USDT issuer Tether disclosed net profits of $1.3 billion in the second quarter of the year, adding to the $4.5 billion generated in Q1 to set a new record. Tether’s (USDT) second quarterly attestation reported that the company hit $5.2 billion in net profits for the first half of 2024. According to the press release, which cites BDO-conducted assurance opinions, yield-bearing investments like U.S. Treasuries and reserves have comprised most of Tether’s profits so far. The digital payment giant has also redeployed its balance sheet into investment pools like Bitcoin (BTC)…
Category: CryptoX News
Riot buys 10.23m more Bitfarms shares in July, increasing stake to 15.9%
Riot Platforms has increased its acquisition efforts of Bitfarms by buying over 10 million more shares this month. According to a filing with the US Securities and Exchange Commission on July 31, Riot, a Bitcoin (BTC) mining company, now owns 71.56 million Bitfarms shares, valued at $159.1 million. This means Riot now holds a 15.9% stake in Bitfarms. According to the SEC filing, Riot purchased Bitfarms shares throughout the month of July, ranging from $2.48 to $2.84 per share. Riot has an earnings call after trading hours on July 31.…
Ethereum ETFs Snap Losing Streak, Grayscale’s Outflows Weigh In
On Tuesday, U.S. spot ether exchange-traded funds (ETFs) experienced a day of inflows, ending four days of outflows. The nine ETFs collectively absorbed $33.67 million, though the figure could have been higher if not for Grayscale’s Ethereum Trust (ETHE), which offloaded $120.28 million. Ether ETFs Bounce Back After 4-Day Outflows The ether-based ETFs in the […] Source BitcoincryptoexchangeExchanges CryptoX Portal
Japanese crypto exchange Bitbank eyes IPO on Tokyo Stock Exchange
Crypto exchange Bitbank is gearing up for an initial public offering on the Tokyo Stock Exchange, becoming the second Japanese crypto exchange to seek regulatory approval to go public. Bitbank Inc., a Japanese crypto trading platform, is seeking to go public as part of its strategy to expand its market presence and capitalize on the growing interest in digital assets in Japan. According to a regulatory filing published today, July 31, the trading firm wants to go public on the Tokyo Stock Exchange, although the timing and specifics of the…
Russian Diplomat: El Salvador Proposes Settling Trade With Crypto
El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia. The Central American nation has reportedly expressed interest in joining the BRICS bloc and may formally apply for membership within one or two years. Ukraine-Russia Conflict Echoes in Central America El Salvador has proposed settling trade with Russia using cryptocurrency, […] Source CryptoX Portal
Huawei Aims to Drive AI Adoption in Africa With Data Center Expansion
Chinese tech giant Huawei says it will leverage its experience to help African customers. The company aims to achieve this by providing storage products and services to manage data. Huawei will also offer cloud services to support African businesses. According to the company, data centers are the new digital hubs. However, they must be faster, […] Source CryptoX Portal
Ether ETFs Break Four-Day Outflow Streak, Bitcoin ETFs Record $18M Outflows
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Bank of England Pushes for Swift Digital Payment Solutions as Cash Usage Drops
The Bank of England (BOE) is urging UK banks to expedite their digital payment solutions as cash use declines. The BOE’s recent paper highlights the need for innovations that allow direct payments from bank accounts, bypassing credit and debit cards, to save time and costs for consumers and retailers. The British central bank is developing […] Source CryptoX Portal
Gold Demand Hits Q2 Record High, Driven by Central Bank Purchases, World Gold Council Reports
The World Gold Council’s Q2 2024 report highlights a year-on-year increase in gold demand, marking the highest second-quarter demand since 2000. This surge is fueled by central bank purchases and OTC investments, with central bank gold buying up by 6% and technology sector demand rising by 11%. Q2 2024 Sees Record Gold Demand The World […] Source CryptoX Portal
All Eyes on the Fed: Steady Rates Anticipated, September Reduction Likely
The U.S. Federal Reserve is set to convene its monthly Federal Open Market Committee (FOMC) meeting to evaluate the state of the economy and determine if the central bank should adjust the federal funds rate. The prevailing market sentiment suggests that the FOMC members are likely to maintain the current rate this week, with a […] Source CryptoX Portal