COINDESK DAILY: Tether Denies U.S. Probe; MicroStrategy Premium is 'Unsustainable': Report

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4.7 • 698 Ratings

🗓️ 28 October 2024

⏱️ 2 minutes

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Summary

Host Christine Lee breaks down the news in the crypto industry from Tether denying reports of U.S. probe to a Steno Research report that questions the sustainability of MicroStrategy's premium to its BTC holdings. Tether CEO Paolo Ardoino denied a report claiming the stablecoin issuer is under a probe by U.S. federal investigators. Plus, MicroStrategy's almost 300% premium to its bitcoin holdings is unsustainable, according to a Steno Research report. "CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today. - This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee, Jennifer Sanasie, Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Tether denies they're being investigated by the U.S. prompting the crypto markets to recover.
0:05.2	This is CoinDest Daily. I'm your host Christine Lee.
0:13.0	Tether CEO Paulo Arduino telling CoinDess, quote, if the U.S. wanted to kill us, they can press a button and kill us anywhere. We are not going to
0:22.9	fight the U.S. As public pressure on top stable coin issuer tether ramps up, Ardoin note saying,
0:29.0	the company respects international sanctions and works closely with law enforcement agencies,
0:34.0	but acknowledges it is ultimately at the mercy of U.S. authorities.
0:38.4	Shortly after those comments, the Wall Street Journal reported Friday that the U.S. is probing
0:43.0	the top stable coin issuer for violations of sanctions and anti-money laundering rules.
0:48.4	Arduino hit back on X and in the blog post saying the journal is, quote, regurgitating old noise and that there is no
0:55.9	indication that tether is under investigation. Bitcoin gunning for $69,000 during the U.S.
1:02.1	morning, continuing its rally that started Sunday after BTC stumbled late Friday following the
1:07.5	Wall Street Journal's tether report. Bitcoin erasing its losses over the course of the weekend rising about 2% in the last 24 hours.
1:15.6	Ethan Seoul have also registered similar gains as the broader crypto market has climbed over 2% as measured by the CoinS20 index.
1:24.6	Mean Coin Doge has enjoyed the healthiest bounce, trading around 6% higher,
1:30.0	at over 14 cents. Microstratage's premium to its BTC stash is unsustainable, according
1:36.2	to a research report by Steno Research. The new provision for options on-spot Bitcoin
1:41.4	ETFs will lessen demand for MSTR stock, meaning the 300% premium will not last.
1:48.1	Adding that during the 2021 bull market, it was below 200% most of the time.
1:53.6	Microstrategies recent 10-1 stock splits positive effects are also diminishing.
1:58.3	As regulators become more favorable to Bitcoin and crypto in general,
2:02.5	investors may choose to hold Bitcoin directly instead of micro-strategy stock, according to the report.
2:08.4	If Donald Trump is re-elected as president, this regulatory trend is expected to continue.
	...

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