Tether (USDT)

A wallet linked to Michael Egorov, the founder of decentralized exchange (DEX) and automated market maker protocol Curve, has reduced its on-chain debt by repaying 1.35 million USDT of a loan on the decentralized lending platform, Aave. Egorov’s move comes as Curve’s native token (CRV), used as the loan’s collateral, significantly declined in the past week, reducing the loan’s health factor and increasing the liquidation risk. Egorov Returns 1.3M USDT to Aave Egorov started...

Ripple’s price has encountered significant resistance, which threatens the continuation of its recent rally. However, there seems to be a favorable probability for the cryptocurrency to advance further in the upcoming weeks, as several nearby support levels are in place – at least from a technical analysis standpoint. Ripple Price Technical Analysis By: Edris XRP/USDT Daily Chart: XRP’s price has been unable to surpass the $0.55 level, leading to a period of trading below...

Tether announced it will coordinate with a third-party exchange to conduct a chain swap as it wants to convert 750 million USDT from Tron to Ethereum ERC20. The total supply of USDT will not change during this process, as per the firm. A chain swap process entails moving cryptocurrencies from one blockchain to another, which enables traders to obtain access to the various blockchains that support the cryptocurrency they are holding. In general, it allows the use of their...

Some residents of Turkey have reportedly revived their interest in the cryptocurrency market, more specifically in the stablecoin USDT, following a new decline in their national currency and fears that severe inflation could start looming again across the country.  The downtrend of the Turkish lira (which has been evident in the past few years) intensified shortly after Recep Erdogan won the presidential elections, securing himself another five years as the political leader....

The stablecoin ecosystem has also been impacted by America’s war on crypto, with a clear divergence happening between the top two issuers. Tether supply has reached an all-time high of 83.36 billion USDT, according to the firm’s transparency report.  Industry analyst Will Clemente commented: “The divergence from USDC is striking, reflecting easier access to treasuries for US-based USDC holders and regulatory uncertainty for US-based Circle. What was once a competitive...

The BNB Chain core team is set to take over a substantial Binance Coin (BNB) loan position belonging to the decentralized lending platform Venus Protocol as it approaches its liquidation threshold. The $150 million BNB loan belonged to a hacker who exploited a cross-chain infrastructure on the BNB Chain in October 2022, resulting in the loss of more than $100 million in crypto assets. BNB Chain to Take Over Venus’ $150M Loan Position According to the BNB Chain team, $30...

Ethereum (ETH) appears trapped under $2000 after a stock rally has failed to push it past the price point, according to Mike McGlone, Senior Macro Strategist for Bloomberg Intelligence. Here’s what the analyst believes Ethereum needs to break the 12-month-long resistance level.  Ethereum’s Major Resistance In a tweet on Thursday, McGlone said that $2000 looks like a “resistance ceiling” given that ETH has failed to sustain itself above that, despite the NASDAQ 100 stock index...

Binance is also pausing its OTC Trading Portal services in the US. The exchange said that it will notify users if and when the portal opens in the coming weeks and months.  The US arm of top crypto exchange Binance has removed 10 advanced trading pairs from its platform. In an announcement, the exchange said it would let go of select BTC and BUSD Advanced Trading pairs by 9 am PDT on June 8, 2023. Notably, the company earlier planned to eliminate over 100 crypto assets. The initial...

Binance’s U.S. subsidiary announced the removal of over 100 advanced trading pairs on Wednesday and paused its OTC trading portal following legal pressure from the SEC to freeze its assets earlier this week. Some of the targeted pairs include AAVE/USDT, COMP/USDT, EOS/USDT, and BCH/BTC.  Binance US Legal Trouble Binance US did not specify why the sudden pair removals were necessary, but assured users that their assets “remain safe” on the platform. The action will take effect...

An El Salvador-based Bitcoin firm has begun the first phase of a planned $1 billion investment into sustainably powered digital asset mining in the country. The firm behind the project, “Volcano Energy,” said in a press release that its chief goal is to “position El Salvador as a prominent global player in the Bitcoin mining industry.” A Special Anniversary Announcement Volcano Energy’s announcement comes exactly two years after El Salvador President Nayib Bukele revealed...