BitMEX co-founder Arthur Hayes said that the world’s largest stablecoin issuer, Tether, is preparing for a Federal Reserve rate‑cut cycle. He is concerned that as Tether increases its exposure to Bitcoin and gold, it also increases the chance that a sharp pullback in those assets could weaken its equity cushion. While Hayes called this a massive risk, the broader crypto market argues that Tether is far more financially strong than it is perceived to be. Hayes Sounds the Alarm Hayes said that Tether’s la ...

Strategy calmed investors after another exclusion from the S&P 500 Index and said that its balance sheet remains solid even as Bitcoin crashed to $80,000 not long ago. In a post on X, the company said its Bitcoin reserves, 649,870 BTC worth roughly $56 billion at current prices, continue to far exceed its debt load, despite a difficult quarter for both the asset and the company’s stock.   All is Good, Strategy Claims At a Bitcoin price of $74,000, which is close to Strategy’s average cost basis, the co ...