Weekend Edition: STRAIT OF HORMUZ OPENS, TETHER SEIZES MAJOR OPPORTUNITY Bitcoin has finally broken through the $75k barrier. Tether lands a major deal with Drift Protocol, boxing out Circle to be the main settlement currency of the perpetuals exchange. We dive in👇 The last two weeks held nothing but rejection after rejection for Bitcoin. Yesterday's announcement of the Strait of Hormuz apparently being “fully open” sent the market into a frenzy. As it stands the opening is a temporary measure while a ceasefire is in place. It's given investors hope that there may be a diplomatic way out of this. Stablecoins drama: Solana’s flagship perps platform Drift Protocol was hacked for half of all funds held on the exchange, about $280M. Circle has caught heat for their repeated ineptitude when it comes to freezing illicit funds. The Drift hack was just another chapter in the same story. Despite having 6 hours to freeze the stolen funds with all the tracking work already done for them by members of the community, they chose instead to do nothing… Tether saw an opportunity. They announced a $150M recovery package to be distributed to users over time based on their activity on the platform. More importantly Drift will be using USDT as their settlement currency instead of USDC. In one fell swoop Circle found themselves staring down the barrel of a $200M class action lawsuit. Also lost one of their most important footholds in the exchange world to their biggest competitor. It’s incredibly ironic that after all these years of government probes and allegations about Tether’s compliance and solvency, that it’s Circle who has become the more untrustworthy counterparty when it comes to crime. Wdyt? Let us know in the comments below...