Coinbase: If the U.S. debt defaults, BTC may break through its trading range, and we need to pay attention to the turmoil in the U.S. banking system

Coinbase Institutional tweeted that its research team believes that while the market is concerned about the debt ceiling, the turmoil in the US banking system is more worthy of attention. If the U.S. approaches the brink of default without a deal to raise the debt ceiling, BTC could break out of its trading range.

Additionally, Coinbase stated that institutional adoption of digital assets has been accelerating, especially compared to the time it took for them to start using Derivatives. To further accelerate adoption, the industry needs to simplify investment concepts, improve accessibility, and better integrate the technology into existing systems. There have always been differences in the way different countries regulate particular asset classes, but never before have the differences between countries been as great as they are with cryptocurrencies today. The Middle East (and the UAE in particular) is at the forefront of embracing a wide range of use cases for crypto and blockchain technology, from improving government efficiency to providing financial services to the unbanked.