Day: January 31, 2024

Tether reports Q4 2023 profits of $2.8b

Tether reported an all-time-high increase in USDT’s excess reserves and recorded net profits in the last quarter of 2023.  According to a Q4 attestation, stablecoin operator Tether (USDT) made $2.8 billion in net profits from price appreciations tied to its Bitcoin (BTC) and gold reserves. U.S. Treasury bills secured the digital payments firm $1 billion in net operation profits, lifting excess reserves to $5.4 billion.  This marked a $2.2 billion increase from the previous quarter. Some of this profit was put to work funding BTC mining, AI development, P2P communications,…

Bitcoin To Hit $250,000 By 2025

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Renowned billionaire investor Tim Draper has again captured the crypto community’s attention with his bullish stance on Bitcoin. Despite missing his previous forecast 2018, where he predicted Bitcoin would hit $250,000 by 2022, Draper remains steadfast in his belief in Bitcoin’s potential. Bitcoin To Hit $250,000 By 2025 In a recent Bloomberg interview, Draper first humorously acknowledged his missed prediction, joking: “Well, I don’t know why anybody is still listening to me if I missed that one.” Yet, this missed forecast hasn’t dampened his optimism; Draper is doubling on his prediction,…

30 Reasons to Love Ethereum’s Vitalik Buterin

30 – Vitalik is the leader crypto has always needed: In the absence that Bitcoin founder Satoshi Nakamoto left, someone has had to keep the ethos of decentralization, censorship-resistance and credible neutrality alive. Buterin has faced the touch job of remaining in the limelight while building a technology that runs affront to many of the most powerful institutions today. As he writes in his recent manifesto, he’s doing it because he thinks it’s right, that the aims of open source and open access technologies will ultimately benefit the world: “I…

Analyst Sees Spot Ethereum ETFs Fueling Bull Run

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A crypto analyst, Eric, believes Ethereum (ETH) could spike to $20,000 in the upcoming bull run. The analyst said the potential launch of spot Ethereum exchange-traded funds (ETFs) in the United States will propel this upswing. Ethereum To $20,000 Possible In a post on X, Eric cited Ethereum’s historical tendency to mirror Bitcoin (BTC), albeit with a one-cycle lag. In the previous bull market, the analyst noted that Bitcoin surged 22-fold from $3,100 to $69,000. Therefore, if Ethereum follows a similar trajectory, reaching $20,000 would be a realistic possibility. Ethereum price…

Global crypto market stabilizes as Solana meme coins bleed

The crypto market witnessed a day of mixed fortunes as the global market cap climbed back to $1.7 trillion, signaling a stabilization after a 3% drop yesterday.  Notably, Bitcoin surged to $43,600, marking its highest point since last week, despite a mere 6% increase in trading volume over the past 24 hours. In contrast, Solana (SOL) experienced a notable decline, shedding nearly 5% of its value today.  The market also saw significant volatility in XRP, which plummeted to $0.49, its lowest in a month. This drop was primarily attributed to…

Crypto Exchange Coinbase Puts Solana-Based Altcoin on Listing Roadmap

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Top US crypto exchange Coinbase is listing another Solana-based (SOL) altcoin as the Ethereum (ETH) rival’s ecosystem heats up. In a new announcement, Coinbase says it is adding Render (RNDR) to its “listing roadmap,” which alerts customers that the exchange could soon add support for certain assets. Render is an image-synthesizing ecosystem consisting of distributed Graphics Processing Unit (GPU) computers. Says Render, “The network allows for a model that improves render speed for artists while reducing costs and increasing scale. It improves capital efficiency by utilizing idle GPU compute capability,…

Crypto Analyst Predicts Shiba Inu Price To Surge Above $0.00001

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After months of experiencing slow growth, the Shiba Inu native token SHIB has begun riding the bull market wave and surging with new gains. As a result, a crypto analyst has predicted new highs for the doggy-themed cryptocurrency, estimating the price of SHIB to reach $0.00001. Analyst Foresees Bullish Trajectory For Shiba Inu Crypto analyst and investor SHIB Knight took to X (formerly Twitter) on Monday to discuss SHIB’s recent price movements. Lately, the doggy-themed token has been witnessing significant price increases, pushing it closer to the coveted $0.00001 price…

FTX aims for full customer repayment; halts revival efforts

Bankrupt cryptocurrency exchange FTX is liquidating assets to repay customers, abandoning plans for a restart due to financial and legal difficulties. This decision was announced by FTX’s attorney, Andy Dietderich, during a bankruptcy court hearing in Delaware. FTX filed for bankruptcy in November 2022 and has been embroiled in several controversies and legal challenges. Its founder, Sam Bankman-Fried, has faced fraud charges linked to his company management. According to Dietderich, efforts to find investors or buyers for FTX were unsuccessful, highlighting the company’s lack of sustainable technology and administration. Dietderich…

Ether takes center stage as bitcoin heads into one of its strongest months

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Ether is ready to take the limelight in the month ahead after bitcoin and newly-launched bitcoin ETFs dominated crypto investor attention in January. Both bitcoin and ether are on pace to finish the month higher by nearly 2%, according to Coin Metrics. January saw sharp price swings driven first by hype before the launch of the first spot bitcoin ETFs in the U.S., and subsequent flows into and out of the funds after they began trading Jan. 11. By now, the outflows have tapered off and bitcoin’s outlook for the…