Category: Cryptocurrency news

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Tether Increases Bitcoin and Gold Holdings to $4.8 Billion and $5 Billion

Tether (USDT) circulation has increased to $120 billion, marking a 30% increase by 2024.

Tether’s Bitcoin and gold holdings have increased to $4.8 billion and $5 billion, respectively.

Tether’s net worth has doubled to $14.2 billion as it faces ongoing legal challenges.

Tether has announced a substantial increase in its Bitcoin and gold reserves, as detailed in its latest Consolidated Financial Figures and Reserves Report for Q3 2024.

Tether’s Bitcoin holdings have reached an impressive $4.8 billion, while its gold reserves are now $5 billion, reflecting the company’s strategy to bolster its asset base amid growing global demand for its stablecoin, USDT.

USDT Circulation Increases 30%

This quarter was particularly notable for Tether, as USDT circulation soared to a record $120 billion, representing a 30% increase in 2024.

This increase totals $27.8 billion so far this year and brings Tether’s market cap close to that of its competitor, Circle’s USDC, which currently stands at $35 billion, according to data from CoinGecko.

Tether’s growth is indicative of the growing reliance on stablecoins within the cryptocurrency ecosystem, driven by increased market adoption and confidence.

Tether Expands Holdings of US Treasuries

In addition, Tether has significantly expanded its holdings of US Treasuries, which now amount to $84.5 billion, making up the largest segment of its reserves. This strategic move has contributed to Tether’s strong financial health, with net assets doubling to $14.2 billion from $7 billion at the end of 2023.

In addition, through its subsidiary, Tether Investments Limited, the company manages an additional $7.7 billion in assets across sectors such as sustainable energy, Bitcoin mining, and data infrastructure. However, these assets are not included in the reserves backing Tether tokens.

Despite its growth, Tether is currently embroiled in three civil litigation cases related to its holdings and operations. Notably, these cases include a class action lawsuit related to the 2017-2018 Bitcoin price crash, a lawsuit stemming from the Celsius bankruptcy, and a dispute over USDT in a wallet not controlled by Tether.

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Solana Price Targets $150 as Liquid Staking Tokens Get Top Quotes

Solana’s price slide continued on Friday’s trading day, recording a 4% intraday loss to $136.5. Selling pressure in the altcoin market persists as Bitcoin’s price struggles to stay above $60,000. Will sellers tighten their grip next September?

Solana Price to Retest Major Support Amid Liquid Staking Token Launch

The Solana ecosystem is seeing renewed interest in staking and re-staking activities, with major exchanges launching new liquid staking tokens to meet the growing demand. Recently, cryptocurrency exchange ByBit announced the upcoming launch of bbSOL, a liquid staking token. This change allows users to stake SOL tokens on Bybit Web3 and receive bbSOL tokens in return.

Despite the announcement, Solana’s price fell below its 200-day exponential moving average (EMA) on Thursday.

Liquid staking allows users to earn token rewards while also helping platforms maintain liquidity, creating a mutually beneficial scenario. Stakers can leverage these reward tokens in other DeFi applications without having to stop staking.

In addition to Bybit’s initiative, other major cryptocurrency exchanges such as Binance and Bitget are likely to launch their own staking tokens, BGSOL and BNSOL, respectively. The introduction of these tokens will promote staking participation on the Solana Network, increasing its security and the overall health of the ecosystem.

As such, this development could have a gradual and long-term impact on Solana’s price, rather than an immediate effect.

SOL Price Hints at Imminent Recovery with Flag Formation

Solana price, which has been falling for six consecutive days, has fallen from $162 to $136, representing a loss of 15.8%. The bearish reversal signals the continuation of the sideways trend within a flag pattern on the daily chart.

The pattern typically creates a temporary consolidation between two trendlines for the prevailing trend to regain bullish momentum. If the pattern holds, SOL price is poised for a 30% rally to $180 before a crucial break of the upper trendline.

If the market correction persists, Solana price prediction points to a 10% decline to retest the multi-year support at $121, followed by the lower trendline of the flag.

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Cryptocurrency news Retirement

What is a good amount to retire in Canada?

The amount needed to retire comfortably in Canada depends on various factors, including your lifestyle expectations, location, health, and the retirement age. However, I can provide some general guidelines to help you estimate.

1. The 70% Rule

A common rule of thumb is that you’ll need about 70% of your pre-retirement income to maintain your current lifestyle in retirement. This can vary based on your specific needs and spending habits. For example:

  • If your annual pre-retirement income is $70,000, you might need about $49,000 per year in retirement.

2. The 4% Rule

This rule suggests that you can withdraw 4% of your retirement savings annually without running out of money for at least 30 years. To estimate your required retirement savings:

  • If you need $49,000 per year, you’ll need approximately $1.225 million in savings ($49,000 / 0.04).

3. Considerations

  • Government Benefits: Canada offers retirement benefits like the Canada Pension Plan (CPP) and Old Age Security (OAS), which can provide a portion of your retirement income.
  • Retirement Age: The age at which you retire affects how much you need. Retiring earlier means needing more savings.
  • Lifestyle Choices: If you plan to travel extensively or have expensive hobbies, you’ll need more savings.
  • Location: The cost of living varies across Canada. For example, living in Vancouver or Toronto typically requires more savings than in smaller towns or rural areas.

4. Savings Benchmarks

  • Modest Lifestyle: Approximately $500,000 to $1 million in savings.
  • Comfortable Lifestyle: Approximately $1 million to $2 million in savings.
  • Affluent Lifestyle: $2 million or more.

5. Using a Retirement Calculator

Using an online retirement calculator can help personalize these estimates by considering your expected expenses, government benefits, savings rate, and investment returns.

Summary

To retire comfortably in Canada, many aim for between $1 million to $2 million in savings, though the exact amount can vary widely based on personal circumstances. It’s important to plan early and consider all potential sources of retirement income.

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Bitcoin Bitcoin Investment Cryptocurrency news Retirement

Is Canada a good place for seniors to live?

Canada is generally considered a good place for seniors to live due to its high quality of life, excellent healthcare system, and various senior-friendly amenities and programs. Here are some key factors that make Canada attractive for seniors:

Healthcare

  • Universal Healthcare System: Canada’s publicly funded healthcare system ensures that seniors have access to necessary medical services without direct charges at the point of care.
  • Specialized Senior Care: Many provinces offer specialized services and programs for seniors, including long-term care, home care, and chronic disease management.

Social Programs and Benefits

  • Old Age Security (OAS) and Canada Pension Plan (CPP): These programs provide financial support to seniors, helping them cover living expenses during retirement.
  • Guaranteed Income Supplement (GIS): Low-income seniors may qualify for additional financial assistance through GIS.

Quality of Life

  • Safety: Canada is known for its low crime rates and safe communities, making it a secure place for seniors to live.
  • Clean Environment: Canada has a reputation for clean air, abundant natural beauty, and green spaces, which contribute to a healthy living environment.

Community and Social Engagement

  • Senior Centers and Community Programs: Many communities have senior centers that offer social, recreational, and educational activities, helping seniors stay active and engaged.
  • Volunteer Opportunities: There are numerous opportunities for seniors to volunteer and contribute to their communities, which can provide a sense of purpose and fulfillment.

Accessibility

  • Public Transportation: Cities in Canada generally offer senior discounts for public transportation and have accessible transit options.
  • Age-Friendly Cities: Some cities are recognized as age-friendly, meaning they have taken steps to ensure their infrastructure, services, and facilities are accessible and inclusive for seniors.

Climate

  • Varied Climate Options: Canada’s vast geography offers a range of climates. While some areas, like British Columbia, have milder winters, others have more severe winters, which might be a consideration for seniors.

Housing

  • Senior Housing Options: There are various housing options specifically for seniors, including retirement communities, assisted living facilities, and long-term care homes.
  • Home Care Services: For those who prefer to age in place, there are home care services available to assist with daily living activities.

Cultural and Recreational Activities

  • Cultural Diversity: Canada’s cultural diversity means there are numerous cultural festivals, events, and communities for seniors to enjoy.
  • Outdoor Activities: Seniors can enjoy a wide range of outdoor activities, such as walking, hiking, and fishing, given Canada’s abundant natural landscapes.

Considerations

  • Cost of Living: While Canada offers many benefits, the cost of living can be high in some cities, particularly in major urban areas like Toronto and Vancouver.
  • Weather: Harsh winters in some regions can be a challenge, particularly for those with mobility issues.

Overall, Canada provides a supportive and enriching environment for seniors, with many resources and programs designed to enhance their quality of life.

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Singapore-based cryptocurrency exchange BingX launches new cryptocurrency project incubator

A Singapore-based cryptocurrency exchange is launching a new platform to support promising digital asset projects.

In a new press release, BingX says it is launching BingX Labs, a new cryptocurrency project incubator that aims to help promising cryptocurrency projects with high potential distribute their tokens efficiently.

According to the press release, BingX is interested in projects that are deemed to “show strong marketing, user acquisition potential, and innovative technical solutions,” though specific digital assets were not mentioned. The company says it will offer market-making services, technical support, and strategic consulting to clients.

“The Lab is open to collaborating with successful and experienced Web3 teams and supporting industry-leading projects that demonstrate significant market potential and traction.

Leveraging the largest trading volume and community on the BingX exchange, BingX Labs is committed to supporting projects from their early stages and helping them succeed in the capital markets.”