Sui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platform’s mainnet.

Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.

Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.

The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.

What does native USDC mean for Sui?

Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.

Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.

This could lead to a rise in Sui’s network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.

SUI price prediction

Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.

With the recent spurt of bullish momentum, Bitcoin (BTC) retested the $64K hurdle but failed to sustain it. As a result, BTC is retracing. The daily chart shows a bearish outlook for Bitcoin price that could undo the past week’s gains. 

Bitcoin Price Stumbles At $64K

Crypto markets enjoyed bullish sentiment in the past week as Bitcoin price hit $64K over the weekend. This enthusiasm continued into the weekday as BTC saw another buying spike in the US trading session. In hindsight, the uptick pushed Bitcoin deep into the $64K territory, forming a local top and leading to a 3.49% crash.

As of Tuesday, October 8, Bitcoin price is up 0.58% and remains indecisive. 

Let’s explore why BTC could be crashing. 

US-Listed Chinese Stocks Plunge After Historic Rally

The Chinese stock market saw a massive uptick after China announced aggressive stimulus plans in late September. This move caused a historic rally that led some of the Indices to observe the best performance since 2008. The stimulus-led rally pushed the CSI 300, HSI, and SSE Composite to rally 36% and 30%, respectively.

Additionally, US-listed Chinese stocks like Ali Baba, BiliBili, Baidu are down 8.9%, 17.2% and 10.1%, respectively.  Analysts attribute the downfall of Chinese stocks to a loss of momentum. Hong Kong’s Hang Seng Index (HSI) tumbled 9.5%, which is the worst performance seen since 2008. 

BTC Price Analysis: What’s next for Bitcoin?

The outlook for Bitcoin remains bearish is as explained in a previous CoinGape article. BTC price is following scenario one and has promptly retraced 3.54% after piercing the daily resistance zone, extending from $63.9K to $65K.

The RSI surged from around 50 to 65 but failed to hit the overbought zone of 70. As Bitcoin price trades around $62.5K, investors must pay attention to the $61.8K support level, which provided a massive foothold last week, facilitating a 4.25% rally.

According to the previous Bitcoin price forecast, a breakdown of this level seems likely and could trigger a 7% correction that stabilizes around the $57.9K to $57.2K support levels. 

Popular Analyst Forecasts New ATH For BTC

While the short-term outlook remains bearish, Philip Swift, a popular crypto analyst, notes that timeframe analysis that compares BTC and global liquidity is noise. A zoomed-out chart shows that the global liquidity has hit a new ATH, which should lead to Bitcoin hitting a new high as well.

While the long-term outlook for Bitcoin price remains bullish, investors need to understand that the short-to-mid-term scenario remains indecisive due to multiple reasons – uncertain macroeconomic policies, geopolitical tensions, risk-off factors due to the war between Iran and Israel, and so on.

Regardless, a swift breakout and flip of the $65K hurdle into a support floor will suggest that bulls mean business. This move will invalidate the bearish thesis and propel BTC to $70K. In some cases, this development could also push Bitcoin price to set up a new all-time high. 

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Akash Girimath

Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn

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.