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A dozen banks want a euro stablecoin. Fireblocks is making it happen

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A dozen banks want a euro stablecoin. Fireblocks is making it happen

EMBARGO: APRIL 21, 2026 @ 9:00 AM BST (UK)

Cryptocurrency custody firm Fireblocks is handling the issuance and distribution of a euro-denominated stablecoin, backed by a group of twelve European banks, known as the Qivalis consortium.

The euro-backed token, scheduled for release in the second half of 2026, is regulated by the Dutch Central Bank through Amsterdam-based Qivalis and is compliant with the EU’s Markets in Crypto-Assets Regulation (MiCAR).

The Qivalis consortium is made up of: Banca Sella, BBVA, BNP Paribas, CaixaBank, Danske Bank, DekaBank, DZ BANK, ING, KBC, Raiffeisen Bank International, SEB, and UniCredit.

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Stablecoins are cryptocurrencies with values pegged to an external reference such as the dollar, euro and other fiat currencies. The stablecoin market hit $305 billion in January 2026, but 99% of that volume remains dollar-denominated, with euro-pegged assets representing just $650 million.

The Qivalis consortium aims to challenge this dollar dominance with a regulated, MiCAR-compliant offering, according to a press release on Tuesday. The euro is the second-most traded currency in the world, accounting for a daily average volume of nearly $1.1 trillion.

“Qivalis demonstrates how major financial institutions can work together to plan a compliant euro-backed stablecoins at scale – with production-ready infrastructure that will meet MiCAR requirements, handle institutional volumes, and integrate seamlessly with existing banking systems,” said Michael Shaulov, Co-Founder and CEO of Fireblocks.

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Crypto World

Bitcoin Price May Go Under $70K Despite Strategy’s Latest Big BTC Buy

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Bitcoin Price May Go Under $70K Despite Strategy’s Latest Big BTC Buy

Bitcoin (BTC) rose 2.66% to around $75,800 on Monday after Strategy disclosed a $2.54 billion purchase, the company’s third biggest ever, and equivalent to about 2.5 months of new BTC supply.

However, several indicators suggest the rally may fizzle out.

BTC/USD daily chart. Source: TradingView

Key takeaways:

  • Poor macro conditions can spark BTC price pullback if Strategy’s buying slows.

  • Bitcoin’s technical setup hints at a potential dip toward $67,000–$69,000.

Strategy may halt BTC purchases this week

Strategy funded most of its latest 34,164 BTC purchase through its preferred stock, Stretch (STRC), which generated over $2.17 billion through at-the-market share sales between April 13 and April 19.

Source: Strategy’s SEC Filings

That accounted for roughly 86% of the total amount spent, while sales of its Class A common stock, MSTR, added another $366 million.

STRC lets Strategy raise cash for Bitcoin when it trades at or above $100. Stronger prices mean easier fundraising and more BTC buying. In 2026, STRC enabled the purchases of 77,000 BTC, ten times more than all the ETFs combined, per River data.

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Bitcoin Analysis, Markets, Tech Analysis, Market Analysis, MicroStrategy, Michael Saylor
Bitcoin ownership YTD change. Source: River

But STRC has been trading below its $100 par value since April 15, which may limit Strategy’s ability to keep raising cash to purchase more Bitcoin this week.

STRC weekly estimates. Source: STRC.LIVE

In past episodes, pauses in Strategy’s Bitcoin purchases have coincided with BTC price slumps.

For instance, on average, BTC’s price has dipped by roughly 30% when STRC traded below its $100 par value.

BTC/USD vs. STRC daily performance chart. Source: TradingView

A 30% dip will take Bitcoin’s price to $53,000 when measured from current levels.

Source: X

The halt appears alongside weakening risk sentiment, with US stock indexes falling amid doubts over the US–Iran peace deal.

Nasdaq, S&P 500, and Dow Jones daily performance charts. Source: TradingView

US President Donald Trump said it was “highly unlikely” he would extend the two-week truce if no agreement is reached before it expires on Wednesday.

Any signs of an extended Middle East conflict may weigh on BTC’s prices.

BTC flag pullback hints at $67,000–$69,000

Bitcoin’s current chart structure shows classic flag consolidation, with price now drifting toward the pattern’s lower boundary. This setup raises the risk of a pullback toward the $67,000–$69,000 region in April, if support gives way.

BTC/USD daily chart. Source: TradingView

At the same time, downside may remain limited as the 20-day (green) and 50-day (red) EMAs continue to act as dynamic support levels. Holding above these averages would signal underlying demand, increasing the chances of a rebound.

Related: Adam Back says current demand is ‘almost’ enough to send Bitcoin to $1M

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If that happens, BTC could attempt a breakout above the flag’s upper trend line, effectively invalidating the bearish setup.

Such a move would open the door for a recovery toward the 200-day EMA (blue), currently near $82,750.

As Cointelegraph reported, breaking the resistance near $78,000 is now a top priority for the bulls.