What happened in the cryptocurrency markets this week
The total market value of the cryptocurrency market is 1.59 trillion dollars; The market value of Bitcoin is 837 billion dollars, and the market value of Ethereum is 277 billion dollars.
The total market value of the cryptocurrency market is 1.59 trillion dollars; The market value of Bitcoin is 837 billion dollars, and the market value of Ethereum is 277 billion dollars.
The new version of Solana’s popular crypto phone series, “Solana Mobile Chapter 2”, is attracting great attention with almost a year left until the product is shipped. solana Mobile announced that it had received more than 60,000 pre-orders in less than three weeks. The new version allows users to log in more conveniently on a physical phone with crypto-supported software. Solana plans to sell Chapter 2 for $450 and start shipping the phones in 2025.
The court approved the SEC’s request for the company’s financial information within the scope of the Ripple case
A court in the US has ruled to force Ripple to provide additional information regarding the company’s financial information and institutional sales of XRP at the request of the SEC. The SEC filed a lawsuit against Ripple three years ago for unregistered XRP sales. Last year, the court ruled that the sale of XRP to institutional investors was illegal, but retail sales were not. The court granted the SEC’s request to compel Ripple to provide more information and asked the company to provide 2022-2023 financial statements and contracts governing institutional sales of XRP. Although Ripple argued that its financial situation was not relevant, the court decided that this information could be important in the resolution phase. The court also held that information about institutional sales of XRP was important in determining the necessity of a ban.
US Treasury Secretary Yellen warns of financial risks of cryptocurrency industry
US Treasury Secretary Janet Yellen stated that the cryptocurrency industry poses potential risks for the financial system, drawing attention to the dangers of fixedcoins, collapses and price fluctuations in crypto platforms. Yellen, who will testify on Tuesday, says that as the leader of the Financial Stability Oversight Council (FSOC), they are focused on crypto risks and will work with Congress to make the necessary regulations on this issue. Yellen emphasizes the need to pass legislation to regulate the spot market of fixedcoins and non-security crypto assets. Although he did not make any new initiatives in his short statements, he states that digital assets continue to be an important issue among the financial concerns of the US government.
Ethereum offers Vitalik Buterin 5 design recommendations for reducing maximum block size
Vitalik Buterin, Ethereum Foundation and his team are exploring ways to improve the blockchain to optimize Ethereum’s “rollup-focused roadmap.” They aim to reduce the maximum block size and variance by addressing the increase in effective block size over the past 12 months. They are considering five solutions, such as increasing block gas limits and increasing calldata cost. The goal is to create room for more data blocks in the future. Recommended solutions include steps such as adjusting calldata costs, setting a calldata limit per block, creating a separate calldata fee market, and offering an “EVM loyalty bonus.”
Spain seeks seizure powers for tax debts on cryptocurrency assets
Spain’s Ministry of Treasury is proposing a tax reform that would allow crypto assets to be seized for tax debts. This proposal declares cryptocurrency organizations as tax collection agents, giving the state the authority to seize digital assets. Local sources state that the government is trying to create the necessary conditions for the rapid implementation of the reform. Additionally, taxpayers will be required to declare crypto assets located outside the country for the first time this year. Data from crypto tax returns obtained since 2021 will be used to collect money from tax debts. However, rapid implementation of these crypto asset laws could create incompatibility and difficulty for Spanish regulators to align with concepts introduced across the EU.
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Crypto
Tether Made a Profit of $7.7 Billion
Tether announced the assurance report for the third quarter of 2024 published by BDO. While the company made a profit of $7.7 billion in the first nine months of the yearinvested $102.5 billion in US Treasury Bonds.
Tether announced the assurance report for the third quarter of 2024 published by BDO. While the company made a profit of $7.7 billion in the first nine months of the yearinvested $102.5 billion in US Treasury Bonds.
Tether announced the assurance report for the third quarter of 2024 published by BDO. While the company broke a record by making a net profit of 2.5 billion dollars in this quarter, its nine-month consolidated profit reached 7.7 billion dollars.
However, Tether’s equity capital increased to $14.2 billion and total assets reached $134.4 billion, reaching all-time highs.
The amount of USDT in circulation is at a record level
Additionally, ₮ broke a new record by increasing the amount of USDT in circulation to $120 billion, showing that global demand for its stablecoin is increasing. The USDT supply, which has grown by 30 percent since the beginning of 2024, has increased by $27.8 billion, reaching a level equal to the market value of its closest competitor.
In terms of reserves, it holds more than $105 billion in cash and cash equivalents in total, $102.5 billion of which is in U.S. Treasury securities. This enables Tether to maintain its commitment to liquidity and stability, while also allowing it to become the 18th largest treasury bond holder worldwide.
TetherIn line with ‘s long-term vision, private investments (₮ investments), which are not included in the reserves behind stablecoins, reached $7.7 billion. These investments in important sectors such as renewable energy, Bitcoin mining, artificial intelligence, telecommunications and education support ₮’s mission to promote global innovation.
Tether International Limited and ₮ Limited, which manage the company’s token reserves, stated that total assets were 125.47 billion US dollars as of September 30, 2024, while total liabilities were 119.38 billion US dollars. Of this, $119.38 billion is related to the issuance of digital tokens. As assets exceeded liabilities, the concentration in US Treasury securities reached 102.5 billion dollars.
“It continues to strengthen its financial strength and stability”
Commenting on the third quarter report CEO Paolo Ardoino, “Tether’s performance in the third quarter of 2024 demonstrates our commitment to transparency, liquidity and responsible risk management.
Reaching the 120 billion USDT threshold and reporting US Treasury bond holdings of $102.5 billion underscores the company’s unique financial strength. By increasing our reserve surplus to exceed 6 billion dollars and focusing on strategic investments, we aim to raise ₮ above the standards once again for stability in the financial field.” he said.
Crypto
Next Week’s Free Game at Epic Games Has Been Announced
Epic Games, which continues to make one or two games free every week, has announced two games that will become free starting next week.
Epic Games, which continues to make one or two games free every week, has announced two games that will become free starting next week.
Epic Games, which has managed to survive despite struggling with a tough rival like Steam that dominates PC gaming, occasionally offers remarkable games to users for free in order to attract more players to its platform. Epic Games, which has managed to attract a large number of gamers to its platform thanks to this strategy, is currently giving one or two different games to its users for free every week.
Epic, which recently made available this week’s free games, also announced the game it will give to users for free next week. The game, which will be free on the Epic Games Store starting from October 24, is Moving Out, one of the remarkable independent games of recent years. will be.
The promotional article on Epic for Moving Out, which is normally sold for 70 TL, is as follows:
Moving Out is an absurd physics-based moving simulator that brings new meaning to the concept of “couch co-op”! As a newly certified Staging and Moving Technician, you’ll handle moving duties throughout the bustling town of Packmore.
2020’s Moving Out was appreciated by both critics and gamers, making it one of the pleasant surprises of that year. As a matter of fact, this success paved the way for a sequel, which was released to gamers last year.
Crypto
Tesla’s Bitcoin Move Caused Concern
Tesla’s move of its $760 million Bitcoin stock for the first time in two years caused panic in the cryptocurrency markets.
Tesla’s move of its $760 million Bitcoin stock for the first time in two years caused panic in the cryptocurrency markets.
One of the little-known facts about Elon Musk’s electric car company, Tesla Motors, is that the company has a significant Bitcoin reserve. Tesla holds hundreds of millions of dollars worth of cryptocurrencies. However, judging by the latest news, the company is having difficulty finding some of this cryptocurrency.
Tesla has not made any transactions in its digital wallet for the last two years. So the company’s cryptocurrencies remained where they were. Until last week, that is. Last week, almost all of the company’s crypto money began to be transferred to other wallets. started. The transfer of $760 million worth of crypto money to digital wallets whose owners were unknown caused great panic within the company.
The general opinion in the crypto world is that Elon Musk made such a move to convert his cryptocurrencies into cash. But this does not alleviate the concerns, on the contrary, it makes crypto investors even more worried. Because Tesla selling all of its Bitcoins at once could create a shocking shock wave in the crypto markets. Because in such a case, not only the size of the amount sold, but also the fact that Elon Musk is the one selling it will affect the markets. The fact that an important figure like Elon Musk is now leaving Bitcoin may cause the trust in this cryptocurrency to decrease. This could lead to a mass selling trend. We will wait and see what Musk’s real intentions are. However, this activity in Tesla does not seem to bode well for crypto enthusiasts.
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