Tangem Wallet Pack of 2 - Secure Crypto Wallet - Trusted Cold Storage for Bitcoin, Ethereum, NFT's &

Tangem Wallet Pack of 2 - Secure Crypto Wallet - Trusted Cold Storage for Bitcoin, Ethereum, NFT's &
Key item features Ultimate Security: Generates a private key that remains on the card, safeguarding crypto and NFTs from hackers with EAL6+ certification and audited firmware. Versatile Compatibility: Manages over 13,000 tokens across 70+ blockchains, supporting DeFi, NFTs, and DeEx without wires, Bluetooth, or USB. Effortless Operation: Utilizes NFC for secure transactions via a mobile device and the Tangem app, enabling buying and selling crypto with various payment methods. Smart Backup: Features a second Tangem Wallet as a backup, eliminating the need for paper, pictures, or seed phrases for recovery. Durable Design: Boasts IP68 protection against environmental conditions, ensuring longevity and robust physical security. Comprehensive Support: Compatible with Bitcoin, Ethereum, Solana, XRP, USDT, and over 6,000 cryptocurrencies, integrating with dApps and WalletConnect.

LBANK

LBANK

USDT USDC Stablecoins Flowing To Exchanges Expect More Price Gains?

As crypto prices, spearheaded by Bitcoin and Ethereum, recover and rise to multi-week highs, breaking above critical liquidation levels, on-chain data shows that more stablecoins like USDT and USDC flow to centralized cryptocurrency exchanges.

As of June 22, the net flow stood at +$153.3 million, suggesting that more users moved their coins to ramps, with only a few opting to withdraw. This indicates that more users are keen to buy or trade crypto assets hoping to ride the emerging trend.

More Stablecoins Flowing To Cryptocurrency Exchanges

According to data from research firm IntoTheBlock, the current stablecoin flow stands at +$153.3 million, an improvement from the $364.72 million outflow seen on June 13. It shows that more stablecoins were being withdrawn from cryptocurrency exchanges. 

Notably, at this time, top cryptocurrencies, including Bitcoin and Ethereum, were near their June 2023 lows, crashing hours after the United States Federal Reserve, after ten consecutive rate hikes, paused interest rates, maintaining them at the 5% and 5.25% range. The market interpreted this as bullish for the greenback, forcing crypto prices to lower. 

Moreover, other fears were that the regulatory crackdown of leading cryptocurrency exchanges, like Binance and Coinbase, could affect liquidity. When filing a lawsuit against Binance, the world’s largest cryptocurrency exchange, the United States Securities and Exchange Commission (SEC) alleged that the exchange facilitated the trading of unregistered securities. 

In one of their claims, the regulator cited BUSD, a stablecoin, as an example of unregistered security alongside other digital assets, including Polygon’s MATIC and Algorand’s ALGO. There were fears that more action, especially with the mentioning of BUSD, could have a domino effect, effectively meaning other stablecoins, including USDT and USDC, were also securities.

However, since then, there has been no mention or comment from regulators, even outside the United States, that any of the top stablecoins could be deemed securities in the North American country.

ALGO price on June 22| Source: ALGOUSDT on Binance, TradingView

Tether Diversifying Their Reserves

Currently, USDT is the world’s most liquid stablecoin, with a market capitalization of $83.12 billion. It is the third most valuable token only, after Bitcoin and Ethereum. Tether Holdings is the issuer of USDT. 

On May 17, 2023, the issuer said it would begin buying Bitcoin with up to 15% of its realized operating profits to diversify its reserves which currently comprise a mix of fiat currencies, cash equivalents, and commercial paper. 

It has been suggested that the recent action taken is an attempt to mitigate inflation, taking into account the deflationary characteristics of Bitcoin. Additionally, Tether Holdings has expressed its interest in capitalizing on the potential growth of the digital currency, recognizing its value as an asset.



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