Tether Price Creeps Back to 99 Cents But Fails to Reach Dollar Parity

The tether price (USDT) is once again trading near $0.98 after failing to crack through the $1.00 threshold, prolonging the USD-pegged cryptocurrency’s departure from dollar parity. The USDT token had on Friday briefly surpassed a global average of $0.99, its highest mark since plunging below $1.00 on Oct. 15. Unable to sustain that recovery, the … Continued

The post Tether Price Creeps Back to 99 Cents But Fails to Reach Dollar Parity appeared first on CCN

One [Stable]coin to Rule Them All? Huobi’s New Program Lets Users Swap Between Tokens

Singapore-based cryptocurrency exchange Huobi Global today introduced an all-in-one stablecoin program called HUSD, which will allow traders to convert between four USD-pegged cryptocurrency tokens. HUSD: Huobi’s All-in-One Stablecoin Solution According to the announcement, the HUSD solution aims to reduce the need to choose between multiple stablecoins, as well as to cut down transaction costs incurred

The post One [Stable]coin to Rule Them All? Huobi’s New Program Lets Users Swap Between Tokens appeared first on CCN

Lack of Transparency to Blame for Tether’s Loss of USD Peg: Novogratz

Five days since losing its U.S. dollar peg, fiat-backed cryptocurrency tether (USDT) continues to trade at a discount to its supposed $1.00 valuation. Defenders have largely chalked up the markdown to FUD, arguing that supporters of other “stablecoins” are launching a coordinated assault on tether, which has long dominated this market niche. However, billionaire investor

The post Lack of Transparency to Blame for Tether’s Loss of USD Peg: Novogratz appeared first on CCN

Tether Has Yanked $610 Million out of Circulation this Month

Tether Limited, issuer of the dollar-pegged cryptocurrency tether (USDT), has yanked nearly a quarter of the controversial stablecoin’s market cap out of circulation since the beginning of October. On Wednesday, cryptocurrency exchange Bitfinex sent another 50 million USDT to the Tether Treasury, marking the sixth time this month that the company — which shares a … Continued

The post Tether Has Yanked $610 Million out of Circulation this Month appeared first on CCN

The Daily: Peak Blockchain and Stablecoin Drama

The Daily: Peak Blockchain and Stablecoin Skirmishes

Differentiating truth from fiction isn’t always easy, especially in the realm of blockchain. We’ve got distributed ledger stories both real and fanciful in this edition of The Daily, as well as hardware wallet news, an update on bitcoin futures, and the obligatory smattering of stablecoin drama.

Also read: Blockchain Surveillance Firm Partners With Cryptocurrency Exchange Binance

Blockchain.com Announces Airdrops

The Daily: Peak Blockchain and Stablecoin SkirmishesBitcoin wallet and blockchain analysis service Blockchain.com has decided to host airdrops. The platform, whose 29 million wallets make it the industry’s largest bitcoin wallet provider, unveiled its airdrop program on Oct. 17.

“We think that airdrops, when executed properly, have the potential to meaningfully drive decentralization and supercharge network effects,” they explained. “That’s why we’re thrilled to share a set of guiding principles that will inform Blockchain Airdrops.”

The service promises to be good news for token creators, who can tap into Blockchain.com’s network of ready-made cryptocurrency users. It remains to be seen, however, whether wallet owners will take kindly to being showered with largely worthless tokens. Just as the Coinbase-owned Earn.com allows emerging ICOs to get seen by influencers, Blockchain.com will place ICO tokens in the hands of core users.

“Since Blockchain users self-custody,” the company explains, “they have immediate control, ownership and use of their newly-airdropped crypto. They can participate directly in the network without going through a cumbersome intermediary.”

The Onion Does Blockchain

From one blockchain to another, and satirical publication The Onion has published a short guide to the technology. From the site that brought us such gems as “Man Who Thought He’d Lost All Hope Loses Last Additional Bit Of Hope He Didn’t Even Know He Still Had,” we learn that blockchain “Provides a more efficient way for you to lose all your money at once.” Other choice responses from The Onion’s Q&A include the following:

The Daily: Peak Blockchain and Stablecoin Skirmishes

Bitcoin Futures Volume Soars

Moving back into the realm of real news, CME has revealed that bitcoin futures volume rose 41 percent in the third quarter of this year. This trend attests to the growing interest in bitcoin from traditional financial markets.

Coolwallet S Adds ERC20 Token Support

Coolwallet S, which we’ve previously reviewed, is a fly credit card-sized hardware wallet for storing BCH, BTC, ETH, and other cryptocurrencies. The distinctive wafer-thin wallet, manufactured by Taiwan’s Coolbitx, has just added support for ethereum tokens. Users can now add any ERC20 token to the wallet and manage it via the accompanying iOS or Android app. Due to its portability, the wallet has proven popular with cryptocurrency holders who desire access to their digital assets while on the go.

Stablecoin Spat Breaks Out

And finally, The Daily’s news roundup wouldn’t be complete without some sort of stablecoin drama to report. Tether, whose Twitter account sees activity approximately once a month, broke its silence to take aim at Cameron Winklevoss, owner of Gemini exchange’s rival GUSD stablecoin. A war of words over Tether’s inability to publish a full audit of its USDT dollar-pegged token has erupted, with Bitfinex/Tether defender Whalepool asserting that no fiat-backed stablecoins are fully audited.

“Thank you for continuing the long-standing tradition in crypto where the default position is to go out half-cocked w/out any expertise or knowledge in an area and pretend to know what you are talking about,” Winklevoss retorted.

“While [other stablecoins] might not be able to get a full blown audit,” chipped in The Block’s Larry Cermak, the likes of Gemini, Paxos, and Truesd “are hiring real auditing firms. Now remind me what auditing firm is doing audits for Tether please. I forgot.”

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Daily: Peak Blockchain and Stablecoin Drama appeared first on Bitcoin News.

Markets Update: Stable Cryptocurrencies and Unstable Pegged Coins

Since our last markets update, cryptocurrencies have been steadily moving sideways as traders are patiently waiting for the next big move. On Wednesday, Oct. 17, bitcoin core has been hovering between $6,400-6,550, while bitcoin cash has been coasting along around $425-500 per coin. The market capitalization of all 2,000+ cryptocurrencies hasn’t budged much over the last two weeks and currently rests at $213.4 billion.

Also read: Bizarro World: Federated Sidechain Technology Promoted Over Nakamoto Consensus

Stablecoins Show More Action Than Most Cryptocurrencies This Week

Markets have been trading in a triangular and consolidated pattern since the last big spike on Sunday, Oct. 15. That day, bitcoin core (BTC) spiked to a high of $6,760 on a few exchanges like Bitstamp, and bitcoin cash touched $501. Additionally, exchanges that use the stablecoin tether (USDT) saw BTC and BCH prices rise even higher than most spot markets and BTC values saw highs above $7,000. This market behavior was due to USDT dropping below the value of USD, hitting a low of $0.86 per token.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins

Other stablecoins like TUSD, GUSD, and USDC saw significant volumes this week as lots of money poured into these specific markets. On Oct. 16, Circle’s stablecoin USDC grew 2,000 % in seven days on partner exchanges and that day’s USDC volume surpassed the week prior’s.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins

During that time, other stablecoins like GUSD and TUSD rose above their dollar pegs while USDT dipped below. Following the jump in value, BCH and BTC prices have dipped a hair and USDT values have regained momentum.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins

The Top Cryptocurrency Markets

Bitcoin core markets are down today around 1% and one BTC is trading for $6,534 according to Satoshi Pulse data. Ethereum (ETH) prices are down 1.4%, as each ETH trades at $207 this Wednesday. Following behind ETH is ripple (XRP), which is up 1.8% over the last 24 hours. XRP prices are hovering around $0.46 at the time of publication. Lastly, EOS is down 0.68% today and the digital asset is swapped for $5.39 per coin. Overall, the top contenders are down between one to 13% over the last seven days of trading sessions.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins
The top ten cryptocurrency markets on Oct. 17, 2018.

Bitcoin Cash (BCH) Market Action

Bitcoin cash spot markets are seeing BCH trade for $451 per coin with the currency’s value down 1.7% over the last 24 hours. Percentages are down even lower for the week as seven-day statistics show BCH has dipped around 11.7% this past week. The top five exchanges swapping the most BCH this Wednesday are Lbank, Hitbtc, Binance, Okex and Huobi. BTC is the top trading pair exchanged with BCH, capturing 41.8% of all spot market trades. This is followed by the trading pairs USDT (27%), ETH (16%), USD (5.2%), and KRW (5.2%). Bitcoin cash has the sixth-largest trading volume, as $301 million worth of BCH trades have been processed in the last 24 hours.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins
BCH/USD seven-day.

BCH/USD Technical Indicators

Looking at the four-hour and daily Bitstamp and Bitfinex BCH/USD charts shows some serious sideways action since the last spike. Many other digital asset charts like BTC/USD are following similar patterns, as traders seem to be finding new positions over the last two days. Currently, the BCH four-hour relative strength index (RSI -40) oscillator is meandering in the midrange and not granting many clues. The two simple moving averages (100 & 200 SMA) indicate a change may be in the cards as the two look as though they will be crossing hairs soon.

Markets Update: Seemingly Stable Markets and Unstable Pegged Coins
Oct. 17, 2018, BCH/USD Bitfinex

Unless things change, the 100 SMA looks to be dropping below the 200 SMA trendline, showing the path toward the least resistance will be the downside. Order books show there are big hurdles for BCH bulls from now until $465 and another pitstop above the $500 region. If things change and the price heads south, BCH bears will be stopped at $415 and $390 respectively.

The Verdict: Uncertainty Is in the Air

The verdict this week depends on who you ask, but can be generalized with one word: uncertainty. Some traders believe a bearish-to-bullish change is imminent, while others think cryptocurrency prices may sink lower. BTC/USD and ETH/USD shorts are fairly high, but not as much as they were a few weeks ago. The consolidated tight pattern and lack of shorts this week show uncertainty in the minds of traders waiting for a breakout in either direction.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comment section below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Stable Cryptocurrencies and Unstable Pegged Coins appeared first on Bitcoin News.

Tether Found a New Bank, and it Might be in the Bahamas: Report

Tether, the controversial issuer of the USDT cryptocurrency, may have found a new banking partner in the Bahamas. Tether May Have a New Bank As first reported by The Block’s Larry Cermak, Tether — whose USD-pegged cryptocurrency has a market cap in the billions of dollars — is said to be holding its fiat reserves … Continued

The post Tether Found a New Bank, and it Might be in the Bahamas: Report appeared first on CCN

Bitfinex Introduces Top Secret Banking System

Bitfinex Introduces Top Secret Banking System

Bitfinex has restored the ability of customers to make fiat currency deposits. Details of its new deposit system remain shrouded in secrecy, however, with the exchange going to extraordinary lengths to conceal the identity of the bank(s) in question. Its “distributed” system, designed to circumvent censorship, has brought the critics out in full force.

Also read: The Daily: Tether Regains Ground, Coinbase Does Dublin

Convoluted Fiat Deposit Process

The Daily: Bitfinex Building Decentralized Exchange, Bitpanda Adding ZcashAfter being forced to suspend fiat currency deposits last week, when HSBC terminated its proxy banking relationship, Bitfinex assured customers that an alternative would soon be in place. And the exchange, the world’s second largest by trading volume, has been as good as its word, confirming its new banking relationship earlier today (Oct. 16). However, the opaque nature of the statement, and the odd language it was couched in, have raised more questions than they have answered.

“Today we are introducing a new, improved and increasingly resilient fiat depositing system for sending fiat currencies to Bitfinex,” began the blog post. “This new process will once again allow KYC-verified users from around the world to initiate deposits across USD, GBP, JPY and EUR.”

The exchange then proceeded to describe a complex process by which customers must deposit a minimum of $10,000 of fiat currency from now on. This involves creating a deposit request to signal interest, waiting up to 48 hours for Bitfinex to approve it, sending money to the bank account, and then waiting six to 10 days for the funds to clear. Coinbase, by way of comparison, takes an average of three to five days to clear bank transfers.

Customers Sworn to Secrecy

Bitfinex Introduces Top Secret Banking SystemBitfinex’s statement ends on a defiant note, with the exchange asserting: “We believe this system to be significantly more durable in the face of sustained attacks by our competition and their supporters. Ongoing campaigns against us will only result in our company becoming stronger and better.”

While Bitfinex undoubtedly has its share of haters who would like to see the platform toppled, most traders simply seek clarity. The inability of the exchange’s operators to publish a full audit of Tether, exacerbated by its own nebulous banking arrangements, has not helped matters. Still mindful of what happened to Mt. Gox, the crypto community would like reassurance that funds are safe.

There may be serious negative effects with this information becoming public.

The Block has revealed that Tether has obtained a new Caribbean bank, after recently severing ties with Nobles. It’s now believed to have shacked up with the Bahamas-based Deltec Bank. However, it is unclear whether the same bank will also handle Bitfinex’s customer deposits.

Anyone attempting to initiate the new fiat deposit process on the exchange is greeted by a disclaimer that warns in almost apocalyptic terms: “Divulging this info could damage not just yourself and Bitfinex but the entire digital token ecosystem … you are cautioned that there may be serious negative effects with this information becoming public.”

Bitfinex Introduces Top Secret Banking System

The status of Bitfinex/Tether is becoming a new battleground in the cryptocurrency community, with lines drawn and both tribes seemingly incapable of backing down. On the one hand, there are those who are certain of impropriety of some kind and are waiting to be vindicated when the house of cards topples. On the other hand, there are the defenders of Bitfinex, who are weary of fighting what they deem to be endless FUD. Today’s statement has done nothing to resolve the impasse.

What are your thoughts on Bitfinex’s latest banking arrangements? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitfinex Introduces Top Secret Banking System appeared first on Bitcoin News.

Tether Market Cap Sinks to $2.2 Billion as another 250 Million USDT Exits Circulation

The loss of its U.S. dollar peg isn’t the only thing driving down the market cap of tether (USDT), the cryptocurrency market’s largest “stablecoin.” Tether Falls Below Dollar Parity The USD-backed token, which as recently as late August had a circulating valuation of nearly $2.9 billion, is now worth just $2.2 billion, representing a two-month

The post Tether Market Cap Sinks to $2.2 Billion as another 250 Million USDT Exits Circulation appeared first on CCN

The Daily: Tether Regains Ground, Coinbase Does Dublin

The Daily: Tether Regains Ground, Coinbase Does Dublin

Today’s edition of The Daily starts where Monday’s left off: by looking at the latest on Tether, whose stablecoin anchors so much of the cryptoconomy. In related news, we detail Bitfinex’s banking situation and reveal why Coinbase has chosen Dublin to be its European headquarters.

Also read: Tether Sheds Its Peg

Tether Regains Ground

The chart below isn’t your average Binance altcoin experiencing some characteristic volatility. It is in fact that of two supposed stablecoins trading against one another: tether (USDT) and trueusd (TUSD). Following yesterday’s shenanigans, which saw tether slip to around $0.88 on some exchanges, the token has regained a little ground and now sits at $0.95, according to Blockmodo.

The Daily: Tether Regains Ground, Coinbase Does Dublin

The data remains skewed, however, by the fact that tether is valued at a flat $1 on Bitfinex, where it is the only U.S. dollar trading pair. Sites such as Coinmarketcap, which record tether’s seemingly perfect dollar parity on Bitfinex, create the impression that USDT’s global average is higher than it actually is. At the time of publication, 1 TUSD was trading for 1.06 USDT on Binance. While Binance offers a range of stablecoins, it remains heavily invested in tether, with holdings of ~$850 million, meaning it owns more USDT than even Tether itself. On Monday, Tether came out fighting, with chief compliance officer Leonardo Real insisting:

Although markets have shown temporary fluctuations in price, all USDT in circulation are sufficiently backed by U.S. dollars (USD) and that assets have always exceeded liabilities.

Huobi, the world’s fourth largest exchange, has now followed the lead of Okex and introduced a handful of new stablecoins to alleviate traders’ concerns. TUSD, USDC, GUSD and PAX will all be listed on Oct. 19. The market capitalization of Circle’s USDC has grown by 85% in the past week, surpassing $25M, with more than 40 platforms now supporting the stablecoin. Bitfinex, meanwhile, has confirmed that its fiat deposits are on course to be restored, a move that ought to restore a measure of confidence in the exchange:

Coinbase Seeks Dubliners to Join Irish Outpost

“Coinbase is expanding its European presence by opening a new office in Dublin,” revealed the serpentine exchange, whose tentacles span multiple continents and crypto sectors. “We look forward to tapping into the city’s diverse talent pool and contributing to its burgeoning crypto economy,” they added. What Coinbase didn’t mention is that Ireland’s famously low corporate taxes will have been pivotal in sealing the deal. The California-based firm will be joining the 700 other U.S. companies to date that have made Dublin the seat of their European operations, including Apple.

The Daily: Tether Regains Ground, Coinbase Does Dublin

“I am delighted that Coinbase is opening an office in Dublin,” said Ireland’s Minister for Financial Services and Insurance Michael D’Arcy. “This decision highlights the competitive offering and attractiveness of Ireland for financial services.” Coinbase has now embarked on a recruitment drive ahead of the opening of its Dublin office.

Eraswap and X Cloud Usher in
Censorship-Resistant Platforms

The Daily: Tether Regains Ground, Coinbase Does Dublin
Cloud X

We’ve written a lot lately about censorship and the tools being developed to thwart crackdowns by the dominant web platforms such as Facebook and Twitter. Decentralized applications have the potential to ease some of the pain points that are afflicting web users, including account shutdowns and permabans. Eraswap, a platform that aims to refine social media via a social economy and marketplace dapp tailored to the user’s interests, can be added to that list. Then there’s Internxt, which has just released the beta of its X Cloud decentralized storage with 10GB provided for free.

Distributed storage is big business right now, with the likes of Akash also releasing its own cloud storage solution designed to thwart internet censorship. Having inked partnerships with Blackberry, Civic and Y Combinator, Internxt has already drummed up a fair bit of interest in its decentralized storage solution.

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post The Daily: Tether Regains Ground, Coinbase Does Dublin appeared first on Bitcoin News.

As Tether Loses USD Peg, OKEx Will List ‘Regulated’ Cryptocurrency Stablecoins

If tether (USDT) is truly backed by and redeemable for physical U.S. dollars stored in company-controlled bank accounts, the so-called cryptocurrency “stablecoin” should manage to weather this period of uncharacteristic volatility until arbitrage restores its USD peg. If not, we could be witnessing the unraveling of the token that sees more daily trading volume than

The post As Tether Loses USD Peg, OKEx Will List ‘Regulated’ Cryptocurrency Stablecoins appeared first on CCN