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Bitcoin Aims for $97K as Bulls Take Charge — While Gold Loses Its Shine

As May begins, Bitcoin (BTC) is making headlines again—this time by approaching the $97,000 mark, its highest level since February 22. In just one day, the world’s largest cryptocurrency rose nearly 3%, sending a clear message: the bulls are back in control. Meanwhile, traditional safe-haven asset gold is down nearly 8% from its recent highs, creating an interesting contrast between the old and new stores of value. With global markets in a state of flux, investors are closely watching Bitcoin’s next move—and what it might mean for the broader financial landscape. Bitcoin’s Climb: A Perfect Storm of Momentum Bitcoin’s sharp move higher came during the opening hours of the U.S. trading session. Stocks were also rallying, with tech giant Microsoft jumping 10% and temporarily becoming the most valuable public company on the planet. This kind of synchronized bullish momentum in both equities and crypto suggests that investors are regaining confidence in risk-on assets. Popular trader a...
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Coinbase Introduces Bitcoin-Backed Loans for US Customers

 Coinbase has launched a new service allowing US customers to borrow up to $100,000 in USDC, using Bitcoin as collateral. This new offering, in collaboration with Morpho, aims to provide an alternative to traditional credit-based loans, enabling users to access liquidity without selling their crypto assets.

Image created by Microsoft Copilot

Service Highlights Customers can instantly borrow USDC at competitive interest rates with flexible repayment terms. These loans are powered by Morpho, an open-source lending protocol on Coinbase's Base network. Initially, Bitcoin will serve as collateral, with plans to add more assets in the future.

By integrating Morpho's lending capabilities into its app, Coinbase seeks to simplify the loan process, removing technical barriers that have previously deterred users. Unlike traditional loans that rely on credit scores, these crypto-backed loans require borrowers to pledge an amount of Bitcoin greater than the loan value. If the collateral value decreases, Morpho's protocol will automatically liquidate assets to cover the loan.

Loan Process To access the loan, users pledge Bitcoin, which is then converted to Coinbase's wrapped bitcoin (cbBTC). This cbBTC is sent to Morpho, where the USDC loan is disbursed. Loans come with flexible repayment terms and competitive interest rates, allowing borrowers to manage their loans directly through the Coinbase app. Real-time updates and liquidation warnings keep users informed, ensuring they stay on top of their loan status.

Accessing Bitcoin-Backed Loans The introduction of Coinbase Wrapped Bitcoin (cbBTC) in September has allowed customers to move and use their Bitcoin on-chain. With this new service, customers can now tap into the benefits of cbBTC without leaving the Coinbase platform.

Coinbase views this service as a step towards reshaping personal finance by leveraging decentralized finance (DeFi) to offer a transparent and user-friendly alternative to traditional banking.

Source: financemagnates.com

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