By its very nature, bitcoin is stable and isn’t exactly the talk of the town, Michael Safai said.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is steadfast and mundane, said Michael Safai, managing partner at financial services firm Dexterity Capital. But that’s a good thing.
“Bitcoin’s going to be the boring old grandpa right now in the room,” Safai told CoinDesk TV’s “First Mover” on Friday referring to why, during these uncertain economic times, bitcoin’s rally may be due to its simple, more familiar story.
Certainly a lot of the excitement in the crypto market is happening in ether, the second-largest cryptocurrency by market capitalization, he noted.
On Wednesday Ethereum underwent its Shanghai upgrade, also known as Shapella. The blockchain’s upgrade raised questions about whether there would be major sell-offs. Instead, ETH’s price inched above $2,000 two days after the long anticipated upgrade, beating out bitcoin in options trading, for the first time this year.
While the upgrade allows users to withdraw the ETH they’ve staked (as well as reducing fees and opening space on the blockchain for more transactions), Safai pointed out that “a lot of things are happening” with ether, including allegations from U.S. government officials who say it is a security and should be regulated as such.
Bitcoin, on the other hand, is sidestepping the “chaos of all the investigations,” he said. For now, at least, it appears the U.S. Securities and Exchange Commission is comfortable with treating bitcoin as a commodity, unlike its view of ether.
With Ethereum’s upgrade, the “rules of the game have just changed,” Safai said. It may also be the reason there is excitement in the markets from users.
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“We’re seeing more activity on the options side and I expect that to continue,” he said.
Binance assigned a zero fee discount to the BTC-TUSD trading pair last month, waiving the promotion from Tether’s USDT.
The TrueUSD (TUSD) stablecoin’s market share in bitcoin (BTC) trading volume on Binance is catching up to Tether’s USDT following the exchange’s zero fee trading discount, but data shows traders are still reluctant to use TUSD, according to crypto bilgi firm Kaiko.
Between Binance’s BTC-TUSD and BTC-USDT trading pairs, TUSD’s market share rose to 49%, almost equalling Tether’s.
“This is a massive increase over just a few weeks,” Clara Medalie, head of research at Kaiko, said.
However, TUSD’s growth could not offset the rapid decline in the BTC-USDT pair’s trading volume after Binance waived its zero fee discount for Tether, according to Kaiko data. Moreover, larger buy and sell orders are still placed for the USDT pair, per Kaiko.“This suggests that traders are still reluctant to use TUSD despite zero fees,” Medalie added.
(Kaiko)
TUSD’s rise has come as Binance, the world’s largest crypto exchange by trading volume, picked the token as heir of its preferred Binance USD (BUSD) stablecoin issued by Paxos Trust.
The exchange restored trading with TUSD after a six-month pause after Paxos’ decision to stop issuing BUSD and assigned its zero-fee trading discount to the BTC-TUSD pair and waived the promotion from BUSD and USDT starting on March 22.
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The $132 billion stablecoin market is undergoing a major upheaval stemming from a regulatory crackdown and a banking crisis in the U.S. In February, the New York Department of Financial Services (NYFDS), the state’s top financial regulator, forced Paxos to cease minting BUSD, the third largest stablecoin with a $16 billion market cap. Last month, the collapse of crypto-friendly Silicon Valley Bank, reserve partner of the second largest stablecoin USDC, sent shockwaves through the market. In the aftermath, USDC suffered more than $10 billion in outflows.
Tether’s USDT and TUSD have emerged as clear winners of the crisis. TUSD has become the crypto market’s fifth largest stablecoin with a $2 billion market cap. USDT’s circulating supply has grown $10 billion in the past months and is closing in on its all-time high.
Stablecoins are a crucial element in the crypto ecosystem, facilitating trading on exchanges and serving as a bridge between government-issued fiat money and digital assets.
TUSD is a dollar-pegged stablecoin issued by crypto firm ArchBlock, previously known as TrustToken. Its value is fully backed by fiat assets, according to blockchain data provider ChainLink’s proof-of-reserve monitoring tool. In 2020, a little-known Asian conglomerate Techteryx acquired TUSD’s intellectual property rights, TrustToken said at the time.
The stablecoin bill is the first major piece of crypto legislation in 2023.
The U.S. House Financial Services Committee published a discussion draft Saturday of a landmark stablecoin bill ahead of a hearing on the issue.
The bill, available on the Committee’s hearing page, represents the first major piece of crypto legislation to move in 2023. It creates definitions for payment stablecoin issuers, echoing a term former Senator Pat Toomey (R-Pa.) used when he introduced his own stablecoin bill in 2022. The bill also calls for a moratorium on new stablecoins that are backed by other types of tokens until a study can be conducted.
The bill also calls for federal regulators to study the potential impact of a central bank digital currency issued by the Federal Reserve.
Punchbowl News first reported on the bill’s publication.
A House Financial Services subcommittee will hold a hearing on stablecoins on Wednesday, featuring Circle’s Dante Disparte, the Blockchain Association’s Jake Chervinsky, Columbia Professor Austin Campbell and New York Department of Financial Services Superintendent Adrienne Harris.
That hearing will come a day after the full Financial Services Committee meets to hear from Securities and Exchange Commission Chair Gary Gensler.
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Spokespeople for Reps. Patrick McHenry (R-N.C.) and Maxine Waters (D-Calif.), respectively the Chair and Ranking Member on the committee, did not immediately return requests for comment.
Son dakika haberleri… İtalya Ligi takımlarından Lazio forması giyen golcü oyuncu Ciro Immobile, sabah saatlerinde trafik kazası geçirdi. İşte detaylar.
DIŞ HABER – AJANSSPOR
İtalya Serie A Ligi kümelerinden Lazio forması giyen Ciro Immobile, bugün sabah saatlerinde bir trafik kazası geçirdi.
Tramvay ile çarpıştı
Corriere dello Sport’ta yer alan habere göre; İtalyan golcünün, sabah saatlerinde çocuklarının da içinde bulunduğu aracıyla Roma’da trafik kurallarına uymayan ve kırmızı ışıkta geçen bir tramvayla çarpıştığı belirtildi.
“Neyse ki iyiyim”
Kaza sonrası olay yerinde bir açıklama yapan Immobile, “Neyse ki yeterliyim, sadede biraz kolum ağırıyor” tabirlerini kullandı.
Haberde, saat 08.30 sıralarında Piazza Cinque Giornate bölgesinde meydana gelen kazada arabada Ciro Immobile dışında dört çocuğunun da olduğu bildirildi.
Öte yandan, İtalyan golcünün ve çocuklarının durumunun düzgün olduğu ve tedbir emelli hastaneye gittikleri kelam edildi.
