Stablecoins and Institutional Moves Shape Crypto Market Sentiment amid Downtrend

The crypto market has seen a slight rebound but continues its overall downward trend, with Bitcoin remaining under pressure. Macro news highlights include comments from the U.S. Treasury Secretary regarding stablecoins' role in expanding global dollar usage and driving demand for U.S. Treasuries, while the SEC has delayed decisions on multiple crypto ETF applications. Institutional activity is also notable, as KindlyMD completed a $200 million convertible note issuance to increase its Bitcoin holdings.