Tether Breaks Records with $5.2 Billion Profit in First Half of 2024
Tether, the dollar pegged USDT stablecoin has reported an astounding record breaking profit of $5.2 billion in the first half of 2024 with an increase in its US Treasury holdings, now valued at approximately $97.6 billion. This makes Tether’s treasury among the top 17 in the world, surpassing countries like Germany and Australia. Tether has a market cap around $114 billion, with total reserves exceeding $118 billion and a net equity of $11.9 billion as of June 30, 2024. This highlights Tether’s influence as a payment option as it continues to gain rapid adoption globally.
Trump's Bitcoin Sneakers Hit eBay at $2,500
Traders are attempting to profit selling Donald Trump’s limited edition Bitcoin themed sneakers on eBay for up to $2,500, despite the shoes just being released. On eBay, therere are currently 12 listings with prices ranging from $700 to live auctions of $2,500. These high top sneakers sold out within three ours of their launch on July 31, 2024 with only 1,000 pairs available. Some sellers are promising to ship the sneakers once they receive them between September and November, however it is difficult to verify the legitimacy of listings. Only five pairs of the sneakers will be randomly signed by Trump, giving buyers a 1 in 200 chance of getting the autographed pair. This highlights Donald Trump’s positive view towards cryptocurrency, reflecting his ongoing support for digital assets.
Solana Memecoin Nets Trader $800K Profit in One Hour
A trader made a incredible profit by turning $8,500 investment into $800,000 buying into CTO a Solana based memecoin within an hour. However, this has raised suspicions of insider trading with blockchain analytics platform Lookonchain highlighting the trader purchased over 256 million CTO tokens and later sold 227 million for 4,771 SOL. While some users believe the trader is a memecoin hunter, others think this might have been insider trading. Nevertheless, memecoins have been the narrative for the past few months with new memecoins created every day.
Crypto Assets May Get Their Own Property Category in England
The Law Commission of England has recommended that the UK government classify crypto assets as a new form of personal property to protect their unique features. The proposal aims to create a third category for digital assets, distinct from tangible and intangible assets to have clear and enforaceble property rights. The proposed bill would allow courts to develop this new category, building a legal framework for the growth of digital assets. With the UK government considering recommendations to adopt cryptocurrencies, the future looks promising for Web3 businesses.
UAE Banks Open Doors for Direct Crypto Trading
Crypto exchange M2 announce that UAE residents can now directly buy and sell Bitcoin and Ether using their bank accounts, converting dirhams into these crypto currencies through M2’s spot markets. This allows users to deposit and withdraw dirhams without the hassle of finding a medium that acts as a broker when doing converting transactions. The move highlights UAE’s plan for crypto innovation and ensures transparency for consumers to safeguard their digital assets.
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