Weekly Report (26 June – 03 July 22) | What Happened This Week In Crypto

This Report will provide you with some important and quick news about cryptocurrencies that happened around the world.

1) Tether Decreases Commercial Paper Holdings By $5 Billion

The issuer of the USDT stablecoin said today that it would reduce its commercial paper portfolio by $5 billion by July 31, 2022, bringing its paper asset holdings from $8.4 billion to $3.5 billion. The news follows Tether’s announcement on May 19 that it has reduced its paper reserves, and is part of the company’s plan to reduce its paper asset holdings to zero and raise its proportion of U.S. treasuries…[continue reading]

2) FTX.US Will Get BlockFi For Up To $240 Million

Friday, the CEO of the cryptocurrency lender Zac Prince, said on Twitter that FTX.US will acquire the company for up to $240 million dependent on certain “performance criteria.” Prince stated that BlockFi will obtain a $400 million revolving credit facility…[continue reading]

3) Grayscale’s Suit Against The SEC Faces Difficult Times

Grayscale Investments is preparing its opening arguments against the SEC in response to the agency’s rejection of the company’s bitcoin ETF application, but some are sceptical that the decision would be reversed…[continue reading]

4) JPMorgan Said Crypto Deleveraging Coming To Ends

In a note published on Wednesday, JPMorgan analyst Nikolaos Panigirtzoglou cited an increase in firms’ readiness to bail out startups and a robust pace of venture capital investing in May and June as the reason for his confidence. He said that essential indications support the evaluation…[continue reading]

5) Taiwan’s Governor Support Interest-Free CBDCs To Avoid Fiat Deposit Outflow

Central Bank of the Republic of China (Taiwan) governor Chin-long Yang reportedly advocated a no-interest concept for the CBDC pilot on Wednesday, as published by local news site bnext.com. Yang explained the decision by stating that a CBDC that pays interest on digital asset deposits would likely replace New Taiwan currency (NT$) deposits in banks…[continue reading]

6) MicroStrategy Purchases Further Bitcoin Valued At $10 Million

Michael Saylor, the company’s founder and chief executive officer, revealed on Twitter that his company purchased the additional bitcoin for an average price of $20,817. The purchases were made between May 3 and June 28 while the market for cryptocurrencies saw a decline…[continue reading]

7) Author Of Rich Dad Poor Dad Said I’m Waiting For Bitcoin To ‘Test’ $1,100

Mr Kiyosaki predicted in a Tweet that Bitcoin’s price may revisit $1,100. If this turns out to be the case, he will purchase further items. In the event that Bitcoin does not reach its goal price, he will wait for “losers to concede” before purchasing more…[continue reading]