Tether Acquires More Bitcoin, Tron Challenges SEC Lawsuit, & Decline in Bitcoin Balances on Exchanges
Summary:
Tether, the company behind stablecoin USDT, recently acquired 8,888 Bitcoin, boosting its Bitcoin holdings to approximately $5.2 billion. Elsewhere, blockchain entity Tron has requested a New York federal court to dismiss a lawsuit from the SEC, calling the regulator's attempts to apply U.S. security laws to predominantly foreign conduct an overreach. Meanwhile, Bitcoin balances on cryptocurrency exchanges have significantly dropped, reaching the lowest levels since 2018, despite fluctuations in Bitcoin's value and anticipation of the cryptocurrency's major halving event set for late April.
Recently, Tether, the firm responsible for the creation of the Tether (USDT) stablecoin, added to its Bitcoin holdings through the purchase of 8,888 Bitcoin (BTC), valued at approximately $618 million. This acquisition was carried out on March 31 and has increased the total Bitcoin value within Tether's portfolio to around $5.2 billion, based on current market prices.
The company now possesses 75,354 Bitcoin, amounting to an average buy price of roughly $30,305 per Bitcoin. Following the latest purchase, data from CoinStats reveals Tether's portfolio has grown by 128%, yielding an unrealized profit of approximately $2.94 billion.
Currently, Tether ranks as the seventh-largest holder of Bitcoin globally, based on data from Bitinfocharts. The top spot is held by Binance’s cold wallet, with a Bitcoin accumulation exceeding 248,597 units - currently valued at approximately $17.31 billion.
In other crypto-related news, Tron, the organization behind the blockchain layer-1 Tron, has appealed to a New York federal court, seeking to nullify a lawsuit lodged against it by the U.S. Securities and Exchange Commission. In its request, Tron asserts the SEC's present case against it surpasses international jurisdiction and is, in this respect, an overreach of its mandate.
Additionally, Tron expressed its contention that the SEC is not a "global regulator," and as such, can not extend U.S. security laws to primarily foreign conduct. Tron further disputed the SEC’s claims, saying the tokens on trial were sold entirely overseas, with efforts taken to circumnavigate the U.S. market. Tron denies any allegations that the tokens were offered to U.S. residents at any point.
Meanwhile, as the cryptocurrency bull market continues, Bitcoin balances on crypto exchanges indicate a sharp decrease achieving the lowest rates since 2018. Thus far this year, roughly $10 billion worth of Bitcoin has been withdrawn from exchange platforms, following the approval of spot exchange-traded funds in the U.S.
The steady decline of Bitcoin balances on exchanges has been recorded since Jan. 11, the point at which spot Bitcoin ETFs initiated trading. Even with Bitcoin's fluctuating value over the past few weeks, investors remain bullish, looking forward to Bitcoin's largest ever halving event set to occur in late April. This upcoming event prospects the halving of Bitcoin’s supply growth rate, triggering a flood of institutional demand and earning Bitcoin the title of the world’s hardest asset.
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Published At
4/1/2024 4:00:00 PM
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