Stripe has acquired Bridge, a stablecoin platform, for a staggering $1.1 billion. This acquisition marks one of the largest in the crypto space to date and highlights Stripe’s strategic ambitions to integrate digital currencies further into its global payment system.

The firm has been gradually introducing crypto features, including supporting payouts in stablecoins and exploring cryptocurrency payment rails. Nevertheless, the acquisition of Bridge represents a more aggressive push.

Stripe Executes Crypto’s Largest Acquisition in Bridge Deal

With Bridge’s expertise in the stablecoin space, Stripe is expected to introduce enhanced cross-border payment solutions. This would allow businesses to accept payments in USDT and USDC seamlessly. The acquisition also positions Stripe to compete more effectively with other fintech firms that have been making similar moves into the crypto space.

Stripe has been gradually expanding its capabilities to include cryptocurrency support. The firm has long been a major player in online payment solutions. By acquiring Bridge, the payment giant will be able to accelerate its efforts to build out a fully integrated crypto ecosystem in one of the largest crypto acquisitions ever.

Indeed, the $1.1 billion valuation surpasses many other high-profile acquisitions in the space. It signals the value Stripe sees in the stablecoin market and the maturing of blockchain technology as a whole. With this deal, Stripe continues its evolution from a simple payment processor into a broader financial technology company, well-equipped to handle what is steadily becoming the future of money.

Read more: What Is a Stablecoin? A Beginner’s Guide

BeInCrypto reported discussions of the acquisition last week, with this development marking a pivotal moment for both companies. Stripe’s move is seen as a strategic decision to bolster its crypto infrastructure and bring more efficiency, flexibility, and scalability to its payment offerings through stablecoin payments.

Bridge, on the other hand, has gained prominence over the last few years. In August, the firm raised $58 million in funding from major investors, including Sequoia and Index Ventures. The fundraiser’s success reflected a shared belief in the potential of stablecoins in global finance.

The blockchain-based company specializes in creating seamless connections between traditional financial (TradFi) institutions and decentralized finance (DeFi) platforms. Its technology enables faster, more secure transactions across various financial platforms.

Taken together, this acquisition highlights the growing convergence between TradFi systems and blockchain technology. Analysts believe that this acquisition highlights the growing adoption of stablecoins as a means of payment.

“The $1 billion acquisition of Bridge by Stripe signals to VCs that stablecoin startups which were previously underfunded due to lack of early token liquidity now have a clearer path towards big exits. Expect more funding and more entrepreneurs building around stablecoins,” wrote Qiao Wang, founder of Alliance DAO.

Read more: How To Fund Innovation: A Guide to Web3 Grants

As cryptocurrencies and blockchain technology become more embedded in mainstream financial systems, acquisitions like this will likely become more common.

Ethereum price is extending gains above the $2,650 resistance. ETH could continue to rise toward $2,850 if it clears the $2,750 resistance zone.

• Ethereum remained in a positive zone above the $2,580 and $2,620 resistance levels.
• The price is trading above $2,650 and the 100-hourly Simple Moving Average.
• There is a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move up if it clears the $2,750 and $2,780 resistance levels.

Ethereum Price Aims For More Gains

Ethereum price remained stable above the $2,600 level like Bitcoin. ETH extended gains above the $2,650 resistance level to move further into a positive zone.

The price cleared the $2,700 level and tested $2,765. A high was formed at $2,765 and the price is now consolidating gains. There was a minor decline below the $2,740 level, but the price is stable above the 23.6% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.

Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,680 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the upward move from the $2,576 swing low to the $2,765 high.

On the upside, the price seems to be facing hurdles near the $2,750 level. The first major resistance is near the $2,765 level. A clear move above the $2,765 resistance might send the price toward the $2,840 resistance. An upside break above the $2,840 resistance might call for more gains in the coming sessions.

In the stated case, Ether could rise toward the $2,880 resistance zone in the near term. The next hurdle sits near the $2,920 level or $2,950.

Another Drop In ETH?

If Ethereum fails to clear the $2,750 resistance, it could start another decline. Initial support on the downside is near the $2,720 level. The first major support sits near the $2,680 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,620 support level in the near term. The next key support sits at $2,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,650

Major Resistance Level – $2,765

Solana-based meme coin cats in a dogs world (MEW) reached a new all-time high today after an 18% price rally earlier in the day. This surge followed a significant development, as South Korean exchange Upbit added the Korean Won (KRW) as a trading pair for MEW.

Before the development, MEW’s price was $0.0089. But as soon as the news spread, the meme coin formed a bullish engulfing candle that sent it to $0.010.

cats in a dogs world Rallies After Listing 

Upbit previously listed MEW with several pairs, including Bitcoin (BTC) and USDT, in September. This development sparked a rally for the meme coin, but it was unable to break its previous all-time high.

MEW’s previous all-time high was $0.0097 in March. But today,  the massive price increase has sent it above that region. 

However, MEW’s price reaction to the development might surprise some market observers. Typically, an Upbit listing drives the involved cryptocurrency’s price significantly higher. For example, last week’s listing of Injective (INJ) resulted in a 10% price jump within minutes.

Read more: Top 9 Safest Crypto Exchanges in 2024

Meanwhile, like the price,  MEW’s volume also increased. According to Santiment, the Solana-based token’s volume surged past $200 million, signaling strong backing from several market participants during the rapid rally.

From a technical standpoint, rising volume alongside increasing price usually strengthens the uptrend. However, if the volume declines while the price rises, it could indicate a weakening trend. So the question remains—will MEW continue to rise?

MEW Price Prediction: Token Overbought

Based on the daily chart, the Bollinger Bands (BB) have expanded, indicating rising volatility around MEW. The BB also serves as a tool to gauge whether a cryptocurrency is overbought or oversold. When the upper band touches the price, the asset is considered overbought, while a touch on the lower band suggests it is oversold.

At present, MEW’s price is touching the upper BB, suggesting that the meme coin might be due for a short-term retracement. As a result, the token’s value could potentially pull back to the 23.6% Fibonacci retracement level, which is around $0.0089.

The Relative Strength Index (RSI), which measures momentum, also aligns with the Bollinger Bands (BB) signal, confirming that MEW is currently overbought. This reinforces the possibility of a short-term price pullback. 

Read more: 11 Top Solana Meme Coins to Watch in October 2024

However, if the token maintains its position above the middle line of the upper band, this prediction might be invalidated. In that case, MEW’s price could continue its upward trajectory, potentially climbing by another 20% to reach $0.012.