Tether (USDT), a stablecoin issuer, has emerged as the preferred stablecoin amid the recent banking turmoil in the United States. According to the latest attestation report, Tether has recorded a net profit of almost $1.5 billion in Q1 2023. Tether’s Reserves and Investments Tether’s excess reserves reached an all-time high of $2.44 billion in Q1,
Crypto
A recent study conducted by Goldman Sachs has found that 32% of family offices globally have exposure to digital assets, non-fungible tokens (NFTs), or decentralized finance (DeFi), while 26% have explicitly invested in cryptocurrencies. The survey contacted 166 family offices in the Americas, Europe, the Middle East, Africa, and Asia-Pacific to determine how their investment
Bitcoin attempted to surpass $27,000 recently, but it failed due to low weekend trading volumes, and has remained relatively stagnant. The altcoins have also not seen any significant price movements, with ETH currently holding onto $1,800 and BNB increasing to $310. The past few days have not been kind to the primary cryptocurrency, with it
According to a report by market intelligence firm Messari, the Tron blockchain experienced an increase in usage during the first quarter of 2023. The network activity remained mostly unaffected by several lawsuits announced by the US Securities and Exchange Commission (SEC) against Tron ecosystem tokens. The Tron blockchain’s native token, TRX, witnessed a nearly 20%
Bitcoin has recovered from a recent slump, during which it fell below $26,000 to reach a two-month low. However, the asset has since bounced back and reclaimed $27,000. Although bitcoin had reached a multi-day high of $28,400 after the release of US CPI numbers for April, this pump was short-lived and followed by a severe
The BRC-20 token standard has recently become the talk of the town in the crypto industry. It has gained significant attention due to the memecoin craze. This token standard is still subject to some constraints regarding the broader crypto landscape. Bitfinex, a leading crypto exchange, has recently released a report emphasizing the potential of this
The People’s Court of Ho Chi Minh City is currently trying 16 Vietnamese individuals who are suspected of being behind a $1.5 million cryptocurrency robbery and kidnapping. Among these suspects are two ex-police officers. The incident began in 2018 when Le Duc Nguyen advised Ho Ngoc Tai to sell around 1,000 BTC to purchase other
This week has seen Ethereum, Ripple, Cardano, Pepe, and Dogecoin take center stage in the cryptocurrency market. Ethereum has fallen by 7.4% since the market turned red, and the $1,800 level has become a resistance level, signaling a significant change in the structure. The momentum has turned bearish, and the coming week may see a
Ripple’s current price is in a precarious position as it approaches a crucial support region consisting of the 200-day moving average and the $0.41 price zone. If the price falls below this critical level, it could potentially trigger a significant downturn toward the descending trendline. Looking at the daily chart, it is evident that after
The Securities and Exchange Commission (SEC) recently revealed that Coinbase CEO, Brian Armstrong, was granted security benefits of $6.3 million in 2022, more than triple the amount in the previous year. The disclosure has coincided with a regulatory tussle for Coinbase in the United States. Compensation and Benefits Armstrong’s total compensation for the year was
MetaMask, the web3 wallet, recently announced on May 11th that it has introduced PayPal as a payment option for Ethereum purchases. Nonetheless, this new payment channel is currently only available to U.S. users. MetaMask noted that it is the first web3 wallet that allows its users to buy ETH using PayPal, a leader in the
The past 24 hours have seen Bitcoin drop to a new two-month low before recovering by over $1000. This is in contrast to altcoins, which have seen gains in the same period. LDO is the top performer with a double-digit price surge. Inflation Rates Slow Down The US CPI numbers for April revealed that inflation
PacWest Bancorp, a California-based lender, experienced a 20% drop in its stock prices after reporting a significant loss of its deposits. The company stated in its quarterly report that its deposits decreased by 9.5% last week, mainly on May 4 and 5, due to heightened market and customer fears following the closure of First Republic
The Super Six tournament is a popular event on 1xBit, and it is gaining momentum as the second round winners have already claimed their prizes. However, there are still more prizes to be won from the 6 BTC prize pool, and the next prize draw is starting soon. To participate, you need to create an
Bybit, a popular crypto exchange, has officially announced its sponsorship of the Safehouse Racegraph Lamborghini team for Super Trofeo in Asia. This is another exciting move for Bybit as it continues to expand its presence in the world of finance. By sponsoring the Safehouse Racegraph team, Bybit will support the team’s quest for victory at
According to CryptoQuant, a crypto market analytics firm, Bitcoin is out of the depths of the bear market and the bull market appears to have returned. Despite corrections always being on the table, the Head of BD & Strategy, Benjamin Brannan, has received word from institutional clients who intend to invest in Bitcoin and crypto
Brian Armstrong, the CEO and co-founder of Coinbase, has accused the US Securities and Exchange Commission (SEC) of going on a lone crusade for regulatory clarity in the country. According to Armstrong, the stance of the SEC differs from that of Congress and other federal regulators, and he believes that SEC Chair Gary Gensler is
As the financial sector releases its quarterly earnings reports, updates on the state of crypto adoption across the industry are emerging. Despite the lingering effects of the crypto winter, firms that have adopted crypto are reaping benefits. For instance, MicroStrategy, which has integrated crypto in its operations, has seen positive results. Block’s Quarterly Results Block,
TrueUSD (TUSD), a prominent stablecoin provider, has revealed plans to expand its management services internationally, reflecting a growing trend in the industry. Since its inception in 2018, TUSD has been at the forefront of stablecoin innovation, prioritizing regulatory compliance, and client due diligence. With a diverse network of financial institutions and fiduciaries, TUSD has been
Over the weekend, Bitcoin’s price continued to plummet, dipping below $28,000 for the first time in a week. This decline in value follows a volatile week with a price surge on Friday night to almost $30,000. However, the bears came out and prevented further increases, causing Bitcoin to rapidly lose value. On Saturday, the asset
Coinbase Global, the popular cryptocurrency exchange, has reported losses for the fifth quarter in a row. Despite a recovery in crypto markets during the first quarter, customers and investors appear to have lost faith in the company. However, the company’s losses of $79 million were much lower than the $430 million it lost in the
Over the past week, the cryptocurrency market has remained relatively stable, with the total capitalization remaining unchanged. However, there was some slight volatility in between, which did not sustain. Bitcoin is currently trading at $29,000, which is the same as its value a week ago. The cryptocurrency fell to $27,500 in the middle of the
Kenya is set to impose a 3% tax on the transfer or exchange of cryptocurrencies to boost the country’s domestic revenues and narrow its fiscal deficit. The proposed tax is part of a newly-designed bill aimed at stabilizing the financial condition of the African nation. The bill also proposes a 15% levy affecting creators of
Coinbase, the US crypto giant, has been in a legal battle with the Securities and Exchange Commission (SEC) over the issue of regulation. The company asked the SEC in July 2022 whether it would allow the industry to be regulated using existing frameworks. However, the SEC refrained from offering specific public responses. The Latest Development
A French citizen, Thomas Clausi, has been sentenced to 18 months in prison for orchestrating a cryptocurrency scam in Morocco. The 21-year-old must also pay a $3.7 million fine to customs authorities and compensate his victims. Clausi’s trial began a few years ago when he purchased a Ferrari for $440,000 worth of Bitcoin from a
Pepe Coin (PEPE) has shown remarkable growth in the crypto sector, with its price surging by over 900% in the past seven days. The coin has continued to perform well with another 60% increase in the last 24 hours, and its market capitalization has skyrocketed to over $1 billion. This surge is isolated, as other
Alex Mashinsky, founder of Celsius Network, has filed a motion to dismiss the civil lawsuit against him by New York State Attorney General Letitia James. The complaint accuses Mashinsky of defrauding investors by concealing the deteriorating financial state of the lending platform, leading to the company’s bankruptcy. James’ lawsuit seeks to prevent Mashinsky from operating