Tether And Circle’s Profit Models Are Diverging
It was reported that Tether’s net profit for 2024 will reach $13 billion, of which only 54% will come from US debt interest. About $5 billion of the rest comes from unrealized gains on Bitcoin and gold assets. Circle, on the other hand, according to its IPO prospectus, will generate 95-99% of its revenue in 2024 from interest, while service revenues are less than 1%. Tether acts like an “offshore hedge fund” that is vulnerable to volatility, while Circle operates in a more regulated “digital currency fund” structure.
Ripple Issued 500 Million XRPs Worth About $1.02 Billion
According to Whale Alert data, Ripple unlocked 500 million XRP from its account. This amount corresponds to approximately $1.02 billion. It is thought that this move may be related to liquidity planning or preparation for a sale.
Deribit: Nearly $2.5 Billion in BTC and ETH Options Expire Tomorrow
Crypto derivatives exchange Deribit announced that approximately $2.5 billion worth of BTC and ETH options will expire on April 4. The maximum pain point for BTC was set at $85,000 and for ETH at $1,850. Position changes during this period are expected to create volatility in the market.
Alabama and Minnesota Lawmakers Join US States Pushing for Bitcoin Reserves
Lawmakers from the US states of Alabama and Minnesota have backed bills to allow states to purchase Bitcoin. This move increases the trend towards considering Bitcoin as a reserve asset in public treasuries. Similar initiatives had previously come from states such as Texas, Oklahoma and Kentucky.
TikTok Faces Fine of More Than 500 Million Euros for Transferring EU User Data to China
TikTok’s parent company ByteDance could be fined more than 500 million euros for violating European Union data protection rules. The investigation found that TikTok transferred user data to China and engineers had access to it. The EU may also ask ByteDance to stop data processing.
Neo Foundation to Announce Contingency Plan Against Market Turmoil
Neo founder Da Hongfei announced that the Neo Foundation is preparing a contingency plan in the face of current market volatility. Details of the plan are expected to be announced within 24 hours. This development aims to preserve the community’s market confidence.
by Darkex Research – 1 min read
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