Stablecoin Market

Bitcoin recovered to $64.3K after again dipping below $63K, with buyers stepping in even as pressure hit the semiconductor sector. Market attention is now turning to the Federal Reserve’s rate decision and commentary, which could determine whether crypto resilience holds or weakens.

JPMorgan lowered earnings forecasts for Circle and Coinbase after changes tied to Hyperliquid’s USDC arrangement, pointing to near-term revenue pressure and a longer-term challenge for stablecoin economics. The bank said the structure could push the two partners into competing for USDC distribution at the expense of each other’s returns.