The cryptocurrency market is buzzing with activity as Bitcoin experiences another surge, while new stablecoins make their debut. Here’s a roundup of the latest developments shaping the crypto landscape:
Tether Adds 8,888 Bitcoin to Reserves
Tether, the issuer of the world’s largest stablecoin, has bolstered its reserves by adding 8,888 Bitcoin worth around $640 million during the first quarter of the year. With over $5 billion worth of Bitcoin held in its reserves, Tether’s influence in the crypto market continues to grow.
VanEck and Ripple Enter Stablecoin Market
Financial giant VanEck and blockchain firm Ripple have announced their foray into the stablecoin market. VanEck-backed Agora is set to launch its stablecoin, AUSD, with reserves managed by VanEck, while Ripple plans to introduce a U.S. dollar-backed digital currency aimed at enhancing liquidity in the XRP Ledger.
Terraform Labs Found Liable for Fraud
Terraform Labs and its founder, Do Kwon, have been found liable for defrauding investors in a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The lawsuit alleged misleading assurances about Terra’s stablecoin, UST, leading to a $40 billion collapse in 2022.
What to Expect This Week
As bitcoin options contracts show increased volatility, analysts are closely monitoring spot bitcoin ETF inflows. Additionally, the transfer of over $2 billion in bitcoin related to the Silk Road hack to Coinbase could impact market prices.
Stay tuned for more updates as the cryptocurrency market continues to evolve and adapt to new developments. Stay informed and stay ahead in the world of crypto.