According to United States Treasury Secretary Janet Yellen, the stablecoin market is not at the scale at which the drop in the price of TerraUSD (UST) and Tether (USDT) below $1 would present a threat to the country’s financial stability. In a Thursday hearing of the House Financial Services Committee on the Financial Stability Oversight Council’s Annual Report to Congress, Yellen hinted that the stablecoin market was not yet at a size in which UST dropping to under $0.40 and USDT — the largest stablecoin by market capitalization — briefly depegging from the dollar to hit $0.96 would create a …

Dogecoin (DOGE) shows the prospect of undergoing a strong price rebound after reaching a technical support confluence on May 12. DOGE price 25% bounce incoming? DOGE's 45% price drop to $0.065 this week, or a 90% decline from its record high of $0.76 a year ago, was met with decent buying sentiment. As a result, the token underwent a modest price rebound on May 12, rising over 10% to $0.078. Interestingly, Dogecoin's upside retracement move started near a confluence of two support levels: a multi-month downward sloping trendline and a horizontal line that preceded a 335% price rally in the …

Update on 13 May at 09:49 UTC - Paolo Ardoino, CTO of Tether and Bitfinex tweeted that Tether has cut some holdings of commercial paper. In the accompanying news article, Ardoino explained that the majority of Tether's reserves are now in U.S. Treasuries. Tether has reduced its exposure to commercial papers since November. The crypto winter could be claiming more casualties among the stablecoin camp. The depegging of TerraUSD (UST) on Tuesday triggered market sell-offs, and now Tether (USDT) appears to be losing its footing, having slipped against the U.S. dollar. The algorithmic stablecoin UST is, as the name implies, …

Following recent developments in the sphere of stablecoins, Tether (USDT) has announced that it’s coordinating a chain swap to transfer USDT assets from Tron’s TRC-20 to Ethereum and Avalanche’s blockchain. In a tweet, Tether said that 1 billion USDT will be moved from Tron’s blockchain to Ethereum. On the other hand, an additional 20 million USDT will be converted to Avalanche. According to Tether, this will not change the total supply of the stablecoin. In few minutes Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 1B USDt and …

Bitcoin (BTC) bounced past $28,000 on May 12 after repeating a chart structure not seen since March 2020. BTC seller losses spiral Data from Cointelegraph Markets Pro and TradingView continued to track BTC/USD as it briefly fell to just under $24,000 on Bitstamp. A strong reversal then sent the pair several thousand dollars higher in minutes, with consolidation then taking hold to see it trade at around $27,000. The bounce zone was significant, constituting Bitcoin’s so-called realized price — the sum total of all unspent transaction outputs (UTXOs). The last time that BTC/USD tested realized price was during the COVID-19 …

Cryptocurrencies markets continue to suffer major losses following the depegging of Terra ecosystem’s stablecoin TerraUSD (UST), causing discrepancies between stablecoin pegs and the value of Bitcoin (BTC). Stablecoin Tether (USDT) showed signs of stress, as USDT/USD traded under $0.99 on major exchanges. Tether and Bitfinex chief technology officer Paulo Ardoino took to Twitter to assure USDT holders that over 300 million UDST tokens had been redeemed at their $1 peg over the past 24 hours. GM Reminder that tether is honouring USDt redemptions at 1$ via https://t.co/fB12xESSvB . >300M redeemed in last 24h without a sweat drop. — Paolo Ardoino …

Bitcoin (BTC) fell out of its long-term trading range on May 12 as ongoing sell pressure reduced markets to 2020 levels. Tether wobbles as UST stays under $0.60 Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it exited the range in which it had traded since the start of 2021. At the time of writing, the pair circled $26,700 on Bitstamp, marking its lowest since Dec. 28, 2020. The weakness came as fallout from the Terra meltdown continued to ricochet around crypto and beyond, with rumors claiming that even professional funds were experiencing solvency issues due to losses …

A Russian independent news company has raised more than $250,000 in cryptocurrency donations from supporters in order to continue reporting independent news under a barrage of Russian government propaganda and censorship. Meduza, a Latvian-based Russian-language news site that claims to report on “the real Russia, today,” has been asking for donations since April 2021 in the form of United States dollar, euro and cryptocurrencies including Bitcoin (BTC), Ether (ETH), BNB, Tether (USDT), Monero (XMR) and Zcash (ZEC). Since publishing their donations plea, the news company has received around $250,000 in crypto donations through 146,000 individual transactions. Around 93% of the …

The United States Federal Reserve Board released its semiannual Financial Stability Report on Monday. The report points to the volatility on commodities markets brought on by the Russian invasion of Ukraine, the spread of the omicron variant of COVID-19 and “higher and more persistent than expected” inflation as sources of instability. Stablecoins and some types of money market funds were singled out in the report and noted to be prone to runs. According to the Fed, stablecoins have an aggregate value of $180 billion, with 80% of that amount represented by Tether (USDT), USD Coin (USDC), and Binance USD (BUSD). …

The United States continues to be a global leader in embracing the cryptocurrency industry thanks to the work of Sen. Patrick Toomey, with the White House being at the forefront of crypto regulation. Last year, President Joe Biden signed a $1.2 trillion bipartisan infrastructure bill — and it included some new legislation that would impact the crypto sector. And more recently, the U.S. president announced a “whole-of-government” approach to regulating cryptocurrency in an across-the-board executive order directing multiple government agencies to answer specific questions on cryptocurrencies. The U.S. for the last year has clearly been seeking to help make the …

The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days. In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame. As expected, altcoins suffered the most In the last seven days, Bitcoin price …

The total crypto market capitalization has been holding a slightly ascending trend for the past three months, and the $1.75 trillion support was most recently tested on April 27 as Bitcoin (BTC) bounced at $38,000 and Ether (ETH) at $2,800 on April 27. The crypto market’s aggregate capitalization showed a 3.5% decrease in the last seven days. Meanwhile, notable losers were an 18.8% loss from Ripple (XRP), a 10.2% loss from Cardano (ADA) and a 9.7% drop in Polkadot (DOT) price. Analyzing a broader range of altcoins provides a more balanced picture that includes 25% gains from some gaming and …