Ad The cryptocurrency market cap saw net inflows of $70 billion in the last 24 hours and currently stands at $1.11 trillion — up 6.56% from $1.04 trillion. During the reporting period, Bitcoin and Ethereum’s market cap rose 9.40% and 7.01% to $473.45 billion and $205.73 billion, respectively. The top 10 crypto assets recorded gains…
After a brutal sequence of events led to the collapse of several crypto-related firms in 2022, FTX’s bankruptcy dealt a massive blow to public trust in centralized crypto entities. During this period of heightened market volatility, crypto investors preferred Circle’s USD Coin (USDC) to Tether’s USDT. According to Glassnode’s data, while USDT is the largest…
The ongoing bear market did little to curb the rising use of stablecoins. On the contrary, dollar-pegged coins like USDT and USDC saw a parabolic growth in market cap this year, becoming a defacto settlement currency of the crypto industry. Following the collapse of Terra and its algorithmic stablecoin UST, the two stablecoin giants took…
Binance USD’s (BUSD) supply declined by over 15% to $18.8 billion from $22 billion within the last 24 hours after Binance experienced a surge in withdrawals. The withdrawals appeared to have affected BUSD’s supply as it dropped below $20 billion for the first time since climbing above it in September when Binance converted its users’…
The U.S. Commodity Futures Trading Commission (CFTC) stated in its Dec. 13 court filing against FTX founder Sam Bankman-Fried that digital assets like Bitcoin(BTC), Ethereum (ETH), and Tether (USDT) are commodities. Source: CFTC Court Filing CFTC wrote that these digital assets are commodities because they meet the definition of the term as defined by the…
Tether (USDT) said it would remove its secured loans in its reserves by 2023, according to a Dec. 13 blog post. A Dec. 1 Wall Street Journal report said Tether’s secured loan was 9% (roughly $6.1 billion) of its total assets as of Sept. 30. The report added that the stablecoin issuer might not have…
Coinbase is incentivizing its users to convert their Tether (USDT) holdings for USD Coin (USDC), according to a Dec. 8 blog post. Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https://t.co/OObSqNWdpj — Coinbase (@coinbase) December 8, 2022 According to the US-based exchange, recent events have shown that…
General partner at Fenbushi capital Bo Shen tweeted on Nov. 23 that malicious players stole $42 million from his personal wallet on Nov. 10. A total of 42M worth of crypto assets, including 38M in USDC were stolen from my personal wallet ending in 894 in the early morning of November 10 EST. The stolen…
An analysis of the Arkham Intelligence dashboard CryptoSlate Research shows that popular crypto lender Genesis received billions in FTT tokens from bankrupt crypto firms Alameda Research and FTX over the past year. FTX’s FTT Transfers to Genesis (Source: Arkham Intelligence) FTX’s FTT Transfers to Genesis (Source: Arkham Intelligence) For context, Genesis received $932.56 million worth…
In the last 24 hours, the cryptocurrency market cap saw inflows of around $50 billion as the industry rose to $872.68 billion from $828.94 billion as of press time — up 5.26%. Bitcoin and Ethereum’s market cap increased by 5.26% and 7.19% to $332.72 billion and $155.89 billion, respectively. The crypto market experienced a positive…