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The cryptocurrency market is buzzing with significant developments as Bitcoin consolidates ahead of upcoming U.S. inflation data.
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Tether’s move to mint USDT on both Bitcoin’s base layer and Lightning Network marks a pivotal shift in stablecoin utilization.
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Paolo Ardoino, CEO of Tether, emphasized that this innovation reinforces Bitcoin’s decentralization principles while enhancing payment solutions.
Explore the latest in cryptocurrency as Bitcoin consolidates, Tether launches USDT on Bitcoin, and Kraken reintroduces staking services in the U.S.
Bitcoin’s Price Consolidation Amid Economic Indicators
Bitcoin (BTC) has remained within a tight price range of $100K-$105K in anticipation of critical data from the U.S. regarding inflation. Following the recent FOMC update, which saw the Federal Reserve keeping interest rates steady amid “somewhat elevated” inflation, traders are closely monitoring price movements. The key inflation report, the Personal Consumption Expenditure (PCE) index, is expected to have substantial implications for future rate decisions and market performances.
As of the last analysis, Bitcoin was valued at $104K, right before the PCE report is released. Markets are rife with expectations, and analysts suggest that a lower-than-anticipated inflation rate could propel Bitcoin’s price upward, while a higher figure might drive it down, potentially testing support levels. Key price levels to watch include $97.5K, $108K, and $110K.
Source: CoinMarketCap
Tether Expands USDT Minting to Bitcoin Networks
The stablecoin issuer Tether is set to begin minting USDT directly on Bitcoin’s core and its Lightning Network. This initiative utilizes the Taproot Assets protocol, which is engineered to enhance the tokenization of assets like USDT on the Bitcoin blockchain. CEO Paolo Ardoino stated, “By enabling USDt on the Lightning Network, we not only strengthen Bitcoin’s core tenets of decentralization and security but also deliver practical solutions for remittances and payment applications that necessitate speed and reliability.”
Furthermore, the new staking service rolled out by Kraken after a two-year pause due to SEC regulations allows users in 39 U.S. states to stake various cryptocurrencies including Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Cardano (ADA). Kraken’s Head of Consumer, Mark Greenberg, labelled the return of staking services as a “positive development” for the U.S. crypto ecosystem.
Bitwise Secures SEC Approval for Combined ETF Listing
In a landmark move, Bitwise has received the SEC’s approval for its combined Bitcoin (BTC) and Ethereum (ETH) ETF application, with anticipation growing for the subsequent approval of its registrant statement (S-1). Bloomberg ETF analyst James Seyffart noted positive movements in other similar applications, suggesting that products like those from Hashdex and Franklin Templeton may also be listed in the near term. Seyffart remarked, “Recent developments with the S-1s indicate that these products are likely to make their market debut soon.”
Conclusion
The recent developments in the cryptocurrency space, including Bitcoin’s current stability, Tether’s innovative integration with Bitcoin networks, and the re-launch of staking services by Kraken, signify a dynamic shift within the market. As these elements unfold, stakeholders should stay informed to navigate the ever-evolving landscape of digital currencies effectively.
