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Tether is introducing a new line of synthetic digital assets, starting with a token called aUSDT. This token is backed by physical gold stored in Switzerland. Tether's CEO, Paolo Ardoino, announced that "Alloy by Tether," the platform for these assets, will launch later this year. The new aUSDT token is over-collateralized by Tether Gold (XAUT) and aims to track the value of one U.S. dollar. The token was developed with the help of Moon Gold companies, part of the Tether Group.
Gemini and NYAG Reach $50M Settlement
Gemini has reached a $50 million settlement with the New York Attorney General (NYAG), which bans the company from operating crypto lending programs in New York. The settlement includes $50 million in digital assets to be returned to defrauded Gemini Earn investors, who can access the crypto directly in their accounts. The NYAG, Letitia James, stated that Gemini misled investors about its Earn program, locking them out of their accounts. This settlement follows a larger lawsuit involving Gemini, Genesis, and Digital Currency Group (DCG). Gemini will also cooperate with the NYAG's ongoing litigation against DCG and its executives.
FTX Victims Decry Bankruptcy as 'Second Act of Theft,' Seek Recovery of $8B Forfeited Assets
Attorneys for FTX victims have filed a motion in a New York court arguing that the failed exchange's $8 billion in forfeited assets should belong to its customers rather than the bankruptcy estate. The filing criticizes the bankruptcy process for leaving customers "aggrieved and robbed," and views it as a "second act of theft." The proposed reorganization plan, which prioritizes certain creditors over others, has further irked customers. The attorneys emphasize that valuing claims at the time of bankruptcy during the crypto winter is unfair, given the significant rise in cryptocurrency prices since then.
Trading Desk Insights
Bitcoin and other cryptocurrencies are experiencing significant declines this morning, with key altcoins and meme coins driving the downward momentum. Liquidations have surged to $460 million, driven by profit-taking and the strengthening US dollar. Bitcoin remains under its 50-day moving average, exerting pressure on the medium-term trend. The market is displaying a notable spot premium, suggesting reduced speculative activity among market participants. Earlier, the order book showed a buildup of bids around 65,000, which has now shifted lower to approximately 64,000. Dogecoin (DOGE) experienced over $60 million in long liquidations, the highest since May 2021.
Regarding US Bitcoin ETFs, the market witnessed further outflows totaling $145.9 million. Fidelity led with $92 million in outflows, and Ark Invest contributed an additional $50 million. Notably, Blackrock reported zero inflows yesterday.
ETH needs to maintain the April 28th high and the 50-day moving average to preserve its current market structure, or else a volatile movement may ensue.
The S&P 500 edged higher on Tuesday as investors evaluated consumer health in light of weak retail sales data. Stock prices are rising without rate cuts, supported by continued corporate profit growth and economic expansion.
In other developments, Nvidia's remarkable rally will soon necessitate a rebalance in the Technology Select Sector SPDR Fund (XLK). This adjustment will involve acquiring over $10 billion worth of Nvidia shares while significantly reducing Apple holdings. Consequently, Microsoft and Nvidia will each have a weighting of 21%, while Apple's weighting will drop to 4.5%.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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