Ripple Stablecoin Rival PayPal Brings PYUSD to 70 Countries, Shiba Inu (SHIB) Breaks Key Threshold with Bullish 237 Billion Outflow, Citi Lowers Bitcoin Price Prediction to $112,000: Morning Crypto Report

utoday03-17 12:46

TL;DRPayPal vs. Ripple: PYUSD expands to 70 countries, positioning itself against Ripple’s RLUSD as a regulated "safe haven" stablecoin.Shiba Inu (SHIB) supply squeeze: A massive 237 billion SHIB ...

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regulated \"safe haven\" stablecoin.Shiba Inu (SHIB) supply squeeze: A massive 237 billion SHIB outflow from exchanges to cold wallets reduces selling pressure, eyeing the 200-day MA.Citi price revision for BTC: Analysts cut BTC target to $112,000 and ETH to $3,175, citing the slow pace of U.S. crypto legislation.Crypto market outlook: The crypto market remains in a state of balance, with all eyes on the upcoming Fed rate decision and FOMC rhetoric.PayPal challenges Ripple: PYUSD expands to 70 countriesPayments giant PayPal has decided that a stable dollar should be in every smartphone and has opened the gates for the use of its PYUSD stablecoin across 70 countries, according to Fortune.If previously the stablecoin had been locked within the borders of the U.S. and the U.K. as a pilot project, now after a software update, countries in South America, Africa and Asia, where local currencies often face turbulence, have received the opportunity to use PayPal’s dollar as a kind of safe haven. The news is breaking news in the context of competition for the stablecoin market, as PYUSD battles with Ripple’s RLUSD. These two stablecoins are seen as the main contenders for the role of a legal and secure option, while market leaders like Tether, with USDT, remain under regulatory scrutiny. PayPal and Ripple are fighting for the same throne, setting standards for banks and multinational corporations — one as a global payments system, the other as a veteran of the blockchain industry. Top Stablecoin Tokens by Market Capitalization, Source: CoinMarketCapAt the moment, PYUSD ranks sixth by market capitalization among stablecoins, according to CoinMarketCap. As for RLUSD, this stablecoin holds eighth place, yet its daily trading volume is 25% higher than PYUSD’s — $233 million versus $169 million.The expansion to 70 countries is a strong attempt to turn the stablecoin into a people’s dollar accessible to everyone. Ripple, in its turn, is focused on tokenization and operational activity, as well as integrations, such as insurance infrastructure in the U.K. or Deutsche Bank.Massive 237 billion SHIB outflow signals potential supply shock for Shiba Inu coinWhile retail investors are guessing where the market will swing, whether the current position is a bull trap or just the beginning of a spring rally, blockchain data has already started to draw a picture of large-scale redistribution of its kind. According to Arkham, a massive liquidity \"drain\" involving Shiba Inu (SHIB) was recorded. The outflow amounted to 237 billion SHIB from exchanges in just one day. When such volumes move to cold wallets, a vacuum is created on exchanges; there is simply a smaller amount left to sell, meaning any upward market pressure can trigger a surge.Shiba Inu (SHIB) On-Chain Exchange Flow, Source: ArkhamThis needs to be viewed in the context of Shiba Inu’s price, which has risen by 15% since March 9, from $0.00000527 to $0.00000609 by the time of writing. However, a broader scenario suggests that SHIB is confidently moving toward its key price levels on the daily time frame — the 200-day moving average at $0.0000086. If the price reaches that point, it would imply a 63% rise from March lows.Thus, the withdrawal of 237 billion SHIB from exchanges looks like a classic supply exhaustion play. Large players have removed their chips from the common pot, reducing the supply tap, and now everything depends on whether bulls have enough strength to push the price further toward that psychological level at the 200 MA.Citi lowers Bitcoin target to $112,000 amid regulatory delaysAt the same time, Citigroup analysts have decided to ground the expectations of crypto optimists and have significantly revised their forecasts for Bitcoin and Ethereum as the two leading cryptocurrencies. The reason is simple: the slowdown in crypto legislation in the U.S. The Query Act has still not been adopted, and consensus among those responsible for passing it has yet to emerge.Therefore, the bank’s expectations for the next 12 months now look like this. Bitcoin’s target has been lowered to $112,000 from the previously expected $143,000, while Ethereum’s forecast has been cut to $3,175 from $4,304. Citi also outlined alternative market scenarios. In a bullish case, if everything goes perfectly, BTC could rise to $165,000 and ETH to $4,488. In a crypto winter scenario, the bearish outlook suggests Bitcoin could fall to $58,000 and Ethereum to a painful $1,198.BTC/USDT Daily Chart, Source: TradingViewDespite the lowered targets, the base forecast still implies growth, as these levels remain above current prices. Citi believes in the market but warns that without clear rules of the game, talking about any moon-type scenario becomes much harder.Crypto Market Outlook: Crypto braces for Federal Reserve rhetoricWhat is happening on the market now can be described as a market of balance. The Federal Reserve is not delivering surprises, stresses have been conditionally absorbed, and traders and investors have found themselves in a calm-before-the-storm environment. The S&P is slowly moving upward, Bitcoin is rising and macro statistics are coming out neutral. One factor is balancing another.Therefore, neither bulls nor bears have a clear advantage, and at the slightest shock the market may break in either direction. All attention is now focused on tomorrow’s rate decision. Even if the Fed itself brings no surprises, the key factor will be the rhetoric of the Fed chair and FOMC members. Until then, the current upward trend may continue.Key levels to watch:For Bitcoin, the key levels are support around $71,000 and the nearest resistance in the $72,200-$78,700 zone. For Shiba Inu, support is located at the $0.00000574 level, while the nearest resistance stands at $0.00000618.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2620470984","isCrawlerRequest":true}