Crypto News Today – June 29, 2022

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Genesis.. interesting name 😋😋😋

Looks like Tether execs wont be able to hide for much longer when Evergrande comes crashing down. Currently they can withstand the onslaught of “a few hundred million” but what happens when it becomes billions or trillions 😎

Tether CTO Affirms Hedge Funds Tried to Short USDT

Genesis Global Trading, meanwhile, suggests that its clients have shorted Tether

He explained that those hedge funds tried to achieve their goal by utilizing perpetual contracts, by short-selling on spot markets, and by creating imbalances in DeFi pools

If those efforts were successful, Ardoino says, those hedge funds would have created billions of dollars worth of pressure before buying back USDT at a considerably lower price

Having failed to destabilize Tether, Ardoino says that those entities will need to buy back the Tether that they borrowed at the coin’s proper value of $1.00 or face bankruptcy

It is unclear why firms have chosen to short the stablecoin

Ardoino denied rumors of Tether’s insufficient backing, exposure to Chinese commercial paper, and exposure to the defaulted firm Evergrande

All of those rumors have previously been denied by Tether. Still, uncertainty about the stablecoin, well-founded or not, has likely encouraged hedge funds to take risks

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USD / Russian Ruble 🔥🤩🙌

Burn baby burnnnnnn

Here are the 1 wk, 1mo, 1yr, & 5yr snapshots

It all falls on Byedin 😎

Enjoy the show

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Does anyone still need proof IMF and World Bank have been taken over by wh?? ❤️

“Central Bank of Morocco to introduce Bitcoin and crypto regulation bill”

According to Bank Al-Maghrib (BAM) governor Abdellatif Jouahri the institution has engaged with the International Monetary Fund (IMF) and the World Bank on specific benchmarks

Notably, the IMF has been central in calling on countries to regulate the crypto sector while issuing warnings on the dangers of legalizing assets like Bitcoin. For instance, the institution has urged El Salvador to drop Bitcoin as legal tender stating that the move threatens the country’s economy🔥🔥🔥

Some of the pain points Morocco seeks to address will be money laundering and anti-terrorism financing

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A Major Crypto Exchange Abandons Ethereum

Last week, crypto derivatives exchange dYdX announced that it will be leaving the Ethereum ecosystem and launching its own blockchain within the Cosmos ecosystem.

The original smart contract network simply is not moving fast enough to accommodate the demands of a maturing crypto ecosystem.

See Ya Ethereum 👋🏼 😎

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