| Bitcoin | $53,678 | 7 day: +12.5% | | Ethereum | $1,760 | 7 day: -1.8% | | All crypto | $1.62T | 7 day: +8.8% | | Bitcoin dominance | 61.6% | 7 day: +1.1% | Prices as of 11:30 a.m. EST
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JPMorgan (NYSE:JPM) published a report describing a liquidity shock to bitcoin markets if investors stop transacting in Tether (USDT). - The 86-page report by JPMorgan Chase (NYSE:JPM) explains that Tether (USDT), the most popular denominator for transactions on non-U.S. crypto exchanges, is vulnerable to a bank run.
- Unlike U.S. stablecoins like Gemini Dollar or USD Coin, Tether (USDT) does not release monthly audits nor attestations, and its parent company does not have comprehensive insurance.
- If the market has to abandon Tether (USDT) due to regulatory, solvency, or legal reasons, then bitcoin markets could experience a "severe liquidity crisis."
- In April 2019, the New York Attorney General (NYAG) began investigating Tether and its sister crypto exchange, Bitfinex.
- Tether's market capitalization has grown to $34B.
Click to tweet the following text (you can edit it before sending): $JPM Report by @jpmorgan says #bitcoin markets would see a liquidity shortage if investors had to drop Tether $USDT #bankrun J.P. Morgan 
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 WeBank Jack Ma's Ant Group-backed commercial bank, MYbank, is participating in digital yuan trials in collaboration with Tencent's WeBank. - The planned pilot by Tencent's (0700.HK) WeBank, as well as Ant Group's MYbank, will be similar to other pilots approved by China's central bank.
- Previous speculators said that the government could compete with Tencent and Ant's heavily-used payment apps.
- MYbank will integrate the Chinese central bank's digital yuan app.
- The addition of two new banks in the pilot program significantly expands the digital currency/electronic payment (DCEP) user base. These two companies control around 94% of total mobile transactions in the country.
- The decision comes at a time when tech executives like Jack Ma are facing scrutiny under President Xi Jinping.
- Jack Ma's Ant Group owns a 30% stake in MYbank.
Click to tweet the following text (you can edit it before sending): China's Tencent-backed MYBank and Jack Ma's Ant Group-backed WeBank will trial #digitalyuan #DCEP Bloomberg
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 Defunct Crypto Exchange Cryptopia Cryptopia, the previously hacked and bankrupt crypto exchange, has been hacked again while in liquidation status. The New Zealand-based exchange is in liquidation status. Its liquidator Grant Thornton, one of the world's top 10 accounting firms, confirmed in an email that it is investigating the incident. A small yet disconcerting attack: - Last week, a local news site reported that one of Stakenet's cold wallets, unused since 2019, lost $45,000 worth of Stakenet (XSN) coins during an unauthorized movement of funds.
- Stakenet was one of Cryptopia's creditors.
- The affected cold wallet contains more than $1.9M worth of cryptocurrencies.
- Grant Thorton notified police.
Click to tweet the following text (you can edit it before sending): New Zealand's bankrupt #crypto exchange @cryptopia_nz (which is in liquidation status by Grant Thornton) has been hacked again. Brave New Coin
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 Bank-Al-Maghrib Bank-Al-Maghrib, Morocco's central bank, is reportedly studying the benefits and risks of central bank digital currency (CBDC) issuance. - The exploratory committee assigned by Bank-Al-Maghrib is conducting research. A local news report cites that the committee will analyze the pros and cons for the Moroccan economy.
- In 2017, Moroccan regulators banned the use of bitcoin and most cryptocurrencies.
- Four years later, the same bank, which imposed penalties on individuals involved in crypto transactions, is taking another look.
Click to tweet the following text (you can edit it before sending): Morocco's @BankAlMaghrib to examine the pros and cons of a #CBDC four years after the country's #bitcoin $BTC ban. Coindesk
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Chinese beverage company Urban Tea (NASDAQ:MYT) has appointed executives for the company's expansion into blockchain and cryptocurrency mining. - Urban Tea only appointed project leaders, but did not specify any business changes. It claims the company "underwent a thoughtful process of exploring, researching, studying, and discussing, with the board's support, to enter into the blockchain and cryptocurrency business."
- Recall that in December 2017, Long Island Iced Tea Company (subsequently renamed to Long Blockchain Corporation) said that it was exploring business opportunities in blockchain.
- Shares of Long Island Tea soared over 200% on that announcement, then crashed 90% a few months later and never recovered.
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- Stock trading and investing app Robinhood tweeted yesterday that it intends to add the deposit and withdrawal functionality for Dogecoin (DOGE).
- Deel payroll, backed by Andreessen Horrowitz, allows remote workers to receive salaries in cryptocurrencies.
- The Canada Revenue Agency (CRA) filed an information request in federal court to investigate tax law compliance from Coinsquare's customers.
- DoppelPaymer claims to have stolen a "huge amount of data" from Kia Motors and is demanding a bitcoin ransom of $20M.
- Robinhood announced plans to allow clients to deposit and withdraw digital cryptocurrencies.
- BlackRock's Rick Rieder may not be willing to invest 1% of his $7T in assets under management in bitcoin, but he admits that his company has "started to dabble a bit in it."
- Dave Portnoy tweeted that "bitcoin is the only thing that doesn't go down," yet he is "never buying bitcoin" again because he does not "believe a thing about it."
- Pricing for shares of Coinbase on Nasdaq Private Markets has reached a $100B valuation ahead of its planned direct listing.
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 |  | Curated by Associated Press fanboy, eye-strained news terminal watcher, and bitcoin follower since $1, Aaron Wise. Temporarily listening to news squawk boxes in Florida while awaiting the construction of cryptopia. |  | | Editor | Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on. | |
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