Schlagwort: crypto business

• Tether’s XAUT token has appreciated alongside the rising price of gold amid increasing global economic uncertainty.
• Tether noted that XAUT hit a record high price of $3,423 last week, driven by the rally in gold prices.
• Gold prices have surged to historic highs in 2025, fueled by a combination of factors.

Tether, issuer of the world’s largest stablecoin, reported holding 7.7 tons, or 246,523 ounces, of gold backing its gold-pegged token XAUT at the end of the first quarter, according to a statement released Monday.

The company said this marks the first official attestation specific to XAUT, which launched in 2020.

Tether, which regularly issues attestations for its USDT dollar stablecoin, said XAUT had a market capitalization of $770 million at the end of the quarter.

“Tether Gold maintains its position as the highest market-cap, most secure, and compliant tokenized gold product in the market,” the company said.

XAUT’s performance in Q1

Tether’s XAUT token, though far less popular than USDT, has appreciated alongside the rising price of gold amid increasing global economic uncertainty.

Volatility has surged in recent weeks, largely due to President Donald Trump’s tariff policies.

Gold, traditionally viewed as a stable store of value, has gained about 8% over the past 30 days. Bitcoin, meanwhile, has climbed over 14% in the same period.

Tether noted that XAUT hit a record high price of $3,423 last week, driven by the rally in gold prices.

The company, in a press release, stated:

The growth of Tether Gold during Q1 was driven by escalating global economic uncertainty, heightened geopolitical tensions, and a rising demand for inflation-resistant stores of value.

Each XAUT token is backed 1:1 by one troy ounce of physical gold, stored in dedicated vaults within facilities in Switzerland, the company said.

Gold’s performance over the past two years

Gold has staged a major rally over the past two years, driven largely by sustained central bank accumulation, particularly among BRICS nations aiming to reduce dependence on the US dollar.

According to the World Gold Council’s Gold Demand Trends: Full Year 2024 report, global gold reserves stood at 37,755 metric tons at the end of 2024.

Central banks added a net 1,044.6 metric tons to their holdings over the year, with 332.9 metric tons purchased in the fourth quarter alone.

This consistent accumulation underscores gold’s strategic role as a store of value, especially for emerging and developing economies seeking to bolster financial resilience.

Gold prices have surged to historic highs in 2025, fueled by a combination of central bank buying, lingering inflation fears, and mounting geopolitical tensions.

The precious metal briefly touched $3,500 per ounce last week, delivering a remarkable year-to-date gain of 32%, before retreating slightly to reflect a 26% gain as of today.

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• NEXO token’s price jumped nearly 9% on Monday, April 28, 2025.
• Gains came amid news that Nexo is relaunching in the United States market.
• The crypto lender exited in 2022.

Nexo’s native token, NEXO, has seen a notable price surge following the company’s announcement of its return to the United States market.

According to CoinMarketCap, NEXO rose to highs of $1.31 on Monday, gaining more than 9% as the market reacted to the news.

The token was trading near $1.24 at the time of writing, indicating some profit-taking after the surge.

Nexo announces US comeback

Nexo’s market capitalization stood at $777 million, ranking among the top 100 cryptocurrencies by market cap.

Its 24-hour trading volume of $26 million was up 150%, a scenario that underscores market activity amid the surge in investor confidence.

In its official announcement, Nexo highlighted its commitment to driving digital asset adoption.

“America is back — and so is Nexo,” said Nexo co-founder Antoni Trenchev.

“Thanks to the vision and leadership of President Donald J. Trump, his administration, and his family, the United States is once again a place where innovation is championed, not stifled. A place where pioneers are celebrated. Nexo is returning to America — stronger, smarter, and determined to win,” he added.

Why does this matter?

The crypto lender’s re-entry comes after a strategic exit in 2022, driven by a renewed sense of optimism and a more favorable regulatory environment.

Nexo is coming back to the USA, where the growing importance of digital assets nurtures bold innovation and leadership.

Proud to be part of the momentum as we deliver our pioneering suite of products to U.S. clients.

Full story below.https://t.co/wQUFjKRzUl

— Nexo (@Nexo) April 28, 2025

In returning to the US, the crypto lender joins other firms, including crypto exchange OKX, in making a comeback as industry players eye the country’s potential to become the crypto capital of the world.

Nexo’s return to the US market will mark a significant milestone for the digital asset platform.

With this milestone, the company plans to roll out a comprehensive suite of services tailored for both retail and institutional clients.

These include high-yield crypto savings accounts, offering up to 14% annual interest with daily payouts, and asset-backed credit lines that allow users to borrow against their crypto holdings without selling them.

Nexo also plans to provide advanced trading tools and institutional-grade liquidity solutions, including the pioneering Nexo Card, a crypto-backed debit/credit card.

The platform’s reentry is supported by its robust infrastructure, global licensing, and stringent security measures, such as storage with BitGo and a $100 million insurance policy.

Nexo’s focus on compliance and client-centric innovation positions it to meet the growing demand for crypto financial services in the United States.

NEXO’s price reached an all-time high of $4.63 in November 2021 before plummeting amid the crypto bear market of 2022.

The company’s woes in the US amid broader market turbulence added to the downtrend.

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• Analysts, led by Gautam Chhugani, argued that short-term correlations between Bitcoin and assets like gold or the Nasdaq are misleading.
• Bernstein pointed out that between ETF holdings and corporate treasuries, nearly 9% of Bitcoin’s total supply is now locked up.
• Chhugani noted that current momentum from corporations and institutions alone could push Bitcoin to new highs in 2025.

Bitcoin could soon break new highs as corporate accumulation and renewed exchange-traded fund (ETF) inflows drive a “supply squeeze,” analysts at research and brokerage firm Bernstein said in a note to clients on Monday.

Analysts, led by Gautam Chhugani, argued that short-term correlations between Bitcoin and assets like gold or the Nasdaq are misleading, and that factors such as retail selling exhaustion, corporate treasury accumulation, and strong ETF inflows offer a clearer signal for Bitcoin’s trajectory.

Last week, SoftBank, Tether, Bitfinex, and Cantor Fitzgerald announced the launch of Twenty One Capital, a Bitcoin corporate treasury venture starting with 42,000 BTC.

The venture will be backed by $900 million from SoftBank, $1.5 billion from Tether, and $600 million from Bitfinex, with plans to merge with Cantor Equity Partners through a SPAC and raise an additional $585 million at closing.

Bernstein compared Twenty One Capital’s strategy to that of Strategy, which raised $22 billion in 2024 and $8.6 billion so far in 2025 to aggressively build its Bitcoin holdings.

However, Twenty One’s key advantage is its backing, particularly Tether, which earned $13 billion in 2024 from its $148 billion USDT supply.

Corporate accumulation is becoming increasingly competitive, the analysts noted, with around 80 companies now holding approximately 700,000 BTC, representing 3.4% of Bitcoin’s total supply.

ETF inflows return

Meanwhile, after a two-month lull following Bitcoin’s 31% drop from its all-time high above $109,000 on Inauguration Day to a low near $75,000, US spot Bitcoin ETF inflows turned positive again.

Over $3 billion was added last week—the highest in five months and the second-largest inflow on record. Bitcoin was recently trading at around $95,295.

ETFs now hold over 5.5% of the total Bitcoin supply, equivalent to around $110 billion in assets under management.

Of that, nearly 33% is held by institutional investors—up from about 20% in September—with 48% of the institutional AUM held by investment advisors and 31% by hedge funds.

Bernstein pointed out that between ETF holdings and corporate treasuries, nearly 9% of Bitcoin’s total supply is now locked up—a sevenfold increase since January 2024.

Separately, President Trump’s recent executive order establishing a US Strategic Bitcoin Reserve could further accelerate sovereign adoption of Bitcoin.

Chhugani noted that while current momentum from corporations and institutions alone could push Bitcoin to new highs in 2025, any significant Bitcoin purchases by the US government are not priced in and could trigger a global shift in sovereign accumulation strategies.

The post Why Bernstein sees Bitcoin hitting new highs in 2025 appeared first on CoinJournal.

• Plaintiffs accuse Nike of promoting unregistered securities.
• NFTs linked to RTFKT fell from $8,000 to $16 after closure.
• Lawsuit highlights legal uncertainty around NFTs as securities.

Nike is facing a $5 million class-action lawsuit that claims the company misled investors by promoting non-fungible tokens (NFTs) tied to its RTFKT platform before abruptly shutting it down.

Filed in Brooklyn federal court on 25 April, the lawsuit accuses Nike of orchestrating a “rug pull” by heavily marketing its sneaker-themed NFTs, encouraging investment, and then closing the platform in January 2025.

The case highlights growing tensions over the classification of NFTs as securities and comes amid a sharp downturn in NFT market value, with total sales plunging 63% year-on-year in the first quarter.

Nike accused of selling unregistered NFTs

The class-action group, led by Jagdeep Cheema, alleges that Nike used its brand recognition and marketing strength to promote NFTs that functioned as unregistered securities.

According to the lawsuit, Nike encouraged purchases by linking the value of the NFTs to the company’s ongoing promotional efforts, leading investors to expect rising asset values tied directly to the brand’s success.

The complaint argues that investors suffered “significant damages” after Nike shuttered RTFKT, destroying the tokens’ value. The suit also claims that Nike violated consumer protection and state competition laws.

It seeks $5 million in damages, citing breaches related to marketing unregistered securities and failing to safeguard investors’ interests after shutting down RTFKT.

Notably, the case highlights the legal uncertainty surrounding NFTs.

Although a United States court has yet to definitively rule on whether NFTs are securities, OpenSea, a major NFT marketplace, argued in an April 9 letter to the Securities and Exchange Commission that NFTs should not fall under securities regulation.

Despite this broader debate, the plaintiffs contend that the court does not need to settle the securities status of NFTs to rule on Nike’s alleged wrongdoing.

Nike NFT values crash after RTFKT shutdown

Nike acquired RTFKT Studios, a virtual sneaker and collectibles firm, in 2021.

Following the acquisition, Nike released the “CryptoKick” NFT collection, which initially traded at an average price of 3.5 Ether (around $8,000) when listed on OpenSea on 18 April 2022.

However, after Nike shuttered RTFKT in January 2025, the average price of these NFTs dropped dramatically.

By 21 April, Nike’s CryptoKick tokens were trading for around 0.009 Ether, or roughly $16.

The lawsuit argues that this collapse in value directly harmed investors who bought NFTs expecting future participation in RTFKT’s challenges and quests, a key component marketed as a reason to invest in the tokens.

The plaintiffs claim that the closure removed promised utility features that underpinned the NFTs’ value proposition, leaving investors without access to previously promoted opportunities for rewards and engagement.

NFT market sales fall 63% in early 2025

The downturn in Nike’s NFT values occurred alongside a broader slump in the NFT market.

Data shows that global NFT sales dropped to $1.5 billion from January to March 2025, marking a 63% fall compared to $4.1 billion in the same quarter of 2024.

This contraction reflects a growing scepticism among investors about the long-term value of NFTs, particularly projects closely tied to brand-driven hype.

Nike’s situation adds to a series of controversies that are challenging assumptions about the sustainability of digital asset markets.

While debates around the regulatory classification of NFTs continue, cases like the Nike lawsuit may test new legal arguments without waiting for formal rulings on securities law status.

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