Tether Reveals $4.5 Billion Q1 Profit, CZ Sentenced to "4" Months in Prison

May 1, 2024
Market Update Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powell’s comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose. The $SPY and $QQQ have gained by 1.17% and 1.24%, respectively. #BTC (-2.70%) has pared losses to $59k after reaching a low of $56.5k early this morning, while #ETH (-0.67%) is trading just below $3k. Despite the large drop in Bitcoin, altcoins are showing relative strength, with Bitcoin’s dominance ratio dropping 1.57%. Layer-2 networks are a few of the leaders in the top-100 tokens today, with #OP, #MATIC, and #STRK all increasing by more than 4%. Tether released its Q1 attestation showing a record-breaking $4.52 billion first-quarter profit. The majority of profits came from mark-to-market gains in Bitcoin and Gold positions, and approximately $1 billion came from issuing stablecoins and managing underlying reserves, mainly from US Treasury holdings. Tether’s total direct and indirect treasury holdings exceed $90 billion. Te

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MARKET UPDATE EQUITIES ARE SHOWING MODEST DECLINES TODAY AFTER REACHING NEW ALL-TIME HIGHS YESTERDAY. The SPY 0.06%  and QQQ 0.55%  have declined approximately 0.20%, while rates are finding some relief despite jobless claims coming in higher than expected and Q1 unit labor costs coming in at 4.0% versus the estimated 4.9%. Investors will be watching tomorrow's non-farm payrolls report to provide further direction of yields. The crypto market is trading in line...

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