Author: Max Bauer
Tether Holdings Limited (BVI) has released its third-quarter 2024 assurance opinion, conducted by the global accounting firm BDO. The report reveals record financial performance, including a $2.5 billion net profit for Q3, contributing to a nine-month profit of $7.7 billion. The company’s group equity reached $14.2 billion, with total consolidated assets of $134.4 billion. Tether’s circulating supply of USD₮ reached a new all-time high of nearly $120 billion, representing a 30% year-to-date increase. The company attributes this growth to the increasing global demand for its stablecoin. Tether’s reserves now hold over $105 billion in cash and cash equivalents, with $102.5…
The whirlwind rise and fall of the RIPETH meme coin has left many investors scratching their heads, while its creator walks away with surprisingly modest profits. According to on-chain analytics firm Lookonchain, the individual behind RIPETH netted less than $10,000 despite the coin’s brief surge in popularity. Lookonchain’s monitoring revealed that the creator began withdrawing SOL (Solana) from the Binance exchange nine days ago, amassing a total of 206,111 SOL, equivalent to approximately $36 million USD at the time. Eight days ago, RIPETH was born, initially appearing as a tongue-in-cheek project with no apparent promotional intent. The situation changed dramatically…
Immutable, the company behind the Ethereum-based gaming platform, has received a Wells notice from the US Securities and Exchange Commission (SEC). This notification warns the company of potential enforcement action regarding the sale of its IMX token. Immutable X Team Argues Their Tokens Are Not Securities The SEC also sent a letter to Immutable CEO James Ferguson and the Digital Worlds Foundation, which assisted in the IMX token issuance, outlining alleged violations of securities laws. While the specifics of the alleged misconduct were not fully detailed, Immutable believes the SEC’s concerns stem from IMX token sales in 2021, particularly a…
With the US presidential election looming, investors are hedging their bets, driving up the prices of both Bitcoin and gold. Eric Diton, president and managing director of The Wealth Alliance, believes these assets have further to climb regardless of who wins the White House. In an interview with Yahoo Finance’s Seana Smith and Josh Schafer, Diton expressed concern over the growing national debt, currently exceeding $35 trillion. He pointed out that neither presidential candidate has presented a concrete plan to address this issue. “We just don’t have a plan as a country to deal with this,” Diton stated, adding that…
According to a recent statement from cryptocurrency analysis firm CryptoQuant, bullish sentiment is building in the Ethereum futures market. This renewed optimism is reflected in positive ETH funding rates, a key metric measuring the balance between buyers and sellers in the futures market. Positive funding rates suggest that buyers are more aggressive, indicating a bullish outlook. CryptoQuant notes that while the current funding rates are positive and trending upwards, they remain below the levels observed in March when Ethereum experienced a significant bullish run. This suggests a growing, but not yet overwhelming, bullish sentiment. A stronger surge in positive funding…
Florida Chief Financial Officer Jimmy Patronis is advocating for the inclusion of cryptocurrency investments within the state’s pension funds. In a recent interview, Patronis emphasized the growing importance of crypto and its potential for returns, stating, “Crypto is not going anywhere. It’s going to continue to expand, and I think we’d be a fool if we’re not prepared to harness the opportunities there.” Patronis’s proposal comes in the wake of former President Trump’s suggestion for a US strategic crypto reserve, and follows similar moves by Wisconsin and Michigan. While acknowledging his fiduciary responsibility to protect the state’s pension funds, Patronis…
Bitcoin investors should brace for a potential price pullback leading up to the US presidential election on November 5th, followed by a period of heightened volatility, according to Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered. Despite a recent surge to $73,563 on Tuesday, Bitcoin remains stubbornly below its all-time high of over $73,700 set in March. Kendrick suggests that investors liquidating positions ahead of the election could exert downward pressure on the cryptocurrency’s price, making a breakout above its historical peak less likely in the near term. “There is a risk of pre-election position unwinding, meaning…
Coinbase Global, a leading cryptocurrency exchange platform, released its Q3 2024 financial results, reporting a total revenue of $1.13 billion. While this figure fell short of analysts’ estimates of $1.25 billion, the company highlighted several positive developments and a strong focus on long-term growth. Key Takeaways from Q3 2024:
MicroStrategy, the business intelligence firm known for its substantial Bitcoin holdings, has unveiled an aggressive three-year plan to raise $42 billion for further Bitcoin acquisitions, according to statements made during their Q3 2024 earnings call. The company’s new “21/21 Plan” aims to raise equal parts equity and fixed income securities – $21 billion each – to expand its Bitcoin treasury holdings. This announcement marks a significant escalation in MicroStrategy’s Bitcoin strategy, which has already established the company as a leading institutional Bitcoin holder. CFO Andrew Kang reported a successful third quarter, highlighting the company’s raising of $2.1 billion through equity…
A recent report from cryptocurrency analysis firm CryptoQuant suggests that the Bitcoin network is poised for a significant bullish signal. The firm’s analysts have identified an impending golden cross in the metric of active addresses. Active addresses represent the unique addresses actively participating in Bitcoin transactions. This metric provides valuable insights into network activity, investor engagement, and broader market trends. By applying a 30-day moving average (DMA) and a 365-day DMA to this indicator, analysts can gauge momentum. Historically, a golden cross, where the 30-day DMA crosses above the 365-day DMA, has been associated with upward price momentum. This bullish…