Morning Coinheads.

Bitcoin and gold were the safer havens overnight as roiled US equity markets continued to wander all over the shop.

One analyst says it’s make or break time for BTC.

Meanwhile, Tether is tying itself to a new master.

It’s Friday in Cryptoland.

Let us begin.


Tether says it’s ready for bad weather, stacks on US Treasury notes

Tether Holdings has come out with a press release to try to stem growing fears of a possible USD/USDT crash after the stablecoin lost its peg to the US dollar last week amid the Terra (UST) drama.

Tether (USDT), the world’s largest stablecoin, lost its peg to the US dollar earlier this month sending a wave of panic through investors and traders.

Tether’s people came out overnight to say its holdings of US Treasury bills rose 13% to $39.2 billion, while commercial paper fell 17% to $20.1 billion. The company said it now also owns around $286 million in non-US government bonds.

Today, Tether Holdings Limited made available its latest quarterly assurance opinion demonstrating the strength of its reserves revealing significant reductions in commercial paper investments and an overall increase in U.S. treasury bills. It also demonstrates that the group’s consolidated assets exceed its consolidated liabilities,” the business said.


FX Street: Bitcoin price congestion warns of a 25% breakout

Bitcoin price sideways action signals smart money involvement, claims FX Street. “A jaw-dropping rally could occur in the very near future. Bitcoin price action is currently distorting severely compared to the previous consolidations within the decline.”

Analyst Tony Montpeirous says three things I could readily understand: BTC price sideways action spells for an explosive move coming. Bitcoin price has Fibonacci targets at US$35,000 and US$37,000. Invalidation of the bullish thesis is a breach below the swing low at US$26,500.


Goldman Sachs: The meltdown in cryptocurrencies is raising alarm about the future of digital assets — or is it?

Hold the teleprompter, here’s a very snazzy and not at all hyperbolic vid from Goldman Sachs. Now, aside from the weak-ass rhetorical title above (or is it? duh du dahhh), we’ve got the bank of banks’ Mathew McDermott, global head of digital assets who basically says fears over mad prices and tepid economic growth have sent investors fleeing from risk assets, notably cryptocurrencies.

In the vid of vids, he’s tackling the “drivers, evolution and the outlook for crypto assets and the broader digital assets ecosystem”.

“Recent volatility underscores that crypto assets are still an emerging asset class with a large number of retail participants,” McDermott says, pinning the latest move as yet “correlated to the broader macro market”.

“Nearly every asset class with discounted cash flows has been hard hit by inflationary pressures.”


Disgraced hedge fund tycoon Phil Falcone raising money for crypto TV network

Lydia Moynihan New York Post reports disgraced hedge fund anti-hero Phil Falcone is angling to profit from TV coverage of crypto assets — another screwball bid to reverse a decade-long slide from being a billionaire to representing himself after getting sued by New York State for $12 million in back taxes.

Falcone, 59, apparently told the NY state judge that he was “so strapped for cash he couldn’t pay for his mortgages, his daughters’ tuition or even an attorney”.

Now, the Man from Minnesota reckons the world needs a 24-hour network “exclusively devoted to covering cryptocurrencies, NFTs, and Web3”.

Falcone, who amassed a stonking $2bn by shorting the housing market before losing it at the doggies (or similar) is shopping to investors a Trumpian idea called Blockchain.TV, The Post has learned.

Moynihan says the “Harvard-educated moneyman has been forced to sell everything from the fancy furnishings at his Upper East Side townhouse to artwork and even his Hamptons estate in recent years to pay off his roughly $100m debt”.


BrokerChooser: 45.7% of Australian investors considering crypto the most important asset

New research says Crypto is the most popular financial products for first-time Aussie investors.

BrokerChooser did a survey of their customers to find out the most popular financial products among first-time investors overall and by country.

They say the keenest bean crypto investors are: South Africa (50.2%), India 47.5%, Japan 47.1% and Australia 45.7%

You can view the research here.