2023-11-28

💰 Fiat Pours into Tether...Why?

November 28, 2023

Howdy Folks,Question: How many of you are already having those "I can put this off till the new year" work thoughts?

Let's take the plunge!

🏦 Rival's Legal Woes Boost Coinbase
💰 Fiat Floods Into Crypto
🏦 Suspicions of FTX-Style Misuse

📈 Coinbase Shares Surge Amid Binance Turmoil

Coinbase's stock soared to an 18-month high following rival Binance's legal settlement with U.S. authorities.

Yesterday, Coinbase shares closed at $119.77, marking a significant leap from their previous high in May 2022.This surge represents an impressive 256.5% increase year-to-date, although still down from the 2021 peak. 🚀💹

The rise in Coinbase's stock value coincides with Binance's guilty plea to charges of money laundering and sanctions violations.A cynic (not me) might suggest Coinbase could be in cahoots with the government! 🤫Binance's settlement of $4.3 billion, including CZ's resignation as CEO, has seemingly shifted market confidence toward Coinbase. 🏛️📉

Adding to Coinbase's upward momentum is its role as custodian for several U.S. spot crypto ETFs awaiting approval. The exchange has positioned itself as a key player, custodianing 13 of the 19 pending ETFs with the SEC. 📊🔒Well played, Mr Armstrong! 🙄

However, Coinbase is navigating its own legal challenges, facing an SEC lawsuit over alleged unregistered securities listings.Despite this hurdle, the recent gains reflect a potential shift in the crypto exchange landscape, spotlighting Coinbase's resilience and strategic moves in a turbulent market. 🚨⚖️

🌐 USDT Market Cap Skyrockets

Tether USD (USDT), the leading stablecoin, has witnessed a significant surge in market capitalization, indicating a growing interest in the crypto market.

Over the past month, USDT's market cap soared by $1.59 billion, moving from $83.43 billion to $84.93 billion.This jump reflects a substantial influx of fiat capital into cryptocurrencies. 💸📈

This increase, especially noticeable last week with a $500 million rise, suggests a robust inflow of traditional finance into the crypto space.This is how a bull market starts...in case you didn't know! 🧑‍🏫Tether, widely used as the primary fiat on-ramp, plays a crucial role in this transition, facilitating the movement of funds from conventional markets to digital assets. 🔄🏦

Currently, with Bitcoin consolidating and some altcoins breaking historical downtrends, the overall crypto market capitalization has hit yearly highs over $1.28 trillion.We have a long way to go yet though!! This trend indicates a continued uptrend and a growing capital inflow into cryptocurrencies. 📊🚀

🔍 SEC Continues Binance.US Fraud Probe

The SEC is intensifying its investigation into Binance.US, focusing on potential mismanagement of customer assets, akin to the recent FTX scandal.

This probe follows allegations of Binance's involvement in unregistered securities sales and misuse of customer funds. 🕵️‍♂️🚨

A key concern is whether Binance.US diverted customer assets without proper authorization, mirroring accusations against FTX.Uh oh!!!During a recent court hearing, Binance.US attorneys refuted these claims, asserting the absence of any evidence of such misconduct. 📜🚫

Lawyer Matthew Laroche emphasized the heavy financial toll of the lawsuit on Binance.US, highlighting a near 90% asset reduction and a halved user base.The SEC's fraud allegations remain unresolved despite Binance's $4.3 billion settlement with U.S. authorities over Anti-Money Laundering violations. 💸👥All of this on top of the fact that former CEO, CZ, isn't allowed to leave the US!

Ah..the old "kick 'em while they're down" maneuver!