Amid the memecoin frenzy on the Tron network, Justin Sun is facing backlash for the controversial removal of over $700 million in Bitcoin (BTC) as USDD’s collateral without the Tron DAO Reserve’s vote. Sun has now addressed the situation after the move raised concerns about the stablecoin’s decentralization. Related Reading: Tether Announces Upcoming UAE Dirham-Pegged […]
As Hong Kong looks into creating HKD and USD stablecoins, a local industry executive has addressed possible implications for stablecoins like UDST and USDC.
Bitcoin has observed a pullback down to the $58,000 level during the past day. Here’s what could be the cause behind it, according to on-chain data. Exchanges Have Seen A Large Amount Of Tether Withdrawals Recently According to data from the market intelligence platform IntoTheBlock, centralized exchanges have recently seen a Tether (USDT) outflow spree exceeding $1 billion. Related Reading: This Is The On-Chain Level That Made The Bitcoin Crash Bottom Investors usually keep their coins in exchanges when they want to trade them in the near future, so them making the move to withdraw their tokens potentially implies that they are interested in holding into the long-term. For volatile assets like Bitcoin, exchange outflows can naturally be a bullish sign for this reason. In the context of the current topic, though, the asset being withdrawn is a stablecoin, so the implication for the market is a bit different. Generally, investors store their capital in the form of fiat-tied tokens like Tether when they want to escape the volatility associated with coins like BTC. Such holders do eventually plan to venture back into the other side of the market and they may use exchanges for doing so. When holders buy into assets like Bitcoin using their stablecoin, they naturally end up boosting their prices. As such, exchange inflows of stables can be a bullish sign for the sector. Withdrawals of USDT and others into self-custody instead, however, can be a bearish sign for the market, as it shows the investors don’t believe they would be making a swap into the volatile side in the near future. The latest Tether withdrawals may, therefore, be why the Bitcoin price has tumbled. This USDT exiting exchanges could even have represented fresh BTC sells, as many investors like to move into self-custody as soon as they have swapped between assets. As IntoTheBlock has pointed out in the chart, the last two large USDT exchange outflows also had a bearish effect on BTC. In some other news, the cryptocurrency derivatives market as a whole has seen a large amount of liquidations as a result of the volatility that Bitcoin and other coins have displayed during the past day. Below is a table from CoinGlass that sums up the liquidations that have occurred in the latest volatile market phase. As is visible above, around $146 million in cryptocurrency liquidations have occurred over the past day, with $120 million coming from the long contracts alone, representing more than 80% of the total. Related Reading: Bitcoin ETFs Are “Important, But Not The Drivers,” On-Chain Analyst Argues Interestingly, Ethereum (ETH) is the symbol that has contributed the most towards this derivatives flush and not Bitcoin like is usually the case. That said, ETH has only $6 million more liquidations than BTC. BTC Price At the time of writing, Bitcoin is trading around $58,800, down 4% over the last 24 hours. Featured image from Dall-E, IntoTheBlock.com, chart from TradingView.com
More than $2.5 billion has been issued by Tether and Circle over the past week, and 10x Research believes continued momentum could spark a Bitcoin rally.
Bitcoin buyers might be upbeat after the uptick on August 8. While traders are waiting for a conclusive close above $63,000, confirming bulls of the second half of last week, on-chain data points to risk and traders staying on the sidelines. Traders Cautious: Will The Bitcoin Consolidation Continue? Taking to X, one on-chain analyst said. However, traders are bullish and expecting immediate price expansion; key metrics show that most are more cautious, meaning the uptrend might be delayed. Related Reading: Optimism Suffers 21% Loss – Will On-Chain Activity Regain Investor Trust? One key indicator, the Bitcoin Estimated Leverage Ratio (ELR), a dynamic ratio between the Bitcoin open interest in futures exchanges and the Bitcoin exchange reserves across leading platforms like Binance and Exchange, has been decreasing, recently falling by 1.5%. Usually, whenever the Bitcoin ELR falls, traders are more confident, meaning traders are more risk-on and unwilling to gain more exposure via leveraged positions. While open interest and ELR are falling, the analyst notes that funding rates across leveraged futures platforms remain neutral. This shows that the broader market is balanced. Most importantly, active traders are cautious, adopting a wait-and-see approach, and are mainly hesitant. This state of affairs, the analyst said, could persist until the end of the month as traders wait for clear signals before diving in. Miner Reserve Falling, USDT And USDC Inflow Spikes: Will BTC Rise? The continuous drop in the Bitcoin Miner Reserve is added to this current state of affairs. The decrease comes when miners have been actively selling after the Halving event on April 20. Related Reading: Toncoin Rally Thwarted As TON Slips To $6, Can Bulls Prevent A Bearish Breakdown? As revenue fell due to the halving of miner rewards, weak miners sold to stay afloat. Bitcoin prices tanked by nearly 20% throughout June amid a wave of miner liquidation. It remains to be seen whether prices will bounce higher. However, as long as miners hold fewer coins, supply constraints exist. This development may increase prices if institutions demand more coins via spot Bitcoin ETFs. As prices flatline, there is hope. Over the past few weeks, there have been massive inflows of stablecoins across leading exchanges, averaging $53 billion per day. Demand could be reinvigorated as more USDT and USDC flow into Binance and other competitors. Subsequently, this may spark another wave of higher highs above crucial resistance levels in the coming days and weeks. Feature image from DALLE, chart from TradingView
A Nigerian pro-Bitcoin politician and activist revealed he filed a lawsuit against several Nigerian authorities for the restrictions on ownership, use, and trade of BTC, USDT, and other cryptocurrencies in the country. The lawsuit comes after the Nigerian government’s stringent measures to try to control the crypto industry. Related Reading: Crypto Exchange WazirX To Restore […]
DWF Labs, a prominent crypto trading and market-making firm, is preparing to enter the booming stablecoin sector. In an Aug. 1 statement on social media platform X, Andrei Grachev, the firm’s managing partner, stated: “Following our plans to be a global web3 financial institution, I am happy to announce that DWF Labs is working on […]
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Steady growth in the market cap of many stablecoins highlights investors’ interest in all aspects of the crypto market.
Rho Markets has already paused its platform in response to the security breach.
Shiba Inu, a dog-themed memecoin is in the spotlight as trillions of SHIB were reportedly stolen in a recent cybersecurity breach with the leading India-based cryptocurrency exchange, WaxirX. Reacting to the incident, Shiba Inu team member and marketing head, Lucie, in a heartfelt message has expressed her condolences to the SHIB holders affected by the […]
Tether has frozen $28 million worth of USDT tokens connected to the Huione Group business in Cambodia. This is a big deal in the world of cryptocurrencies. This move comes after claims of theft and money laundering, showing how hard it is to regulate digital currencies. Related Reading: No Bail For Tornado Cash Dev Alexey […]
Since launching in September 2023, Opera Mini’s MiniPay app has amassed 3 million users.
Cobo expands its digital asset custody solutions by integrating the TON blockchain, enhancing security and flexibility for institutional clients.
Explore the implications of the newly effective MiCA stablecoin regulation in the EU, focusing on licensing and oversight challenges.
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Tether’s USDT supply is growing at its fastest rate on the Telegram-linked The Open Network (TON) blockchain. According to Tether’s transparency page, the stablecoin issuer has issued $580 million worth of USDT tokens on the blockchain, and its net circulation sits at $519 million as of press time. This milestone comes less than two months […]
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Alloy by Tether introduces a new class of digital assets called tethered assets, designed to track the price of various assets using robust stabilization mechanisms.
Circle CEO Jeremy Allaire revealed four of the biggest reasons he’s “more optimistic” about crypto and stablecoins than ever before.
Patrick Hansen, a senior policy executive at Circle, the issuer of USD and Euro stablecoins, is positive that Euro-based stablecoins will continue rising in the coming days. Taking to X, Hansen noted that the number of transactions conducted using Euro stablecoins is 1.1%. Will Euro Stablecoin Usage Pick Up Steam From July? This figure, the […]
On-chain data shows that Bitcoin and Ethereum exchange supplies have gone opposite ways recently, a sign that a rotation may be on. Bitcoin’s Exchange Supply Has Gone Down While Ethereum’s Has Risen According to data from the on-chain analytics firm Santiment, the Supply on Exchanges metric has dropped to the lowest level since December 2021 […]
Telegram Stars can be swapped for Toncoin, an $18 billion cryptocurrency, on Telegram’s Fragment platform.
Tether announced a strategic $18M investment in XREX, aiming to enhance cross-border payments and promote financial inclusion.
The post Tether announces $18M investment in XREX Group to boost crypto adoption and financial inclusion appeared first on Crypto Briefing.
The authorities destroyed two underground operations in Fujian and Hunan, and the police also froze 149 million yuan worth $20 million linked to the USDT banking operations.
To combat illicit financial activities, Tether, the entity behind the world’s largest stablecoin by market capitalization, has frozen approximately 5.2 million USDT. The crypto tracking and compliance platform MistTrack detailed this action, which targeted 12 Ethereum addresses identified as part of phishing operations. Related Reading: Stablecoin Exchange Inflows See Severe Drop: Why This Is Bad […]
Paolo Ardoino, CEO of Tether, has responded to Ripple CEO Brad Garlinghouse‘s claims that the US government was targeting the company, the issuer of the largest stablecoin USDt. During the weekend, reports emerged that Garlinghouse had suggested that a US government’s scrutiny of Tether could significantly affect the crypto industry. Garlinghouse said: “The US Government […]
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Brad Garlinghouse said he views Tether as an important part of the ecosystem and that its fate will be an "interesting one to watch."
Stablecoins like Tether do not offer interest yields right now, but with tokenized fiat, that could be possible one day, co-founder William Quigley said.
In a post on X, one analyst now claims traditional fiat-backed stablecoins like USDT and USDC should prepare for a “major” attack due to the increasing popularity of Ethena’s USDe. The warning follows Ethena and USDe’s integration with Bybit, a crypto exchange allowing perpetual trading. Ethena Partners With ByBit USDe is not fiat-backed like other popular stablecoins. […]
Recent reports informed of an alleged circular released by the Central Bank of Nigeria (CBN). The document warned financial institutions that engaging with cryptocurrencies and facilitating operations for crypto exchanges was prohibited. The news raised alarms as, four months ago, Nigeria lifted the ban that prevented banks and other financial institutions from operating accounts for […]
In yesterday’s court filing opposing the US Securities and Exchange Commission’s (SEC) motion for remedies and final judgment, Ripple disclosed significant changes to its On-Demand Liquidity (ODL) operations in the United States. The filing clarified that its US-based ODL services have shifted from using XRP to Tether (USDT) as a bridge currency. Why Ripple Chose […]
Tether and Telegram’s Web3 ecosystem are coming closer together with USDT and XAUT launch on the TON blockchain.