USDT’s market capitalization has grown some $5.3 billion this year so far to $71.6 billion, with $3 billion of the gains after mid-February. Circle’s rival stablecoin, USD coin (USDC), has also gained $3 billion since the Paxos announcement; however, its $44 billion market cap is still lower than at the start of 2023. Source
The years-long push for an exchange traded fund that tracks bitcoin will finally get its day in court this week. Several different firms tried to bring a spot bitcoin ETF to market in the U.S. without success, but Grayscale Investments is taking it a step further for the future of its Grayscale Bitcoin Trust (GBTC) . After Grayscale’s proposal to convert the trust to an ETF was rejected last June, the firm sued the U.S. Securities and Exchange Commission in the D.C. Circuit Court of Appeals. Oral arguments are set to…
Federal Reserve chairman Jerome H. Powell is scheduled to participate in the open session, which is set to take place on March 7. As the market awaits the FED’s announcement on their plan for interest rate hikes for the remainder of the year, Powell’s remarks regarding the crypto market could also be a significant factor. Following his statements in September 2022 about the importance of improving the regulation of cryptocurrencies, the Fed Chair’s recent comments on the matter could hold considerable weight. The upcoming hearing is of great significance, especially…
The price of Ethereum’s native token, Ether (ETH), has recovered 78% since June 2022. But this doesn’t guarantee further upside, particularly with declining trading volumes suggesting that the risk of a major correction is high. Ether volume profile drops 90% since March 2020 A “volume profile” indicator displays trading activity across prices, with the blue indicating buying volume and the yellow indicating sell volume. Illustration of a volume profile bar. Source: TradingView In March 2020, when the market bottomed, Ether’s volume profile on a weekly chart showed about 160 million…
“We won’t be able to know which players are trustworthy and which aren’t until a credible third party, like a consolidated home country supervisor, can meaningfully oversee them,” Hsu said in remarks prepared for delivery at an Institute of International Bankers event in Washington, D.C. “Currently, no crypto platforms are subject to consolidated supervision. Not one.” Source
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Europe could lead the world in developing the Internet of Things (IoT) by harnessing the potential of stablecoins, the Digital Euro Association argues in a new report. Machine-to-machine (M2M) payment is a field poised for growth, and stablecoins, in particular, offer advantages for it, the report says. There are growing use cases for M2M micropayments in industrial and home or office settings, such as handling charges for shipping containers and other fees along a logistics chain and pay-per-use fees for 3D printing, cloud storage and many other services. Currently, these uses…
“We will continue to use every tool we can to maximize recoveries for FTX customers and creditors,” said John J. Ray III, CEO and Chief Restructuring Officer of the FTX Debtors, in a statement. “Our goal is to unlock value that we believe is currently being suppressed by Grayscale’s self-dealing and improper redemption ban.” Source
During her White House press briefing Monday, Jean-Pierre said she couldn’t speak to Silvergate specifically, but noted that a number of crypto companies have “experience[d] significant issues” in recent weeks and pointed to statements from federal bank regulators warning of the risk cryptocurrencies could pose to banks and other financial institutions. Original Source BanksCryptoFriendlyHouseMonitoredSilvergateSituationspokespersonWhite CryptoX Portal
The Rollkit development team has announced that Bitcoin has been integrated as a means for sovereign rollups to store and retrieve data. The developers have stated that it is now possible to run the Ethereum Virtual Machine (EVM) on Bitcoin as a sovereign rollup. However, some Ethereum proponents have expressed dissatisfaction with the technology being referred to as a rollup, and have suggested that the team should avoid using the term. Rollkit’s Modular Framework for Rollups and Its Potential Impact on the Blockchain Industry On March 5, 2023, developers announced…