Institutions step up, get ready for mass adoption!

Another hot start to the week! Bitcoin is finding support around $29,000 and our newsletter has just been recognized globally for having the damn best joke writers in the biz.

With the recent Tether FUD (fear, uncertainty and doubt), Paypal has decided to deliver one final blow to the long-criticized stablecoin organization. What does this mean for investors? Should you get rid of your USDT?

No need to fear! The team here at blurtl is dedicated to providing you with up-to-date cryptocurrency news and insights so that you can make your own, informed, investment decisions.

What’s going on in crypto?

• Paypal launches a stablecoin

• U.S. District Judge denies the motion to dismiss the case against Terraform Labs

• Binance releases latest proof of reserve report - FTX 2.0?

• Can $ADA reach $100?

• Blockstream CEO’s Bitcoin bet: $100,000 by next halving

Paypal launches $PYUSD off the back of Tether FUD

Paypal launches a Stablecoin for payment and transfers after years of saying that they have no interest in crypto. PayPal, the industry leader in global payments, has stepped up its involvement in the cryptocurrency space by introducing PayPal USD ($PYUSD), a stablecoin backed by the dollar. PayPal is now among the first significant U.S. financial institutions to introduce its own stablecoin, despite the lack of regulatory clarity regarding crypto assets in the nation.

($PYUSD) can currently only be used for web3 and cryptocurrency-related transactions, like in-game purchases and trades with other cryptocurrency assets. However, PayPal hopes to use PYUSD in the long run to enable low-cost transfers and payments between users and businesses around the world.

Terraform Labs Vs. SEC

The Southern District of New York's Judge, Jed S. Rakoff, ruled that the U.S. The Securities and Exchange Commission (SEC) may move forward with its lawsuit against Terraform Labs ("Terraform") and its CEO, Do Hyeong Kwon. The lawsuit alleges, among other things, a failure to register the offer and sale of Terraform's crypto-assets and fraud in connection with those transactions.

The "major questions doctrine" defense put forth by Terraform Labs was also denied by the judge. The doctrine, which was established by a Supreme Court decision and effectively prevents regulatory bodies from materially going beyond their authority, has been used by a number of defendants in cryptocurrency lawsuits against the SEC, including cryptocurrency exchange Coinbase.

Is it possible for Cardano ($ADA) to reach $100?

Crypto analyst, Ben Armstrong, recently discussed the likelihood that Cardano's price could reach $100. Crazy, right? Although many Cardano investors might fantasize about such a price, Armstrong offered a more realistic viewpoint.

He claimed that it would be extremely challenging for Cardano to reach $10, let alone $100. According to Armstrong, it would take a 32,260% increase for Cardano to reach $100 in the current market.

This is something to consider when looking at potential investment opportunities. In order for Cardano to reach this insane projection of $100, it would have to essentially eclipse the entire cryptocurrency market and have a market cap of over $3 trillion. Unlikely is an understatement.

Binance releases proof of reserves report

The report claims that Binance has more than enough reserves to cover all deposits made by customers in all cryptocurrencies that are supported. The reserve ratio is calculated by dividing the customer net balance (the number of coins that customers have deposited with Binance) by the number of coins that Binance holds.

PoR seeks to improve user protection, security, and transparency in the cryptocurrency ecosystem. As a result, it deters exchanges from misusing user funds and fosters user confidence. In keeping with this, Binance users can independently confirm whether their accounts were included in the most recent PoR verification, underscoring the exchange's dedication to openness and user confidence.

Blockstream CEO’s Bitcoin bet: $100,000 by next halving

Blockstream CEO, Adam Back, informed his 524,700 X followers that he thinks Bitcoin will reach $100,000 by the upcoming halving, which is currently anticipated to occur sometime in April 2024.

Back is claiming that before Bitcoin's anticipated April 2024 halving event, when the rewards to miners are reduced in half, a delayed upward market correction may occur. According to him, the approval of a spot Bitcoin exchange-traded fund (ETF) could be the catalyst for the major shift.

We hope that you’re not the guy on the meme. Buy your Bitcoin before it hits $100,000!

– blurtl