Crypto sell-off resumes
Bitcoin dropped below $84,000 this morning, now down more than 30% from it’s October 6th ATH. Shares of crypto firms like Coinbase, MARA, Bullish, Robinhood, etc. are also down at least 5% each. Meanwhile, the price of Silver rose again to a record high above $58.
Bitcoin treasury company establishes USD treasury…lol
Only days after Strategy (MSTR) CEO Phong Le stated on a podcast that the company would sell BTC if necessary, the company sold stock in order to buy… get this… dollars! Yes, the “proud” owner of 3% of the BTC supply this morning announced the formation of $1.44 billion U.S. dollar reserve to fund dividends on its various classes of preferred stock. Read more →
Tether FUD
On Thanksgiving eve, S&P Global Ratings cut Tether’s stability assessment from “constrained” to “weak,” the lowest tier on its five-point stablecoin risk scale launched in 2023. The firm pointed to Tether’s “high-risk” slice of reserves (that includes bitcoin, gold, secured loans, and corporate bonds) that grew from 17% in Sept. to 24%. The ratings downgrade sparked a fresh round of scrutiny around Tether over the weekend heightened by Arthur Hayes pointing to insolvency risks. Tether CEO Paolo Ardoino and others were quick to push back. Read more →
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