How are Bitcoin Price Movement and USDT Minting Are Correlated? TokenAnalyst Reveals

During the year 2019, a total of $1.5 Billion worth of Tether was minted on both Omni(USDT Omni) and on Ethereum(USDT ERC20). A recent study by Token Analyst reveals the correlation between USDT minting and Bitcoin price movement. 
Minting of USDT Results in Positive Bitcoin Price Movement 
The study reveals that on days when USDT ERC 20 is minted, 7 out of 10 times, Bitcoin price shows positive price trends. Similarly, on days when USDT Omni is minted, 5 out of 10 times the price of Bitcoin moves up. 
Source- Twitter
USDT-Omni is the USDT issued by Tether based on the BTC network. The protocol used by the latter is the Omni- Layer protocol that has been built on the BTC blockchain network. Whereas, USDT-ERC20 is the USDT issued by Tether based on the ETH network.
Correlation Between the Amount of Tether Minted and Bitcoin Price 
For USDT Omni, there in inverse relation between the amount minted and Bitcoin price movement. This implies that more the tokens minted, lesser was the Bitcoin price dip. The percentage of correlation was noted to be -1.6%. 
Source- Twitter
On the other hand, for USDT ERC 20, a correlation of 15.8% was seen between the amount minted and Bitcoin price movement. This implies that more the amount of tokens minted more was the increase in Bitcoin price. 
On September 12th, Tether minted 300 million USDT in a swap from the Bitcoin-based (BTC) tokenization protocol Omni to Ethereum.
Interestingly, on the same day, Bitcoin [BTC] price gained $365, despite the market showing signs of reversal. Bitcoin showed an increase of about 3.6% on a daily scale.
While the market sentiments of traders were bearish owing to imminent breakout, the momentum recorded a high, just short of $10.5k at $10,460 thus scaring the bears off.
Will Bitcoin’s price and USDT maintain the same correlation? Will there be a trend reversal? Let us know what you think in the comments below!
The post How are Bitcoin Price Movement and USDT Minting Are Correlated? TokenAnalyst Reveals appeared first on Coingape.
Source: CoinGape

Binance Coin [BNB] a perfect example of how cryptocurrencies have changed fundraising, says CFO Wei Zhou

Wei Zhou, Chief Financial Officer at Binance, spoke at the Money 2020 conference and outlined how tokenization has changed the way to raise money. Zhou stated that tokenization has gained traction ever since Bitcoin started going mainstream.
He added that the world had entered a tokenized world ever since Bitcoin gained mainstream attention, which happened over the last few years. Zhou further said,
“I think what we witnessed through the Ethereum blockchain enabled by the ERC20, it has enabled the creation of the smart contract and what has allowed for at least one type of use-case, is basically raising capital on the blockchain.”
ERC20 is one of the most most significant tokens today, considered as a technical standard used for almost all smart contracts on the Ethereum blockchain for token implementation.
Additionally, Zhou said that ERC20 tokens have not only allowed for users to raise capital on the blockchain, but it has also led to the development of many types of tokens like the utility token, security token, and payments token. Further, Binance Coin is one such utility token that serves multiple use-cases, one of them being a 50% off when trading.
Zhou added,
“We have more tokens in the world and that is something that did not exist in the world prior to the ERC20 chain, and what that has allowed companies to do is to use a different form of fund raising.”
Unlike the traditional way of raising capital, cryptocurrencies have changed the way to raise a token, Zhou said, adding that Binance Coin was a perfect case study for the same.
Binance Coin was an ERC20 token previously, but it has since migrated to its own chain and has allowed Binance to conduct one of the most successful IEOs in the cryptocurrency ecosystem. Projects that have migrated have seen a massive surge in trading volume of their respective tokens.
Binance Coin has been the best performing asset in 2019 so far. It has surged by over 350% since the start of the year, and is currently sitting as the seventh largest cryptocurrency on coin charts.
The post Binance Coin [BNB] a perfect example of how cryptocurrencies have changed fundraising, says CFO Wei Zhou appeared first on AMBCrypto.
Source: AMB Crypto

Binance Upgrades User Interface Ahead of Margin Trading Launch

The world’s largest cryptocurrency exchange by adjusted volume has launched a beta version of its new user interface. The new interface was announced on Binance Twitter page on Thursday 30 May 2019. A major change on the page is a new “options” button that if clicked displays a number of options including Exchange, Academy, BCF, Research etc for easier navigation.
One of the major changes
Binance has been out to make some changes recently, and the user interface change is just one of them. In April, Binance launched its decentralized exchange (DEX). It also launched its own blockchain, Binance Chain earlier. This marked the beginning of independence for the company as its Binance Coin (BNB) which was initially created on Ethereum blockchain ERC-20 was migrated to the DEX as the native token. BNB was also officially converted from an ERC-20 token to a BEP2 token for the new blockchain.
The company has also declared its intention to launch margin trading for its customers. The news which has gotten many traders on the edge of their seats is likely to be one of the biggest for Binance this year. Several potential customers have expressed their enthusiasm for the margin trading launch, including Kroush AK who said:
“Margin on Binance… Guess soon I won’t need any other exchange.” 
What’s next for Binance?
Binance has grown to become a popular brand in the cryptocurrency industry and its exchange currently the top one. Many development plans have been unveiled in 2019 already that will potentially change the face of trading on the exchange. What can TG Binance Dex community look forward to the rest of the year?
Author Name: RRichie
The post Binance Upgrades User Interface Ahead of Margin Trading Launch appeared first on Coingape.
Source: CoinGape

Samsung Unveils Galaxy S10 dApps, Believed to Save the Dwindling Crypto Market

CoinSpeaker
Samsung Unveils Galaxy S10 dApps, Believed to Save the Dwindling Crypto Market
Samsung may have offered the entire crypto market a lifeline through the introduction of new devices with built-in crypto support features enabling users to transact using digital tokens.
Samsung Unveils Galaxy S10 dApps, Believed to Save the Dwindling Crypto Market

Continue reading at Coinspeaker
Source: CoinSpeaker

Polymath: If Placed On a DEX, Security Tokens Can Be Compliant

CoinSpeaker

Polymath: If Placed On a DEX, Security Tokens Can Be Compliant

Security token platform Polymath has teamed up with Loopring to trial peer-to-peer trading of security tokens on a decentralized exchange.

Polymath: If Placed On a DEX, Security Tokens Can Be Compliant

Continue reading at Coinspeaker
Source: CoinSpeaker

Binance CEO announces launch of its first Decentralized Exchange Testnet

In a recent interview with cryptocurrency and blockchain enthusiast, Ivan Liljeqvist, Changpeng Zhao aka CZ, the founder and CEO of Binance, spoke about listing and delisting coins on its platform, the standards to be met and above all, the launch of DEX.
Binance, which is essentially a centralized entity, is all set to step its toes into the DEX space after releasing its first version. Talking about supporting decentralized exchange without even being one, CZ said:
“I think we have listed no less than seven decentralized exchange coins”
CZ also admitted that any one of them could easily disrupt the centralized system run by them. He highlighted the aspects of security, ease of use and freedom rather than setting decentralization, as the goal of his work.
Talking about DEX’s profitability, CZ asserted:
“DEX may not generate a lot of revenue for Binance.com because the nodes will be decentralized and we don’t own most of them. But it is likely to increase utility and hence the value of the Binance coin and we still have decent number of Binance coin ourselves.”
CZ further said that DEX, which is a unique offering of the centralized exchange, is technically fully decentralized. He said:
“Users hold their own private key and the network never has access to the key.”
He also revealed that the mainnet runners for the DEX have not been decided yet. However for the testnet, all the nodes will be run by them in order to understand its workings.
The all-new DEX will be using Binance Chain to render instant transaction confirmation for a similar trading volume.
Earlier, the exchange had announced that their native Binance coin [BNB] will be moved to the Binance Chain, which was previously trading on the Ethereum blockchain.
Subsequently, other tokens might also move into the chain. Speaking further about the process, CZ stated:
“You can issue token, you can trade them, submit your proposals to get your coin listed on the DEX and the nodes will vote for you.”
Over 8 tokens have confirmed their migration into the Binance Chain from ERC 20.
Binance CEO CZ has previously been criticized by the community for removing coins from the exchange. To this, CZ responded by saying:
“Because we are centralized we will have to take on the responsibility of selecting projects and working with projects to list them. Basically, we want a listing of projects with a large number of users, good products, good communication with the community, consistent improvements and active developments.”
Other reasons for delisting include limited technical resources and security issues, said CZ. He finally concluded by saying that he believes that listing more coins for an exchange ‘is not the best market strategy’.
The post Binance CEO announces launch of its first Decentralized Exchange Testnet appeared first on AMBCrypto.
Source: AMB Crypto

Binance coin [BNB] to move from Ethereum blockchain to its own blockchain, says CZ

Binance’s CEO Changpeng Zhao aka CZ gave insights on the Binance’s new decentralized exchange, Binance DEX, which would operate on the Binance chain with native currency as Binance Coin [BNB] in a Cointelegraph interview.
CZ also said that the new decentralized exchange was similar to Ethereum’s ERC20 tokens but it additionally allows you to trade between tokens like the Binance Coin. He said that cryptocurrencies’ main aim was to be fast and drop the middle man which effectively reduced the fees, but even now, Bitcoin network takes a lot of time for transacting on-chain and also has huge fees.
Changpeng Zhao added:
“The Binance DEX also lives on the Binance chain that allows you to trade in a decentralized manner… Cryptocurrency is supposed to be cheaper to transfer as supposed to be instantaneous, I think initially it did that but… I think the current decentralized exchanges are either slow or have relatively difficult to use UI.”
Furthermore, CZ said that with DEX they aim to make the UI simple and easy to use and also improve “latency and the user experience”.
CZ announced the news on Twitter giving out more details about the DEX.

According to CZ, Ethereum’s smart contract based options are too slow to be adopted by the masses and that they want to change this with their new exchange, scheduled for launch in early 2019.
Binance’s official Medium blog stated:
“Have your DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on your device, so traders can retain full control over their funds and private keys.”
CZ said that BNB will swap from the Ethereum blockchain and move to their main net after the DEX  launches in early 2019.
A user Damilola Akinleye Tweeted out asking if the old binance will remain the same, to which CZ replied:
“Binance.com will continue to run. Just like Google doesn’t shutdown their search engine when they launch Gmail.”
Another user, Shavneet Singh commented:
“So in future bnb won’t be erc20 ?”
CZ replied:
“BNB will swap to our own mainnet.”
A Twitterati, CryptoVast asked:
“Will it support integration with @LedgerHQ and @Trezor ?”
To the above question, CZ replied:
“those are being worked on, but may not be done on day 1 of testnet launch.”
The post Binance coin [BNB] to move from Ethereum blockchain to its own blockchain, says CZ appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC] and Ethereum [ETH] worth $500,000 donated by Binance towards flood relief in Japan

Recently, the devastating floods in South-Western Japan resulted in 8 million people being advised to evacuate and 225 people dead. Binance’s Blockchain Charity foundation took the initiative to donate 56.7 million JPY worth of cryptocurrencies [63.03 BTC & 169.85 ETH] to help West Japan.
Binance cryptocurrency exchange had recently announced its charity initiatives where they would donate their listing fees directly to charity. They further established The Blockchain Charity Foundation [BCF], which is a non-profit organization focusing on delivering global sustainable development, with the help of blockchain technology. BCF’s main aim is to reconstruct philanthropy by developing the world’s first decentralized charity foundation.
According to the report, in order to reach out to the masses, the foundation took the aid of government agencies, local NGOs, and organizations. Due to an immediate need to help the victims, Binance transferred 61.09 BTC, which is approximately equivalent to 50 million JPY, to Miss Bitcoin Mai. The local supporter further converted the funds from her Bitcoin account and transferred it to different organizations.
Furthermore, the foundation initiated the second round of donation by directly using cryptocurrencies. Open Japan, an organization that works towards supporting victims affected by a disaster, opened a cryptocurrency account, and Binance transferred 169.85 ETH, which is approximately equivalent to 5.3 million JPY.
Furthermore, Binance directly donated 1.94316403 BTC to Bic Camera in order to procure appliances for the temporary shelters in Kure city, Hiroshima.
After the donation, Open Japan stated that it was not a difficult task to set up an account and Binance contacted them to proceed with the donation in order to help the victims from the disastrous floods. They further stated that the transaction was carried out instantly and they did not have any issues in converting the cryptocurrency into fiat. Open Japan added:
“Receiving this donation left us with a deep impression of cryptocurrency: both its growing effect on our world and its potential.”
Binance also stated that they would continue to support the weak and victims of such disasters with the help of cryptocurrencies.
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Source: AMB Crypto

Decentralization Ghost begins to Haunt Gemini’ Stable Coin within Days of Launch

While the world was rejoicing the moment that they had a non-controversial, registered stable coin to hide when the crypto markets turn volatile, the coin has attracted controversy. According to the blockchain researcher Alex Lebed latest report which he wrote for tech publication Good Audience, Gemini Can Freeze its USD-Pegged Cryptocurrency at Any Time as it wants, resurfacing issues of decentralization.
“Custodian” has provision to freeze any account
Alex Lebed in his latest research has performed a code review of the Gemini dollar smart contract, and what he found has been astounding.   According to Lebed GUSD includes a provision that allows its “custodian” — namely Gemini — to freeze any account. Lebed — who, in full disclosure, is also attached to a separate stable coin project — further notes that GUSD uses an ERC20Proxy contract that gives Gemini, as the custodian, the ability to upgrade the contract once every 48 hours, giving it among a myriad of other things the power to simultaneously render all tokens non-transferable.
According to the research wordings of Lebed, he analyzed the code at

The code is 1028 lines long and begins questioning the code as he reads the general conditions of the contract.

“So, the user uses the ERC20Proxy contract which offers an ERC20 interface, i.e. standard functions balance, total supply, etc which call erc20Impl object for actual implementation. For example:

“Where does this object erc20Impl come from? Here we have to pay attention to the second part of the ERC20Proxy declaration: ERC20ImplUpgradeable. This object has an actual implementation of the ERC20 interface. Why is it called …Upgradable?
Because contract ERC20ImplUpgradeable is CustodianUpgradeable.”

Going deeper into the code he finds that the Custodian is the only modifier to the code.
While reading the contract, he points out that the default time lock is also set at 172800 seconds is 172800/60/60=48 hours.
On should not be surprised that Gemini included a provision to allow it to freeze funds, given that Cameron and Tyler Winklevoss repeatedly touted GUSD as the first “trusted and regulated digital representation of the U.S. dollar,” both in the official announcement and in subsequent media appearances.
But the community will not take it well if the stable coin is controlled by Gemini.
Related: Winklevoss’s NYDFS Licensed Stable Coin “Gemini Dollar” may Pull Strings on Notorious Tether
Decentralization issues in crypto industry
Ripple and XRP are fighting a long battle to prove the coins and the ledger are decentralized. As Ripple holds a certain number of nodes on the ledger who approve transactions and as the company holds a lot of XRP’s Ripple is always under the scrutiny of controlling the ledger and the coins. On this ground, the coin is also facing a threat of being termed as security by the SEC- A point that is not letting the coin’s price to rise despite being one of the coins with a definite use case.
Another coin which is also under scrutiny for centralization is EOS. The project has taken an unusual approach to monitoring the blockchain on more than one occasion. It had appointed 27 block producers who had rights to terminate transactions. This was considered a centralized approach as all 27 block producers knew each other and could play foul anytime. One such example was when  On 22 June this year The company a notice saying
“Emergency Measure of Protection Order” released by the EOS Core Arbitration Forum (ECAF), 27 block producers maintaining the protocol was directed to end all transactions with immediate effect. Interestingly, the ECAF did not explain the reason for the order, but stated that the “logic and reasoning for this Order will be posted at a later date.”
The ECAF Interim Emergency Arbitrator, Sam Sapoznick, signed the declaration:
“It is hereby ordered that the EOS Block Producers refuse to process transactions for the following accounts and keys indefinitely. (Until further official notice and instruction from the ECAF.)”
Members of the cryptocurrency industry, enthusiast, and industry observers have not been big fans of centralization as it takes away the essence of blockchain and decentralized world. Like Ripple and EOS, Gemini too would be looked with a cautious eye. We will have to await a statement from Gemini to get more clarity on this. The future on the GUSD would lie on that. Otherwise, we would have another controversial stable coin on the market.
Will Gemini clarify its stance on the centralization issue that its recently launch stable coin is marred with? Do let us know your views on the same.
The post Decentralization Ghost begins to Haunt Gemini’ Stable Coin within Days of Launch appeared first on Coingape.
Source: CoinGape

Tron ERC20 [TRX] token can now be deposited on Binance for conversion

On 23rd July, Justin Sun, the founder of Tron [TRX], made an official announcement on his Twitter post regarding the deposit of ERC20 TRX tokens on Binance.

It is said that Binance will automatically convert the ERC20 tokens to TRX20 tokens. Token holders are required to send their ERC20 TRX tokens to the previous Ethereum [ETH] platform deposit address.

Justin Sun in his Twitter post said:

“#TRON $TRX If you need to deposit ERC20 TRX tokens to @binance please send these tokens to your existing #ETH deposit address. @binance will automatically convert these ERC20 tokens to #TRX mainnet tokens for you.”

TRX token trading on Binance | Source: Binance website/Justin Sun

TRX token trading on Binance | Source: Binance website/Justin Sun

After the migration of Tron from ERC20 to TRX20, unlike Binance all the exchange platforms had listed the new token TRX20. On 10th July, Binance completed the swap of TRX tokens.

Post the migration of Tron [TRX] tokens from the Ethereum platform, Justin Sun announced the burn of 49 billion TRX ERC20 tokens in its third batch from June-July.

Fashion Bible, a Twitter user said:

“Thank you Justin for it) Love you)”

Another Twitter user, Titan, said:

“Price getting rediculously low on BTC pairing now. This has to improve now or it will be a mass exodus!”

Additionally, on 23rd July, OKCoin announced the completion of Tron’s [TRX] Mainnet swap. The token holders of TRX20 are asked not to deposit their tokens on ERC20 based TRX address as its existing address will be discarded. Users are required to make payments on the newly issued address.

Justin's tweet about Tron's Mainnet upgrade | Source: Twitter

Justin’s tweet about Tron’s Mainnet upgrade | Source: Twitter

The token holders need to be careful if the TRX token has switched to the Mainnet while withdrawing from other exchanges. Traders have also been warned that the token may be lost when transferring the password between the exchange where the Mainnet conversion has been completed.

A new TRON address will be issued after switching to the Mainnet. The TRX address starts with the letter ‘T’.

OKCoin on their official website said:

“Please be cautious about the transfer of the password between the exchange where the main net conversion has been completed and the non-convertible exchange, as this may cause loss of all assets, and OKCOIN is not responsible for the loss of your assets.”

Jayme Genz, a Twitter user said:

“Yet another day and your coin continues to go down in value. Great times ahead”

Brent Sprinkle, a crypto enthusiast said:

“I Want to buy TRX at 220 sats…come on TRX…move the price down !”

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Source: AMB Crypto