This Week In Crypto

  • Bitcoin Climbs After CPI Data. Investors grew optimistic after the CPI report showed the inflation rate eased on an annual basis to 4.9% in April, which was slightly less than what economists polled by Dow Jones expected. Ultimately, this represents easing tight liquidity conditions*, an environment in which bitcoin ($BTC) has done extremely well historically.
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  • Tether Boosts T-Bill Holdings, Cuts Banks Exposure. Tether increased its holdings of US Treasury bills to $53 billion* while simultaneously cutting its exposure to cash in the first quarter, following a slate of US bank closures that impacted rivals. Around 85%, or $69.3 billion, of the collateral supporting USDT was stored in cash and cash equivalents.

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