Tether Reports $1.48 Billion Profit in Q1 [ Crypto Espresso 5.11.23 ]

It's Thursday which means we take a look At an obscure holiday to celebrate and Today that holiday is National eat what You want today uh I all right I feel Like we're gonna have to set some ground Rules on this one no endangered species No hazardous chemicals and sorry Cannibals I think people are off the Menu too but what is on the menu today Is news and I'm your host Andrew and This is crypto espresso your teeny tiny Daily shot of caffeinated crypto Headlines first up the United States IRS Or Internal Revenue Service has filed Claims worth 4.4 billion dollars against FTX as part of the exchange's ongoing Bankruptcy proceedings the claims come After the IRS launched an investigation Into ftx's tax reporting practices Alleging that the exchange failed to Report over 20 billion dollars in Cryptocurrency transactions between 2019 And 2022. the IRS claims that ftx's Failure to properly report these Transactions resulted in the loss of Billions of dollars in in tax revenue FTX which was founded in 2019 became one Of the world's largest cryptocurrency Exchanges in a short period of time with Over one trillion dollars in trading Volume in 2022 alone the IRS claims Against FTX highlight the regulatory Challenges facing the cryptocurrency Industry as governments seek to enforce

Tax laws and prevent money laundering And other illicit activities the outcome Of ftx's bankruptcy proceedings will be Closely watched by the crypto industry And Regulators since this could set a Precedent for future cases involving Cryptocurrency exchanges and tax Reporting tether the issuer of the usdt Stablecoin reported a profit of 1.48 Billion dollars in the first quarter of 2023 according to its latest Assurance Report the report also reveals that Tether has increased its reserves of Bitcoin and gold with Bitcoin now Accounting for roughly two percent of Its reserves and gold making up four Percent of its assets tether's Transparency report comes amid increased Scrutiny of stable coins by Regulators Who are concerned about their potential Impact on Financial Security and Possible use by criminals the report Also shows that tether's total assets Under management have grown to about 81.8 billion dollars a significant Increase from the roughly 67 billion Dollars reported at the end of 2022 Tether's transparency report is intended To provide reassurance to investors and Regulators alike as rumors regarding Whether the stablecoin issuer has Sufficient assets to cover their Liabilities have swirled over its many Years of existence Bitcoin core

Developers are considering getting rid Of BRC 20 transactions which we've Talked about at length in earlier crypto Espresso episodes this week go ahead Look them up I'll wait for a second Yep the discussion around the Elimination of brc20 transactions can be Found on the Bitcoin development mailing List and comes as the Bitcoin network Has been facing serious congestion Issues related to the growing popularity Of brc20 tokens and ordinals Inscriptions some members of the Bitcoin Community have expressed concern about The potential impact of eliminating Brc20 transactions and others have Questioned whether it would even be Possible to implement in an appropriate Manner critics of a potential ban argue That brc20 tokens could become an Important part of the Bitcoin ecosystem Enabling gambling on Meme tokens via the Bitcoin blockchain and improving Long-term economics for minors moreover Brc20 tokens have gained popularity in a Very short period of time surpassing a Collective market cap of one billion Dollars just this week speaking of Bitcoin Bitcoin experienced a bit of a Roller coaster ride on Wednesday with The price of the cryptocurrency Fluctuating wildly over the course of The day the price of Bitcoin initially Fell sharply dropping by as much as 10

Sent before rebounding just as quickly To reclaim much of that lost ground the Sudden price swings underscored Bitcoin's vulnerability to Market Volatility but also kind of demonstrated The currency's resilience in the face of Adversity initially the price of Bitcoin Had risen shortly after the release of The latest U.S consumer price index Numbers which fell to a 4.9 percent Increase over the past 12 months most Market observers had predicted a CPI Increase of 5.0 or 5.1 percent on a 12-month basis later in the day the Bitcoin price fell around the time a Rumor was swirling that the U.S Government had sold a large stash of Bitcoin but that rumor turned out to be False and the price eventually recovered To roughly where it started the day Despite the wild fluctuations some Analysts still remain bullish on Bitcoin's long-term prospects though Others are cautioning that bitcoin's Price may be subject to further Volatility in the short term as market Conditions continue to shift and new Regulatory pressures emerge and finally Elon musk's tweets have once again had a Significant impact on the cryptocurrency Market though so this time it's in the World of non-fungible tokens or nfts Musk tweeted a Milady nft which is a Digital art piece featuring a medieval

Style portrait of a woman which quickly Became one of the most sought after nfts On the market the Tweet sent the nft's Floor price on Open Sea soaring with the Value of that token Rising by more than 300 percent in a matter of hours the Surge in demand for the Milady nft Underscores the growing popularity of Digital art and collectibles as well as The significant influence that High-profile individuals like the musky One can have on the market while some in The nft community might seem musk's Tweet as a positive development others Caution against relying too heavily on The whims of a celebrity influencers and Argue that the value of nfts should be Based on their inherent artistic or Cultural value rather than the memes of Some guy and speaking of Milady would Milady or malord please like this video Subscribe to our YouTube channel and Click on that little bell icon to get Buzzed whenever a new crypto espresso Video goes live thoughts on today's Episode shall I continue calling you Milady does me saying Milady make your Skin crawl well let me know in those Comments below because I read them Questions about our headlines or crypto In general take the plunge and ask Alex In that description below Alex is always A great resource for all things web 3 And the metaverse and that about does it

For today as always I've been your host Andrew these have been your headlines And we'll see all of your beautiful Shining faces tomorrow

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