San Francisco-based cryptocurrency exchange Kraken adds support for OmiseGO and PAX Gold, trading starts on Oct. 29.
San Francisco-based cryptocurrency exchange Kraken is listing OmiseGO (OMG) and PAX Gold (PAXG) tokens.
According to a blog post on Oct. 28, the exchange’s users will be able to deposit, withdraw and trade both assets starting Oct. 29. Kraken will roll out trading pairs between OMG and PAXG and Bitcoin (BTC) and Ether (ETH), as well as with fiat currencies such as the euro and the U.S. dollar.
OmiseGO is a finance-oriented scaling network for Ethereum and is powered by the Ethereum-based OMG token. At press time, OMG has a market capitalization of around $150 million and is trading at about $1.06 — up 8.05% on the day, according to data from Coin360.
Earlier this month, OmiseGo became a member of Universal Protocol Alliance, a coalition of blockchain and cryptocurrency-focused firms, to incorporate the Universal Protocol Platform UPT utility token into its payment processing technology. OmiseGo intends to let stakeholders use UP stablecoins for financial services and tax collection, as well as collect transaction fees.
PAXG, an Ethereum ERC-20 token, its value is tied to the real-time market value of physical gold and is currently trading at $1,498.37, per data from CoinMarketCap. Each PAXG token is reportedly backed by one fine troy ounce of London Good Delivery gold stored in professional vault facilities in London.
According to data from Coin360, Kraken is the 12th largest cryptocurrency exchange by 24-hour trade volume, with a reported trade volume of $167.9 million over the last day.
WebSockets private API is live
Earlier in October, Kraken announced that it made its WebSockets private Application Program Interface (API) available, adding that the first two messages of the private API had gone live to all of its clients after being in beta mode since the beginning of October. According to the exchange, the first two messages of the private API will list the client’s open orders and push updates when new orders are created. It will also list the last 50 trades, pushing updates when new trades execute.
The United States-based cryptocurrency exchange Kraken announced that its WebSockets private API is now live.
Major cryptocurrency exchange Kraken made its WebSockets private Application Program Interface (API) available for all Kraken clients.
On Oct. 24, Kraken reported on its blog that the first two messages of the private API have gone live to all of its clients after being in beta mode since the beginning of October.
The new functionalities
The crypto exchange advertises WebSockets as providing a faster, more efficient interface for those clients who build software applications for trading and accessing Kraken’s market data. In order for Kraken clients to subscribe to a WebSocket private feed, the client must first request an authentication token via the REST API, a secure authentication mechanism using API keys and cryptographic hash algorithms.
According to the exchange, the first two messages of the private API will list the client’s open orders and push updates when new orders are created. It will also list the last 50 trades, pushing updates when new trades execute. There will soon be a faster way to add or cancel orders in the private API.
Kraken amongst the “cleanest” platforms
The Blockchain Transparency Institute released its latest market surveillance report in September, which named Kraken and Coinbase among the cryptocurrency exchanges with the lowest amount of wash trading in the industry. The report further classified OKEx and Bibox as the exchanges with the highest rates of wash trading according to the institute’s ranking of the top 40 exchanges.
Wash trading refers to a practice where sell and buy orders are simultaneously placed on the same asset to artificially inflate trading volumes while giving the impression that the asset is more in demand than it actually is.
Nelson Minier, head of over-the-counter trading at cryptocurrency exchange Kraken, says its volume has increased twenty-fold since 2018.
Nelson Minier, head of over-the-counter (OTC) trading at major cryptocurrency platform Kraken, has stated that the OTC desk’s trades per month have increased by a factor of 20 since the beginning of last year.
Minier gave his remarks in an episode of The Block’s podcast, The Scoop, on Aug. 20. Minier further remarked that “Bitcoin and Ether are the big — the whales of our desk,” additionally estimating that Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Monero (XMR), and Tether (USDT) were the top five cryptocurrencies traded by volume.
Minier also gave his projections on BTC price, saying:
“I don’t see demand for this asset going down. But I do know that supply is gonna get cut in half, some time May 2019. And I think another thing I know about Bitcoin is that higher price is the best marketing tool we have.”
Kraken’s lawsuit regarding OTC location
In April, former Kraken employee Jonathan Silverman sued the platform for upwards of $900,000. Silverman reportedly managed Kraken’s trading desk in New York, but was not compensated in accordance with an oral agreement with Jesse Powell, Kraken’s founder. Silverman additionally specified that Kraken was lying about not operating in New York. In his lawsuit, Silverman said:
“Misrepresenting to the public and government regulators that it was not operating in New York; when in reality, Kraken’s OTC practice, and OTC trading (including logging into the Kraken exchange and negotiating wire transfers) occurred almost exclusively in New York.”
However, a spokesperson for Kraken, Christina Vee, retorted that Silverman was “both lying and in breach of his confidentiality agreement.”
Kraken’s website troubles
As previously reported by Cointelegraph, Kraken has recently seen some troubles with its website and application programming interface (API). On Aug. 13, Kraken announced on Twitter that it was receiving reports of connection issues, both for the site as well as its API.
On August 15, the San Francisco-based digital currency exchange Coinbase announced that it had acquired the cryptocurrency custody service Xapo’s institutional branch. The business move puts Coinbase in the limelight, making it the largest custodial service for digital assets worldwide, with more than $7 billion under custody.
Coinbase Acquires Xapo’s Institutional Arm and Now Commands $7 Billion Worth of Digital Assets
As early as 2010, Bitcoin supporters such as Hal Finney predicted that someday most BTC transactions would occur between massive bitcoin-backed banks. Finney believed that if a digital currency like bitcoin was to gain mass adoption, the network would not be able to include every single financial transaction in the world. The renowned cryptographer said that large bitcoin-backed banks would fill the void and “work like banks did before the nationalization of currency.” Fast forward to today, where firms like Coinbase are holding massive amounts of digital assets in custody. On Thursday, the California exchange announced that it had acquired Xapo’s institutional crypto operation and established itself as one of the largest crypto custodians worldwide. Coinbase published a blog post in regard to the acquisition and stated:
In just over one year since launch, Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world.
Coinbase Growth Since 2012: $8 Billion Valuation, $600 Million in Annual Revenue
Coinbase has come a long way since Brian Armstrong and Fred Ehrsam started the company back in 2012. That year Coinbase allowed users to buy and sell BTC using a bank transfer and quickly became one of the biggest BTC providers next to Mt. Gox. Throughout 2012 and 2013, investors and venture capitalists started seeing potential in Armstrong and Ehrsam’s company and began to invest. The founders participated in a Y Combinator startup incubator, received $5 million from Fred Wilson in May 2013, and $25 million from Andreessen Horowitz, Union Square Ventures (USV), and Ribbit Capital in December 2013. By 2014, Coinbase users grew to more than one million accounts and the assets under the company’s control continued to grow exponentially from there. The cryptocurrency community really took notice of how large Coinbase had grown two years later, when in February 2016, Brian Armstrong told the public that “[Coinbase is] now storing about 10% of all bitcoin in circulation.”
Coinbase is now valued at over $8 billion, after closing a funding round in 2018 for $300 million to “accelerate the adoption of cryptocurrencies and digital assets.” In 2019, despite stiff competition, the San Francisco tech company has estimated revenue between $569-650 million. Binance comes close to Coinbase, with The Block reporting in February that the exchange pulled in $446 million in profits. Kraken captures $150 million annually, Bitstamp $17M, Bitfinex $10M, and Itbit $4M in revenue. Coinbase has around 800 employees and the firm has made roughly 10 acquisitions since 2012. The company acquired startups like Blockr, Earn.com, Cipher, Digital Wealth, Keystone Capital, Blockspring, and now Xapo’s institutional arm. Coinbase has also made various equity investments like the recent cryptocurrency derivatives exchange Blade as well as acquiring Horizon Games, Textile, Near, and Dharma.
In 2017 Speculators Estimated Xapo Held $10 Billion Worth of Bitcoin With Keys Spread Across 5 Continents and a Swiss Military Bunker
Xapo started its business similarly to Coinbase, but did not offer its bitcoin wallet and cold storage vault services until March 2014. The Hong Kong-based company was founded by Wences Casares and Federico Murrone and quickly became a well-known crypto brand. In 2015, the company moved its headquarters to Zug and two years later the firm was granted a European e-money license in Gibraltar. That year, during the all-time highs of 2017, it was estimated that Xapo’s Swiss bitcoin vaults held billions of dollars’ worth of digital assets. Quartz columnist Joon Ian Wong reported on Xapo’s vault in Attinghausen, Switzerland when he visited the facility. The security was extreme and resembled a James Bond movie, Wong noted during his visit.
“[Xapo] won’t tell me how much bitcoin is stored in the vault, but he says he sometimes takes customers with “millions” of dollars worth of the cryptocurrency stored with Xapo to tour the vault,” the reporter wrote in October 2017.
Despite the company not disclosing how many coins are held in the Swiss vault, estimates from Bloomberg in the spring of 2018 said Xapo held more than $10 billion. By the summer of 2018, Xapo Inc. received the sixth Bitlicense and was approved to operate in the state of New York as a regulated Bitcoin business.
Over the last two years, Xapo has made around $4.2 million in revenue annually. Additionally, Xapo employs around 52 people and the company has raised a total of $40 million since its inception in 2014. Reports stemming from Xapo’s vault in Switzerland have made speculators believe the company’s institutional vault still has a massive amount of digital wealth under its wing. Moreover, during Wong’s visit to the vault three years ago, Xapo told him the vault operators can never unwind. “This is not a race. It is a chess game. You have to think about the opponent’s next movement. You can never relax,” the Xapo executive detailed.
Sure. Consumers won’t mind bitcoin banks, but that is a huge systemic risk. Say goodbye to all of the core benefits of Bitcoin. Inflation resistance, censorship resistance, Gone.
Members of the Crypto Community Discuss the Current Custodial Trend
Coinbase and Xapo have scared some cryptocurrency advocates who think that storing a vast array of coins in custodial services might not be a good idea. Digital currency pundit Jill Carlson tweeted: “The Xapo [and] Coinbase collaboration has me asking: ‘What happens if someday one entity just custodies all 21 million bitcoins? Aren’t we just recreating the same, broken financial system?’” Edge Wallet founder Paul Puey responded by saying: “You need more than just the option too. You need a majority of crypto held in noncustodial solutions. Otherwise, we run the risk of losing the ability to transfer funds without a third-party.” Puey continued:
Bitcoin then just becomes an overleveraged asset class like a gold ETF.
Using a cringe-face emoji, Monero developer Riccardo Spagni jokingly wrote: “A few months back a VC told me that ‘custody is the most exciting space in the ecosystem right now.’” The Block writer Frank Chaparro (Fintech Frank) said that no smart asset manager would custody all of their coins with one provider. “There is a need for multiple custodians – we see this even in the so-called broker financial system,” Chaparro insisted. However, Coinshares executive Meltem Demirors revealed that she believes “everyone custodies their coins with one provider.” “Did you know that everyone in the U.S. custodies their share certificates with one entity – the DTCC?” Demirors wrote.
Mega Bitcoin Banks Issuing Their Own Digital Bucks and Verifiable Proof-of-Reserves
The mega crypto bank discussion has many crypto enthusiasts wondering if the massive amount of digital currency custodianship is good for the environment. Coinmetrics executive Nic Carter sarcastically explained that he’s “waiting for a major custodian/exchange to implement proof of reserves” with a picture of a rotting skeleton next to a computer. It’s a stark cry from Hal Finney’s 2010 prediction, when he said that megabanks would be “the ultimate fate of Bitcoin.” “Most Bitcoin transactions will occur between banks, to settle net transfers,” Finney detailed. He also said that these banks would use the BTC to be “high-powered money,” which would serve as a reserve. Then these Bitcoin-backed banks could “issue their own digital cash,” Finney emphasized.
We have seen Hal’s prediction already start to occur within the cryptocurrency industry as large exchanges, which have silently become the largest crypto banks in the world, are starting to mint their own digital assets. Binance has created binancecoin (BNB), which holds the sixth largest crypto valuation out of more than 2,000 digital asset markets. Coinbase and Circle Financial have the Centre foundation, which controls the regulated stablecoin USDC. With a transparent blockchain system, a true “proof-of-reserves” type of scheme could transpire, unless people decide to trust these companies like the financial institutions today. If the community simply trusts these mega crypto banks then unsustainable banking techniques like fractional reserves could proliferate unchecked.
The way things are moving, with the recent Coinbase acquisition of Xapo and digital currency exchange providers becoming far bigger than traditional institutions, it begs the question: are mega bitcoin banks the shape of cryptocurrency custody to come? It may not be the future we chose, but it’s the one that’s fast becoming a reality.
What do you think about the Coinbase acquisition of Xapo? Do you think that custodial services will dominate the crypto industry? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Coinbase, Xapo, Pixabay, Twitter, Centre, Circle, Jamie Redman, and Wiki Commons.
San Francisco-based cryptocurrency exchange Kraken’s users are reportedly experiencing difficulties with connecting to the site and application programming interface.
San Francisco-based cryptocurrency exchange Kraken’s users are experiencing difficulties with connecting to the site and application programming interface (API).
In a tweet published on Aug. 13, Kraken warned the public that it is receiving reports of clients having issues connecting to the site and API. The exchange further states that it is investigating the issue and will post related update.
Back in January, the Exchange Security Report from independent analysts at ICORating gave 16 percent of the world’s biggest crypto trading platforms an A rating, and none of them an A+. The analysis ranked Kraken (A) as one of the top three most secure exchanges globally.
Security has always been a sensitive issue for digital currency-related projects. Earlier in August, Major South Korean cryptocurrency exchange Coinone partnered with cybersecurity audit company CertiK and disclosures company Xangle to provide more safety and transparency for their crypto investors. CertiK and Xangle will provide public disclosure information as well as smart contract audit information, respectively.
In June, Cointelegraph reported that Odyssey, the mainnet for the blockchain-based platform TRON, will be upgraded to version 3.6. Odyssey version 3.6 will reportedly contain new features designed to make DApp creation easier, as well as provide network protection from bad actors.
The last seven days have been busy within the Bitcoin Cash ecosystem with a slew of announcements and developments. Kraken exchange recently added the BCH-based Cashaddr address format and Coinbase open-sourced a utility that makes it easy to convert between Base58 and Cashaddr addresses. Additionally, the New Hampshire-based Anypay payment processor is bolstering merchant adoption by offering 10% bitcoin cashback for purchases through their point of sale services.
Bitcoin Cash Markets Hold Steady While Transactions Per Day Keep Rising
In the past week, the BCH market capitalization ($5.55 billion) has surpassed LTC but BCH markets are down roughly 7.8% during this period. Each BCH is swapping for $309 per coin and there’s around $1.19 billion in global bitcoin cash volume. The top exchanges trading the most BCH on Saturday, August 10 include Coinbene, Digifinex, Hitbtc, Bibox, and Okex. Right now the top trading pairs swapped against BCH are USDT (52%), BTC (28%), USD (8.7%), ETH (6.8%), and KRW (2%).
One of the biggest metrics rising over the last few weeks for BCH has been the number of daily transactions. BCH miners have been processing an average of 35-40,000 transactions (txn) per day and there have been multiple 24-hour periods above 60,000 txn per day. The influx of daily transactions is likely attributed to the Simple Ledger Protocol (SLP) tokens which have seen significant usage in recent weeks.
Kraken Adds Cashaddr and Coinbase Open Sources a Cashaddr Utility
On August 8, the San Francisco-based Kraken exchange revealed that the trading platform is switching over to BCH Cashaddr-based addresses for all deposits starting August 15th. The cryptocurrency ecosystem transitioning from the legacy address format to the Cashaddr format is very important to the BCH ecosystem. The Cashaddr address system was deployed on January 14, 2018, and since then many third-party service providers have adopted the format. Bitcoin ABC lead developer Amaury Séchet explained on Thursday that he had contacted Kraken a few weeks ago and asked them to switch to Cashaddr. “I am happy to see Kraken implement this change — It benefits users by helping them avoid mistakes when depositing funds,” Séchet remarked.
Kraken is switching to CashAddr address format for BCH deposits. This is a win for #BitcoinCash users.
In addition to Kraken adding the Cashaddr format, software engineer Josh Ellithorpe and Coinbase open-sourced a utility to convert between base58 and Cashaddr BCH addresses. The news was welcomed by the BCH community and people hope the utility introduced by Coinbase and Ellithorpe will bring more visibility to the Cashaddr format. Electron Cash developer Calin Culianu (Nilac the grim) explained that there’s open source code for Cashaddr in Python, JS, C++, Go, and more as well.
On Friday the crypto payment processing startup Anypay Globalannounced a 10% BCH back bonus for people spending bitcoin cash using the company’s system. The following day Reddit user u/Bitcointippingpoint revealed that there are 30 merchants in New Hampshire that accept crypto through Anypay and 27 of these retailers accept bitcoin cash. New Hampshire is known as the “Free State” for its large number of libertarian residents.
Seven of the BCH merchants are located in Keene, says Bitcointippingpoint and another six BCH-accepting merchants are located in Portsmouth. “14 of the 30 have accepted a payment within the last week,” the Reddit user announced. “Can attest to using this at the Fresh Press in Portsmouth, New Hampshire — It’s pretty sweet,” explained another Reddit user discussing the 10% BCH cashback promotion for purchases through Anypay’s point-of-sale. Anypay also provides a map of all the crypto accepting merchants
Developer Tendo Pein Reveals Spending Constraints With OP_Checkdatasig
This week the creator of the BCH-based programming language called Spedn wrote a blog post on Honest.cash which detailed some interesting schemes that can be developed using the opcode OP_Chechdatasig. On August 8, Tendo Pein told the BCH development community that one of the limitations of BCH Script was that you can only specify if one can spend the coin. However, people assumed there was no way of adding spending constraints but Pein shows how it’s now possible. Pein shows three types of constraints like a simple scheme like a Pay to Public Key Hash. Then the developer shows some more complex ideas that can be achieved and uses the Spedn language to show the benefits more clearly. During the end of the post which shows another example of a spending constraint dubbed “the fanciest,” Pein demonstrates how OP_Return tokens could be miner enforceable. This particular demonstration could make OP_Return tokens built on top of the chain stronger by backing them with the network’s security.
Txhighway Visualizer Adds New Features
With the number of daily transactions picking up on the BCH chain, many supporters noticed a few issues with the transaction visualizer Txhighway.com. Since then the site’s maintainer fixed the website’s Websockets and updated the page. The Txhighway website shows a large 32-lane highway for the Bitcoin Cash network while the Bitcoin Core (BTC) network has two lanes available and during periods of BTC congestion the website gives a unique perspective of the problem. Now there’s new logos, no reference to older BSV projects, and there’s now a Badger button available for donations. Additionally, with the popularity of SLP tokens on the rise, the highway also shows Spice token transactions on the move as well.
Bitcoin Cash City Conference and the BCH Developer Congress
Overall, the Bitcoin Cash ecosystem and its participants continue to truck forward after celebrating the recent two-year anniversary of BCH. In addition to the anniversary celebrations, BCH supporters are gearing up for the Bitcoin Cash City two-day conference next month in North Queensland, Australia. On August 8, Cointext CEO Vin Armani announced an open call to all the developers who work on BCH infrastructure and provide BCH products and services to attend the first “Developer Congress.”
This is an open call for developers of products and services that support #BitcoinCash to attend the first Bitcoin Cash Developer Congress, taking place in Australia from September 3rd to September 5th.
The BCH developers’ meeting will take place between September 3-5 in coordination with the Bitcoin Cash City conference. This weekend, news.Bitcoin.com spoke with Armani about the event and what will be discussed.
“The Bitcoin Cash Developer Congress is an initiative, sponsored by Bitmain, with the primary purpose of bringing together developers from across the Bitcoin Cash ecosystem to discuss and debate upcoming projects and protocols which will be put into production within the next 12 months,” the Cointext CEO explained.
What do you think about all the events within the Bitcoin Cash space over the last seven days? Let us know what you think about this subject in the comments section below.
Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.
Crypto exchange Kraken has acquired Interchange, an accounting and portfolio reconciliation service provider for institutional cryptocurrency investors.
Cryptocurrency exchange Kraken has acquired Interchange, an accounting and portfolio reconciliation service provider for institutional cryptocurrency investors.
A press release published on July 31 outlines that the acquisition supports Kraken’s creation of an end-to-end crypto trading and reconciliation platform.
An arsenal of tools for institutional clients
As the release outlines, Interchange’s co-founders and crypto veterans Dan Held and Clark Moody have evolved Interchange to serve cryptocurrency hedge funds, asset managers and fund administrators, providing them with specialized tools to monitor and report their crypto holdings and optimize their portfolios.
The 60+ institutional clients using Interchange’s software include MG Stover — reportedly the world’s largest fund administrator for digital asset funds.
Kraken — which has apparently reported a triple-digit growth rate (%) in institutional clients year-on-year since 2014 — will combine Interchange’s tools with its existing platform, Cryptowatch, a multi-exchange charting, trading and portfolio-tracking service.
The combined tools from both Interchange and Cryptowatch will thus offer institutional clients products spanning historical and real-time data, advanced charting, multi-exchange trade execution, research and market insights, accounting and portfolio reconciliation tools, and cryptocurrency index products.
The evolving crypto hedge fund space
In an interview with Kraken — published to the exchange’s blog on July 31 — Dan Held and Clark Moody gave their perspective on the development of institutional crypto investment.
Held — who has been involved in crypto for over seven years — said that in the aftermath of the 2017 initial coin offerings frenzy, crypto hedge funds have had to adjust their focus and “deepen their understanding of Bitcoin and blockchain fundamentals.”
“Many learned a hard lesson regarding diversification in an asset class that is highly correlated. The hedge funds that have survived the crypto winter are now more mature, sophisticated and process heavy,” he said.
Moody noted that funds are diversifying their strategies and allocation approaches, spurred by the need to seal a competitive edge in a 24/7 digital marketplace. He predicted that as more capital flows in from large-scale institutional players, the crypto space will see a host of new products, including advanced derivatives.
This June, fresh data from institutional crypto lender Genesis Capital revealed a major increase in cryptocurrency activity from institutional counter-parties, with volumes 2-3x higher than they were twelve months ago. Reporters argued that this institution-led momentum could well have contributed to Bitcoin’s 2019 price rally.
United States-based crypto exchange Kraken has partnered with Estana Custody to offer new options for fiat deposits and withdrawals in five major currencies.
United States-based crypto exchange Kraken has partnered with Estana Custody to offer new options for fiat deposits and withdrawals in five major currencies.
New funding options for USD, EUR, CAD, GBP, JPY
According to an official announcement from the exchange on July 29, the partnership will bring Kraken’s global customer base access to new funding options for U.S. dollars, euros, Canadian dollars, British pounds sterling and Japanese Yen.
While the new onramps are not available for “Starter” Kraken accounts, “Intermediate” and “Pro” level traders can access the fiat funding options by registering their bank account and wiring funds to the Etana Custody Wallet, integrated into clients’ Kraken accounts.
Since the onramps rely on wire transfers, processing times remain between 1-5 business days.
In addition to funding support, the collaboration with Estana will provide Kraken clients with conversion between any of the five fiat currencies, the announcement notes.
Kraken markets will also now be available via the forex trading platforms MetaTrader 4 and 5.
Global crypto exchanges diversifying fiat onramps
As reported yesterday, major European crypto exchangeBitstamp has partnered with digital asset brokerage BCB Group to support direct transfers in British pounds sterling by the end of this year.
As the Halloween deadline for Brexit looms, the partnership represents an important step to ensure that U.K. clients can continue to have access to fiat transfers on the European trading platform.
Earlier today, Cointelegraph reported that the Swiss integrated cryptocurrency exchange Smart Valor has launched trading of four fiat currencies with Bitcoin (BTC) and Ether (ETH). The platform’s roadmap for the next six months include plans to support long-term deposits of fiat currencies and to roll out a CHF-based stablecoin.
In an interview, Jesse Powell took issue with suspicions about tether due to its ongoing legal battle with the New York Attorney General.
“Historically, when you’ve seen growth in the supply of tether, we’ve seen growth in the supply of U.S. dollars coming onto Kraken,” he said.
“…I think what you’re seeing with tether is just a very transparent reflection of what is happening at the banking system level and with all the exchanges[.]”
Tether’s overall supply has more than doubled in 2019. Markets swiftly shook off legal concerns when they first appeared in late April, bitcoin going on to set 15-month highs of $13,800 last month.
Data from monitoring resource Coinlib continues to show USDT as the major source for value flowing into bitcoin over the past 24 hours, with volume at $3.12 billion as of press time.
As Cointelegraph reported, theories have also concluded that consumers in restricted markets, notably China, are using USDT as an on-ramp to get bitcoin and other cryptos on exchanges indirectly using the yuan.
Earlier in the bitcoin bull run, premiums had emerged in fiat terms for those seeking to purchase tokens on over-the-counter (OTC) markets.
Powell meanwhile did not discount the idea of delisting tether under certain circumstances, but likewise considered the role of exchanges not to police what markets users have access to.
Kraken joined multiple major exchanges in delisting a hard fork of altcoin bitcoin cash (BCH), bitcoin SV (BSV), over the behavior of its representatives in April.