Stablecoin issuer Tether is reportedly engaging with a Big Four accounting firm to audit its assets reserve and verify that its USDT stablecoin is backed at a 1:1 ratio. It comes after rising industry concerns over a potential FTX-style liquidity crisis for Tether due to its lack of third-party audits.
Gold fell 1% to end last week due to a stronger dollar and profit-taking, although lingering geopolitical and economic uncertainties, and U.S. Federal Reserve rate cut prospects kept bullion on track for a third consecutive weekly rise.
The Gold dropped 0.6% against the Dollar in the last session. According to the Stochastic-RSI, we are in an overbought market.
Support: 2951.2 | Resistance: 3095.7
Wall Street edged higher and the dollar gained ground on Friday after U.S. President Donald Trump hinted he would be flexible regarding a new round of tariffs expected to be imposed early next month. Even so, lingering economic uncertainties and churning geopolitical tension kept investors cautious.
Oil prices edged up after U.S. government data showed a draw in fuel inventories, while investors kept an eye on a limited ceasefire in Ukraine. U.S. crude stocks rose by 1.7 million barrels to 437 million barrels last week, higher than expectations.
The Oil-Dollar pair gained 0.4% in the last session after rising as much as 1.0% during the session. The Stochastic indicator is giving a positive signal.
Support: 64.911 | Resistance: 68.872
U.S. stocks added to gains after the Fed kept rates unchanged, as the central bank and investors continue to assess how Trump’s tariff policies might affect economic growth. The central bank kept its benchmark overnight interest rate unchanged in the 4.25%-4.50% range.
Nvidia CEO Jensen Huang said that orders for some 3.6 million of its flagship “Blackwell” chips from four top cloud service providers “under-represented” demand, since they did not include orders from key customer Meta, who is among the largest buyers of Nvidia chips
