What Happened In The Crypto Market Today?

Curious about what happened in the crypto market today? To get updates on Bitcoin prices, blockchain technology, DeFi applications, NFTs, Web3 developments, and daily trends and events in crypto regulations, read on.

Tether has strengthened its liquidity management by issuing $1 billion worth of USDT on the Tron network. With this move, the total amount of USDT issued since the beginning of the year has reached $33 billion. On August 20, blockchain data revealed that Tether issued $1 billion worth of Tether tokens on the Tron network and sent them to the treasury wallet. According to the on-chain analytics platform Lookonchain, the "Tether Treasury" wallet has minted $33 billion worth of stablecoins over the past year.

Additionally, the Chinese Supreme Court has updated its commentary on the 2007 Anti-Money Laundering laws to now consider "virtual asset" transactions as a potential tool for money laundering. According to Coinbase, young cryptocurrency users in states where Trump and Harris have close poll numbers are evenly split between the parties.

Data platforms reported that 19 billion Tether tokens were created on the Tron network and 14 billion on the Ethereum network. On August 13, Whale Alert detected an additional $1 billion transaction by Tether on the Ethereum network. Tether CEO Paolo Ardoino stated that this transaction was merely an "inventory refresh" and that this source would be used for future issuance demands and cross-chain swaps.

The Chinese Supreme Court has updated the Anti-Money Laundering (AML) laws to include "virtual asset" transactions. This update represents the first major change to the existing laws since they were enacted on January 1, 2007. On August 19, during a conference, the Supreme People's Court and the Supreme People's Procuratorate announced that virtual asset transactions would now be recognized as one of the methods of money laundering. According to this regulation, the transfer and conversion of criminal proceeds through digital transactions will be prohibited.

A survey conducted by Coinbase revealed that young cryptocurrency investors in states where Trump and Harris have close poll numbers are politically divided. According to the survey, 41% of respondents identify as Democrats, while 39% identify as Republicans. The Coinbase report highlighted that young voters could shift the balance for both parties, with this situation being particularly crucial in swing states.

Coinbase has stated that, ahead of the upcoming 2024 elections, candidates from both political parties should pay attention to young, crypto-friendly voters.

Former President Donald Trump has extended an olive branch to the crypto community by pledging to place Bitcoin and digital assets at the center of America's innovation economy. This represents a significant departure from Trump's previously anti-Bitcoin rhetoric during his presidency.

On the other hand, Vice President Kamala Harris has remained largely silent on cryptocurrency since accepting the Democratic nomination.

You can stay up-to-date with developments and the latest news in the cryptocurrency market through Kriptospot.com.