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SEC and BlackRock Finalize Bitcoin ETF Talks as Tether Issues Billions in USDT

SEC and BlackRock Finalize Bitcoin ETF Talks as Tether Issues Billions in USDT

Today’s discussion into Tether’s record high USDT supply, potential Bitcoin ETF approvals, and the latest upheaval at Binance.

Tether’s Bullish Trajectory: Record High USDT Supply

In a significant development, Tether has minted an additional one billion USDT, contributing to a continuous growth in supply. This surge, pushing the supply over 88 billion dollars, is viewed as a bullish indicator for the crypto market. The influx of USDT is likely to pump Bitcoin and other altcoins, aligning with the observed trend of Bitcoin’s price increase alongside Tether’s supply growth.

The Bitcoin Spot ETF: Approaching Approval

The Bitcoin spot ETF has been a topic of immense interest, with big players like BlackRock and Grayscale actively fine-tuning their applications in meetings with the SEC. The likelihood of an approval seems imminent, possibly in the coming months, signaling a major catalyst for the crypto market.

Market Analysis: Bitcoin and Altcoin Performance

At the time of this recording, Bitcoin is showing strength at $37,441, with Ethereum maintaining over $2,000. Despite recent news concerning Binance, BNB holds strong at $237, and XRP sits comfortably at 61 cents. This bullish market sentiment is further reinforced by the broader upward trend since late 2022.

Binance CEO’s Resignation Amidst a $4.3 Billion Settlement

In a shocking turn of events, Binance CEO has stepped down amidst a $4.3 billion settlement with the DOJ. This major development highlights the increasing regulatory scrutiny in the crypto space and could mark a new chapter for Binance and its global operations.

Future Market Predictions: A Bullish Outlook

Looking ahead, the market is showing signs of a significant bull run, potentially reaching new all-time highs by late 2024 or into 2025. This optimistic outlook is based on the four-year market cycles, and the anticipation of Bitcoin ETF approvals, which are expected to catalyze market growth.

KPMG and Chainalysis: A Collaborative Move Against Crypto Frauds

In a move to bolster crypto market security, KPMG Canada has partnered with Chainalysis. This collaboration aims to advance anti-money laundering compliance programs, signifying the growing integration of traditional financial institutions in the crypto space.

Stuart Alderoty’s Perspective on Binance’s Settlement

Stuart Alderoty, Ripple’s Chief Legal Officer, remarks on the Binance resolution. He highlights the DOJ’s case lacks any significant Securities Law violations. This observation casts doubt on the SEC’s approach under Gary Gensler, suggesting a possible shift in regulatory power dynamics.

Coinbase’s Legal Battle with the SEC

Coinbase’s ongoing legal battle with the SEC over their petition for rulemaking is another point of focus. This conflict exemplifies the challenges crypto companies face in navigating the regulatory landscape.

Acquisition in the NFT Space: CoinGecko and Zash

CoinGecko’s acquisition of NFT data startup Zash highlights the expanding scope of cryptocurrency services and the growing interest in NFTs. CoinGecko anticipates that this move will enhance its data analytics capabilities, further solidifying its position in the market.

Genesis Trading and Gemini Lawsuit Saga

The complex and tumultuous nature of the crypto market is evident in the ongoing legal battle between Genesis Trading and Gemini over a $689 million lawsuit. This dispute is a reminder of the challenges that companies face in the rapidly evolving crypto landscape.

Today’s has covered a range of critical topics, from Tether’s rising influence to the evolving landscape of crypto regulations. As the market gears up for a potential bull run, staying informed and cautious is key to navigating these exciting yet challenging times.


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