According to Coin Metrics, the cryptocurrency reached a high of $57,597.60, its highest level since early May. Ether increased by roughly 2% to $3,599.22. The rally comes amid rising hopes and expectations that a bitcoin futures ETF will be approved soon, as well as recent comments from the heads of the Federal Reserve and the Securities and Exchange Commission, who said they have no intention of banning bitcoin, which seemed to "embolden" investors, according to Ned Davis Research.
Last week, Bloomberg Businessweek released a cover article about the enigma behind Tether, the world's largest stablecoin issuer, and its $69 billion holdings. Tether has garnered increased scrutiny from regulators and some investors in recent years due to its exponential rise. USDT, its stablecoin, is pegged to the US dollar 1:1. According to Bloomberg, Tether placed some of its reserves in Chinese commercial paper before the recent difficulties of Chinese real-estate developer Evergrande, citing a document detailing Tether's reserves.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.