Bitcoin News and Finance: What You Need to Know

JPMorgan has warned of increased risk for the crypto market resulting from Tether’s “lack of regulatory compliance and transparency.” The global investment bank’s analysts explained that other stablecoin issuers that have been more compliant with existing regulations are likely to benefit from the coming regulatory crackdown on stablecoins and gain market share. JPMorgan Warns About Tether and Crypto Market Risks Global investment bank JPMorgan released a report on Thursday cautioning that the rapid expansion of Tether’s USDT stablecoin is a risk for the crypto market overall. USDT is the world’s largest stablecoin, with a market capitalization exceeding $96 billion at the time of writing. JPMorgan’s analysts explained that Tether’s “lack of regulatory compliance and transparency” is an increasing risk for the overall crypto market. Noting that Tether falls short of competitor Circle, the issuer of USDC, when it comes to regulatory compliance for their stablecoins, the analysts w...

Federal Reserve Chairman Jerome Powell says in the long run, the U.S. federal government is on an unsustainable fiscal path due to its ballooning debt growing faster than the economy. Moreover, the Fed chair cautioned that there will be some banks that have to be closed or merged out of existence. Jay Powell on US Economy, Rate Cuts, Banking Crisis Federal Reserve Chair Jerome Powell addressed issues concerning the U.S. economy, interest rate cuts, and potential banking crisis in an interview with 60 Minutes, published on Sunday. Replying to a question about whether the national debt is a danger to the U.S. economy, Powell said: In the long run, the U.S. federal government is on an unsustainable fiscal path. He noted that it means “the debt is growing faster than the economy,” emphasizing that “it is unsustainable.” However, Powell stressed: “I don’t think that’s at all controversial. I think we know that we have to get back on a sustainable fiscal path, and I think you’re star...

The sale of Taproot Wizards’ Quantum Cats non-fungible tokens (NFTs) has so far successfully amassed 268.3 bitcoin, equating to $11.3 million at the current market value. This achievement comes despite earlier hurdles that delayed the sale due to technical issues, resulting in 2,681 Quantum Cat NFTs being snapped up thus far. Quantum Cats NFT Mint Rakes in Over 268 Bitcoin Before Public Sale Bitcoin.com News covered the Taproot Wizards’ Quantum Cats NFT sale three days prior, noting the technical challenges that led to a postponed sale. By Feb. 5, 2023, the sale kicked off, with a significant portion of these Ordinal inscription collectibles being purchased before the general public had a chance to participate. Initially, access to the collection was exclusively granted to whitelisted individuals for a certain duration, after which the opportunity was opened up to the broader public. Before the end of the whitelist period, the project’s X account announced that 2,600 cats had bee...