Reddit and Bitcoin problems aren’t going anywhere

Cryptocurrency News: Here’s a roundup of the top stories in the cryptocurrency space over the past week. And we start with a report indicating that the land of freedom is witnessing the fall of its freedoms.

According to a June 21 Reason magazine report, the United States has fallen to 25th in the world in terms of economic freedom. It was once ranked fourth.

Fortune favors the bold

The big reason why the United States fell into Categories Is that Congress is spending more than it can afford to raise taxes. In addition, the report noted that US policymakers are “adding thousands of regulations, most of which restrict individual freedom.”

The foundation ranks a country’s economic freedom based on factors such as rule of law, regulatory efficiency, open markets, and financial health. Singapore topped the rankings, with honorable mentions to Taiwan, Ireland and Switzerland.

Singapore has been a favorite destination for many high-profile US crypto and fintech companies lately. Both Ripple and issuer Stablecoin were recently granted payment licenses to operate in the Asian island nation.

Crypto – speaking socially

Global metrics data for the week. Courtesy

Reddit red card

Referred to as the “front page of the internet,” Reddit has long been a major source of crypto news, spectacle, and gossip. But the site’s group of volunteer moderators is fuming over proposed changes to the site’s data access policy that would result in the site charging fees for access to its application programming interface (API).

One of the main driving forces behind Reddit’s decision is the potential value of its data to generative AI. Reddit, which serves as the platform where all things on the internet congregate and receive constant updates, owns data that could turn into a gold mine for AI algorithms.

However, the developers argue that Reddit is pulling components from third-party apps, leading to a mass outcry by subreddit moderators.

subreddits centered around crypto like r / cryptocurrencyAnd r / bitcoinAnd r / ether Join the blackout. These subreddits have gone private or turned read-only along with nearly 7,000 other communities.

3 major reddit stats.
Reddit key stats. source: Online Finance

Buckle up to the moon

Stablecoin issuance company Tether is set to post bumper profits this year, making it one of the most profitable companies in America. For some analysts, its earnings could be greater than that of BlackRock Asset Management.

Its earnings could reach $6 billion in 2023 due to the fact that USDT is backed by high-yield US Treasury bonds. Barron mentioned Tether is crushing the cryptocurrency competition. It acts like a bank by investing people’s deposits in reserves such as treasury bills, and earning 5%.

The report noted that, with an expected profit of $6 billion this year, the company is a “financial giant”.

What are stablecoins? Click here for our learning guide.

sleeping beauty

The amount of bitcoin (BTC) static is on the rise, although it reached a new 2023 high this week. Every day, new record highs are set in the amount of bitcoin supply that hasn’t moved in at least a year.

Analyst Will Clemente said:

“This is even more impressive considering that last year was when BTC initially fell to $20,000 after the Luna crash.”

On-chain analyst “therationalroot” reports that the supply available for trading has decreased since the third half in May 2020. This may be due to accumulation, long-term holding, or institutions buying and closing assets.

Either way, this should positively affect the price action since there are fewer bitcoins to buy and sell.

However, some would argue that holding BTC means not using it, negating its properties as decentralized money. The counterargument is that BTC is being used as a store of value in times of high inflation and declining fiat values.

Bitcoin supply has been active for over a year
Bitcoin supply has been active for over a year. source: Twitter @WClementeIII

Cryptocurrency news

A week in coding.  Best Weekly Cryptocurrency Performer |  Source: BeInCrypto
Best Weekly Cryptocurrency Performer | Source: BeInCrypto

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