Bitfinex-backed LEO soars to record high on supply crunch expectations
The token surged almost 70% in a day after the U.S. Department of Justice announced that it had recovered most of the stolen funds from the 2016 Bitfinex hack. Unus Sed Leo (LEO) surged by almost 70% on Feb. 9 to reach its record highs as traders assessed the potential of an incoming supply crunch in its market.The token was issued in 2016 to refinance crypto exchange Bitfinex after it lost about $70 million worth of Bitcoin (BTC) in a hacking incident. In its original whitepaper explaining LEO, Bitfinex had promised that if they could recover the lost funds, they would use 80% of the....
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The market cap of USDT swelled by 1 billion over nine days. The market cap of Tether (USDT), a U.S. dollar-pegged stablecoin, has surged in recent weeks, potentially helping to fuel the recent Bitcoin (BTC) rally that drove prices to near all-time highs. Paolo Ardoino, who serves as dual CTO to Bitfinex and Tether, tweeted Thursday that the supply of USDT increased by 1 billion over nine days, marking the second-fastest expansion in its history. The record was set on Sept. 4, 2020 when, over eight days, USDT's circulating supply increased by 1 billion. At press time, Tether had a market....
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