Bitcoin's Brief Skyrocket to $138K: Unraveling the Binance.US Trading Pair Anomaly

Bitcoin experienced a fleeting yet astounding spike to approximately $138,000 on the Binance.US cryptocurrency exchange today, as per exchange data.

Tether Expands Its Reach by Launching on Kava Blockchain

In a major move, Tether Operations Limited, the company behind the pioneering and widely adopted stablecoin Tether (USDT), has announced the launch of its US dollar-pegged tokens on the Kava blockchain.

dtcpay Secures $16.5 Million to Redefine Digital Payments in Luxury Real Estate

Singapore-based fintech company, dtcpay, which specializes in bridging traditional and digital currencies through its integrated payment platform, has successfully garnered US$16.5 million (equivalent to $22.2 million) in a pre-Series A funding round.

> Kwee Liong Tek, who presides as the chairman of the illustrious property development firm Pontiac Land Group, played a pivotal role in the funding round.

> Pontiac Land Group is renowned for its ownership and management of high-end properties, including the distinguished Capella Hotel Group and Millenia Singapore.

> Notably, the latter boasts an impressive range of luxury accommodations such as Singapore’s Ritz-Carlton and Conrad hotels.

> The influx of funds is earmarked for an array of purposes including fortifying dtcpay product offerings, bolstering its operational framework and infrastructure, and enhancing the company’s international footprint. More here.

Analyzing the Whopping $200 Million in Professional Fees

The closing down process of cryptocurrency exchange FTX is anticipated to come with an astronomical price tag as professional fees have already surpassed $200 million, according to a court document submitted on Tuesday by a court-appointed examiner.

> Katherine Stadler, an attorney specializing in bankruptcy who was assigned in March to monitor the fees, disclosed that attorneys and other professionals had accumulated nearly 35,000 billable hours, which is comparable to four years of continuous work, as of the end of January.

> “Very few firms could have accomplished what these professionals accomplished in 90 days…transforming a smoldering heap of wreckage into a functioning Chapter 11 debtor-in-possession,” Stadler articulated, characterizing the phase right after the bankruptcy announcement as “an ‘all hands on deck’ crisis.” Full report here.

Jerome Powell Endorses Stablecoins as Money

During an appearance at the US House Financial Services Committee's half-yearly monetary policy review, Jerome Powell, the Federal Reserve Chair, made statements acknowledging stablecoins as a legitimate monetary instrument. This was Powell’s first testimony before Congress since March.

> Primarily, Powell was summoned to shed light on the country’s interest rate trends and the Federal Reserve’s recent resolution to hold off on further hikes.

> Following this, he ventured into discussions on the digital asset sector, specifically elaborating on the Federal Reserve's stance on stablecoins and their role in the national economic landscape.

> In this testimony, Powell addressed the year that has passed, which has been particularly challenging for the Federal Reserve as it grappled with inflation. Details here.

Adding $700M in U.S. Treasury Bonds to Back DAI Stablecoin

MakerDAO, a pioneer in the decentralized finance (DeFi) sector and the entity behind DAI stablecoin, announced a significant addition of $700 million in U.S. Treasury bonds to its holdings.

> This purchase takes MakerDAO’s total bond holdings to an impressive $1.2 billion, a move aimed at backing DAI with real-world assets.

> This development follows the MakerDAO community's approval to raise the debt ceiling, and it was facilitated through Monetalis Clydesdale Vault.

> The first round of bond purchases occurred in 2022 when the community sanctioned a $500 million debt ceiling specifically for U.S. Treasury bonds.

> A subsequent approval in March 2023 enabled an increase of $750 million, raising the total debt ceiling to $1.25 billion. Full report here.

Powell Asserts ‘Staying Power of Crypto Asset Class

In today's hearing with the House Financial Services Committee, Jerome Powell, the Chair of the Federal Reserve, acknowledged the enduring nature of cryptocurrencies as a category of assets.

> He conveyed this during a broader conversation that primarily focused on the Federal Reserve's recent decision to suspend increases in interest rates but soon shifted toward the topic of digital assets.

> During the hearing, which is part of a twice-yearly event focusing on monetary policy, Powell made it clear by stating, “crypto appears to have staying power as an asset class.”

> This wasn't the only highlight of his address; he also touched upon stablecoins and indicated that they can be considered a legitimate form of currency. Continue here.

WisdomTree Joins BlackRock in Race for Bitcoin Spot ETF Approval

WisdomTree, a leading player in the exchange-traded funds (ETFs) domain, has submitted a request to greenlight the WisdomTree Bitcoin Trust, aiming for a listing on the Cboe BZX Exchange.

> This development closely follows a similar initiative by BlackRock, which reflects the burgeoning appeal and acknowledgment of Bitcoin within conventional financial circles.

> WisdomTree has detailed its investment goal as achieving exposure to Bitcoin prices while taking into account the costs and liabilities associated with managing the ETF.

> WisdomTree has opted to calculate the share values on a daily basis, leveraging the CF Bitcoin US Settlement Price, a metric that combines trading data from prominent Bitcoin trading platforms. Details here.

Crypto Titans Bitcoin, Ether, and Dogecoin Rally Skyward

A wave of positive momentum is sweeping across the cryptocurrency realm, with Bitcoin, the flagship digital currency, leading the charge alongside its counterparts Ether and Dogecoin.

> This Wednesday, Bitcoin took the market by storm as it broke past the $26,500 threshold, which it hadn’t seen in over four weeks, before making a beeline for an impressive $29,653.

> Not to be outdone, Ether posted a solid 7% gain within a single day, with its price ticking up to $1,839. Dogecoin followed suit, clocking in a 6% uptick, according to data from TradingView.

> Pundits from the financial sector have been quick to chime in on this extraordinary ascent, suggesting that a concoction of elements such as heightened interest from institutional investors and promising economic projections are propelling this upward trajectory. Full story here.