Author: Max Bauer

The USD0 stablecoin, issued by the Usual Protocol, experienced a brief de-pegging event earlier today following a large sell-off by a single whale on the secondary market. The event, which began around 07:00 AM UTC, saw the price of USD0 dip to $0.99 before quickly recovering to near its $1 peg within seconds. While some minor price fluctuations persisted for a few hours due to continued selling pressure, the stablecoin has since fully regained its peg. In a statement released following the incident, Usual Protocol acknowledged the large sell-off, characterizing it as a significant stress test of the USD0 peg.…

Do Kwon, the co-founder of Terraform Labs, has been extradited to the United States from Montenegro, marking a significant development in the legal saga surrounding the collapse of the TerraUSD and Luna cryptocurrencies. Montenegrin news outlet Vijesti reported the extradition on Tuesday, citing a statement from the Ministry of Justice. According to the report, Kwon, a South Korean citizen, was handed over to US law enforcement officials and FBI agents at Podgorica Airport. The extradition follows a protracted legal battle involving competing requests from both the US and South Korea, where Kwon also faces charges. Kwon’s arrest in Montenegro in…

Cryptocurrency analysis firm QCP Capital has released its latest market watch, observing Bitcoin’s consolidation near the bottom of its one-month range following a predictable post-quarter-end volatility sell-off. Despite this recent dip, QCP notes Bitcoin’s impressive Q4 performance, with a 48% gain, alongside Ethereum’s 30% rise. QCP highlights MicroStrategy CEO Michael Saylor’s recently published Bitcoin purchase tracker as a potential catalyst for another round of buying, which could further support prices. However, the firm cautions against expecting significant price movements in the near term, particularly given the current healthy funding rates. Citing historical data, QCP points out that January’s average Bitcoin…

Analyst Paul Barron is bullish on XRP, citing surging activity on the XRP Ledger (XRPL) as a sign of a “perfect storm” brewing. Barron points to a confluence of factors, including a sharp rise in trustlines, exploding decentralized exchange (DEX) volume, and a continued increase in active addresses. Barron highlighted the surge in XRPL trustlines, which began in December. Trustlines represent connections between users on the XRPL, enabling direct transfers of value and facilitating various functionalities within the network. Barron attributes this increase to growing awareness and understanding of the XRP Ledger’s capabilities. He noted an initial spike in trustlines…

Samson Mow, CEO of Pixelmatic, has sharply criticized the fear, uncertainty, and doubt (FUD) surrounding Tether (USDT) following news of its potential delisting from cryptocurrency exchanges within the European Union. Mow argues that such concerns are misplaced, given Tether’s significant market position and crucial role in the global cryptocurrency ecosystem. In a recent statement, Mow pointed to Tether’s impressive $143 billion in assets under management (AUM), positioning it as a major holder of US treasuries, surpassing all but 18 countries. He emphasized Tether’s banking relationship with Cantor Fitzgerald, whose CEO, Howard Lutnick, is a prominent figure often mentioned as a…

Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, who served under the Trump administration, has affirmed his belief in Bitcoin, calling it “digital gold” and declaring that “its time has come.” This statement comes amid renewed optimism in the crypto market, with Bitcoin recently climbing above $100,000. Some investors anticipate a potential return of Donald Trump to the presidency could usher in a new era of crypto-friendly policies. Giancarlo’s comments show the growing recognition of cryptocurrencies as a legitimate store of value. He said the evolution of the internet, stating that we’ve reached a stage where the internet can…

Macro investor and former Goldman Sachs executive Raoul Pal has expressed a strongly bullish outlook on XRP, citing a compelling technical pattern on the cryptocurrency’s long-term chart. In a recent analysis, Pal highlighted a “massive seven-year wedge” that has recently been broken, suggesting significant upside potential. “If you look at the weekly chart for XRP, it’s a stunner,” Pal stated. “This massive seven-year wedge is broken, who knows where this chart goes to? It’s very powerful.” Pal’s analysis emphasizes the series of wedges that have formed on the XRP chart over the past seven years. He believes that the recent…

Reports are circulating that Tether (USDT), the world’s largest stablecoin by market capitalization, could soon be delisted from major cryptocurrency exchanges across Europe. This news has sparked fear, uncertainty, and doubt (FUD) within the crypto community, as investors grapple with the potential implications of the upcoming Markets in Crypto-Assets (MiCA) regulation. MiCA, slated to come into full effect on December 30, 2024, will introduce a comprehensive licensing regime for cryptocurrency businesses operating within the European Union, including “passporting rules” that facilitate cross-border operations. Crucially, these regulations will enforce stringent Know Your Customer (KYC) requirements. Key Changes Under MiCA: The Implications…

The Internal Revenue Service (IRS) has unveiled its long-awaited regulations for decentralized finance (DeFi), introducing significant changes for platforms operating in the space. While the new rules primarily impact DeFi trading platforms, they will also affect individual taxpayers using these services. The regulations stem from Section 6045 of the tax code, which mandates brokers to collect Know Your Customer (KYC) information, calculate gains and losses, and report this data to the IRS via Form 1099-B. This rule, already applied to traditional stock brokers and centralized crypto exchanges (CeFi), has now been extended to the DeFi ecosystem. The IRS has identified…

Cryptocurrency analytics firm Galaxy Research has released its highly anticipated 2025 predictions, forecasting significant growth for Bitcoin, Ether, and even Dogecoin. The report, distributed to clients and counterparties, paints a bullish picture for the crypto market, driven by institutional adoption, technological advancements, and increasing mainstream acceptance. Bitcoin’s Ascent to New Heights: Galaxy Research predicts Bitcoin will surpass $150,000 in the first half of 2025 and potentially reach $185,000 by the end of the year. This surge is attributed to a confluence of factors, including growing adoption by institutions, corporations, and nation-states. The report highlights Bitcoin’s historical outperformance of traditional assets…