Search Results for: tether

“Analysts reveal ‘de-pegging’ is more common in stablecoins USDC and DAI compared to Tether and Binance USD. While stability ideally requires good governance, collateral and reserves, market confidence and adoption, USDT has shown steadiness despite mainstream scrutiny.”

“Binance expands its zero-fee trading to Argentine, Brazilian, and South African currency spot trading pairs. This move is seen as an attempt to increase trading of prominent cryptocurrencies against mentioned fiat currencies, despite confronting legal and regulatory hurdles, especially in the U.S. and Europe.”

“XRP’s price has seen a slump, reflecting a generally pessimistic atmosphere in the crypto market. Despite setbacks, XRP’s year-to-date gain of 46% remains, bolstered by Ripple’s win in its SEC case. Although recently slipping below the $0.50 support line and experiencing market turbulence, the potential for XRP recovery looks promising.”

“The crypto market leader, Binance, remains dominant despite regulatory concerns, with its bitcoin-tether pair contributing up to 86% of global transactions. Meanwhile, crypto analytics firm K33 predicts ETH will outpace Bitcoin in the next two months, while SOMA Finance is set to introduce the first legally issued digital security.”

“An ominous Bitcoin price metric that previously resulted in a -25% FTX crash is repeating, centred around the BTC rate of $25,726. Market spectators prepare for a possible drop to $23,000. The Short to Long-Term Realized Value (SLRV) ratio indicates potential sales growth in ‘older’ Bitcoins, urging caution among investors. Meanwhile, stablecoin Circle’s USD Coin (USDC) now supports smooth transitions to Base and Optimism networks.”

“The crypto market performance has been tepid this week with Bitcoin staying below $26,000. Despite SEC revisiting its denial of Grayscale’s ETF bid, other application avenues remain restrained. Deribit, a crypto derivatives platform, saw a 17% surge in trading volume, indicating strong activity in the global crypto options market.”

The report by YouGov and ConsenSys confirms Nigeria’s emergence as a leading crypto-savvy nation, beating the US and several European countries in digital asset knowledge and intended investment interest. With a crypto awareness of 99% among Nigerians, up to 70% comprehend the value and mechanisms of blockchain technology. A significant 90% of participants expressed pan to invest in digital assets within the year, despite the national bank’s unclear stance on crypto.

“Emerging from traditional U.S. dollar-pegged digital assets is TRYB, a new stablecoin backed by the volatile Turkish lira. Issued by the Turkey-based fintech company BiLira, this Ethereum-based stablecoin offers a unique transactional instrument for users, navigating around fiat counterparts’ volatility. However, suspicions surround its operations, and the stablecoin’s path is marked with both opportunities and skepticism.”

“The escalating Evergrande bankruptcy saga could instigate global economic turbulence and affect crypto markets, potentially causing a price plunge. However, this could be an opportunity in disguise, as cryptocurrencies, due to their volatility, limited supply, and independence, could prove useful in crisis periods, drawing attention to the merits of decentralized finance solutions and blurring the line between traditional and crypto economies.”

“The crypto industry is witnessing significant developments like Coinbase and Circle’s consortium dissolution, Binance.US’s collaboration with MoonPay, and customer withdrawal issues on the main Binance platform. These changes highlight the dynamic adaptations adaptive to changing regulations, representing both intriguing possibilities and cautionary tales for the industry.”

PayPal’s recently launched stablecoin, PYUSD, appeared to have a slow start with 90% of it residing in Paxos Trust’s reserves and only 7% on crypto exchange wallets. However, despite the somewhat sluggish kick-off, it’s still early days; a shift in the crypto market could significantly change PYUSD’s future prospects.

“Despite a bearish market, multichain wallet Exodus reported Q2 2023 revenue of $12.4 million, a modest 4% dip year-over-year. Notable was a strong fiat onboarding revenue increase, up 220% from 2022. High trade volumes came from Bitcoin, Tether and Ether. Strikingly, Exodus alleviated some financial stresses by drastically cutting administrative and marketing budgets by 65%, resulting in administrative expenses shrinking to 32.2% of revenue.”

“Binance.US, amid banking challenges, partnered with MoonPay, replacing USD with USDT, turning the exchange into a cryptocurrency-based platform. While facing regulatory scrutiny, it suspended fiat withdrawals and transactions, indicating a retreat from traditional financial systems. The switch raises questions about future banking.”

This article discusses theories around sudden Bitcoin price drops, with factors like governmental regulations, exchange manipulations, and whale movements. It highlights the speculation around BlackRock’s influence on Bitcoin’s price, possibly benefiting from reducing Bitcoin’s price before launching its own Bitcoin ETF. However, it emphasizes that such theories often disregard the complexity and evolving nature of the cryptocurrency market.

Coinbase has taken an equity stake in Circle amid a halt in the USDC Centre Consortium’s operations, due to a more regulated environment, removing the need for a separate governance body. Circle will now be responsible for regulatory compliance and controlling the stablecoin’s smart contract keys, while plans are underway for USDC’s expansion onto six new blockchains.