The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! The crypto industry came out all guns blazing this mid-February morning, with regulatory developments, ecosystem plans, market volatility and new token launches keeping us on our toes. Take five, and let's get up to speed.
In today's newsletter, JPMorgan says Tether may need to sell bitcoin under proposed U.S. stablecoin regulations, while CEO Paolo Ardoino calls the analysts "salty." Plus, Brian McGleenon looks at how a potential Federal Reserve audit by Ron Paul could boost bitcoin, Bernstein doubles its Robinhood price target following record quarterly revenues and more.
Meanwhile, Framework Ventures leads a $20 million Series A funding round for stablecoin firm Plasma.
JPMorgan analysts estimate that only 66% to 83% of Tether's reserves meet proposed U.S. stablecoin regulations, requiring potential restructuring.
Momentum for a Federal Reserve audit is building, driven by growing social media support for long-time central bank critic Ron Paul to spearhead the effort and even be considered for the role of Chair, plus a high-profile endorsement from DOGE lead Elon Musk.
Analysts at Bernstein more than doubled their price target for Robinhood stock to $105 after the company reported a record $1 billion in Q4 revenue, driven by a 400% surge in crypto trading volume.
NFT marketplace OpenSea has launched its long-anticipated OS2 platform update in beta and teased an upcoming SEA token airdrop, including for U.S. users.
Former Binance CEO Changpeng "CZ" Zhao teased a potential memecoin on X inspired by his pet dog, sparking crypto community speculation over a possible token using the Belgian Malinois' likeness.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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