Tether's Record $13B Profit Amidst EU Delistings; Crypto Market Rebounds

Tether, the issuer of the world's largest stablecoin, USDT, has announced a record-breaking profit of $13 billion in 2024. This significant achievement comes amidst a backdrop of positive news for the company, as various crypto exchanges have announced the delisting of USDT for non-compliance in the EU following the implementation of the Markets in Crypto-Assets (MiCA) regulation.

The crypto market has shown signs of recovery, with Bitcoin (BTC) rebounding from a sharp drop below $98,000 and Ethereum (ETH) gaining more than 5% to reach highs of $3,437. This positive momentum can be attributed to on-chain data indicating that World Liberty Financial had purchased $10 million worth of ETH. However, the price of ETH has since retreated below $3,350 and hovers near the $3,300 level, with open interest standing at $32.9 billion.

In the realm of meme coins, FLOKI, one of the struggling tokens in recent months, experienced a brief surge of more than 10% to $0.0001448 before giving up its gains as BTC and ETH also traded lower. The token's rise coincided with Coinbase's announcement of support for Gigachad (GIGA), Turbo (TURBO), and FLOKI for New York residents. Meanwhile, Cronos (CRO), the native token of the Cronos chain by Crypto.com, was down 1.3% despite a major integration with LayerZero, which enables interoperability with 115 blockchains, including Ethereum and Solana.

Among the top 100 largest coins by market cap, Sonic (S), previously known as Fantom, is the top gainer, followed by Lido DAO (LDO), Monero (XMR), Pepe (PEPE), and Aave (AAVE). Conversely, the top altcoin losers in the past 24 hours are Fartcoin (FARTCOIN), MANTRA (OM), and SPX6900 (SPX).