Tether Appoints New Economist Philip Gradwell as Crypto Market Evolves Amid Sales and New Investment Funds

In an exciting week for the cryptocurrency world, Tether has made headlines by hiring Philip Gradwell as its new head of economics. Gradwell, who was previously the chief economist at blockchain analytics firm Chainalysis, will focus on understanding and presenting Tether’s USDT usage to regulators and stakeholders. Tether’s USDT has been a centerpiece in crypto trading, recording daily trading volumes in the billions since its inception. This new role is particularly crucial as Tether aims to foster a better relationship with regulators amidst ongoing scrutiny in the United States.

In other news, Bitcoin mining company Cipher is exploring options for a possible sale after receiving a takeover offer. Unnamed sources mentioned that Cipher is consulting with advisers to assess interest from potential buyers. Although the company’s stock surged to $8 upon the news of the bid, it later settled down to $6.56. This current price still shows a notable rise compared to earlier in the year when shares were trading as low as $4.77, indicating positive market interest surrounding the company despite the uncertainties of a sale.

Additionally, Grayscale has introduced a new crypto fund aimed at investors interested in decentralized artificial intelligence protocols. The fund includes a diverse range of tokens such as Bittensor, Filecoin, Livepeer, Near, and Render. Available solely for accredited investors, the fund targets three key categories: decentralized AI services, solutions addressing centralized AI challenges, and the infrastructure needed for AI development. Meanwhile, the U.S. Securities and Exchange Commission appears poised to approve several spot Ether exchange-traded funds (ETFs), a move that could significantly impact the market by opening it up to more altcoins. Overall, the crypto sector is receiving a somewhat bullish sentiment as these developments unfold.