Ondo, Canton sidestep macro concerns with institutional deals as bitcoin, ether slide
If you're not already subscribed to the newsletter email, click here .
By Omkar Godbole (All times ET unless indicated otherwise) Bearish macro headlines dominate crypto market sentiment, as they have done for most of the month, but concrete updates advancing mainstream blockchain adoption still have the ability to resonate with investors.
That's evident from the 7% gain in Canton Network's CC token over the past 24 hours.
It's the second-best-performing top-100 token by market value, behind Ondo Network's ONDO token, which has risen 9%.
CC's upswing follows Visa's announcement that it joined Canton Network as a super validator, helping secure and validate transactions on the blockchain.
The move is pivotal because it brings a global payments giant onto a privacy-preserving network specifically built for institutions that want to transact on the blockchain without exposing sensitive data to other network participants.
Visa will help "extend privacy‑preserving blockchain infrastructure to banks and financial institutions around the world," the firm said in an official announcement.
Privacy is widely seen as a key requirement for broader institutional adoption of the technology.
At Consensus Hong Kong in February, investment banking giant JPMorgan and crypto firms Abraxas and B2C2 emphasized the need for privacy-preserving infrastructure, noting that institutions are unlikely to transact at scale on fully transparent networks where sensitive financial data could be exposed.
ONDO, too, is rallying primarily due to its pole position in the real-world asset tokenization sector, underscored by the early-week news of its partnership with Franklin Templeton to tokenize traditional assets.
The broader market remains under pressure due to geopolitical tensions and oil prices, which have traders pricing a Fed rate hike in two weeks.
Bitcoin BTC $ 66,621.90 has dropped over 3% to $66,800 alognside similar losses in ether (ETH) and XRP (XRP).
Solana's SOL token fell over 5% and the CoinDesk 20 Index (CD20) lost 3% decline.
According to Marex, renewed outflows from spot ETFs are weighing on bitcoin.
"ETF outflows have returned in size, which removes a steady bid from the tape and makes dips feel less protected," Marex's analysts said in a morning note.
