Crypto News

Now, let’s not beat around the bush. This little dip comes amidst a broader crypto market meltdown, spurred on by the latest US CPI data released on June 11. It seems the bulls, who were once frolicking in the fields of optimism, have failed to keep the momentum going. Perhaps they were too busy daydreaming about their ETF approval, which, by the way, is sitting at a rather optimistic 51% chance by year-end. Talk about wishful thinking! 🎈

On a fine Thursday, Tether Investments announced they’ve acquired a whopping 78,421,780 common shares of Elemental (ELE) from La Mancha Investments. That’s 31.9% of Elemental’s issued and outstanding shares, in case you were wondering. And the price? A mere $1.55 Canadian dollars ($1.14) per share. All in all, Tether is out about $89.4 million. Chump change, right? 💸

Today, the token saw a dramatic drop to $3.15, a 4.67% decline on a volume that could drown a ship—3.65 million! Yet, like a phoenix, it attempts to rise from the ashes, facing a new resistance at $3.24. 🦅

As the crypto markets experienced a slight decline on the twelfth day of June, reducing the total market cap by a modest 2.44%, the altcoin sector has been gallantly rallying, as if to declare, “Fear not, for we shall rise!” The gains of Bitcoin (BTC) have emboldened traders to embrace risk with the fervor of a young lady at a ball, eager for a dance.

Needless to say, Fartcoin is the belle of the ball among the new listings. With a market cap of $1.34B, it’s the second-largest Solana meme coin, just behind the ever-controversial $TRUMP. Who knew flatulence could be so profitable? 💨💸

While many of these coins are built on the shaky foundations of hype, they have managed to attract a motley crew of investors, all eager to partake in the whimsical ride. It’s a classic case of grassroots movements outshining the stuffy old institutions, proving that sometimes, the best way to influence market dynamics is with a good chuckle and a meme or two.

“This isn’t just about the money, darling—it’s a whole strategic makeover,” declared Soon Huat Lim, the big cheese at Trident. He went on to say, “As a public company, we’re all about transparency, strong governance, and innovation. Digital assets are the future of global finance, and we’re ready to take the wheel!” Talk about confidence! 🚀

Meanwhile, their iShares Bitcoin Trust (IBIT), which sounds like the latest trendy nightclub, is setting records faster than you can say “Blockchain”. It recently surpassed an eye-watering $72.5 billion—faster than a gold rush on steroids—taking only 341 trading days, which is “five times” as swift as building a gold palace—probably in just a weekend.

“Crypto doesn’t pose a systemic risk yet,” he said, while doing his best impression of a fortune teller in Madrid on Thursday. “But hold onto your wallets, folks! We might be approaching a tipping point!” 🎩🔮

With a market capitalization that could make even Midas blush—$155 billion, mind you—Tether Investments is on a quest to diversify the assets that back its illustrious stablecoin, USDT. They are expanding into the realm of tangible assets and precious metals, as announced on a rather splendid Tuesday.