Latest news with #USDTTether
Indian Express
5 days ago
- Business
- Indian Express
Fed rate cut, 401K investments: What's driving the record rally in bitcoin, Ethereum
Bitcoin prices surged to a new high on Thursday, nearing the $1,25,000 mark before moderating to $122,950.74, up 3.01 per cent from the previous close at 10:45 am, according to data from CoinMarket A confluence of factors led by expectations of a rate cut by the US Federal Reserve, America's central bank headed by Governor Jerome Powell, have driven up the price of the flagship cryptocurrency. The price of Ethereum rose 1.93 per cent from the previous day's close to $4,745.73 apiece at 10:50 am IST on Thursday, slightly down from a high of $4,7890 apiece, earlier in the day. Among stablecoins — dollar-backed cryptocurrencies — the USDT Tether was up 0.02 per cent to $1 apiece. While the rate cut expectations may be the latest trigger, broader support by the Trump administration in the form of a legislative and policy push are also driving the crypto rally, say analysts. US Treasury Secretary Scott Bessemer in an interview with Bloomberg on Wednesday suggested that the Fed should have cut rates by now, and he expects a 50 basis points (bps) rate cut in the September meeting. 'If you look at any (economic) model… we should probably be 150, 175 basis points lower,' he added. Bessent's call for a rate cut in September and 'suggestions that the Fed funds rate in 150-175 bp too high is fuelling expectations of looser policy,' said Tony Sycamore market analyst at financial services company IG, in a post on X. BITCOIN SMASHES RECORD $123,682, ETHEREUM NEARS ALL-TIME HIGH Bitcoin has just smashed through to a new all-time high of $123,682 (+3.71%), exceeding its previous peak of $123,236, set exactly one month ago on July 14, 2025. Meanwhile, Ethereum is closing in on its own record,… — Tony Sycamore_IG (@Tony_Sycamore) August 13, 2025 Among US indices, the S&P 500 was up 0.32 per cent while the Dow Jones surged 1.04 per cent on Wednesday. The Trump administration in an order on August 7, opened the door for 401K investment in cryptocurrencies. In the executive order titled 'Democratizing Access to Alternative Assets for 401(K) Investors', signed by US President Donald Trump, it was stated that his 'Administration will relieve the regulatory burdens and litigation risk that impede American workers' retirement accounts from achieving the competitive returns and asset diversification necessary to secure a dignified, comfortable retirement.' Under the order, alternative assets are defined as equity, debt and other financial instruments not traded on public exchanges. The order directs the US Secretary of Labor to reconsider guidance on rules regarding 401(K) investments. According to the Investment Company Institute, mutual funds currently comprise the bulk of assets under 401(K) — an investment provision that allows US citizens to deduct a part of their payout and invest them in assets allowed by the government for retirement savings. The new order has led to a surge in institutional investment with the Trump administration seen to be delivering on its promise of being crypto friendly, after passage of the GENIUS Act for stablecoin regulation as well as US markets regulator SEC's plans to ease guidelines for crypto and blockchain trading. 'Bitcoin's rally is being powered by institutional flows and macro tailwinds. Corporate treasuries like MicroStrategy and Block Inc. continue to buy Bitcoin,' said Sycamore, citing Bessent's rate cut call and Trump's 'recently signed executive order allowing alternative assets, including cryptocurrencies, to be included in 401(k) retirement funds'. According to Sycamore, Bitcoin could cross the $150,000 threshold if there's 'a sustained break above $125,000.' Ethereum, which is up 27 per cent so far in August, after rising 48 per cent in July, is also poised to 'take another led higher towards $5,500,' he added. Oanda market analyst Eliot Manier said he expects Ethereum to consolidate around $4,200 as he expects some profit taking at current levels which are close to the 2021 record of $4,800 apiece. 'Sentiment is more than euphoric, but this may keep on going for a while before it cools down,' he said.
Indian Express
26-07-2025
- Indian Express
Cops bust work-from-home task scam, trace it to Delhi's ‘crypto queen'
With the arrest of five persons, the Delhi Police on Friday said it has busted a cybercrime syndicate that defrauded a woman of over Rs 17.29 lakh through a bogus online work-from-home task scam. The police identified the accused as Krish, Deepa, Gaurav, Manthan and Nidhi Agarwal, who allegedly operated as a crypto-currency handler. An FIR was registered in the matter on July 2 based on a complaint filed by a 29-year-old woman from Burari, who alleged that she was lured into a fraudulent Telegram-based scheme while searching for jobs. The fraudsters allegedly persuaded her to complete fabricated online 'tasks' and make UPI payments with the promise of commissions. Unbeknownst to her, the accused also misused her credentials to take out personal loans worth Rs 8.8 lakh, police said. Through technical surveillance, digital forensics, and financial transaction analysis, the police said they uncovered a complex laundering trail. The defrauded money was funneled through multiple mule bank accounts, converted into cryptocurrency (USDT Tether), and routed via Telegram-based crypto dealer groups, said police. Raids were carried out at multiple locations across Delhi, leading to the arrest of the five accused. During questioning, the key accused, Krish from Ashok Vihar, emerged as the central link between the victims and the crypto buyers, said police. 'Krish managed the flow of defrauded funds. He admitted to collecting UPI IDs and bank account details from his associates and forwarded the same to crypto-currency buyers through a Telegram-based channel. The funds received in these accounts were either withdrawn in cash or converted into USDT (Tether) crypto-currency through Nidhi Agarwal, who was operating locally by using international communication channels,' said DCP (North) Raja Banthia. The police said that Deepa from Kabir Nagar admitted to sourcing and onboarding bank account holders willing to lend their accounts for money transfers. She also facilitated the physical movement of cash and introduced other members into the operation, including Gaurav from Sangam Park, who served as a middleman between account holders and Krish. Gaurav brought in Manthan, a 19-year-old student from Jharoda village in Burari, who allowed his bank account to receive Rs 50,000 in stolen funds in exchange for a small commission, said police. He allegedly also took part in the physical handover of cash for crypto conversion. All three confirmed that cryptocurrency wallet addresses were shared over WhatsApp, and crypto transactions were handled under Krish's coordination, said police. Nidhi, referred to by the group as the 'Crypto Queen', allegedly played a crucial role in laundering money by converting the stolen funds into USDT. The police said that she admitted to purchasing crypto at wholesale rates from unregulated suppliers and reselling it at a profit. She also allegedly operated via WhatsApp and used international numbers provided by local contacts to evade detection. No official license for currency exchange or crypto trade was found in her possession, said police. 'These disclosures have uncovered a broader conspiracy involving foreign Telegram handlers, unlicensed crypto dealers and digital money laundering channels across national and international platforms. The investigation of this case is in progress and efforts are going on to ascertain the role of other associates involved in this racket and to recover the cheated amount,' said the DCP.
