BlackRock is trying to have its digital money-market token, BUIDL, used as collateral in cryptocurrency derivatives trades. 

People familiar with the discussions say the company is ‘in talks’ with major crypto exchanges like Binance, OKX, and Deribit about the possibility, according to Bloomberg.

BUIDL is a token designed for qualified institutional investors, with a minimum investment of $5 million. It is a digital representation of BlackRock’s USD Institutional Digital Liquidity Fund, a money-market fund that invests in U.S. Treasury bills, cash, and other secure instruments. 

BUIDL differs from traditional stablecoins like Tether’s USDT (USDT) because it pays interest to holders, which could be attractive to derivatives traders.

Is BlackRock trying to dominate stablecoins and derivatives markets?

Crypto derivatives are financial contracts that derive their value from crypto price movements. Traders use these contracts to speculate on the price of assets like Bitcoin (BTC) without actually buying them. To participate, traders often need to put down collateral, which can be in the form of stablecoins. Tether’s USDT, for example, is commonly used in this role because it maintains a stable value of $1, making it reliable for securing trades.

However, BUIDL’s entry into this space could challenge USDT’s dominance. BlackRock is hoping that more platforms will accept BUIDL as collateral, which could significantly expand its market reach, per Bloomberg.

Prime brokers FalconX and Hidden Road already allow their clients to use BUIDL as collateral, and custodian Komainu recently joined that list. These early adopters include hedge funds and other institutional investors.

Crypto derivatives trading accounted for over 70% of all crypto trading volume in September, with $3 trillion worth of contracts traded that month alone, according to research firm CCData. 

That makes derivatives a huge part of the crypto ecosystem, and having BUIDL accepted on major exchanges like Binance and Deribit could position BlackRock as a major player in this market.

The crypto prices today sparked investor curiosity globally, with the top coins preventing further downside momentum. Bitcoin (BTC) price maintained a hold above the $68K level, whereas Ethereum (ETH), Solana (SOL), and XRP prices traded in the green. Simultaneously, the global crypto market cap jumped 0.8% over the past day to $2.35 trillion. However, the total market volume slipped 3.5% to $73.06 billion today. Besides, The Sandbox (SAND) emerged as the day’s top gainer, leading the broader market gains.

Here’s a brief report on some of the top cryptocurrencies by market cap and their price movements today, October 19.

Crypto Prices Today: BTC, ETH, SOL, & XRP On The Upswing

While BTC price rested at the $68K level today, ETH maintained trading at the $2,600 level. Simultaneously, SOL and XRP witnessed considerable gains over the past day, and SAND price soared roughly 12%. Let’s take a closer look at the major coins’ prices today.

Bitcoin Price Today

BTC price saw gains worth 1% at press time and is trading at $68,480. The coin’s 24-hour low and high were recorded as $67,521.21 and $68,969.75, respectively. Meanwhile, Bitcoin’s market cap rested at $1.35 trillion today. However, the flagship crypto’s market dominance declined by 0.14% to 57.58%. Besides, it’s noteworthy that the coin rises alongside $273.71 million inflows in Bitcoin ETFs as of October 18, per Sosovalue data.

Ethereum Price Today

ETH price chart indicated a rise of over 1% in the past 24 hours and is currently sitting at $2,648. The coin’s intraday low and high were $2,608.31 and $2,674.37, respectively. Ethereum’s market cap rested at $318.74 billion today. Notably, the coin rises in tandem with $1.91 million inflows in Ethereum ETFs as of October 18. Meanwhile, Whale Alert data for the past day indicated considerable ETH dumps to Coinbase, adding a layer of intrigue among market participants.

Solana Price Today

Simultaneously, the crypto SOL witnessed a nearly 1.5% increase in value over the past day and is now trading at $154. The coin’s intraday low and high were recorded as $151.84 and $156.54, respectively. Solana’s market cap was registered to be $72.69 billion today.

XRP Price Today

Meanwhile, XRP price illustrated a nearly 1% rise in value and is currently trading at $0.5479. The coin’s intraday low and high were recorded as $0.5424 and $0.5524, respectively. XRP’s market cap was evaluated as $31.06 billion today.

Meme Coins Performance Today

In the interim, Dogecoin (DOGE) witnessed a remarkable 9% increase over the past day and is trading at $0.1448. Similarly, even Shiba Inu (SHIB) price soared nearly 3% today to reach $0.00001924. Also, Pepe Coin (PEPE), dogwifhat (WIF), and Bonk prices gained 0.5%-5% intraday.

Top Crypto Gainers Prices Today

The Sandbox

SAND price surged nearly 12% over the past day and is currently trading at $0.2933. The coin’s intraday low and high were recorded as $0.2586 and $0.2964, respectively.

Axie Infinity

AXS price followed, gaining roughly 12% over the past day to $5.24. The coin’s intraday low and high were recorded as $4.61 and $5.30, respectively.

Ondo

ONDO price soared nearly 11% in the past 24 hours and is sitting at $0.8026. The coin’s intraday low and high were $0.723 and $0.8173, respectively.

Top Crypto Losers Prices Today

Celestia

TIA price slipped nearly 3% in the past 24 hours and is trading at $6.07. The coin’s intraday low and high were $5.89 and $6.27, respectively.

Cat in a dogs world

MEW price followed, waning 3% over the past day to $0.00912. The coin’s intraday low and high were $0.008959 and $0.009731, respectively.

Bittensor

TAO price dropped 2% over the past day and is now trading at $582.69. The coin’s 24-hour low and high were $565.98 and $598.06, respectively.

Meanwhile, the hourly time frame charts sparked further speculations over the crypto prices today. BTC price slipped 0.05%, whereas ETH waned 0.29% in the hourly duration, raising market concerns.

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Coingape Staff

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.