This week in the world of cryptocurrency has been nothing short of eventful, with major developments across various aspects of the industry. From Tether’s decision not to launch a blockchain to Bitcoin hitting a new all-time high, let’s delve into the key highlights of the past week.
### Tether’s Decision Not to Launch a Blockchain
Paolo Ardoino, the CEO of Tether, made a significant announcement stating that the company has no plans to launch a Tether chain at the moment. Ardoino emphasized the importance of neutrality and collaboration with independent Layer 2 solutions to support USDt for gas fees. This decision comes on the heels of Tether’s remarkable performance, generating $7.7 billion in profit over nine months.
### State of Michigan’s Investment in Ethereum ETFs
In a groundbreaking move, the State of Michigan pension fund disclosed holdings of over $10 million in spot Ethereum exchange-traded funds (ETFs). This revelation marks a milestone as Michigan becomes the first state pension fund to disclose an ETH ETF holding, signaling a significant vote of confidence in Ethereum’s potential.
### Launch of the Global Dollar Stablecoin
The introduction of the Global Dollar (USDG) stablecoin aims to enhance global stablecoin adoption. With initial partners including prominent names like Paxos, Kraken, and Robinhood, the USDG stablecoin is poised to challenge the dominance of established stablecoins like USDT and USDC, fostering healthy competition in the stablecoin market.
### Bitcoin’s Surge to a New All-Time High
Bitcoin’s meteoric rise continued as it surpassed $77,000, setting a new all-time high. This surge followed positive market sentiment post-Donald Trump’s presidential win, with analysts projecting further growth potential for Bitcoin in the coming months.
### BlackRock’s Record Inflows in IBIT
BlackRock’s iShares Bitcoin Trust (IBIT) ETF witnessed record daily inflows of $1.12 billion, underscoring a broader shift in institutional confidence towards Bitcoin. The impressive performance of IBIT reflects growing institutional interest in cryptocurrencies and blockchain technology.
In conclusion, the cryptocurrency landscape is evolving rapidly, with key players making strategic moves and achieving significant milestones. As the industry continues to mature, investors and enthusiasts can expect more exciting developments and opportunities on the horizon. Stay tuned for more updates on the dynamic world of cryptocurrency.
