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US Treasury Secretary Scott Bessent says digital assets may create a $2 trillion demand for US Treasuries in the coming years. In an appearance before a Congressional House Committee Tuesday morning focused on the international financial system, Bessent says the US should take a global leadership role on digital assets. “We believe that the United States should be the premier destination for digital assets, and, as members of this committee and the Senate are attempting to do, create good market structure around that so that US best practices are used around the world.” He also says that the crypto market may give US Treasuries a massive demand boost. “Digital assets are an important source of innovation that can drive usage of the US dollar around the world, as with stablecoin legislation. There is speculation that there may be up to $2 trillion of demand over the next few years for US government securities from digital assets.” Last mon...

JPMorgan analysts warn that the crypto industry faces a potential downspell amid lower demand for top assets like Bitcoin and Ethereum. The leading cryptocurrency by market cap, BTC, is down over 6% in the past month. For ETH, the coin is down by nearly 18%. Despite the bullish market sentiment, not many cryptocurrencies have excelled on 2024 levels in 2025 thus far. Thus, JPMorgan fears that the 2025 crypto boom may not hit as hard as projected. The total crypto market cap has declined by 15% from its record high of $3.72 trillion on Dec. 17 to around $3.17 trillion, marking a significant correction. JPMorgan analysts, led by managing director Nikolaos Panigirtzoglou, say a lack of positive catalysts and fading momentum drive lower demand for crypto futures. Specifically, CME bitcoin and ether futures are nearing “backwardation”: where futures prices fall below spot prices, mirroring last June and July, the analysts wrote. “This is a negative development and indicativ...