Tether to Buy BTC With Profits, Lightening Labs Updates Taproot Assets
May 17, 2023
Market Update Stocks are rising as investors anticipate a potential agreement between congressional leaders and President Joe Biden regarding the U.S. debt ceiling. The S&P gained 1.19%, while the Nasdaq is up 1.2%. Leaders on both sides of the aisle made positive comments following negotiations. House Speaker McCarthy stated it's "possible to get a deal by the end of the week," President Biden said he was "confident" about a deal resolution. $BTC is underperforming, down 0.5% over the last day, while $ETH is down 1.0%. $XRP (+4.6%) and $DOGE (+3.4%) are outperforming the top 10. $XRP is seeing positive momentum in its court battle with the SEC. Judge Torres denied the SEC's request to seal key documents from a speech where former SEC director Bill Hinman stated Bitcoin and Ether were not securities. Dogecoin's network recently hit a new record high for daily transactions, following a rush to mint DRC-20 tokens, a mechanism that emulates the recent craze seen with Bitcoin BRC-20. Tether, the stablecoin issuer, plans to allocate 15% of its net realized operating profits to purchase Bitcoin and reinforce its already substantial reserves. Tether's CTO, Paolo Ardoino, expressed confidence in Bitcoin's resilience and long-term value, citing its limited supply, decentralized natu