Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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Tether has been busy adding to its Bitcoin stash, announcing a recent acquisition of nearly 9,000 BTC. Tron has accused the United States Securities and Exchange Commission (SEC) of overreach, arguing the agency’s lawsuit against it crosses international jurisdiction and goes “too far.” Meanwhile, Bitcoin balances on cryptocurrency exchanges have dropped to their lowest levels since 2018.
Tether boosts Bitcoin reserves with latest acquisition
Tether, the company behind the Tether
USDT $1.00 stablecoin, acquired 8,888 Bitcoin
BTC
$68,594 worth $618 million on March 31.
Following the acquisition, Tether’s wallet now holds 75,354 Bitcoin bought at an average price of $30,305, worth around $5.2 billion at the time of writing, according to on-chain data.
The wallet is up over 128%, with a current unrealized profit of $2.94 billion, according to CoinStats data.
Tether is now the seventh-largest Bitcoin holder in the world, according to BitInfoCharts data. Binance’s cold wallet is the largest Bitcoin holder, with over 248,597 Bitcoin worth $17.31 billion at publication.
Tron argues that the SEC is “not a worldwide regulator,” lawsuit goes “too far”
The entity behind layer-1 blockchain Tron has asked a New York federal court to dismiss a U.S. SEC lawsuit against it, arguing the regulator is overreaching by targeting “predominantly foreign conduct.”
“The SEC is not a worldwide regulator,” and its effort to apply U.S. security laws to “predominantly foreign conduct” goes “too far,” the Tron Foundation said in a March 28 dismissal motion.
Highlighted excerpt of Tron and Justin Sun’s motion to dismiss. Source: CourtListener
In March 2023, the SEC sued Justin Sun, the Tron Foundation, file-sharing platform backers, the BitTorrent Foundation, and its San Francisco-based parent firm Rainberry — the latter two were acquired by Tron in 2018 — alleging the sale of Tron
TRX $0.1203 and BitTorrent (BTT) tokens are unregistered securities offerings.
The Singapore-based Tron said in its motion that the SEC’s case is against “foreign digital asset offerings to foreign purchasers on global platforms” for which it has no authority.
Tron claimed the tokens were sold “entirely overseas” with steps taken to avoid the U.S. market and that the SEC didn’t allege they “were offered or sold initially to any U.S. residents.”
Bitcoin exchange balances plunge as bull market heats up
Crypto exchanges have seen nearly $10 billion worth of Bitcoin outflows in 2024 following the approval of spot Bitcoin ETFs in the United States.
According to Glassnode data, exchange balances have declined by more than 136,000 BTC since Jan. 11, when the spot Bitcoin ETFs began trading. Overall, balances on exchanges have fallen to the lowest level since 2018.
The trend shows no signs of slowing, either, as Glassnode data showed more than 22,000 BTC was withdrawn from exchanges on March 27 — the third-highest daily withdrawal of the year.
Bitcoin balances on crypto exchanges. Source: Glassnode
Although Bitcoin has been rangebound for several weeks, unable to set new all-time highs, investors are growing increasingly optimistic ahead of the quadrennial halving event, scheduled for the second half of April.
“The biggest Halving in Bitcoin’s history is just days away,” said Charles Edwards, founder of quantitative Bitcoin fund Capriole Investments. He continued:
“For the first time, Bitcoin will become harder than gold, with half its supply growth rate. Pent up institutional demand via the ETFs, a programmatic supply squeeze from the Halving and Bitcoin taking the title as the world’s hardest asset. There’s a lot to look forward to in April.
