Tether News

Ethereum maintains upward trajectory with increased DApp metrics and NFT dominance, as Binance navigates significant regulatory fines and shifts in the crypto market.

Following its September 2023 rebranding, Justin Sun’s cryptocurrency exchange HTX faced two significant hacking incidents, with the latest attack resulting in a $97 million loss.

Dubai, October 25, 2023 – The 11th edition of the Blockchain Life Forum, widely recognized as the premier meeting point for global cryptocurrency leaders, concluded with a gathering of over 7000 attendees from 120 countries.

In a recent analysis titled “The Relentless Rise of Stablecoins,” Brevan Howard Digital delved deep into the world of stablecoins, revealing some astonishing figures.

The stablecoin economy has shown resilience despite a relatively lackluster performance over the past 30 days, with fluctuations slightly above or below the $124 billion mark. In the past 24 hours, the global trade volume for fiat and commodity-pegged tokens reached an impressive $11.55 billion.

In a recent development, FTX, a prominent cryptocurrency exchange, has been granted permission to liquidate its vast digital asset holdings, amounting to approximately $3.4 billion.

The cryptocurrency world has witnessed a notable reshuffling in the stablecoin sector, with Tether (USDT) experiencing a decline in its market capitalization for the first time in nine months.

In May, the FBI seized nearly $400,000 worth of cryptocurrency from Binance accounts linked to U.S. residents, according to an announcement filed this month.

Stablecoin provider Tether’s second-quarter financial audit revealed a significant increase in Bitcoin reserves, which increased by $170 million from the first quarter to a total value of $1.67 billion.

The cryptocurrency space is no stranger to controversy, with debate surrounding issues of regulation and institutional adoption. Amid the din, however, some voices are authoritative.

Driven by the potential benefits of the Bitcoin spot ETF, BTC quickly rose to around $30,000, and then experienced three weeks of shocks, failing to break through the previous high many times.

Since the LUNA thunderstorm and the Silicon Valley Bank thunderstorm triggered a series of black swan events such as the decoupling of the world’s second largest encrypted stablecoin USDC, the market’s distrust of the concept of stablecoins seems to have reached a threshold.

According to a June report published by ARK Invest, the supply of Bitcoin that has not been affected for at least a year has reached an all-time high.

Ethereum gas usage, especially in the context of stablecoins and non-fungible tokens (NFTs), has reached a major milestone, according to the latest data.

The second-largest stablecoin by market cap, USD Coin, was rescued by the government in March, proving that it can indeed compete with banks.

On April 19, the U.S. House of Representatives Financial Services Committee held a hearing on stablecoin regulation.

FTX, a major cryptocurrency exchange, has filed a Statement of Financial Statements (SOFA) report with the U.S. Bankruptcy Court in Delaware on March 17.

Blockchain analysis firm Glassnode recently revealed that Bitcoin has been fluctuating between several popular and widely observed technical analysis pricing models.

What exactly caused the USDC to unanchor, what were the collateral effects, what was the liquidity of the crypto market during the crisis, and how did the market recover?

The collapse of the Silicon Valley Bank (SVB) on March 10 has sent shockwaves throughout the financial sector, with the crypto community turning to Bitcoin as a potential alternative to traditional banking institutions.

New York Attorney General Letitia James has filed a lawsuit against Kucoin, a Seychelles-based crypto exchange, for failing to register as a securities and commodities broker-dealer and falsely representing itself as an exchange.

The Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, has reiterated his stance that stablecoins and Ether are commodities and should fall under the purview of the CFTC.

The rate at which the Ether supply is reduced has recently reached its highest level this year.

Despite a market plunge in cryptocurrency, the native token of decentralized finance protocol Yearn Finance, YFI, has managed to increase by 7% as investors are looking to take advantage of the upcoming liquid staking derivatives (LSD) rollout.

The cryptocurrency market has experienced tremendous growth over the past nine years, despite losing more than $1.5 trillion in 2022.

After Paxos, the blockchain company that minted the BUSD stablecoin, announced that it would no longer produce the dollar-pegged crypto asset, nearly $5 billion worth of BUSD stablecoins have been redeemed, reducing the overall supply of BUSD in circulation.

Amazingly, the supply of the BUSD stablecoin has decreased by 17.77% in just six days.

Ithaca, NY- Eswar Prasad, a professor of economics at Cornell University, has warned that a collapse in stablecoins could have a significant impact on the US bond market.