Day: June 18, 2024

Tether Unveils aUSDT: A New Gold-Backed Digital Currency For Payments

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Tether, the issuer of the largest stablecoin in the cryptocurrency market, USDT, announced Monday the creation of a new synthetic dollar backed by gold. The token, aUSDT, was developed on the company’s Alloy by Tether platform.  By leveraging smart contracts on the Ethereum Mainnet blockchain, users can mint aUSDT by over-collateralizing it with another Tether token representing the value of gold. Tether Launches Alloy According to the announcement, Alloy by Tether, developed by Moon Gold NA S.A. de C.V. and Moon Gold El Salvador S.A., both members of the Tether…

Toncoin (TON) Hits New ATH, Is $10 The Next Stop?

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Toncoin (TON), the native token of The Open Network, has had one of the best performances this cycle. The token has hit a new all-time high (ATH) twice this Friday and flipped Ethereum’s active users this week. Market watchers believe this breakout and recent performance could set the stage for a rally toward the $10 mark. Related Reading Toncoin Sets New $8 All-Time High Crypto analyst Ali Martinez recently said Toncoin was on the verge of a major breakout. The analyst highlighted the ascending triangle pattern on TON’s chart and…

Financial Stability Board Emphasizes Need for Global Crypto Regulation to Prevent Arbitrage

The Financial Stability Board (FSB) Plenary met in Toronto on June 14 to discuss various financial stability issues. Key topics included the financial stability outlook, lessons from the March 2023 banking turmoil, and enhancing the resilience of non-bank financial intermediation (NBFI). The FSB also reviewed progress on implementing its global regulatory framework for crypto asset […] Source CryptoX Portal

Is The CRV Painful Dip Over? This Event In August Could Spark A Rally

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CRV, the native token of the stablecoin decentralized exchange Curve Finance, has been dumping in over the last year or so. After last week’s plunge, the token fell by as much as 75% from March 2024 highs, a huge concern for token holders. CRV Recovers, Adds 45% After Plunging However, according to one analyst who took to X, the bottom could be in, arguing that favorable fundamental events in roughly two months could propel the token to as high as $2. CRV is changing hands at around $0.32, up 42%…

Fidelity’s Director of Global Macro Sees Bitcoin as ‘Exponential Gold’ on Store of Value Team

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Fidelity Investments’ Director of Global Macro sees bitcoin as “exponential gold” and “an aspiring player on the store of value team.” According to his analysis, bitcoin’s price is “driven primarily by the growth in its network, which is in turn driven by bitcoin’s unique scarcity feature, as well as the monetary and fiscal policy cycle, […] Original

Digital Asset Funds Witness Major Shake-up Amid Fed’s Hawkish Stance: Coinshares

Digital asset investment products have seen substantial outflows totaling $600 million, marking the most significant withdrawal since March 22, 2024. According to Coinshares and lead researcher James Butterfill, this exodus is attributed to a hawkish Federal Open Market Committee (FOMC) stance, leading investors to reduce their exposure to fixed-supply assets like bitcoin. Coinshares Flow Report […] Source CryptoX Portal

Crypto Funds Fueling Swedish Neo-Nazis, Blockchain Probe Reveals

The veil of anonymity often touted as a benefit of cryptocurrency has backfired spectacularly for extremist groups. A new report by blockchain forensics firm Chainalysis reveals that the Nordic Resistance Movement (NRM), a white supremacist organization designated as a terrorist group by the US Treasury, has been using crypto donations to fund its activities for nearly a decade. Traces Of Dirty Money On The Blockchain Based on the study by Chainalysis, the NRM, established in Sweden in 1997, actively solicited cryptocurrency donations since at least 2015. This tactic likely arose…

ZkSync (ZK) Drops 20% Amid Binance Listing

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ZkSync, the Ethereum Zero-Knowledge Layer-2 scaling solution, has been in the spotlight for its new token. Last week, the project’s announcement of its ZK token airdrop was met with backlash from investors and the crypto community. Related Reading Following the backlash, crypto exchange Binance announced it would list ZK and offered a new distribution program to address users’ concerns. Since its launch, ZK has dropped over 20%. ZkSync’s Airdrop Drama On June 11, ZK Nation announced the upcoming launch and airdrop of zkSync’s token. Over 3.6 billion ZK tokens could…