DUSK Temporarily Flash Crash to 22 Sats, Mainnet to be Delayed

Earlier today, DUSK, the native token of the DUSK Network, crashed to 22 Sats before rebounding following confirmation of mainnet launch delays. Without a mainnet, there will be no Security Token Offerings (STOs) in 2019 as earlier promised. This reportedly disappointed private investors who then sold the token at a discount, posting losses.

22 sat flash crash on #bitfinex. Private sale investors are selling at loss now. Team already acknowledged mainnet launch delays and no STO with mainnet$dusk is dust. $chx $poly $bnb pic.twitter.com/kqwuawNPaX
— Crypto Purgatory (@CryptoPurgatory) November 28, 2019

Dusk Network Tuned for STOs
The Dusk Network is designed for STOs, a legal variant of the wildly popular ICOs, only that the token generating startup has to comply with regulator’s guidelines. Dusk Network does this by introducing the flexibility and decentralization of Ethereum with the privacy and stealth offered by Monero. Aside from STOs, the founding team plans to hone in on several initial use cases like media streaming, private file transfers, and conferencing.
Investors were looking forward to the first STO scheduled in Q4 2019. The Dusk Network was supposed to launch its mainnet in Q2 2019 but with delays, it also means the first project that had planned to raise funds, Maltese BWRE, will not issue security tokens and raise $24 million as projected. BWRE specializes in identifying undervalued assets before renovating them into short-stay accommodation. Emanuele Carboni, the BWRE CEO, while talking about the liquidity and cost benefits of carrying out an STO said:
“’It is a joy to be able to offer a tokenized real estate business that focuses on the blockchain island Malta, which has always been a place of technological and regulatory innovation. This attitude, combined with the liquidity and cost benefits are exactly why I chose to STO on top of Dusk Network.”
Binance Chain migration and iFinex investment
Notably, the Dusk Network will partner with iFinex, the parent company of Bitfinex, a centralized exchange, and Ethfinex, an Ethereum-based DEX, meaning funds can be funneled from interested investors. iFinex invested $2 million in Dusk Network during its private sale. In total, the team raised $8 million during their private sale, paving the way for development.
DUSK Network has also integrated with Binance Chain, and towards that end, they migrated a part of their token system to the chain developed by the world’s leading cryptocurrency exchange. The migration also meant direct listing at the exchange, boosting the token’s liquidity.
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Source: CoinGape

Singapore Regulator To Allow Crypto Derivatives Trading on Approved Exchanges

Monetary Authority of Singapore, in a recent statement, has proposed green-lighting crypto-token derivatives to list and trade on approved domestic exchanges. The proposal suggests that derivatives trading be regulated under the Securities and Futures Act. 
MAS to Regulate Derivatives Trading
The global race for crypto derivatives is accelerating as institutional investors are earnestly finding new ways to hedge their funds and make profits. Furthermore, Giant U.S. bourse operators CME Group Inc. and Intercontinental Exchange Inc. which are already in the business of offering cryptocurrency derivatives are all set to introduce other products in a few months. As a matter of fact, the CME platform will allow options trading from early 2020. 
“MAS’s proposal will allow approved exchanges in Singapore to meet the need of investors to manage their exposure to payment tokens while bringing the activity under regulatory oversight,”
the regulator said in the statement.
Interestingly, Singapore Exchange Derivatives Trading Ltd., a local unit of Atlanta-based ICE, and Asia Pacific Exchange are among the MAS-approved venues. However, none of them currently list any crypto derivatives.  While MAS has put forth its proposal to list derivatives, it is also following a cautious approach. 
“Retail investors are strongly advised not to trade in payment token derivatives, and even if they choose to do so, should exercise utmost caution,” the regulator said in a consultation paper on the subject.
Derivatives Space Experiences Exponential Growth
Furthermore, ICE Futures Singapore aims to launch a cash-settled futures contract on Dec. 9. A few days back, Bitfinex announced that it is considering launching options trading in the first quarter of 2020. Another development in line for the exchange are Tether-based swaps. One of the primary reasons to launch Tether-based swaps is to build trust and a wider reach for Tether.
Also, Bakkt is all set to launch first regulated options contracts for Bitcoin futures on the 9th of December. The options contract will be based on the Bakkt Monthly Bitcoin Futures contract. The new contract has been designed as per customer feedback and has been designed to hedge or gain bitcoin exposure, generate income, and offer cost and capital efficiencies. 
Will this new initiative lead to an increase in a number of derivatives traders? Let us know, what you think in the comments below!
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Source: CoinGape

Kim Dotcom’s Token Sale Postponed, Reports Bitfinex

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Kim Dotcom’s Token Sale Postponed, Reports Bitfinex
The token sale of Kim Dotcom’s K.im platform has been postponed by Bitfinex due to regulatory uncertainties.
Kim Dotcom’s Token Sale Postponed, Reports Bitfinex

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Source: CoinSpeaker

Major Crypto Exchange Announces Deposit Support for Bitcoin Scaling Update SegWit

Bitfinex has just announced a new update that will help support the Bitcoin network. The crypto exchange platform will allow users to deposit using bech32 (SegWit) addresses.
SegWit is a method to effectively increase the capacity of the Bitcoin blockchain. It was introduced to the network via a soft fork in August 2017.
SegWit Support Still Not Universal Across Bitcoin Exchanges!
Despite being some of the biggest transactors of Bitcoin and cryptocurrency, exchange platforms have been remarkably slow at supporting the SegWit upgrade. However, as per an announcement posted to its blog, Bitfinex has just introduced bech32 address generation.
This means that users will be able to make deposits in the SegWit format and, therefore, their transactions will not place unnecessary burden on the blockchain.
SegWit transactions do not need to store as much data to the blockchain and widespread use of the update effectively raises the size of each block, without having to actually increase their capacity. Some developers argue that increasing the block size itself, as those who support Bitcoin Cash and Bitcoin SV are in favour of doing, poses greater risk of miner centralisation and that Bitcoin’s security model is more important than its utility as a means of making small payments.
The Bitfinex announcement follows another recent upgrade at the exchange. At the end of last month, it added support for withdrawals to bech32 addresses. Now, with the addition of deposits, users of the Bitfinex platform will be able to benefit from the SegWit upgrade when both sending to and receiving from Bitfinex.
Even though Bitfinex and many other leading exchanges now support SegWit deposits and withdrawals, the same cannot be said about every trading venue. Despite the update being well over two years old at this point, the likes of Binance are still dragging its feet.

ok hear me out @cz_binance, if you add full segwit support (segwit deposits, and withdrawals to bech32) + allow generating new deposit addresses (to avoid address reuse), i will change my profile pic to @binance logo for the rest of 2019
— Udi 比特神教 Wertheimer (@udiWertheimer) October 2, 2019

This prompted developer and Bitcoin proponent Udi Wertheimer to offer Changpeng Zhao, the CEO of Binance, a rather unusual deal last month. He said that if Binance introduces full SegWit support, he would change his profile picture to one advertising Zhao’s exchange. The Binance executive responded and after some back-and-forth, the two came to an agreement. Binance says that it too will introduce SegWit support before the end of 2019 and when it does, Wertheimer will advertise the Binance brand via his personal Twitter account for the rest of the year. The developer also offered to help Zhao with the implementation if necessary.
 
Related Reading: Fractal: Bitcoin Price to Surge Back Above $10,000 in Coming Weeks
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Source: New feedNewsBTC.com

Bitcoin All-Time High Organic, Not Single Whale Manipulation, Says Vaneck Analyst

Researchers behind an earlier study claiming that US Dollar Tether (USDT) was the cause of the 2017 Bitcoin bull market peak now claim that a single large holder drove the price upwards. However, an analyst at VanEck believes this to be nonsense.
Instead, Gabor Gurbacs claims that the rise was caused by “organic bitcoin and crypto demand”. Tether, the company behind USDT has also called the research “foundationally flawed” and that it was likely published to support a “parasitic lawsuit”.
Did Bitcoin Nearly Hit $20,000 Organically, or Was it Helped up by a Lone Whale?
According to a report in Bloomberg, University of Texas Professor John Griffin and Amin Shams from Ohio State University have updated their 2018 paper relating to the massive Bitcoin price rise in 2017. The two academics now claim that the manipulation was the work of a single large holder of Bitcoin, popularly known as a “whale”.
Griffin commented:
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one.”
The researchers still claim that USDT was used in the manipulation. They observed that Bitcoin purchases increased on the Bitfinex exchange platform whenever the price fell by certain amounts. They have not speculated as to the identity of the whale they believe to be behind the price manipulation. The paper reads:
“This pattern is only present in periods following printing of Tether, driven by a single large account holder, and not observed by other exchanges.”
They added that such patterns are unlikely to be the result of chance and that one massive trader had “an extremely large price impact on Bitcoin”.
However, Gabor Gurbacs, an analyst at fund management firm VanEck, refutes the study. He alleges that those behind it do not understand the Bitcoin market structure. Instead, he believes that no such manipulation took place and the epic price run that took Bitcoin just short of $20,000 was “organic”.

I continue to be disappointed by career academics that fail to understand Bitcoin/crypto market structure basics as well as the fundamentals of cause and effect. The rise of tether is a result of organic bitcoin and crypto demand in periods of hyper growth.https://t.co/fMyhwPC5oa
— Gabor Gurbacs (@gaborgurbacs) November 4, 2019

Similarly, General Counsel at Tether, Stuart Hoegner, says that the study has no merit. He claims that the updated study still lacks “academic rigor”. Agreeing with Gurbacs, he told the publication that the large increase in Bitcoin prices were the result of growing interest in Bitcoin, which in turn drove demand for USDT. He also added:
“This is a transparent attempt to use the semblance of academia for a mercenary money grab.”
Tether and Bitfinex have been no stranger to such controversy over the years. In an ongoing case, New York Attorney General Letitia James alleges that the companies’ executives attempted to cover up $850 million of missing funds. However, Bitfinex say that the case is full of errors. Hoegner believes that the latest study has been produced to support the case against the firms.
 
Related Reading: Bitcoin Signal That Preceded 42% Price Jump to $10,500 Flashes Again
Featured Image from Shutterstock.
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Source: New feedNewsBTC.com

Bitcoin Hit $20K in 2017 from Manipulation by One Single Market Whale

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Bitcoin Hit $20K in 2017 from Manipulation by One Single Market Whale
According to recent findings, the surge of Bitcoin price in 2017was a result of market manipulation from one single whale, using USDT.
Bitcoin Hit $20K in 2017 from Manipulation by One Single Market Whale

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Source: CoinSpeaker

Bitcoin Whale Single-Handedly Caused The 2017 Crypto Bull Run – Report

Bitcoin’s astronomical surge in 2017 was possibly triggered by market whales as suggested by a Texas academic. Interestingly, a new theory is now surfacing that it was a single market whale who was responsible for causing the huge upsurge in price. 
Bitfinex and Tether Responsible for 2017 Bull Run
Per claims by the University of Texas Professor, John Griffin and Ohio State University’s Amin Shams said that Bitfinex and Tether were actively involved in the 2017 bull run.  Furthermore, Tether minted 2.8 billion USDT from 2017 to 2018 and used the token to “flood the Bitfinex exchange and purchase other cryptocurrencies”. Subsequently, the demand for cryptocurrencies got artificially inflated which then caused a massive surge in cryptocurrency prices. Purportedly, the largest bubble in human history was created only to burst in a month’s time drowning $450 Billion of value. 
The complaint further mentions that the companies’ “liability to the putative class likely surpasses $1.4 trillion U.S. dollars”.
“Our results suggest instead of thousands of investors moving the price of Bitcoin, it’s just one large one. Years from now, people will be surprised to learn investors handed over billions to people they didn’t know and who faced little oversight.”
 Griffin said in an interview. 
Tether Refutes Claims of Market Manipulation
Tether has time and again rejected claims with General Counsel Stuart Hoegner that the claims lacked any substance and were based on insufficient data set. Interestingly, Bitfinex and Tether are not new to controversies. The exchange is owned and operated by the same executives who control Tether. The tangled ownership has been under the watchful eyes of the US Justice Department, who had previously accused Bitfinex in April of trying to hide losses worth millions in customer funds. 
The authors examined Tether and Bitcoin transactions from March 1, 2017 to March 31, 2018. They concluded that Bitcoin purchases on Bitfinex increased whenever Bitcoin’s value fell by certain increments. Griffin and Shams continue to keep the name of the entity in close wraps. 
Griffin and Shams further said, 
“This pattern is only present in periods following the printing of Tether, driven by a single large account holder, and not observed by other exchanges“Simulations show that these patterns are highly unlikely to be due to chance. This one large player or entity either exhibited clairvoyant market timing or exerted an extremely large price impact on Bitcoin that is not observed in aggregate flows from other smaller traders.”
In his statement, Tether’s Hoegner was adamant that the allegations laid out in the paper are a farce and have no solid ground. 
“This is a transparent attempt to use the semblance of academia for a mercenary money grab. Updates or not, the paper lacks academic rigor.”
Hoegner said, 
He further added, 
Macroeconomic experts and stakeholders in the cryptocurrency ecosystem understand that it is the global rise of digital currency that has driven the markets and demand for Tether.”
Both Bitfinex and Tether received subpoenas in 2017 from the U.S. Commodity Futures Trading Commission.  The Justice Department has since opened a criminal investigation into whether Tether was being used to manipulate Bitcoin. Interestingly, neither the CFTC nor federal U.S. prosecutors have accused Bitfinex or Tether of any wrongdoing.
The post Bitcoin Whale Single-Handedly Caused The 2017 Crypto Bull Run – Report appeared first on Coingape.
Source: CoinGape

Why the Market Needs so Many Crypto Exchanges

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Why the Market Needs so Many Crypto Exchanges
Anton Vasin, CBDO of the Serenity project, talked about his experience at Blockchain Life 2019, and explained why there can’t be too many crypto exchanges on the market.
Why the Market Needs so Many Crypto Exchanges

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Source: CoinSpeaker

Kim Dotcom Offers 10% of K.im Bitcoin Fees to Julian Assange Ahead of $8M IEO

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Kim Dotcom Offers 10% of K.im Bitcoin Fees to Julian Assange Ahead of $8M IEO
Kim Dotcom has declared his support for Julian Assange by donating 10% of his new firm’s transaction fees to the latter.
Kim Dotcom Offers 10% of K.im Bitcoin Fees to Julian Assange Ahead of $8M IEO

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Source: CoinSpeaker

Bitcoin [BTC] Futures Traders inclined to Longs, but $30 Million Liquidated at BitMEX

Bitcoin [BTC] price surprisingly surged by $2500 last week to claim $10,000. The reason for the rise is attributed to Xi Xinping’s announcement on blockchain innovation in China. While the decision has caused a stir in China, Bitcoin price movements have begun to threaten the bulls.
In the past six hours, about $30 million worth of futures long were liquidated at BitMEX. The data provided by Datamish also records more than $13 million in longs settled at Bitfinex as well.
Long (in Red) and Short (in Green) Liquidations at Bitfinex and BitMEX
Nevertheless, the ratio of long to short is heavily inclined towards the bulls. Currently, the long/short ratio on Bitfinex and Okex is 4.09 and 1.75, respectively. The increase in the respective long interest in both exchanges is about 10-20%. Moreover, the BTC basis at Okex is also positive, with a large magnitude of $10-14.
The BitMEX funding rate also flipped positive after the flash surge. It has been indicating a long inclination in the market for the past four days.
Bitcoin Futures Funding Rate at BitMEX (TradingView)
The top 100 traders’ sentiment at Okex is, however, at parity with the long/short ratio at 1.22.
Technical Standpoint and Expert Views
The price of Bitcoin [BTC] at 4: 45 hours UTC on 29th October 2019 is $9421. It is 2.3% lower on a daily scale. The 128-Day Moving Average is currently acting as resistance to the bulls.
Nevertheless, $9350-$9450 acted as support levels for Bitcoin before the break of the descending triangle. Hence, as it continues to hold support, the consolidation is likely to yield another positive move.
Crypto trader B.Biddles tweeted, noted that a bullish break above $9450 levels could begin another round of gains.

we flip this here blue dotted line, mama gonna open up that purse and buy herself some bitcoin pic.twitter.com/F0Tn8Zhva8
— b.biddles (@thalamu_) October 29, 2019

Derivatives trader and crypto analyst, Tone Vays, however, advised caution at the moment. According to him, while the charts are showing a bullish inclination, the possibility of a fake-out is not out of the woods yet.
The 200-day Moving average on the daily chart is at $8985. The price will need to hold above it for a continued positive move, a break below it could revive the bears again.
Do you think there is more steam left in this bullish run or further corrections are in order? Please share your analysis with us. 
The post Bitcoin [BTC] Futures Traders inclined to Longs, but $30 Million Liquidated at BitMEX appeared first on Coingape.
Source: CoinGape

Bitfinex Denies Involvements With Crypto Capitals Allegations Of Fraud

Crypto exchange, Bitfinex has openly denounced all allegations put to it in relation to the arrest and prosecution of its ex-fund manager, Crypto Capital. The cryptocurrency exchange also clearly stated that Crypto Capital performed no fraudulent or event of money laundering on its behalf.
Crypto Capital’s Key Execs In Custody Of Authorities
According to an official statement by Bitfinex, a key official of its ex-fund management firm, Crypto Capital, Ivan Manuel Molina Lee, who was detained by Greek authorities few years ago has, this week been extradited to Poland to be tried in a court of law sited in the country.
Similarly, another Crypto Capital executive, Oz Yosef (more commonly known as Oz Joseph), was indicted on three criminal counts by the U.S. Attorney for the Southern District of New York. Proceedings and previous court and public hearings have mentioned Bitfinex as a client of Crypto Capital, a relationship of which made it reasonable to believe that Bitfinex might, in one way or the other, be involved in some of the criminal count charges against its former fund manager.
Bitfinex Denies Suggestions Of Illicit Financial Pratices
However, though Bitfinex admitted it in its official statement that it indeed “rely upon various systematic representations from Crypto Capital, including from Molina and Yosef, that proved to be false”, it maintained that the cryptocurrency exchange, Bitfinex was a victim of fraud rather than an accomplice. According to the official statement,
“Among those misrepresentations, Crypto Capital regularly referred to its integrity, banking expertise, robust compliance programme and financial licences. This was designed to assure us that Crypto Capital was capable of handling Bitfinex’s transactions.”
“Bitfinex is the victim of a fraud and is making its position clear to the relevant authorities, including those in Poland and the United States.”
Further defining its position on the matter, Bitfinex concluded that suggestions regarding Crypto Capital laundering proceeds of drug deals and other illicit activities for which its key officials are being tried on behalf of Bitfinex are false.
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Source: CoinGape

Crypto Capital President Arrested for Alleged Drug Trafficking and Money Laundering

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Crypto Capital President Arrested for Alleged Drug Trafficking and Money Laundering
Authorities in Poland have successfully secured the arrest of the president of Crypto Capital.
Crypto Capital President Arrested for Alleged Drug Trafficking and Money Laundering

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Source: CoinSpeaker

Bitcoin [BTC] Futures Market Update – Here’s What Price Indicators Project

Bitcoin [BTC] price held on to $7400 levels for the last two days after a steep drop on Tuesday. The increased volatility in price also increased the trading interest. The other parameters, such as long/short ratio and open interest, have also varied considerably in the last 24 hours.
Trading Volumes and Open Interest
The trading volumes on many exchanges saw a massive spike on 24th October as price broke below $7500. While Bakkt recorded a new ATH of $4.8 million on Wednesday. Reportedly, on Thursday, the volume is around $2.4 million.

∙ Today's volume so far: 324 BTC∙ Last traded price: $7,425.00∙ Trading day progress: 75% (if this continues: 100% equals to 432 BTC)
— Bakkt Volume Bot (@BakktBot) October 25, 2019

CME also witnessed a spike in trading volumes for futures contracts of both October and November. The October contracts are scheduled for expiry tomorrow. The open interest for Nov and Oct contracts is 471 and 1673, respectively.
The trading volumes on crypto Exchanges like Okex, BitMEX, and Bitfinex also saw a spike. However, the open interest has dropped on the exchanges.
Bitcoin Perpetual Swap and Futures Open Interest and Trading Volume (Okex)
Long/Short Ratio
The long-short ratio has varied as well in the past 24 hours. The overall ratio on spot exchanges like Okex and Bitfinex is long. With more than 70% long interest compared to short on Bitfinex, the bulls seem to have entered long perpetual contracts. Nonetheless, the change in the past two days has witnessed an overall drop.
Bitcoin Long/Short Ratio 1-Day Chart on Bitfinex (TradingView)
The market sentiment tuned highly bearish on Wednesday is now seeing a slight revival towards the bulls. Moreover, on Okex, the long-short ratio has spiked after a brief moment of panic. The proportion of long to short orders has increased from around 1.2 to 1.4.
 
Bitcoin Contracts Long/Short Ratio 1-Hour Chart (Okex Exchange)
The top 100 traders on Okex are predominantly long on Bitcoin, as well. It, however, saw a flash drop on 23rd October the short percentages increased to about 59% with longs at 40%. It soon revived back up to 60%, forming a deep trench.
Bitcoin [BTC] Basis
Bitcoin Basis accounts for the difference in the price of the perpetual swap and futures market from the spot market.
BTC basis on Okex flipped negative after the drop on 23rd October. It recorded a high of negative 18 points on Tuesday. Nevertheless, after consistently being negative, the basis is reaching equilibrium near zero. Currently, the Bitcoin basis on Okex is negative 0.45.
Funding Rates
Another metrics that closely relates to the BTC basis is funding rates. As a positive basis indicates buying interest, a positive funding rate reflects the same.
The funding rates on BitMEX have been negative for the more significant part of October. The funding rates spiked further negative post the plunge on Tuesday.
Bitcoin Contracts Funding Rate on BitMEX (TradingView)
The daily funding interest on Bitfinex also spiked to 0.03% for short trades compared to 0.02% for longs.
Where do you think the market is headed by looking at the order book? Please share your analysis with us. 
The post Bitcoin [BTC] Futures Market Update – Here’s What Price Indicators Project appeared first on Coingape.
Source: CoinGape

Crypto Exchanges Continue to List Hundreds of Dead Coins – Report

Per a recent report by CoinCodeCap more than 2000 crypto projects and 640 currencies have not published a single line of code in 2019, thus, making them dead projects or dead cryptocurrencies.
CREX24 and IDEX Top the List
The report mentions that exchanges are not carrying out due diligence and exposing customers to projects which will not be beneficial in the long run. The study analyzes more than 300 exchanges and found that 7 exchanges have listed over 1000 dead cryptocurrencies. Crypto exchange CREX24 topped the list with 179 dead crypto projects. One of the leading exchanges IDEX has also listed 158 dead projects of its total of 763 cryptos listed. 
Source- CoinCodeCap
Another exchange Cryptobridge has listed 141 dead coins out of 334 total listed cryptocurrencies. Also, an exchange Token.store has 15 dead coins out of 36 cryptocurrencies listed on the platform. HitBTC exchange has a whopping 101 dead coins of 515 coins listed on the platform. 
Source- CoinCodeCap
Interestingly, leading exchanges Binance, Bitfinex and Poloniex list only a few dead coins. The numbers stand at 11, 7 and 7 respectively. This implies that the leading exchanges do their fair share of due diligence when listing coins. Furthermore, the report gave a clean chit to Coinbase Pro which had no dead coins listed 
Source- CoinCodeCap
Is Cryptosphere Becoming A Collection of Dead Coins?
A recent report by Longhash that how the crypto ecosystem is becoming replete with coins that have little to no business value. Furthermore, the report alleges that over 1000 coins are dead. The reasons listed for the same are scam projects. The life of such projects has been limited to a period of 12-18 months.
Source- Longhash
Exchanges Accused of Wash Trading
Be it dead coin listing or allegations of wash trading time and again crypto exchanges have been subjected to several controversies. A recent report by Blockchain Transparency Institute revealed that OKEx and Bibox led exchanges with the highest percentage of wash trading. Interestingly, the fake volume of these exchanges exceeded 75%. However, their real volumes are high enough to get them a spot in the Top 20- consistently.
It will be interesting to note how these exchanges will respond to the report findings. Let us know what you think in the comments below!
 
The post Crypto Exchanges Continue to List Hundreds of Dead Coins – Report appeared first on Coingape.
Source: CoinGape

Tether’s tether with Bitcoin might be severed: Addressing the scenarios of Tether armageddon

“If Tether went away, it would flood somewhere else” Disclosure This article addresses hypothetical scenarios and speculations surrounding Tether and how it will affect the cryptocurrency ecosystem. Tether is perhaps one of the most important and largest entities in the cryptocurrency ecosystem with a market share of more than $4 billion. Tether was launched in […]
The post Tether’s tether with Bitcoin might be severed: Addressing the scenarios of Tether armageddon appeared first on AMBCrypto.
Source: AMB Crypto