The report highlights that Tether has been steadily capturing a larger share of the market cap, overshadowing its competitors such as USD Coin.
According to the report, the surge of 76% in Bitcoin's value this year seems to have been fueled by purchases from individual or non-professional investors.
According to Umar Farooq of JPMorgan, neither use cases nor regulation have really materialized.
"Bitcoin isn't isolated from the traditional banking system," as its price is supported by "USD bank liquidity making it trade as a ...
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The SFC's guidelines explicitly forbid the distribution of crypto 'gifts' intended to encourage retail investments, which may encompass airdrops. Additionally, the guidelines state that stablecoins should not be allowed for retail trading until they undergo regulatory oversight.
On Monday, meme coin traders enthusiastically invested in various pizza-related tokens, but the anniversary of the first bitcoin purchase was overshadowed by rug pulls that dampened the mood.
The bank anticipates a continued lack of activity in digital asset trading, as retail investors choose to stay out of the market.
Data from CryptoSlam, a platform tracking cryptocurrency statistics, reveals that NFTs built on the Bitcoin network have generated an impressive $167 million in the last month, rapidly approaching Ethereum's leading position.
The project additionally introduced its new PLEX client, designed to alleviate the demands of computationally intensive tasks involving scientific data.