positive sign for the crypto industry.

Federal Reserve Official Neel Kashkari Calls Bitcoin “Worthless” Despite Its Growth

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, has once again expressed his doubts about Bitcoin, calling the cryptocurrency “worthless” despite its 15-year existence. His views echo his long-standing skepticism toward cryptocurrencies, which he has criticized for years.

Kashkari’s latest remarks underscore his belief that Bitcoin has failed to establish itself as a credible asset or a reliable form of currency. He continues to argue that Bitcoin is primarily a speculative tool and dismisses it as part of the “greater fool” theory. 

Kashkari also points out that Bitcoin lacks essential qualities such as inflation resistance, scarcity, and the support of a structured taxing authority, making it unsuitable as a legitimate currency or hedge against inflation.

Bitcoin’s price volatility in recent years adds to Kashkari’s criticism. Even though Bitcoin has seen significant growth, including a 45% increase in 2023, its fluctuations remain a concern. Kashkari’s comments come after Bitcoin’s underwhelming performance in the third quarter, where it only rose by 0.8%, compared to gold’s 13.8% gain.

However, institutional interest in Bitcoin continues to grow, as seen by rising demand for Bitcoin ETFs. Despite Kashkari’s strong stance, many institutions and investors remain optimistic about Bitcoin’s future, even as the debate over its value and legitimacy persists.

Tesla Moves Almost All Bitcoin Holdings to Unknown Wallets, Sparking Speculation

Tesla has taken a surprising step by shifting nearly all of its Bitcoin holdings to undisclosed wallets after two years of limited activity. This sudden transfer, involving more than 11,500 bitcoins, has left the company with only $6.65 worth of cryptocurrency, raising questions within the crypto community.

According to data from Arkham Intelligence, the transferred bitcoins were sent to wallets unassociated with any known crypto exchanges. This suggests that Tesla may not be preparing for an immediate sale. However, market watchers are speculating that the move could hint at future plans, as Tesla has not issued any public statement regarding the reason behind the transfer.

Tesla first entered the Bitcoin space in 2020 by purchasing $1.5 billion worth of the cryptocurrency, one of the largest corporate investments in digital assets at the time. Over the years, Tesla gradually sold off parts of its holdings. In early 2021, the company sold 10% of its Bitcoin, followed by a major sale in July 2022, where it offloaded 75% of its remaining balance while Bitcoin traded around $24,000.

Before this recent transfer, Tesla held 11,509 BTC, a stake that had grown significantly in value. With Bitcoin currently priced at around $66,500, these holdings were worth an estimated $770 million. The unexpected shift has sparked speculation about Tesla’s intentions and whether the company could be planning a future sale or reallocation.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.