Tether Financial News

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

 

Crypto tokens were back in the red during the early hours on Friday ahead of the US Jobs data. The macroeconomic fears are quite evident in the riskier asset class.Bitcoin, after breaching $20,000 levels, was back above the key psychological levels. Ethereum was also holding $1,350 levels, whereas altcoins dropped. Barring the US dollar-pegged Tether, Tron and Uniswap, all other crypto tokens were trading lower on Friday. BNB dropped 4 per cent, followed by a 3 per cent fall in Shiba Inu. Dogecoin, Solana and Bitcoin shed 2 per cent each. The global cryptocurrency market cap was trading lower at $958.92 billion, dropping more than a per cent in the last 24 hours. However, the total trading volume dropped more than 7 per cent to $55.56 billion.

 

Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief Technology Officer (CTO) Paolo Ardoino informed the Tether community about the changes to its portfolio.

Multinational fast food chain McDonald’s started to accept Bitcoin (BTC) as a payment method in the 63,000-populated city of Lugano in Italian Switzerland, which is becoming a hotspot for crypto adoption in Western Europe. 

The stablecoin issuer Tether has revealed new details about its holdings of reserve assets, and now says a majority of its holdings are in the form of US treasuries.

Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of Sept. 30, 2022.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

 

Hong Kong-based digital asset company Amber Group decoded the Wintermute hack that took place last month. The hack that occurred on 20 September caused the trading platform to lose approximately $160 million to the exploit. 

Central bank digital currencies (CBDC) can work well with decentralized finance (DeFi), and they have a lot of potential to boost DeFi adoption, according to a Swiss central bank official.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Circle [USDC] announced that it was adding a series of chains to its network. In an official statement released during the Converge 2022 event, the financial technology company announced that it was onboarding five blockchains to the USDC ecosystem. 

Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.

 

One crypto-sleuth has claimed that the $160 million hack on algorithmic market maker Wintermute last week was an “inside job.” Needless to say, this has now sparked a brand-new crypto-conspiracy theory across crypto-circles. 

Polkadot [DOT] did not have the best of its time last week as it registered only 2.5% seven-day gains. However, the growth was still promising as the entire crypto market struggled to go green.

The market capitalization of USD Coin (USDC), a stablecoin issued by U.S.-based payment tech firm Circle, has dropped below $50 billion for the first time since January 2022.

Polkadot, which had a high development activity for quite some time, saw a decline in the same recently. Along with that, there has also been a dip in DOT’s social media presence as well.

Cryptocurrencies have been in a bear trend since mid-August after they failed to break above the $1.2 trillion market capitalization resistance. Even with the current bear trend and a brutal 25% correction, it has not been enough to break the 3-month-long ascending trend.