Bitcoin (BTC), by any measure, still remains stuck in a tight trading range, but there has been some movement of note on Thursday.
Sadly for bulls, the coiled spring theory isn’t yet working. Instead, BTC is headed lower, sliding below $63,000 at one point earlier this afternoon. It’s currently trading at $63,100 down about 0.5% over the past 24 hours. Other crypto majors are seeing similar declines.
The small losses are happening even as the interest rate picture in the U.S. is improving. Decent inflation reports yesterday and today appear to have taken the idea of a September Federal Reserve rate hike off the table.
The two-year Treasury yield, which was above 4.30% just days ago, has slid back to 4.14%, reflecting the sharply lower odds of tighter monetary policy.
Other risk assets — particularly U.S. stocks — continue to be where the action is. Higher by another 0.55% on Thursday, the S&P 500 notched another record high.
The backer of stablecoin giant USDT, Tether on Thursday afternoon announced the completion of what it says is the largest inaugural financial audit in history.
“KPMG issued an unqualified audit opinion of Tether’s financial statements, meaning in KPMG’s opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year ended in accordance with U.S. generally accepted accounting principles,” said Tether in the press release.
“As part of the process,” Tether continued, “KPMG physically counted and inspected every individual gold bar held by Tether, verifying the existence and identifying information of each bar rather than relying solely on reports from custodians or counterparties.”
“This is a defining moment for the stablecoin industry,” said Paolo Ardoino, CEO of Tether. “For years, some detractors said an audit of Tether could not be completed.”
“It’s too quiet,” reads the latest headline from bitcoin analyst James Check.
“There have only been a handful of memorable instances in my Bitcoin career where the market has gone this dead quiet,” he continued.
“The 30-day price range is now just 5.6%, one of the narrowest on record,” Check tweeted. “Historically, periods of such low volatility tend to occur in very late-stage bear markets, and more often in early bull markets.”
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