Tether's bold Bitcoin and Gold moves

See how much the USDT issuer now has in its reserves.

Author

Daniel Akpobare
October 29, 2024

In partnership with

GM Explorer,

Tether flexes financial muscle with billions in Bitcoin and gold reserves, plus unveils a Satoshi Nakamoto statue in Lugano, celebrating crypto's mysterious roots and future.

Here’s what we got for you today:

  • 🤑 Tether's bold Bitcoin and Gold moves!

  • 📈 Bitcoin hits $70K: What's behind the rise?

  • 🧱 Around The Block: Ethereum hits multi-year low against Bitcoin, erasing all gains since 2021.

🤑 Tether's Bold Bitcoin and Gold Moves!

At the recent Lugano Plan B Forum in Switzerland, Tether—the world’s largest stablecoin issuer—revealed some interesting updates.

The company has ramped up its Bitcoin stash from an estimated 75,000 BTC during the first half of the year to an impressive 82,454 BTC.

At the current market value, that number translates to around $5.36 billion to $5.607 billion!

But wait, there’s more — Tether now holds a whopping 48.3 tons of gold, worth roughly $4.28 in its treasure chest.

The reason?

Tether CEO Paolo Ardoino shared that accumulating Bitcoin and gold—often dubbed "digital gold"— strengthens its reserves to ensure stability. Good move, dont you think?

Alongside these jaw-dropping figures, Tether also unveiled a unique statue of Bitcoin's mysterious creator, Satoshi Nakamoto, in Lugano.

And let me tell you, the design is truly mesmerizing!

When viewed right at its center, the statue resembles strings of computer codes, creating a fading illusion as you move from a side to a frontal orientation.

For Ardoino, this tribute to Satoshi symbolizes Bitcoin’s monumental impact on the evolution of decentralized finance (DeFi).

While Michele Foletti, the mayor of Lugano, noted that the statute depicts the city’s goal of strategically positioning itself as a leader in digital innovation.

That sounds like a win-win for everyone in our books.😀

Dive into the full story here!

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📈 Bitcoin Hits $70K: What's Behind the Rise?

Bitcoin has reached $70,000, marking its first time hitting this impressive milestone in over four months!

Even BTC's daily trading volume also jumped by nearly 135% on Monday, according to CoinMarketCap data.

A significant factor driving this surge is the constant net inflow in Bitcoin ETFs.

Bitcoin ETFs enjoyed a remarkable 15 days of positive inflow throughout October, adding over $3 billion across twelve different ETFs.

On Monday, data from SoSo Value showed a daily net inflow of $402.08 million into US spot Bitcoin ETFs.

This surge in net inflow has been crucial to keeping the BTC market stable in recent weeks, contributing to a solid 6% gain this month.

Yet, it hasn’t been smooth sailing.

Last week, BTC dipped to $65,000 amid news that USDT provider Tether was under federal investigation.

But fear not; Tether’s CEO dismissed the claims, and BTC quickly bounced back, finally reaching $70,000.

Another significant factor at play is the growing US-based accumulation of Bitcoin.

The US-to-Rest Reserve Ratio—an indicator of Bitcoin holdings between US entities and non-U.S. institutions—has been steadily climbing since Q4 2023.

That indicates a rising demand among institutional investors and reinforces Bitcoin's appeal as a resilient asset.

So, will we see new record highs soon? Only time will tell.

🧱 Around The Block

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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