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The cryptocurrency market has seen significant developments in recent days, with Bitcoin reclaiming the $72,000 mark after a US-Iran ceasefire agreement. The stablecoin supply on Ethereum has reached an all-time high of $180 billion, according to Token Terminal. Meanwhile, major players such as Coinbase and Morgan Stanley are expanding their services, with Coinbase planning to offer stock trading in Australia and Morgan Stanley set to launch a Bitcoin ETF. These developments have been accompanied by increased regulatory activity, with the FDIC moving to regulate stablecoin issuers under the GENIUS Act.

Markets

The ceasefire agreement between the US and Iran has led to a surge in Bitcoin’s price, with the cryptocurrency breaking past the $72,000 mark. This has resulted in a $427 million wipeout for short sellers who had bet on continued war escalation. Ethereum buyers have also returned to the market, with data showing that bulls are defending the $2,000 support level. XRP has also seen a 5% increase in price, backed by institutional flows and whale buying. For more information, visit CoinDesk and CoinTelegraph.

Regulation

Regulatory activity has been on the rise, with the FDIC moving to regulate stablecoin issuers under the GENIUS Act. The SEC has also admitted that certain crypto enforcement cases have delivered no investor benefit. The US government has been actively involved in shaping the regulatory landscape for cryptocurrencies, with the aim of providing clarity and protection for investors. For more information on regulatory developments, visit CoinTelegraph.

DeFi and Industry Developments

In other news, Coinbase has secured a license to offer stock trading in Australia, marking a significant expansion of its services. Morgan Stanley’s Bitcoin ETF is set to launch on Wednesday, providing investors with a new way to access the cryptocurrency market. Binance’s CEO, Changpeng Zhao, has also made headlines with his memoir, in which he reveals details about the collapse of FTX and his interactions with Sam Bankman-Fried. For more information on these developments, visit CoinDesk.

Sources: CoinDesk, CoinTelegraph

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