On March 4th, COINOTAG News reported that the hybrid Layer2 solution, BOB (Build on Bitcoin), has successfully integrated with Fireblocks, a renowned provider of digital asset custody technology. This collaboration
Australia’s government has confirmed it has no plans to create a strategic cryptocurrency reserve, amid recent announcements from…
Tether has appointed Simon McWilliams as its new Chief Financial Officer (CFO) to lead the company's efforts towards increased transparency in its reserves . McWilliams brings over 20 years of experience in financial management and auditing, and his role is crucial in driving Tether’s strategy to become more transparent amid growing regulatory pressure. Under his leadership, Tether aims to carry out a comprehensive financial audit, which the company hopes will address the long-standing doubts surrounding its reserve backing. In a shift of roles, Giancarlo Devasini, the former CFO, has been moved to the Chairman position, where he will focus on broader strategic initiatives, including advancing Tether’s integration into the U.S. financial system and boosting global digital asset adoption. McWilliams' appointment marks a critical step toward reinforcing Tether’s standing in the $232 billion stablecoin market. For years, Tether has faced skepticism regarding the transparency and legitimacy of its reserves. Until now, the company has only provided quarterly attestations from the accounting firm BDO, but these reports have been criticized for lacking the thoroughness of a full audit. This opacity has fueled doubts, particularly following a 2021 settlement with the New York Attorney General’s office, which exposed that Tether had misrepresented the backing of USDT at a 1:1 ratio with the U.S. dollar. Despite the challenges, Tether has disclosed that a significant portion—82.35%—of its reserves is in cash, cash equivalents, and other short-term deposits, with nearly 80% of these holdings in U.S. Treasury bills. Critics, however, argue that only a full audit will truly resolve lingering concerns about the company’s financial stability. Tether's move for a comprehensive audit fits into its broader strategic goals. Recently, the company relocated its headquarters to El Salvador, aiming to secure a Digital Asset Service Provider (DASP) license. This relocation signals Tether’s intention to strengthen its operational foundation and expand within the institutional financial sector. This development also comes as Tether seeks to demonstrate greater accountability and enhance its relationship with regulators, institutional partners, and users. With McWilliams’ appointment, Tether hopes to restore confidence and solidify its position as a leader in the stablecoin market, aligning itself with institutional needs while working toward full regulatory compliance. The company’s focus on transparency and its efforts to provide a more detailed and trustworthy audit process are seen as key factors in achieving long-term success. Tether’s move for greater transparency, led by McWilliams, aligns with its strategy to overcome past criticism and position itself as a key player in the global financial ecosystem. The outcome of the comprehensive audit will be crucial in shaping Tether’s future and its ability to maintain trust among users and investors alike. Simon McWilliams ' expertise is expected to guide Tether through a thorough audit process, addressing concerns about transparency and boosting institutional trust. Tether's future depends on how well it can tackle transparency issues and regulatory demands. McWilliams' leadership comes at a pivotal time as Tether looks to regain its standing amidst growing skepticism and regulatory scrutiny.
Research service Ecoinometrics stated on Monday that bitcoin's (BTC) long-term recovery is closely tied to the Nasdaq's ability to trend upward, highlighting the significant positive correlation between the two. Unfortunately for crypto bulls, the Nasdaq triggered a major bearish reversal pattern known as a "double top" on Monday, putting BTC's 200-day simple moving average (SMA) support at risk. Bitcoin, the leading cryptocurrency by market value, has dropped over 10% in the past 24 hours, reversing Sunday's price rally to $95,000. At one point early today, prices tested the 200-day SMA support at $82,587, as shown by data from the charting platform TradingView. The 200-day SMA is commonly regarded as a key indicator of long-term trends, with price declines below this level often interpreted as a signal of potential significant losses ahead. The possibility of BTC's price moving below the long-term average cannot be ruled out, as Wall Street's tech-heavy Nasdaq fell 2.2% Monday, triggering a double top breakdown. The double top comprises two peaks separated by a trough and takes roughly two to six weeks to form. The gap between the two peaks must be equal to or less than 5%, with the spread between peaks and the trough being at least 10%, according to technical analysis theory. These are guidelines and not rules; the backdrop is more important, meaning the pattern should appear after a prolonged uptrend to be valid, which is the case with Nasdaq. Nasdaq has formed two peaks near $22,200 since mid-December, with a trough at $20,538. The index ended Tuesday below the trough support, confirming the double-top bearish reversal pattern. Per technical analysis theory, the subsequent decline could be at least 70% of the distance between the peaks and the trough, which means the Nasdaq could go as low as 19,400. The pattern's historical failure rate is 11%, according to CMT's analysis books. This means that breakdowns lead to deeper losses more often than not. Both Nasdaq and BTC lost bullish momentum in December and have since topped out to trade close to their respective 200-day averages. Below the 200-day SMA, the next support for bitcoin is seen directly at the former record high (resistance)-turned-support at $73,757 .
Vietnam's Prime Minister Pham Minh Chinh has called for the submission of a proposal to establish a legal framework for digital currencies in March. The Ministry of Finance (MOF) and the State Bank of Vietnam (SBV) are tasked with creating the proposal for managing digital assets and cryptocurrencies. This initiative follows a recent directive aimed at promoting national growth and increasing economic stability. The move is seen as crucial in regulating the growing digital asset market in Vietnam, which ranks 7th globally in cryptocurrency ownership, according to data from Triple-A. As of now, cryptocurrency is not recognized as legal tender in Vietnam, and many businesses that operate in the country register abroad to avoid local regulations. This has created a competitive disadvantage for local companies and has led to a loss in potential tax revenue. The Prime Minister emphasized the importance of taking action, stating that all levels of government and the people have shown support for the initiative. With this legal framework, businesses will be able to access capital from financial institutions more easily, and users will benefit from greater transparency, helping minimize risks associated with digital currency transactions. Additionally, the framework will help the government in taxing crypto transactions and digital assets, contributing to the national economy. Currently, the Vietnamese government does not have a clear definition of virtual currencies or digital assets. The country’s previous efforts to regulate digital assets were incorporated into the Law on Digital Technology Industry, classifying crypto as intangible assets. In 2025, the government plans to classify digital assets based on factors like technology and purpose. This is expected to create clearer guidelines for the regulation of digital assets, which will contribute to the growth of the sector. To support these efforts, the Vietnamese government is also exploring the possibility of setting up testing mechanisms, known as sandboxes, to help establish a digital asset exchange. This initiative is expected to boost the financial industry and help Vietnam develop its digital currency market further. Moreover, the country plans to launch financial hubs in Ho Chi Minh City and Da Nang by 2025. The Prime Minister’s recent directive also mandates the Ministry of Finance and the Ministry of Science and Technology (MOST) to draft policies related to digital assets and sandboxes, with deadlines set for Q2 2025. As Vietnam moves forward with these regulatory efforts, the country aims to position itself as a key player in the global digital currency space.
Following registration, SBI VC Trade expects to launch its first USDC stablecoin transactions for selected users on March 12.
In a recent announcement dated March 4th, **Binance** disclosed significant updates regarding its monitoring framework for selected cryptocurrencies, including **AERGO**, **ALPACA**, **AST**, **BADGER**, **BURGER**, **COMBO**, **NULS**, **STPT**, **UFT**, and **VIDT**.
Bybit CEO Ben Zhou revealed that hackers stole a total of $1.4 billion (approximately 500,000 ETH) and a significant portion of the funds are still traceable. Bybit CEO: Hackers Stole $1.4 Billion in Crypto, Most Converted to Bitcoin Distribution of Stolen Funds According to Zhou, the stolen funds were distributed as follows: 77 of them are watchable 20 cannot be tracked 3 of them are frozen Additionally, 83% of the stolen funds were converted to Bitcoin and distributed across 6,954 wallets, further complicating recovery efforts. Ongoing Efforts to Trace and Recover Assets The Bybit team is actively working with blockchain forensics firms and law enforcement to trace and recover the stolen assets. The significant amount that remains traceable suggests that coordinated action could lead to a portion of the funds being frozen or recovered. Crypto exchanges and cybersecurity experts are closely monitoring the movements of these funds, and industry leaders are calling for increased vigilance against cyber threats. The incident underscores the growing security challenges facing the cryptocurrency sector. *This is not investment advice. Continue Reading: Bybit CEO Ben Zhou Explains the Status of Stolen Funds! How Much Is Recoverable? Here Are the Details
As the crypto landscape evolves, Pi Network’s native token, PI, captures attention amid fluctuating prices and a significant Binance listing dilemma. Despite experiencing a surge earlier this year, the uncertainty
It will include a former policy director of the nonprofit lobbying group Coin Center