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The price of Bitcoin has been highly volatile in recent days due to the uncertainty surrounding Tether, the world's largest stablecoin. Tether has been facing legal issues, which have led to fear, uncertainty, and doubt in the cryptocurrency market, causing BTC to drop to the $22,000 level.
Indeed, stablecoins are the equivalent of fiat currencies in crypto, and given that fiat currencies are basically transactional currencies (i.e., means of payment), it should come as no surprise that in crypto it is mainly stablecoins that are used for this purpose.
A lot has changed since I hosted Tether CTO Paolo Ardoino on the Invezz podcast last October. Just a couple of weeks after we spoke, FTX collapsed in a development that few saw coming. Within a couple few days, $3.5 billion of Tether was redeemed as part of a wider collapse in the crypto markets.
The Seychelles-based crypto exchange OKX recently started investigations into the platform following the users' allegations of market manipulation of the Celestial (CELT) token. In reality, Celestial's developers announced the development of a new blockchain game on February 26.
OKX has decided to compensate all the impacted users by air-dropping more than 3 million USDT by putting its own 1 million USDT in addition to the seized amount.
OKX will reimburse victims $3 million after an alleged GameFi market manipulation scheme that saw five accounts accrue
With the Fed possibly set to raise rates even more and regulatory calls rising, investors need to be super-careful with cryptos this week.
The exchange has related frozen assets and will allocate over 3 million USDT for an airdrop to eligible users who suffered losses.
After undergoing significant pressure, the USDT has maintained its peg at $1. The trading volume spiked finely during the early trading hours. Stablecoins like USDT, and USDC have appeared to be under significant bullish influence as the majority of the cryptos consolidate.
Global Ledger said the fraudsters used Tron staking to launder the stolen funds at an unprecedented scale
In the midst of economic turmoil and international sanctions, Venezuela is turning to cryptocurrencies to conduct business. Local reports have indicated that USDT, the dollar-pegged stablecoin issued by Tether, is gaining popularity as a means of sidestepping sanctions and settling payments with foreign customers and providers.
Quick Take The outflows for BUSD continue, which sees a balance on exchanges of less than 10 billion.
Some companies in Venezuela are using the stablecoin tether as a way of sidestepping sanctions and settling payments with foreign customers and providers. Local reports indicate that, while the most popular use case for the stablecoin involves its purchase for devaluation shielding purposes, a handful of companies are also harnessing it in this way.
The Cryptocurrency market just concluded an overall bearish week marking the second retracement so far this year.
According to a report by digital asset data analytics firm Inca Digital, two major crypto exchanges, Huobi and KuCoin, continue to allow customers of sanctioned Russian banks to transact on their platforms.
Popular crypto exchanges KuCoin and Huobi have come under fire for failing to comply with the sanctions imposed on Russia in light of its conflict with Ukraine. The Seychelles-based firms have a considerable presence in the crypto space and are counted among the world's largest crypto exchanges.
CryptoCompare's new report highlights the performance of stablecoins in February, in particular the stablecoin BUSD, which suffered an 18% decline in market cap, and Tether (USDT), which benefited from BUSD's decline by increasing market capitalization by 3.85%
Definition The relative amount (share) of gas consumed by the Ethereum network by category.
Today, Reuters published an article by Medha Singh and Lisa Pauline Mattackal in which they bluntly state that the winner in the stablecoin market so far is Tether.
Governments worldwide are exploring the possibilities of digital currencies, which are well known as CBDCs, and this has created a massive market for innovative blockchain solutions like TMS Network (TMSN). Also, the move has made the market rally up for established tokens like Bitcoin (BTC) and Tether (USDT).
Although cryptos managed to jump higher in market value, the sector faces clashing fundamentals that incentivize caution.
The stablecoin market has emerged as a big target for US regulators. Following the news that BUSD, Binances's dollar-based stablecoin managed by Paxos, was being targeted by regulators, industry observers began to wonder which shoe would drop next.
The world of stablecoins is suddenly looking shaky.
With U.S. regulators effectively canceling Binance-branded BUSD stablecoin, the world's largest cryptocurrency exchange is now looking beyond dollar-based stablecoins - and it has received notable interest from potential partners.
