BIS warns cryptocurrency exchanges are becoming ‘shadow banks,’ and why that's a risk

Burns Brief

The Bank for International Settlements (BIS) released a report warning stablecoin yields and other DeFi “earn” products are bank-like services without the safeguards or insurance The news has rattled market participants, with bears looking to push prices lower while bulls attempt to defend key support levels. Watch for volume confirmation — a breakout above average volume would signal the trend is likely to continue.