Token Swap: Tether Announces Token Burn Of Over 400 Million USDT

Tether has shared a piece of information about a forthcoming token burn which according to announcement would take place shortly.
According to a tweet from their official Twitter handle, Tether plans to shortly move 400 million Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them.

Tether will shortly move 400m Tether USDt as part of its Omni authorized but not issue pool to the issuance address in order to burn/revoke them.
— Tether (@Tether_to) September 16, 2019

Tether Minted 300 million USDT Few Days Ago
Few days ago, Tether took to Twitter to inform its users that it was coordinating with a third party to perform a chain swap. This was planned in order to convert some tokens from their original Omni to an Erc 20 protocol. At the time of the initial announcement, 300 million Tether USDt was announced to have been minted for the swap. However, these conversions took place few days ago as Tether promised the token swap wouldn’t disrupt the total supply.

In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process.
— Tether (@Tether_to) September 12, 2019

Whale Alert, a twitter account dedicated to alerting the community of big cryptocurrency transactions, noted the coinage described above in a tweet published on Sept. 12. As per a second tweet submitted as an answer to the first one, Whale Alert offered an explanation of the type of transaction:
“This USDT mint is part of a swap. The corresponding burn on Omni has not taken place yet.”
And finally, Tether is burning the Omni Tether that was already converted to ERC20.
Until now, no token burn has taken place on Omni blockchain. In July, it was reported that Tether accidentally minted and burned 5 million USDT tokens. However, Tether long-standing controversy about issues relating to transparency and market manipulation.
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Source: CoinGape

Tether facilitates $417k worth of transactions on ETH network as USDT continues to clog Ethereum

A Redditor recently complained about pending transactions on the blockchain by stating that the pending period was past 10 hours and at press time, all the fingers were pointed toward Tether for network congestion. As reported earlier, Ethereum’s blockchain was suffering from a case of network saturation. The blocks were adding up and Vitalik Buterin […]
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Source: AMB Crypto

Binance’ New Futures Trading Platform Hits All-Time High of $150M in Daily Trading Volume

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Binance’ New Futures Trading Platform Hits All-Time High of $150M in Daily Trading Volume
Binance recently launched its futures trading platform which is on an invitation-only basis. The soft launch has already raised about $150 million in less than twenty-four hours. This may mean good things for the cryptocurrency exchange.
Binance’ New Futures Trading Platform Hits All-Time High of $150M in Daily Trading Volume

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Source: CoinSpeaker

Vitalik Buterin Trolls Bitcoin Maximalist for Anti-Shilling Ethereum

Samson Mow, the CSO of Blockstream recently tweeted in Ethereum’s opposition. He attacked Ethereum’s scalability issue and proposed its ‘slow death’. Vitalik responded to the Mow sarcastically for proposing the Liquid Network in place of Ethereum.
Recently, Vitalik Buterin, the Co-Founder of Ethereum, had himself accepted that Ethereum network is getting clogged up. Soon the fees for transactions might become higher, and the block confirmations could take longer.
Numerous blockchains are running on Ethereum. Tether is one of the tokens, and due to its large market capitalization, and transaction volume is evidently increasing the network load. Hence, some experts are proposing a delay in development on Dapps on Ethereum. To this, Vitalik told the media
“The Ethereum blockchain has been ‘almost full for years, I think it’s still good to develop apps, but anything substantial should be developed with scalability techniques in mind…”
Ethereum is due for a significant update – Serenity, in 2020. While the exact timeline on the transition to Ethereum 2.0 is still not clear. The new protocol for Ethereum is expected to fix all scalability issues.
However, Samson Mow suggested otherwise. According to him, it is a “technological dead end.” He also proposed a shift for USDT to the Liquid Network being developed by Blockstream. Blockstream is one of the largest crypto research firms and contributors to the Bitcoin core developing group.
Liquid Network is an inter-exchange settlement platform allowing for a new way to operate financial exchanges. It is expected to comply with the new FATF travel rule.


Also Read: Telegram Picks Liquid.com For the Exclusive Token Sale of its Native Token, Gram
Vitalik’s Response
However, Vitalik did not take like the interpretation that Mow took from his statements. He refuted Mow’s claims by attacking his stand on ‘Bitcoin maximalism.’ Since Bitcoin is also facing scalability issues at the moment, Vitalik said,

You do realize that Bitcoin is also “almost full” in exactly the same way ethereum is, right?

Furthermore, on Liquid Network, Vitalik noted that it is nothing but a centralized blockchain. He trolled the project by referring to the marketing head of Clearmatics, Tim Swanson. He replied,

I’m sure @ofnumbers will be glad to hear about your support of permissioned consortium chains!
Clearmatics is working on the similar proposed design of Liquid Network since 2015. It provides for blockchain-based architecture for member-owned and governed networks to exchange value.
Public, permissionless blockchain networks are supposed to run like an open-source program. Vitalik also seemed to take a jibe on the fact that the ‘consortium’ would not adhere to the spirit of decentralized control.
Moreover, Mow has been criticized in the past for investing in an ERC-20 token. Hence, the whole issue raises more questions on his stand on Ethereum.
Furthermore, both Bitcoin and Ethereum are expecting an up-gradation in the future. The success and failure of these projects will depend a lot of their adoption. While Blockstream is a leading Research firm that is transforming the crypto space with Bitcoin at its helm, Ethereum intends to maintain its position as well.
Do you think that Ethereum would eventually give up dominance on Dapps and smart contracts to new projects? Please share your views with us. 
The post Vitalik Buterin Trolls Bitcoin Maximalist for Anti-Shilling Ethereum appeared first on Coingape.
Source: CoinGape

Coinbase Participates in $4.3 Million Funding Round of Crypto Derivatives Platform Blade

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Coinbase Participates in $4.3 Million Funding Round of Crypto Derivatives Platform Blade
Crypto derivatives platform Blade will allow users to trade its perpetual swap contracts in Bitcoin and altcoins with up to 150x leverage. Coinbase, as well as other giants, took part in this funding round.
Coinbase Participates in $4.3 Million Funding Round of Crypto Derivatives Platform Blade

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Source: CoinSpeaker

Not Only in Trading, Stablecoins Transactions Surpass Venmo – Is PayPal Next?

Reportedly, on-chain stablecoin transactions have surpassed the number of transactions on Venmo. Venmo is a mobile service owned by PayPal. In Q2 of 2019, the number of on-chain stablecoin transactions on Ethereum alone surpassed Venmo’s to transfer more than $37 Billion.
Total Transaction Volume Venmo Vs. ETH Stablecoins (TradeBlock and Etherscan)
Moreover, the increase was primarily witnessed during Q2 of 2019. Tether was put under a lot of surveillance in the past couple of months by the New York Attorney General. Nevertheless, USD-Tether transactions on the Ethereum blockchain accounted for the majority of the transactions out of the $37 Billion.
Tether was initially built on OMNI, but later the migration to Ethereum and Tron has happened significantly since the starting of this year. Furthermore, other stablecoins like DAI, TUSD, USDC, and Paxos, which follow the ERC-20 standard, also contributed to the volume.
ERC-20 Stablecoin Transaction Volume
The study accounted only for the On-chain transactions, while excluded the trading on Exchanges. Hence, by eliminating the speculative aspect of cryptocurrencies, the data reflected the authentic use of these as a medium of Exchange.
Stablecoins have received a lot of attention since the beginning of this year beginning with JP Morgan’s announcement of the JPM Coin. More recently, Walmart also filed a patent for a Walmart Coin, which will be a stablecoin as well. Facebook has also marketed its cryptocurrency, Libra, as stablecoin backed by a basket of currencies. Therefore, with retail and social media giants turning towards stablecoins is a tremendous boost for it.
Nevertheless, Venmo is a mobile payment application that is restricted in the US only. Moreover, PayPal, which is a global platform of money transfer, recorded quarterly transfers of $172 billion. The stablecoins will look to achieve this volume soon.
Do you think that stablecoins will surpass the trading volume of PayPal and Western Union in global money transfer? Please share your views with us. 
The post Not Only in Trading, Stablecoins Transactions Surpass Venmo – Is PayPal Next? appeared first on Coingape.
Source: CoinGape

Binance Jersey Launches Their Own GBP-Backed Stablecoin

Popular cryptocurrency exchange, Binance’s CEO, Changpeng Zhao has shown his “false disapproval” for stablecoins on Friday, while he called them “the worst nominal in crypto”.
Changpeng Zhao, who’s Binance exchange alternate between the top and second-largest cryptocurrency exchange by both daily trading volume and adjusted volumes took to his Twitter handle on Friday evening to made a jest of the set of assets, whose price were tagged to more stable currencies like the U.S. Dollars, declaring that they were the worst nominal in the cryptocurrency space.
However, as one may have noticed, no one better has access to the statistics relating to the individual and or collective performances of assets traded on an exchange better than the CEO himself, which would have been his major source of reference.
As the crypto billionaire made his comparisons, he compared on the grounds of asset performances against bitcoin over a period of six months. According to him, BTC price vacillated between a period of six months while the so-called stable coins had fallen against bitcoin by around 3 times within the same period, thereby concluding that nothing was stable about them.
In Zhao’s words…,
“Stable coin is the worst misnomers in crypto. There is nothing stable about it.
While 1 BTC still = 1 BTC “stablecoins” have dropped by 3x in value against BTC in the last 6 months.”
By definition, a stablecoin is one of a set of cryptocurrencies which has a fiat reserve. They are designed for a greatly reduced volatility. Sometimes, these reserves can be in the form of a bond or tradable physical assets like gold. In many cases, fiat-backed stablecoins are usually pegged to their backing fiat currency in the ratio one-to-one (1:1). In this kind of relationship, then, a single unit of the stablecoin coin has exactly the same value has a single unit of its corresponding fiat currency backing. For example, Tether(USDT) is backed by the U.S. dollar and currently trades at $1.00078 with a -0.71% 24-hour change in price.
In the meanwhile, stablecoins appeared not to be the only topic of discussion at the time. Changpeng Zhao had other important issues to discuss. He concluded that the exchange had just launched its Binance Great Britain Pounds (BGBP) on Binance Jersey. In this new system, Brits are enabled to deposit Great Britain Pounds directly on the exchange form their Jersey subsidiary.
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Source: CoinGape

Tether, Dai, Paxos take lead over Venmo as stablecoins report higher trading volume

With the market being driven by the price of Bitcoin, there are various speculations of the BTC market being manipulated by whales and others. As the users’ main focus lies with major cryptos, stablecoins are taking a lead in the competition with the payments app, Venmo in terms of transaction volumes. According to the data […]
The post Tether, Dai, Paxos take lead over Venmo as stablecoins report higher trading volume appeared first on AMBCrypto.
Source: AMB Crypto

Binance records a whopping $1 billion inflow in USDT as Bitcoin price trickles down; a major pump incoming?

Binance, one of the world’s largest exchanges, witnessed a massive inflow of USDT as much as a billion dollars [yes, you read it right, $1 billion] in Tether, which ultimately went into Bitcoin. One Billion Dollar As seen in the visualization below, approximately $1.32 billion worth of Tether was converted into Bitcoin and other cryptocurrencies […]
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Source: AMB Crypto

Binance Oficially Launches its Margin Trading Platform

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Binance Oficially Launches its Margin Trading Platform
Binance users are now able to trade some cryptos on margin, using the exchange’s newly launched trading platform. The new service is paired with the existing cryptocurrency exchange under one platform, labeled Binance 2.0.
Binance Oficially Launches its Margin Trading Platform

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Source: CoinSpeaker

Smart Leverage Tokens: A New Financial Instrument by DX.Exchange

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Smart Leverage Tokens: A New Financial Instrument by DX.Exchange
Estonia-based crypto exchange DX.Exchange, announced the launch of a completely new financial instrument called Smart Leverage Tokens or SLT’s. This way the company wants to change the leverage trading in cryptocurrency markets.
Smart Leverage Tokens: A New Financial Instrument by DX.Exchange

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Source: CoinSpeaker

Bitfinex announces dedicated buying of LEO tokens with revenue generated from its IEO platform

IEOs, the modified version of ICOs brought back by Binance was like John Hammond’s cloned dinosaurs in Jurassic Park. IEOs have RoI, which is almost similar to the ICOs and the bull run has barely begun. Binance IEO idea was soon spreading like a virus, like Bitfinex, Huobi Global, etc. Bitfinex’s IEO was a success, […]
The post Bitfinex announces dedicated buying of LEO tokens with revenue generated from its IEO platform appeared first on AMBCrypto.
Source: AMB Crypto

StockPoint: Crypto Trading Exchange Platform for Everyday Investors

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StockPoint: Crypto Trading Exchange Platform for Everyday Investors
Slovakia-based cryptocurrency trading platform StockPoint provisions such features as a user-friendly and easy to use trading schematics, reliability, security and state-of-the-art trading instruments for expert investors and crypto newbies.
StockPoint: Crypto Trading Exchange Platform for Everyday Investors

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Source: CoinSpeaker

Is $100 Million Newly Printed in Tether Moving Bitcoin [BTC] Price? – CTO Paolo Ardiono Clarifies

Tether has been under spotlight again since the past few weeks for manipulation in Bitcoin prices as the supply of Tether keeps on increasing. This has been primarily due to raising concerns that Tether is being used to manipulate the price of Bitcoin, and no real transactions are going on at the moment.
Paolo Ardiono, the CTO of Bitfinex and Tether tweeted about the $100 million in USDT that was minted on Bitfinex on 4th July 2019. According to tweet, it is primarily being performed to move the Tether from OMNI to Ethereum’s ERC-20. He tweeted,
We are getting more and more requests to swap Tether from Omni to ERC20. That’s why these Tethers got minted: https://etherscan.io/tx/0x0fc2fc3f07570328b3d86f8db29119468a429398806a8b3dd7f57add1e23563c … As you can see https://www.omniexplorer.info/search/1NTMakcgVwQpMdGxRQnFKyb3G1FAJysSfz … is growing since it is receiving Tether-Omni leg. Once the swap flow will be stable we’ll burn the excess.
The price of Bitcoin moved by around 1.5% in the subsequent hour of the new Tether. While Paolo confirmed that the excess Tether would eventually be burned, the issue with Tether continues to raise doubts about manipulation in Bitcoin price movements.
The Influx of Money to Crypto-currencies (24-hour scale) (CoinLib)
The AG of New York filed a court case against Bitfinex and Tether earlier this year, accusing the two of implementing shadow banking and falsely reporting the amount of US dollar that is backed for the amount of USDT released in the market. Nevertheless, the two firms cleared their stance in court by accepting that they operate as a fractional reserve, just like the banks.
Recently, Jesse Powell, the CEO of Kraken, a crypto Exchange, talked about the accusations of manipulation at Tether in an interview with TD Ameritrade. According to him, the retail volume is real, and since Tether is the most popular and widely used exchange medium, its volume is rising as well. Powell told the media,
“Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in,” added Powell.
However, a contrary view is held by some other parties on the issue. In an interview, Jason Fernandes of AEToken noted,
“… Sure, CEO of Kraken Exchange might be an unbiased source. But in terms of looking at Tether and believing anything that comes out of them… I would be very wary of that.” He also added, “This is a company for a long time said that they were a stablecoin and they are 100% backed. Suddenly they came out and said they were a fractional reserve currency which they never said before or apologized for the change.”
Furthermore, whenever new Tether is mined or released in the market, it is usually a precursor for an upcoming rise in Bitcoin [BTC]. As the price of Bitcoin [BTC] keeps moving up with rising interest, the traders and investors can hope that Tether and Bitfinex are legitimate.
Do you think Tether is the best stablecoin in the market? Please share your views with us. 
The post Is $100 Million Newly Printed in Tether Moving Bitcoin [BTC] Price? – CTO Paolo Ardiono Clarifies appeared first on Coingape.
Source: CoinGape

Bitcoin (BTC) Price Rally And Recent Influx of USD Directly Correlate

Bitcoin (BTC) adds 8.1 percent
USDT minting correlates with USD expansion says, Jesse Powell

Kraken CEO, Jesse Powell, is confident that there is no link between BTC prices and USDT minting. At the time of press, BTC is up 8.1 percent in the last day.
Bitcoin Price Analysis
Fundamentals
Differentiating between “true demand” and speculation is hard. Critics are adamant that crypto assets are speculative and highly volatile.
Although Bitcoin can be a perfect hedge against faltering traditional asset and increasingly embraced by fund managers, rapid price changes present a problem for conservative investors or traders. Bearing the brunt of it all is Tether Limited, the issuer of Tether, USDT.
Tether is the world’s most capitalized stablecoin. Critics say the coin is used as a tool for manipulating Bitcoin prices. For instance, coinciding with Bitcoin price surges, the Tether Treasury minted more USDT to keep up with the Stablecoin’s demand.
Explaining this unsettling coincidence and clearing any air of doubt, Will Harborne, the founder of EthFinex, said investors had “preordered batches of tethers” in anticipation of price expansion.
While Will’s explanation is plausible, Jesse Powell is against the grain, decoupling from allegations linking Bitcoin’s price rally and USDT minting. Extolling Tether’s transparency, the Kraken CEO in an interview with TD Ameritrade Network said:
“I don’t have inside knowledge of what’s happening at Tether, but I can tell you that, historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of U.S. dollars coming onto Kraken. And other exchanges would report the same. Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in.”
Candlestick Arrangements

At press time, BTC is trading 8.1 percent higher than yesterday’s close. Technically, BTC is bullish. Following the double bar bull reversal pattern of July 1st and 2nd reacting from the middle Bollinger Band, today’s candlestick may confirm demand of the last three months.
Ideally, it would be perfect if bulls build sufficient momentum to reverse losses of July 27 complete with ultra-high trading volumes surpassing those of June 26. Such a move shall confirm buyers, triggering conservative traders to initiate long positions while aiming at $15,000.
On the reverse side, even though aggressive can buy the dips with stops at $9,500, any drawdown driving prices below this minor support could see BTC crumble to $7,500 or lower in line with previous BTC/USD trade plans.
Technical Indicators
Aforementioned, June 26 bull candlestick anchors this trade plan. Narrow as it is, the bar has high trade volumes. Any recovery that will see BTC blast past June highs should ideally be with high participation level exceeding 82k.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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Source: New feedNewsBTC.com