Bitcoin pulls back and Stripe makes the biggest crypto acquisition by a payments company.

This is CoinDest Daily. I'm your host, Christine Lee.

Bitcoin in the red about 1% of the start of the U.S. morning falling below $67,000 after its weekend

pushed to nearly $70,000 failed to hold.

The decline comes as a continued uptick in the U.S. Treasury yield, dense the appeal of riskier

assets. The Coinus 20 Index, which offers a weighted measurement of the broader crypto market,

is down about 1%. Coinglass data showing over $165 million in longs were liquidated across crypto futures

tracking major tokens in a sign of a leverage flush.

The use of leverage spiked over the weekend in a move that historically precedes market volatility.

Strikes acquisition of crypto startup bridge validates the use of

stablecoins for public blockchain, says broker Bernstein in a new research report. Stripe finalized

the purchase of Bridge in a $1.1 billion deal. Bernstein analysts wrote, quote,

stablecoins are the leading use case for blockchains, particularly

for cross-border payments, and companies such as Bridge play an important role by building

API software for businesses to integrate stablecoin payments within the regular payments experience.

Bernstein notes that the Bridge deal is the largest crypto acquisition by a major payments company to date.

Last week, CoinDesk Live spoke to Stripe's head of crypto, John Egan, on how cryptocurrencies

will achieve mass adoption.

I think stablecoins have the best chance of actually accomplishing that goal because it's,

it's to my point about it being the killer use case. It's the case that everyone understands.

It's just purchasing things, right, and then like receiving the dollar.

Those two things are very simple, very powerful, and core to businesses like Stripe, but also to every merchant, every consumer in the world.

...