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Tether’s market cap sheds $1.4b as MiCA activates

Tether’s U.S. dollar stablecoin witnessed its biggest downturn since FTX collapsed during the sluggish 2022 crypto market period. On-chain data showed that Tether’s stablecoin ( USDT ) lost approximately 1.2% of its market cap this week as EU digital asset regulations took full effect on Dec. 30. The token’s market cap fell to $137 billion from its December peak of $140 billion, fueling speculation about Tether’s future and potential USDT volatility. Concerns arose that USDT’s operator might exit the European Union now that new laws have been enacted. However, social media sentiment was countered by industry leaders and observers who pointed to data affirming USDT’s resilience outside the EU. You might also like: Tether adds $700m Bitcoin to reserve address Nothing burger Experts and analysts dismissed rumors that the EU’s Markets in Crypto-Assets Regulation would disrupt USDT’s business. Karen Tang, Orderly Network’s head of APAC partnerships, and social media analyst Axel Bitblaze, noted that Asian and U.S. markets maintain USDT’s dominance. About 80% of USDT’s trading volume occurs in Asia, according to Bitblaze. Tang argued that MiCA regulations are more likely to hinder the EU itself, slowing digital asset growth due to “convoluted overregulation.” 4/ But Axel, what about USDT trading volume and the depeg? USDT is the largest stablecoin, with a market cap of $138.5B and a daily trading volume of $44B As of today, 80% of USDT`s trading volume comes from Asia, so the EU delisting won’t have any severe impact. pic.twitter.com/NjxB2iVLhe — Axel Bitblaze ???? (@Axel_bitblaze69) December 29, 2024 Tether plots MiCA compliance Speculation about USDT’s future in the EU intensified in late 2024 after Coinbase and several EU-based exchanges delisted USDT, citing MiCA compliance concerns. While stablecoin rules took effect in July, the full MiCA framework came into force at the end of the year. MiCA requires stablecoin operators to hold certain licenses for e-money tokens and trading asset-referenced tokens, like USDT. So far, Circle ( USDC ) is the first and only major stablecoin issuer to obtain a MiCA license. Tether invested in EU-based companies such as StablR and Quantoz to prepare for regulatory inclusion. CEO Paolo Ardoino has reiterated that the company has no intention of abandoning the EU. While USDT cannot currently be traded on MiCA-compliant exchanges, traders can still store the stablecoin in non-custodial wallets as an interim solution. Read more: Morgan Stanley’s E-Trade ponders crypto services U.Today

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Weekly Chart Shows That Dogecoin Price Is Primed To Cross $11 In 2025, Here’s How

Crypto analyst Dima James has boldly predicted that the Dogecoin price could cross $11 in this new year. He alluded to DOGE’s weekly chart to explain why the foremost meme coin is well-primed to reach this price target. Dogecoin Price Primed To Cross $11 This Year In an X post, Dima James predicted that the Dogecoin price could cross $11 this year and reach $11.71. The analyst made this prediction following his analysis of Dogecoin’s weekly chart. His accompanying chart showed trend lines, which he noted are mathematically calculated and placed to provide an idea of where DOGE could end year 4 of this current cycle. Related Reading: XRP Price Forms Descending Triangle On The Daily Chart, Why $1.95 Is Important Alluding to the chart, Dime James noted that historically, the red line has consistently signaled the top in every cycle. Meanwhile, the line above the red one marks the exact cycle top in previous 4-year cycles (2017 and 2021). If history repeats itself, the crypto analyst believes this pattern will play out again this year, with the Dogecoin price reaching at least the red line, with the target above $11. The crypto analyst noted that in previous cycles, the Dogecoin price has increased exactly 37x from the start of year 4 to the end of that same year. Dogecoin began this year at $0.31660. Therefore, if history rhymes, Dima James boldly predicted that the foremost meme coin will end 2025 at around $11.71, 37 times the price at the start of this year. Dima James also raised the possibility of the Dogecoin price rising above $11.71. He noted that the red line for year 4 in 2025 begins at around $23 and increases over time. The line above the red one starts at $36 and also increases with time. The crypto analyst added that market participants can begin to expect this cycle’s peak depending on when Dogecoin reaches this red line. A More Conservative Price Target Crypto analyst Master Kenobi provided a more conservative target for the Dogecoin price, suggesting it could top between $1.2 and $3.4 in this market cycle. He stated that if DOGE breaks past its current all-time high (ATH) of $0.74 by the end of January, it could potentially test the $1.2 area, which he marked with the yellow trend line on his accompanying chart. Related Reading: Bitcoin Bearish Flag Pattern Says Crash Is Far From Over Despite Crash To $91,000 The analyst added that anything beyond the $1.2 Dogecoin price target would be a bonus, although not impossible. He remarked that if DOGE were to reach the orange line by the end of January, it would be valued at $3.4. The crypto analyst opined that the meme coin is unlikely to reach this target at this stage of the bull market. At the time of writing, the Dogecoin price is trading at around $0.33, up over 4% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com U.Today