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Rally Retraces, Tether Continues its Tear

May 31, 2023
Author
Sean Farrell
Sean Farrell AC
Market Update The crypto market has seen a significant reversal of its weekend rally as investors watchfully anticipate the House vote on the debt ceiling agreement brokered between the White House and the House Speaker. $BTC has fallen below the $27k mark, while $ETH grapples with maintaining a foothold above $1850, and other altcoins face more considerable downward pressure. Optimism ($OP) has seen a roughly 4% decrease in value, hitting its lowest point since early January due to a significant token unlock event. Further compounding these market pressures is a strengthened US dollar, spurred on by lower-than-expected manufacturing figures out of China and hawkish sentiments from Fed President Mester advocating for continued rate hikes. Presently, the futures market is factoring in a nearly 70% chance of a further 25 basis point hike at the upcoming June meeting, adding to the prevailing sense of market unease.Source: CME GroupTether, the issuer of the $USDT stablecoin, has revealed its investment in a sustainable Bitcoin mining facility in Uruguay. The company is partnering with a local licensed firm, although specific investment amounts and the partner's identity remain undisclosed. The mining facility is expected to become operational by mid-Q3 of this year. This move follo

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