How the world’s largest stablecoin issuer responds to claims about USDT reserves, audits, and trading risks Tether, the issuer of the largest stablecoin, has been accused of lacking transparency into the reserves of its flagship USDT token. Consumers’ Research, a consumer advocacy group, claims that the company has not conducted a full audit of its assets, Cointelegraph reported. The group calls Tether the “new FTX,” predicting fears that it will repeat the fate of the failed exchange. The report is accompanied by an open letter to U.S. governors that addresses the opacity of Tether’s activities. In addition, the group has published public service announcements on the radio and set up a dedicated website detailing these claims.
Jeremy Allaire announces Circle headquarters move to the United States
Jeremy Allaire, CEO of Circle, the issuer of USDC, the second-largest stablecoin by market value, announced that the company’s headquarters will be moved to New York. Jeremy Allaire took a virtual tour of the company’s new offices in the Central Building at One World Trade Center in Lower Manhattan via the X social network. "Today we celebrate the opening of our new headquarters. We were joined in New York by industry representatives, policymakers, and key partners who have played a critical role in Circle’s growth and success. Join us on this phase of our journey. We are investing in New York. We are investing in America," Allaire wrote.
Stephen Lubka: Bitcoin will hit six figures regardless of US election outcome
Stephen Lubka, director of the cryptocurrency exchange Swan Bitcoin, expects that the value of Bitcoin will grow to six figures by 2025. At the same time, in his opinion, the growth rate of the first cryptocurrency does not depend on the election results in the United States. Steven Lubka said his prediction is based on his belief and analysis of Bitcoin’s historical price trajectory, which has been influenced more by global fiscal and monetary conditions than by any political events. “I believe that by 2025, Bitcoin will be worth six figures. In the meantime, whoever wins the presidential election will come to such a conclusion,” Lubka said.
Analysts have found reasons for a correction in Bitcoin and the entire cryptocurrency market next week. What kind of person is he?
Next week will be the meeting of the Federal Open Market Committee (FOMC), during which the representatives of the Federal Reserve will reduce the country's base interest rate. The general consensus is that bankers will cut interest rates by 25 basis points, or 0.25%, for the first time in several years. In theory, this will give assets more incentive to grow due to increased liquidity and capital availability, but the event itself may cause the market to shrink. Bitcoin once again surpassed $60,000 this morning. On the day, the cryptocurrency is up 3.7%, while its weekly gain is over 10%.
Hourly chart of Bitcoin exchange rate on Binance cryptocurrency exchange
Artificial Intelligence to Determine Bitcoin Price by the End of the Year
Artificial intelligence (AI) company OpenAI released its latest cutting-edge model, o1, on September 12. To test its capabilities, the tool was tasked with predicting the price of Bitcoin (BTC) by the end of 2024. In its bullish outlook, o1 believes that Bitcoin could “experience significant upward momentum” and break through all-time highs. Conservative forecasts suggest that BTC prices will be between $80,000 and $100,000 by the end of the year. The pessimistic forecast suggests that the price of Bitcoin will remain between $60,000 and $70,000 by the end of December 2024. This occurs against the backdrop of “adverse regulatory actions, macroeconomic downturn, or continued negative sentiment.”
Clipper malware alters wallet addresses during transactions and steals crypto investors' funds, Binance warns. Clipper is a sneaky malware that causes assets to be involuntarily transferred to a scammer's wallet, the crypto exchange's official account says.
Polygon POL (MATIC) Token Up 15% on Binance Listing
Polygon's native POL token surged 15% on Friday after crypto giant Binance announced it had added the token to its platforms, marking the completion of the token's upgrade and rebranding from the long-running MATIC. POL jumped to nearly $0.45 from $0.38 earlier today, hitting its highest price since late August. It has recently pared some of its gains, but the token is still up 15% in the last 24 hours, outperforming the nearly flat Bitcoin (BTC). It was also the best-performing asset on the CoinDesk 20 Index benchmark for the broader market over that period.
Binance to Give Away $1 Million in BNB to Vietnam Typhoon Victims
Cryptocurrency exchange Binance has announced a $1 million BNB airdrop for users affected by Typhoon Yagi in Northern Vietnam. To support those impacted by Typhoon Yagi in Northern Vietnam,#Binancewill airdrop up to $1 million in#BNBto users in the region.
Our deepest condolences to all affected by this devastating disaster.
More information here ⤵️https://t.co/sopBbP5tu2 — Binance (@binance) September 13, 2024
Market Value of Tokenized Real Assets Binance Research
RWAs continue to grow, fueled by tokenized US Treasury bonds. BlackRock's market value is more than $500 million. The market value of real assets (RWAs) on the blockchain, excluding stablecoins, continues to grow, indicating continued investor interest in the tokenization of traditional blockchain-based assets.
⚡️MicroStrategy acquired 18,300 BTC for $1.1 billion
🪙 Consumers Research criticized Tether for lack of transparency regarding reserves.
🇷🇺 Aksakov said that cryptocurrency trading in Russia will be regulated by November.
💎 The Revolut platform added support for TON - at the moment, the coin is available to users from the UK and the EU.
🪙 Robert Kiyosaki believes that the real problem is the US debt of $35 trillion. He recommends saving real money - gold, silver and Bitcoin.
🐹 The number of launched shits on Pump Fun has exceeded 2 million - however, only 92 tokens have a capitalization exceeding $1 million (0.004% of the total).
📊 A shit trading enthusiast made and lost $1,200,000 on a meme token.
🤡 The Securities and Exchange Commission (SEC) said that when it said “securities,” it never meant that the tokens were actually securities.
Santiment: Bitcoin Whales Brace for High Market Volatility -
Experts from the analytical platform Santiment reported that large holders of the first cryptocurrency are preparing for high volatility in the market - the number of transactions of Bitcoin whales fell by 33.6% by mid-August. Since the beginning of last month, the number of transactions worth more than $100,000 has remained in the range of 55,000 to 59,000 per week.
CelaCare demands return of USD 1 million sent to wrong address
Pharmaceutical company CelaCare has filed a lawsuit in the U.S. District Court for the District of Massachusetts, asking Circle to compensate it for 1 million USDC stablecoins it lost. The drugmakers claim they accidentally sent them to the wrong Ethereum address. The complaint states that CelaCare CEO Kenneth Yates made a mistake by sending USDC to an “uncontrolled address.” The error occurred when copying the address sent by the counterparty — Yates’ computer transcribed the letter B as the number 8. CelaCare claims that Yates sent the cryptocurrency to an address that no longer has an owner, so the 1 million USDC can be considered destroyed.
🪙 USDT reserves on CEX exchanges have been growing rapidly since August.
👁 Roskomnadzor wants to spend almost 60 billion rubles on a new VPN blocking system.
🕵️♂️ The FBI reports that Americans lost $5.6 billion in 2023 due to cryptocurrency fraud - more than 69,000 complaints were filed during the entire reporting period.
10x Research experts have published a forecast for the Bitcoin market's reaction to the Fed's rate cut.
Analysts pointed out that a sharp change in course would likely cause a decline rather than a rise. The Fed's sharp turnaround, followed by a 50 basis point (0.5%) interest rate cut, is likely to have a negative impact on high-risk assets, including Bitcoin, CoinDesk reports, citing a report from 10x Research.
Withdrawals from cryptocurrency investment funds from September 1 to 7 amounted to $726 million, compared to $305 million the week before, according to data provided by CoinShares.
Data: CoinShares. Analysts attributed the continued negative dynamics to macroeconomic data in the US, which increased the likelihood of the Fed cutting interest rates by 25 basis points. The pace weakened at the end of the week, as employment data divided the market opinion on the Fed's further steps, they added.
Cryptocurrency whales are aggressively buying Bitcoin (BTC), which could hint at a potential market recovery According to Spot On Chain, one major investor with the address “36LMb…” withdrew 999,999 BTC worth $55.09 million from the Binance crypto exchange last week. Bitcoin was trading at $55,114 at the time of the transaction.
Crypto exchange Binance has conducted a monthly audit of its reserves.
Clients' funds in bitcoins and other assets are more than 100% secured. Tether (USDT) stablecoin collateralization exceeds 112%. Cryptocurrency exchange Binance has released its monthly Proof-of-Reserves (PoR) report. The audit of reserves showed that the platform's users' assets are 100% secured.
Binance Coin (BNB) showed some good momentum over the weekend, finally breaking the downward trend line. However, the rally may be short-lived We figure out what's wrong with Binance Coin (BNB) and why the cryptocurrency may not have enough strength to continue growing. Binance Coin Bears Take Over Earlier, on August 23, BNB managed to reach $600, which led to increased selling pressure. This pressure did not give the cryptocurrency a chance to overcome the resistance level and pushed its price below the descending trend line.