● WordPress’s e-commerce plugin WooCommerce now supports Binance Pay
WordPress's e-commerce plug-in WooCommerce has added support for Binance Pay. Merchants can register a Binance Pay merchant account and then add the Binance Pay WooCommerce plug-in to support Binance Pay's fiat and cryptocurrency payment functions.
As sentiment around stocks and cryptocurrencies diverges, Bitcoin's correlation with technology stocks has declined, approaching its lowest level since 2021. This week, Bitcoin has been below $27,000, while the tech-heavy Nasdaq 100 index has risen 3.5%. Analysts say the banking crisis in March may have contributed to the decline in the correlation between the two. (Bloomberg)
● USDC circulation fell below 30 billion, hitting a new low since October 2021
According to data from Circle's official website, from May 11 to May 18, Circle issued a total of about 1 billion USDC, redeemed about 1.4 billion USDC, and reduced the circulation by about 400 million. As of May 18, the total circulation of USDC was about 29.6 billion, and the fund reserve was US$29.7 billion. According to data from The Block, the circulation of USDC fell below the integer mark for the first time since it broke through 30 billion in October 2021.
On May 19 local time, White House press secretary Karina Jean-Pierre said that US President Biden remains optimistic about the debt ceiling negotiations, saying that the bottom line is never to default and there is no room for negotiation. Jean-Pierre mentioned the latest survey, saying that 58% of Democrats support reducing the federal deficit while raising the debt ceiling. She said that the Biden administration plans to continue its efforts to reduce the federal government deficit. It is said that US President Biden has made it clear that he wants to eliminate wasteful spending, such as subsidies to oil companies and large pharmaceutical companies. (Titanium Media)
● U.S. bank deposits fell for the third consecutive week, while loans remained basically flat
U.S. bank deposits fell for the third straight week to their lowest level in nearly two years, extending a year-long decline as customers continue to turn to money market funds for higher returns. Loans were essentially flat. Data released by the Federal Reserve on Friday showed that commercial bank deposits fell by $26.4 billion to $17.1 trillion in the week ended May 10, adjusted for seasonal factors. The decline was mainly concentrated in large banks. Unadjusted deposits fell by $57 billion after an increase of $66.5 billion the previous week. Commercial bank loans fell by $3.3 billion, adjusted for seasonal factors. Unadjusted loans and leases fell by $17.4 billion. (Cailian Press)
Barclays reported on Friday that the Fed's June rate hike will have a negative impact on risky assets and further worsen the already tight financing environment. Analysts led by Bradley Rogoff said that although the market probability of a rate hike once climbed to 40% from 3% a week ago, it would be a "surprise" for the market if the Fed raised interest rates at its next meeting. Given recent data and hawkish remarks from several Fed officials, the lack of certainty about the Fed's next move means that "the Fed's selection should be key in the coming months," the report said. Analysts said they are bearish in the long term given the tightening financing environment and weak growth, and believe that the top priority this year is credit selection. (Hexun)