Bitcoin analysis warned that the $69,000 mark may end up as long-term resistance again, thanks to its significance in BTC price history.
Interactive Brokers Brings Nano Bitcoin and Ether Futures to Global Clients
Interactive Brokers is widening its crypto derivatives playbook, adding nano-sized bitcoin and ether futures via Coinbase Derivatives as the brokerage continues its long, deliberate march from electronic trading pioneer to multi-asset heavyweight with regulated crypto firmly in view. A New Futures Layer—Smaller, Steadier, and Regulated On Tuesday, Interactive Brokers announced the launch of nano bitcoin […]
Bithumb’s Bitcoin Blunder Puts Burden on Users as Legal Case Favors Civil Recovery
Legal experts say civil claims offer Bithumb the clearest route to recovering Bitcoin mistakenly distributed in a $43 billion error.
Robinhood Launches Ethereum Layer-2 Testnet on Arbitrum for Tokenized Assets
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Crypto super PAC to spend $5M on Barry Moore’s Senate bid: Report
Crypto political action committee Fairshake spent roughly $130 million during the 2024 US elections to support pro-crypto candidates.
Today’s newly opened whale positions are short-heavy; I hope another dump isn’t coming.
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DeFi Technologies Launches Index to Track Institutional Crypto Flows
DeFi Technologies has launched an index that tracks real investor flows across Valour’s ecosystem and offers forward-looking insights into institutional sentiment. Real-Time Insights into Institutional Sentiment Nasdaq-listed DeFi Technologies Inc. has introduced a new index designed to capture how regulated capital is deployed across the digital asset market. The launch was executed through its subsidiaries […]
Will Tether Control US Finance, or Did the White House “Absorb” USDT?
Remember how the Tether story started? In 2014, a coin called Realcoin appeared, which was later rebranded to USDT. The rebrand helped the project stand out from the mass of cryptocurrencies, emphasizing its specialization of moving dollars on the blockchain. It’s hard to imagine now, but the company didn’t really bother proving that the issued USDT was backed by real dollars. Audits were sporadic and nobody cared; the stablecoin’s market cap grew almost linearly and the token reached 3rd place in the crypto rankings.
Major banks wouldn’t work with Tether, so billions of dollars were distributed through offshore entities. This led to the disappearance of a third of its reserve fund due to third parties in 2018. The company kept quiet about the financial hole, and when it was revealed in a US court, a crypto winter hit. And right around that time, when US justice forced Tether to undergo constant audits, the tangled story began.
Howard Lutnick, now the US Secretary of Commerce but then the head of Cantor Fitzgerald, suggested Tether change its business model. Instead of 100% backing the issuance of USDT with dollars, the fund began buying corporate bonds and even issuing loans. The fund’s securities were held by the Cantor Fitzgerald bank. At one point, the company bought up 40% of US corporate debt, attracting close attention from the Federal Reserve.
And then Tether, registered in Hong Kong by the way, started actively dumping junk bonds, buying Treasury Bills instead. Its buying spree of US government debt accidentally coincided with China’s massive sell-off of Treasuries. And now Tether is in the top 10 holders of these bonds.
Right now, Tether is busy launching USAT, a token that will comply with new US laws, and its market cap could quickly surpass USDT. All because the advisor to crypto bank Anchorage Digital was Kevin Warsh, nominated by Donald Trump for the Fed Chairman position.
So here’s the one thing I find really interesting in this whole story: Did Tether gain the US Secretary of Commerce and a future Fed Chairman as allies, or did the American financial bloc take control of the “global crypto-dollar”?
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Analysts debate whether Ether has capitulated or has further to fall
Analysts say Ether’s MVRV Z-Score has entered capitulation territory at -0.42 after falling 30% in a fortnight, though it is still far from its worst score.
Google Trends Data Shows Crypto Interest Slumps as Market Pulls Back
Global search interest for crypto has dropped close to one-year lows as prices and trading activity retreat, highlighting weakened retail engagement amid a broader market downturn. Falling Search Trends Reflect Cooling Crypto Sentiment Investor interest in crypto appears to be fading, at least online. Google Trends data shows worldwide search volume for the term “ […]