Crypto Holds Steady as Tether Backs DRIFT and Schwab Eyes Market Entry

Amid the Iran crisis, the guns are silent, Bitcoin trades sideways. Tether gets involved in the DRIFT hack, and asset manager Schwab discovers crypto.

Bitcoin fell back to just below $75,000 on Friday morning, down 0.5 percent from the previous day. Bitcoin ETFs remained in positive territory on Thursday, with $26 million in new capital inflows.

The BIP 361 defense proposal is causing a stir in the ongoing discussion about the risks quantum computers pose to Bitcoin’s security

This proposal aims to shield Bitcoins from the early years. If these are not transferred to new, “quantum-resistant” addresses, they would even be permanently “frozen,” which would also affect the Bitcoins of inventor Satoshi Nakamoto. Cardano founder Charles Hoskinson considers the proposal misleading, as he explains in a video monologue.

According to Hoskinson, the Satoshi Bitcoins and other early holdings would never be reactivated under BIP 361, and the intervention in the BTC code would be so profound that a hard fork would be necessary for its implementation.

Ethereum is holding above $2,300 after a daily decline of around 1.5 percent. Ethereum ETFs had a good Thursday on the stock market with an inflow of $18 million.

The DRIFT hack from two weeks ago continues to cause repercussions

A good $280 million in cryptocurrency was lost in the attack. Now, DRIFT is receiving help from Tether. The issuer of the stablecoin USDT is contributing $127.5 million, the lion’s share of a DRIFT rescue package of nearly $150 million, as the company announced in a press release.

In return, DRIFT is to designate Tether USDT as its preferred stablecoin and replace Circle’s USDC if possible. Circle did not freeze any questionable USDC during the hours of the hack and is therefore now facing a class-action lawsuit.

SIREN is the day’s winner with a 136 percent increase. The project develops AI agents for crypto trading, and SIREN has thus climbed to 50th place among the most important global cryptocurrencies.

MONAD (MON) is the day’s biggest loser, down 9 percent. MONAD operates in the DeFi sector, and its token distribution was the subject of criticism both before and around its IPO.

The crypto sentiment barometer is currently in “Neutral” mode, with developments in the Iran crisis causing only minor fluctuations.

Asset manager Schwab plans to enable its clients to trade Bitcoin and Ethereum “soon.” A press release touts particularly low fees of 0.75 percent. Bloomberg expert Eric Balchunas sees Schwab’s offering as cheaper compared to cryptocurrency exchanges, but more expensive than Bitcoin ETFs. Schwab manages over $12 billion in assets and has been slow to build a crypto division.

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(Featured image by Alesia Kozik via Pexels)

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First published in BLOCK-BUILDERS.de. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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