Crypto News
The stock and cryptocurrency markets will collapse if the US defaults, says Mike McGlone, senior strategist at Bloomberg Intelligence. He is bearish on cryptocurrencies but bullish on gold.
Lightning Labs, the developer of the Lightning Network, announced the release of Taproot Assets Protocol v 0.2, which avoids potential delays in transaction processing due to congestion on the Bitcoin network.
The UK Parliament has proposed regulating cryptocurrencies as gambling. Crypto assets can potentially be used for fraud and money laundering, posing a high risk to consumers and the economy.
Tether’s issuance team has decided to invest up to 15% of its net profits in Bitcoin monthly to diversify its reserves. It has already invested $1.5 billion in BTC. The bulk of USDT’s collateral is still in short-term US Treasuries.
According to a Bloomberg survey, only 31 of the top 60 cryptocurrency companies have successfully undergone external financial audits or confirmed reserves. Many auditors are reluctant to work with cryptocurrency companies or need more expertise.
