Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.
The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply. Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.
Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion. Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics. Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.
With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion. The lowest drop in valuation after that point in time was $65 billion in November 2022.
According to data from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.
What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year. Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.
The stablecoin market has recently contracted and is currently hovering around $131.94 billion. The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies. In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply. Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.
Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion. Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics. Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value. Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.
With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy. Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion. The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion. The lowest drop in valuation after that point in time was $65 billion in November 2022.
According to data from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets. The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%. The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%. Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.
What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
After the report revealing that the cryptocurrency exchange Bittrex had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), the securities regulator charged Bittrex and the company’s CEO on April 17 for “operating an unregistered exchange, broker, and clearing agency.”
On Monday, the U.S. Securities and Exchange Commission (SEC) charged another cryptocurrency exchange, accusing the trading platform Bittrex of operating “an unregistered national securities exchange, broker, and clearing agency.” Since 2014, Bittrex allegedly sold crypto assets that were “offered and sold as securities.” The SEC’s complaint was filed in the U.S. District Court for the Western District of Washington.
The SEC further alleged that Bittrex Global should have registered the exchange, and the regulator claims the two entities leveraged a “shared order book.” The complaint also notes that Bittrex should have registered as a clearing agency and a broker. “[Bittrex] regularly engaged in the business of effecting transactions for the accounts of others in crypto assets that were offered and sold as securities,” the SEC’s complaint insists.
“Today we’re holding Bittrex accountable for its noncompliance,” SEC chair Gary Gensler wrote in a statement on Monday. “Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. “As alleged in our complaint, Bittrex and issuers that it worked with knew the rules that applied to them but went to great lengths to evade them by directing issuer-applicants to ‘scrub‘ offering materials of information indicating that certain crypto assets were securities.”
The SEC chairman added:
Further, Bittrex, as alleged, failed to register and comply with U.S. securities laws as an exchange, broker-dealer, and clearing agency. Cosmetic alterations did nothing to change the underlying economic realities of the offerings and Bittrex’s conduct.
The SEC’s complaint follows the recent news that Bittrex received a Wells notice informing the cryptocurrency exchange of possible enforcement action. Bittrex’s general counsel, David Maria, told the Wall Street Journal that if the SEC decided to sue the firm, the exchange would contest the action in court unless the regulator “presented a reasonable settlement offer.” At the time of writing, the SEC’s complaint doesn’t offer any settlement, and the court filing says a “jury trial [is] demanded.” In addition to the cryptocurrency exchange Bittrex Global, the company’s CEO, William Hiroaki Shihara, is also named in the case.
What are your thoughts on the SEC’s latest enforcement action against Bittrex, and do you think it will lead to increased regulatory scrutiny in the cryptocurrency industry? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
After the report revealing that the cryptocurrency exchange Bittrex had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), the securities regulator charged Bittrex and the company’s CEO on April 17 for “operating an unregistered exchange, broker, and clearing agency.”
On Monday, the U.S. Securities and Exchange Commission (SEC) charged another cryptocurrency exchange, accusing the trading platform Bittrex of operating “an unregistered national securities exchange, broker, and clearing agency.” Since 2014, Bittrex allegedly sold crypto assets that were “offered and sold as securities.” The SEC’s complaint was filed in the U.S. District Court for the Western District of Washington.
The SEC further alleged that Bittrex Global should have registered the exchange, and the regulator claims the two entities leveraged a “shared order book.” The complaint also notes that Bittrex should have registered as a clearing agency and a broker. “[Bittrex] regularly engaged in the business of effecting transactions for the accounts of others in crypto assets that were offered and sold as securities,” the SEC’s complaint insists.
“Today we’re holding Bittrex accountable for its noncompliance,” SEC chair Gary Gensler wrote in a statement on Monday. “Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity. “As alleged in our complaint, Bittrex and issuers that it worked with knew the rules that applied to them but went to great lengths to evade them by directing issuer-applicants to ‘scrub‘ offering materials of information indicating that certain crypto assets were securities.”
The SEC chairman added:
Further, Bittrex, as alleged, failed to register and comply with U.S. securities laws as an exchange, broker-dealer, and clearing agency. Cosmetic alterations did nothing to change the underlying economic realities of the offerings and Bittrex’s conduct.
The SEC’s complaint follows the recent news that Bittrex received a Wells notice informing the cryptocurrency exchange of possible enforcement action. Bittrex’s general counsel, David Maria, told the Wall Street Journal that if the SEC decided to sue the firm, the exchange would contest the action in court unless the regulator “presented a reasonable settlement offer.” At the time of writing, the SEC’s complaint doesn’t offer any settlement, and the court filing says a “jury trial [is] demanded.” In addition to the cryptocurrency exchange Bittrex Global, the company’s CEO, William Hiroaki Shihara, is also named in the case.
What are your thoughts on the SEC’s latest enforcement action against Bittrex, and do you think it will lead to increased regulatory scrutiny in the cryptocurrency industry? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
PRESS RELEASE. SAITECH Limited (SAI for short), a clean energy and computing operator based in Singapore, saw a surge in its stock price last Friday. The highest increase in SAI’s stock price on that day was $7.4, a 387% rise from the previous day’s price. The closing price of the stock was $4.9, still up 222.3% from the previous day. Based on the closing price, the company’s market value was $111 million. The turnover rate and trading volume of SAI on that day were both very high, which showed enthusiasm among investors about SAI.
Arthur Lee, CEO of SAI, stated on Twitter, “Actually, BTC mining always leads the development of HPC, just like AI computing, who uses the best chips and faces cooling challenges. That’s why $SAI developed a liquid cooling and heat reuse system designed for all kinds of chips in the future, to make computing sustainable and ESG-friendly.”
SAI is a global computing operator and clean energy technology company that horizontally integrates the computing, thermal, and power industries. SAI adopts exclusive liquid cooling and waste heat recovery technology to provide potential customers with clean thermal energy services while reducing the operating costs of digital asset computing infrastructure.
In the future, SAI will focus on providing a comprehensive solution for clean energy creation from software to hardware for the computing industry to capture and reuse the heat generated by Bitcoin mining. These clean energy solutions will include everything from computing chips to HPC high-performance computers and data center infrastructure construction to the design and implementation of data center liquid cooling and waste heat utilization schemes to provide heating for various settings.
SAI believes that data center heating will be an important transformation of future urban energy systems toward green and sustainable clean energy development. Currently, SAI’s high-performance computing mining machines have been successful in providing heat in multiple pilot projects, which include agricultural greenhouses, shopping malls, and office buildings, and SAI established the first computing power center in Ohio, USA, last year for vegetable and fruit planting.
In May 2022, SAI completed a merger with SPAC (Special Purpose Acquisition Company) TradeUP Global Corporation (TUGCU) and began trading on the NASDAQ in the United States. SAI became the first chip heating stock.
Arthur Lee once said in an interview with the media that SAI strives to become the “Tesla” of clean computing and help reduce carbon emissions in society. He hopes that SAI can bring disruptive changes to the Bitcoin mining industry, especially regarding clean computing and energy waste caused by Bitcoin mining, just like Tesla in the automotive industry, and make the industry’s underlying infrastructure move towards a cleaner and more efficient direction.
In March 2022, SAI launched its first SAITIME annual corporate conference, streamed live online, introducing the company’s core philosophy and organizational structure to the public. At the conference, SAI proposed the integration plan SAIHUB, which is positioned to promote the green and efficient transformation of the computing industry, as well as its first-generation waste heat recovery computing equipment and software.
In August of the same year, SAI held its first-ever Bitcoin Heat Day in New York, and Arthur Lee delivered a keynote speech on Bitcoin thermal energy. The content mainly included the huge potential the Bitcoin heating market can have on clean energy production and also application scenarios he envisioned, such as agricultural greenhouses from the perspective of global thermal energy demand and energy structure. Lee also explained how SAI.TECH’s SAIHUB products provide energy-saving solutions for Bitcoin mining and heating, as well as successful heating scenario demonstration projects (agricultural greenhouses, commercial buildings, etc.).
In the same month, SAI announced its first energy-efficient computing center project in North America – SAI NODE OHIO, which successfully landed in Chesterland, Ohio, USA. It will serve as a heating demonstration site to showcase SAIHUB’s large-scale, clean energy heating capabilities to the public. At the same time, the site will become SAI.TECH’s operational headquarters in North America.
In September 2022, Arthur Lee gave an interview with NASDAQ, during which he told his story. He studied energy and environmental systems engineering at Zhejiang University. Lee believes that many industries, including the computing industry, have a high demand for energy. He firmly believes that solving heat dissipation for chips and using chips to solve heating problems is the direction that truly adds value. After Lee accidentally got involved in the Bitcoin industry, he made up his mind to drop out of school and devote himself to the development of heat utilization in computing power, especially related to mining Bitcoin. It took him three years to lead SAI.TECH to successfully list on NASDAQ.
In April 2023, at the SAI annual conference, SAITIME 2023 will be held in an online live-streaming event. SAI will announce its newly upgraded product line, major project progress, and future strategic development plans.
SAI has always insisted on research and innovation in the computing industry and has made significant contributions to leading innovation and development in industries including clean energy, BTC, AI, and HPC.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
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