S&P Global Downgrades Tether’s USDT on Risk Concerns

Tether’s USDT stablecoin has received the lowest possible stability score from S&P Global Ratings, which downgraded the asset to a “5”. The ratings agency cited concerns over the stablecoin’s increasing exposure to high-risk assets and what it identified as structural weaknesses in its reserve composition.

Large-Scale Investors Signal Confidence with $100 Million in Long Positions

In a display of positive market sentiment, three major cryptocurrency investors, or “whales,” have opened nearly $100 million in long positions on Bitcoin and Ethereum. The trades, executed on the Hyperliquid platform, utilized leverage ranging from 2x to 25x, indicating a strong belief in the near-term price appreciation of the two leading digital assets.

CleanSpark Settles Bitcoin-Backed Debt as Stock Climbs 7.8%

Amid growing pressure on mining profitability from declining hashprice levels, CleanSpark has fully repaid its Bitcoin-backed credit lines with Coinbase and Two Prime. Following the announcement, the bitcoin mining company’s stock saw a significant 7.8% increase in value.

Grayscale Files for Spot Zcash ETF Amid Muted Price Reaction

Grayscale has filed an S-3 registration statement to convert its Zcash Trust, valued at $196.8 million, into a spot Exchange-Traded Fund (ETF). Despite the potentially positive development, the price of Zcash (ZEC) has remained largely stagnant around the $500 mark, with futures markets suggesting a “sell-the-news” reaction from traders.