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• Tether USDT’s supply has grown by 10% in the current year, reaching a 10-month high of $74B.
• USDT’s market dominance has reached 56.4%, its highest point since July 2021.
• Whale transactions have increased significantly, with 8 $1 billion transfers occurring in the last 10 days alone.

Tether Supply Reaches All-Time High

Tether’s USDT supply recently reached 74 billion for the first time since May 2022, according to CryptoSlate’s data. Over the past 30 days, Tether’s supply added roughly 5 billion as its stablecoin rivals like Binance USD (BUSD) and USD Coin (USDC) faced regulatory scrutiny and banking issues. This resulted in investors ditching these embattled stablecoins for the relative safety of USDT.

Increased Market Dominance

As a result of this increase in supply, USDT’s market dominance has reached 56.4% — its highest point since July 2021. Meanwhile, USDC, BUSD, and DAI supplies all shrank as investors sought refuge in the more trustable and reliable Tether token.

Whale Transactions

Blockchain analytical firm Santiment reported that Tether has recently seen more whale transactions over the past year — half of which have occured in the last 10 days as several whales moved their holdings out of crypto exchanges following difficulties with crypto-friendly banks. Santiment also noted that Tether’s supply on exchanges dropped by 28.9% to a 10-month low due to investor confidence in it being higher than other stablecoins like USDC or DAI.

Curve 3pool Dashboard

Curve 3pool’s dashboard revealed an imbalanced pool heavily favoring USDC and DAI while only making up 8.61% of liquidity from USDT — showing crypto investors preference for holding it during times of volatility instead of relying on other stablecoins available on the platform.

FUD Still Surrounds Tether

Despite recent faith shown by crypto investors towards Tether, concern still remains over its opaque reserves and settlements with New York authorities over dollar reserves backing it up — followed by an influx of hedge funds betting against it after Terra’s algorithmic stablecoin UST collapsed earlier this year

•Gemini has denied reports that its banking relationship with U.S. banking giant JPMorgan has ended.
•The media outlet said its source was a person familiar with the situation, but Gemini insists that the relationship is still intact.
•Recently, several crypto-friendly banks have reduced their exposure to the industry due to regulatory scrutiny, while other major financial institutions are actively exploring opportunities within the crypto space.

Gemini Denies Reports of Banking Relationship Ending With JPMorgan

Gemini, a crypto exchange led by Winklevoss twins, has denied reports that its banking relationship with U.S. banking giant JPMorgan has ended. In a tweet on March 8th, Gemini said: „Despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.“ The media outlet reported its source as someone familiar with the situation.

Banking Relationships With Major Institutions

According to Gemini’s website, the exchange maintains relationships with other banks including embattled crypto-friendly bank Signature and State Street. Gemini and JPMorgan began their business relationship in 2020 and at the same time also took rival exchange Coinbase as a client.

Regulatory Scrutiny Impacts Crypto Firms‘ Banking Relationships

Recently, relationships between several crypto firms and their banking partners have been intensely scrutinized by regulators due to FTX’s collapse which brought forth regulatory scrutiny that led many crypto-friendly banks to reduce their exposure to this industry. For example Signature Bank initially announced intentions to reduce its crypto exposure and would no longer process crypto transactions worth less than $100 000 USD. Silvergate Bank also revealed a $1 billion loss in the last quarter of 2022 which caused many clients to dump it and discontinue use of Silvergate Exchange Network; however it is currently working with US Federal Deposit Insurance Corporation on weathering current stormy conditions surrounding them..
Financial regulators and lawmakers have advised banks against taking risks when it comes investing into cryptocurrency space while major financial institutions are actively exploring opportunities within this space such as Kraken Exchange who plans on launching its own bank soon as stated by Marco Santori; chief legal officer at Kraken Exchange who announced “the project was very much on track” when asked about progress updates regarding project launch date..

Conclusion

In conclusion despite regulatory challenges faced by cryptocurrency companies there still exists potential for growth within this sector if proper procedures are followed while maintaining compliance regulations set out by respective governing bodies across different countries while major financial institutions continue expressing interest in investing into cryptocurrency space..

Takeaways

• Despite reports stating otherwise, Gemini’s banking relationship remains intact with JPMorgan; • Regulatory scrutiny from FTX’s collapse has caused some banks to reduce their exposure towards cryptocurrencies; • Financial regulators & lawmakers advise banks against taking risks when it comes investing into cryptocurrency space; • Major financial institutions remain interested in exploring opportunities within cryptocurrency sector

• Arthur Hayes, former BitMEX CEO, discussed his early career and the founding of BitMEX.
• He predicts a “mega-upcycle” in risk-on assets between now and 2026, followed by an economic collapse.
• Hayes pleaded guilty to violating the U.S. Bank Secrecy Act and paid a $10 million fine in May 2022.

Arthur Hayes‘ Early Career

Former BitMEX CEO Arthur Hayes discussed his early career at Deutsche Bank in Hong Kong alongside the founding of BitMEX with New York Magazine (NYM).

Crypto ‚Mega Upcycle‘

Hayes expects a risk-on, crypto bull market between now and 2026 before an economic collapse on the same scale as the Great Depression of the 1930s. He advised making the most of this boom period by timing switches between different seasons to maximize gains.

BitMEX’s Fall

In May 2022, Hayes was indicted by the Department of Justice for violating the U.S. Bank Secrecy Act, paying a $10 million fine and being subject to six months of house arrest in Miami overlooking Biscayne Bay. Various industry figures commented on his case but he was never accused of stealing or running a scam business.

Making The Most Of The Boom Period

Rather than dwelling on his bleak predictions for 2026, Hayes spoke about making the most of the coming boom period by timing switches between different seasons to maximize gains; investing in decentralization projects based on Satoshi’s white paper as well as complete shitcoins to make profits from narrative trading.

Conclusion

– As with any prediction about crypto markets, it remains to be seen whether or not Arthur Hayes‘ expectations come true over these next few years – but it certainly offers food for thought for investors looking for ways to capitalize on future trends!

• Stacks Network (STX), a Bitcoin Layer 2 network, has seen its token surge by about 50% in the last 24 hours.
• The renewed interest in non-fungible tokens (NFTs) on Bitcoin’s network has fueled the rise of STX.
• Stacks co-founder Muneeb Ali said the token is the first ever to be qualified by the U.S. SEC, and that it incentivizes miners and participants in the Stacks bitcoin system.

What is Stacks?

Stacks is a Bitcoin L2 network with a separate ledger to store data outside Bitcoin L1. The network allows developers to build decentralized applications (dApps) similar to those on other smart contract-enabled blockchains like Ethereum and Solana. According to co-founder Muneeb Ali, „Whatever you can build on Ethereum, Solana, you can build on Stacks L2s.“

U.S. SEC Qualification

Muneeb Ali also said that STX is the first-ever token offering qualified by the U.S Securities and Exchange Commission (SEC). The token incentivizes miners and participants in the Stacks bitcoin (sBTC) system and provides rewards for participating users such as 2,200 BTC rewards given so far from activities on the platform.

NFT Activity

The popularity of NFTs on Stacks has been increasing with over 650K Bitcoin NFTs being minted already according to Ali who added that all these NFTs are auto hashed to Bitcoin L1 and secured by Bitcoin in a scalable way.

Locked Assets

The total value of assets locked within smart contracts have already crossed $250 million according to Ali who believes we are still in early days of decentralized finance for Bitcoin when compared with other networks such as Ethereum or Solana which have grown much faster than expected due to DeFi applications built on them recently.

Conclusion

The surge in price of STX follows renewed interest in non-fungible tokens (NFTs) on Bitcoin’s network as more users become aware of their potential use cases and opt into using them via platforms such as Ordinal Protocol where over 100,000 inscriptions have been made so far according to available data . With increased activity from both users and developers , STX may continue its trend upwards if more investors keep investing into it .

• Wall street institution Cantor Fitzgerald reportedly manages $39B of Tether’s reserves.
• Tether reported that it held assets worth $67.04 billion as of Dec. 31, including $39.2 billion of U.S. Treasury bills.
• Wall Street Journal reported that the stablecoin issuer began using Cantor Fitzgerald in 2021 after reaching a settlement agreement with a financial regulator over the management of its reserves.

Wall Street Institution Manages Tether’s Reserves

Wall Street institution Cantor Fitzgerald reportedly manages $39B of Tether’s (USDT) reserves, according to Wall Street Journal (WSJ). As per reports, the stablecoin issuer began using Cantor Fitzgerald in 2021 after reaching a settlement agreement with a financial regulator over the management of its reserves, and currently holds assets worth $67.04 billion as of Dec. 31 – including $39.2 billion of U.S Treasury bills and other assets such as money market funds, cash, corporate bonds and precious metals among others.

Cantor Fitzgerald Primary Dealer for US Treasurys

Cantor Fitzgerald is one of the few firms directly trading with the U.S Federal Reserve since it is a primary dealer for U.S Treasurys – suggesting that Wall Street firms might be willing to do business with cryptocurrency firms despite the regulatory uncertainty in this industry segment.

Tether Settles With Financial Regulator Over Reserves Management

Earlier this week, Tether reported that it held assets worth $67 billion as on Dec 31; which included $39 billion of U

• Sberbank, a Russia-based lender, is planning to launch its decentralized finance (DeFi) platform on the Ethereum blockchain by May 2023.
• Konstantin Klimenko, director of the blockchain laboratory at Sberbank, has revealed that the DeFi platform is in beta testing mode and will be available for open testing in March.
• Users will need a MetaMask crypto wallet to connect and trade on the Etheruem-based DeFi platform.

Sberbank Launching Decentralized Finance Platform

Russia-based lender Sberbank is launching a decentralized finance (DeFi) platform on the Ethereum blockchain by May 2023. The announcement was made by Konstantin Klimenko, director of the bank’s blockchain laboratory.

Beta Testing

Klimenko revealed that the DeFi platform is currently in beta testing mode and will be available for open testing in March. At the end of April, it will be fully open and ready for commerical operations.

Requirements for Usage

To access and use Sberbank’s DeFi platform users must have a MetaMask crypto wallet connected to their account. This will allow them to transact using Etheruem-based assets on the network.

Benefits of DeFi

Klimenko believes that this new technology could reduce banking costs and eventually replace traditional banking services entirely due to its low cost and high efficiency. He also said that he is optimistic about what these platforms can offer users in terms of cost savings compared to traditional banks.

Prior Approvals & Launches

In addition to this news, Sberbank had earlier received approval from regulators to issue digital assets as well as launch Russia’s first blockchain exchange-traded fund (ETF). This shows that they are serious about utilizing DeFi technology within their organization as well as providing customers with more options when it comes to digital asset trading and investing opportunities.

• Bitcoin and Ethereum have seen a rally, which has lessened the severity of capitulation.
• Net Unrealized Profit/Loss (NUPL) is the difference between Relative Unrealized Profit and Relative Unrealized Loss which can be calculated by subtracting realized cap from the market cap and dividing the result by the market cap.
• Bear market bottoms occur when capitulation occurs, even when the strongest hands sell due to fear in the market and each bear market bottom has made a higher low, which shows the capitulation amongst holders becomes less severe.

As the price of Bitcoin and Ethereum continues to rise, the severity of capitulation amongst holders has lessened. Capitulation is a term used to describe a situation in which the strongest hands in the market sell due to fear and despair, and usually marks the bottom of a bear market. In 2021, multiple events, such as the Ukraine invasion, Luna, and FTX collapse, saw multiple capitulations amongst holders. However, when Bitcoin broke the $20,000 milestone in late 2021, the sentiment in the market suddenly shifted away from capitulation.

Net Unrealized Profit/Loss (NUPL) is a metric used to measure capitulation severity, and is calculated by subtracting realized cap from the market cap and dividing the result by the market cap. When NUPL is low, it indicates that holders are more likely to capitulate, and when NUPL is high, it indicates that holders are less likely to capitulate. As seen in the charts provided by Glassnode, when Bitcoin and Ethereum breached their respective all-time highs, NUPL was relatively low, indicating that holders were still fearful of capitulating. However, as the prices of both Bitcoin and Ethereum have continued to rally, the NUPL of both cryptocurrencies have risen, indicating that holders are less likely to capitulate.

In addition, the bear market bottoms over the past few cycles have made higher lows, which further indicates that capitulation amongst holders is becoming less severe. This is further evidence that despite the fear caused by events such as the Ukraine invasion, Luna, and FTX collapse, the sentiment in the market is slowly shifting away from capitulation and towards a more optimistic outlook.

It is important to note that while the severity of capitulation is decreasing, it is still an important factor to consider when making investing decisions. Although capitulation is becoming less severe, it is still possible for it to occur at any moment, and investors should remain aware of this possibility and adjust their strategies accordingly.

• ConsenSys CEO Joseph Lupin has announced layoffs of 11% of the firm’s workforce.
• Those affected will be given generous packages to assist with their transition, including severance packages, extended option exercise window, customized placement assistance, and healthcare benefits.
• The firm is focusing on scaling its core offerings and reducing operating expenses as part of its initiative to strengthen the product teams.

ConsenSys, a software technology company developing decentralized applications and various developer and end-user tools for the Ethereum blockchain, has announced major layoffs. The CEO of ConsenSys, Joseph Lupin, has confirmed in a letter that the firm will be letting go 11% of its workforce in an effort to refocus and adjust to the challenging and uncertain market conditions.

The CEO said that those affected by the layoffs will be provided with generous packages to assist them in their transition to a new job. This includes severance packages according to tenure, an extended option exercise window from 12 months to 36 months, customized placement assistance, and healthcare benefits in certain jurisdictions.

The main focus of the firm is to scale its core offerings and reduce operating expenses, in order to strengthen the product teams. In that regard, ConsenSys has recently announced the ConsenSys zkEVM Private Beta test net for selected users.

Lupin also took a dig at centralized finance saying that while they capitalized the interest in cryptocurrencies by offering ways to earn yield on crypto assets, the ecosystem is much more similar to traditional finance with third-party custody, third-party payments, and other risks that were exposed and exploited last year.

He concluded his letter emphasizing the tough decision and thanking those affected for their contributions and the work they’ve accomplished. He said that the firm is determined to stay competitive in the market and continue to bring quality products to the blockchain ecosystem.

• Investment firm Albright Capital has voluntarily dismissed its fraud charges against the failed Terraform Labs and its executives, including Do Kwon.
• Following the historic Terra collapse in May 2022, Albright Capital had accused Terraform Labs of promoting the UST, LUNA, and related Terra cryptocurrencies deceptively.
• 3AC co-founder Zhu Shu called the attention of crypto media outlets to the recent Albright and Terra lawsuit development.

Investment firm Albright Capital has recently made the move to drop its fraud charges against the failed Terraform Labs and its executives, including Do Kwon. The news comes after the historic Terra collapse in May 2022, when Albright Capital had accused Terraform Labs of deceptively promoting the UST, LUNA, and related Terra cryptocurrencies.

The lawsuit filed by Albright Capital also included other defendants such as Luna Foundation Guard, Delphi Digital, Jump Trading, Nicholas Platias, Jose Macedo, Kanav Kariya, and Remi Tetot. In addition, the lawsuit accused Terraform Labs executives of withdrawing funds from the Terra ecosystem for their personal gains.

A motion filed on Jan 9 revealed that Albright Capital has decided to voluntarily dismiss the class action against Terraform Labs and Do Kwon without prejudice. The news of the dismissal was called to the attention of crypto media outlets by Three Arrows Capital (3AC) co-founder Zhu Shu, who tweeted on Jan 10 about the sudden voluntary dismissal of the class action.

The development has left many in the crypto community surprised, especially given the gravity of the accusations Albright Capital had made against Terraform Labs. It is unclear if the voluntary dismissal of the case means that the charges against Terraform Labs are unfounded or if the parties have come to a settlement agreement. For now, it appears that the outcome of the case is still up in the air.

1. Crypto.com will delist USDT and USDT trading pairs on its app and platform for Canadian residents on January 31.
2. Crypto.com will suspend all USDT transactions and cancel all USDT spot orders after the delisting.
3. The move follows instructions from the Ontario Securities Commission under the terms of its registration undertaking for a restricted dealer license.

Cryptocurrency exchange Crypto.com is set to delist its USDT and USDT trading pairs on its app and platform for Canadian residents on January 31 at 06:00 UTC. The move follows instructions from the Ontario Securities Commission (OSC) under the terms of its registration undertaking for a restricted dealer license.

The delisting will be accompanied by Crypto.com urging its Canadian users to review their USDT balances, as it will suspend all USDT transactions after the above-mentioned date. The cryptocurrency exchange has also announced that it will cancel all USDT spot orders and won’t credit any USDT deposited in the crypto.com wallet after January 31. However, any remaining USDT balances would be converted to USDC.

The delisting is in response to the Canadian Securities Administrators (CSA) decision last December to strengthen its oversight of crypto trading platforms. In its 2022-2025 Business Plan, the CSA outlined a strategic goal of studying the regulatory implications of stablecoins in the capital markets, including their use to trade crypto assets.

The news of the delisting has come as a blow to Crypto.com, as asset outflows from the exchange have increased. Nevertheless, the firm has declared that it is still committed to providing its Canadian users with a safe and secure environment for cryptocurrency trading.

The delisting of USDT and USDT trading pairs from Crypto.com for Canadian residents is a testament to the OSC’s commitment to ensuring the safety of investors. By strengthening its oversight of crypto trading platforms, the OSC is taking the necessary steps to protect investors and ensure that the cryptocurrency markets are operating in a fair, transparent and efficient manner.