uncertainty – Ƀitsell X

Are Reports Linking the 11th Largest BTC Wallet to Tether a Myth? Cryptoquant Analysis Reveals Discrepancies

August 10, 2023

In the wake of recent claims that Tether, the company behind leading stablecoin USDT, holds the 11th largest bitcoin (BTC) wallet, Cryptoquant, a blockchain intelligence firm, has expressed skepticism. Citing inconsistencies in onchain data, Cryptoquant has questioned the authenticity of the identified wallet’s connection to Tether. This challenge adds a new twist to the ongoing…
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Stablecoin Turmoil: $1.53 Billion Redeemed in a Month Amid Declining Trade Volume

August 7, 2023

In the brief span from July 12, 2023 to August 6, 2023, the stablecoin economy witnessed a staggering loss exceeding $1.53 billion in value. Among the premier ten stablecoins, Pax’s pax dollar (USDP) experienced a redemption of 39% of its supply over the preceding 30 days. Unstable Times for Stablecoins: Major Players Hit with Sweeping…
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Navigating the Storm: Defi’s Precarious Position Amid a String of Exploits and Market Declines

August 5, 2023

In the wake of July’s unprecedented wave of decentralized finance (defi) breaches, including Curve Finance’s staggering $62 million exploit, the defi economy has plummeted into a gloomy state. Hovering perilously close to dipping beneath the $40 billion threshold, the total value locked (TVL) in defi hangs on by a thread. Concurrently, the market of defi…
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Temasek Has No Immediate Intentions to Invest in Crypto Exchanges After FTX Loss

July 13, 2023

Singapore’s state-owned investment fund Temasek does not plan to put money into crypto firms amid the current regulatory uncertainty, according to a top executive. The statement comes months after Temasek lost $275 million from its involvement in the failed cryptocurrency exchange FTX. Temasek to Refrain From Investments in Crypto Companies for Now The sovereign wealth…
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Bitgo Abandons Acquisition of Prime Trust Amidst Nevada-Based Custodian’s Ongoing Uncertainty

June 22, 2023

On June 22, 2023, Bitgo, a digital assets firm and crypto custodian, declared the termination of its planned acquisition of custodian Prime Trust. The company cited a “considerable effort” in attempting to chart a course for Prime Trust’s future. Bitgo Cancels Prime Trust Acquisition A fortnight prior, Bitgo announced its intention to acquire Nevada-based crypto…
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Altcoins Feel the Heat: Crypto Market Theories Run Wild, While Proponents Seek Guidance

June 11, 2023

Amid the recent crackdown on two of the world’s largest crypto exchanges, cryptocurrency enthusiasts have been buzzing with discussions on various theories and investment strategies. While some have opted to sell their holdings in the face of uncertainty, others have taken a different approach. Rather than focusing on short-term gains, some crypto proponents are playing…
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Economist Larry Summers Urges Fed to Consider Half-Point Rate Increase in July

June 4, 2023

Larry Summers, the American economist and former U.S. Treasury Secretary, believes that should the U.S. Federal Reserve refrain from increasing the benchmark interest rate this month, a half-point rate hike may be necessary for July. As per the CME Fedwatch tool, there is a 74% likelihood that the Fed will not raise the rate at…
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US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

March 10, 2023

After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for…
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Bitcoin Miners Brace for Another Projected Difficulty Increase as Hashrate Heats Up Amid Market Uncertainty

March 5, 2023

Despite a 9.95% increase last week and the all-time high difficulty, bitcoin’s hashrate has averaged around 305 exahash per second (EH/s) over the past 30 days. According to current data, the hashrate has been around 308 EH/s over the past 2,016 blocks. The next difficulty change, set to occur on March 10, is estimated to…
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Digital Currency Group CEO Barry Silbert Responds to Accusations by Gemini’s Cameron Winklevoss With Shareholders Letter

January 11, 2023

Barry Silbert, CEO of Digital Currency Group (DCG), has released a letter to shareholders in response to a recent open letter from Gemini CEO Cameron Winklevoss. The letter, issued Tuesday by Winklevoss, calls for the DCG board to force Silbert to step down as CEO. Silbert shared his letter on Twitter and said he had…
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