USDT Transfers in Ethereum Up 6,000% in 2019

Tether (USDT) dominance in Ethereum is on the rise according to GlassNode, an on-chain market intelligence firm. Cumulatively, the amount of USDT transacted in Ethereum exceeds $100 billion, a 6,000% rise since early 2019. USDT is a stablecoin that is pegged 1:1 against the USD and several fiat currencies. It is officially issued by Tether Limited, a company that has links with Bitfinex, a Hong Kong-based cryptocurrency exchange.
USDT Statistics in Ethereum

#Tether adoption on #Ethereum still on the rise: $USDT cumulative on–chain volume just surpassed 100 billion USD.
That's an increase of more than 6000% since the beginning of 2019. pic.twitter.com/eoPKG9pEfq
— glassnode (@glassnode) November 19, 2019

With the shift to Ethereum, USDT transactions are now more active and even harder to track. Combined, Tether’s smart contracts have spent over 2,000 ETHs in Gas as per data from ETHGas Station. This translates to $367k paid as fees with each transaction billed at 21.1 GWei. It is over 10X more than those paid by IDEX smart contracts.
There are 562,969 USDT holders generating 11,734,646 transfers pushing Tether’s diluted market cap to $2.03 billion. Overall, the token circulating supply stands at $4.12 billion with a market cap of $4.124 billion at the time of press.
USDT Token Holders
At this rate, USDT smart contracts burn 10.49% of all Gas with average GWei fluctuating depending on supply and demand forces. When there is a noticeable rise or fall in Bitcoin prices, USDT activity tends to spike.
Tether Limited’s Objective
According to a circular from Tether Limited, the company has made headway in allowing users to send value over the blockchain without the inherent risk of volatility and complexity associated with free floating cryptocurrencies.
By rolling out a stablecoin on Ethereum and complying with the ERC-20 standard, a guide used by most fungible tokens generated on the smart contracting platform, users enjoy faster confirmation times, low transaction fees than they would have on the Omni Protocol.
ETH Falls to Third Place
Earlier, a report by Bloomberg revealed that USDT was rapidly catching up with ETH and BTC as a preferable means of payment. Statistics published by CoinPayment showed that USDT popularity surged 30% as merchants were attracted to the token’s non-volatility and low transaction fees. BTC related payment shrunk to 60% from 80% with ETH dropping to third as USDT climbed to second.
The post USDT Transfers in Ethereum Up 6,000% in 2019 appeared first on Coingape.
Source: CoinGape

How Blockchain Revolution is Driving Central Banks to Issue Crypto backed by FIAT

US Feds adds stablecoins to the list of risks of the potential risk to the financial system.
The CSO of Blockstream, Samson Mow, explains how stablecoins won’t last for long, and it will to ‘hyperbitcoinization.’
China’s push towards digital renminbi could act as the catalyst for further adoption of crypto.

In its recent report on financial stability, the Federal Reserve in the US said the economy was resilient. While rising debt is a reason for worry, there is still time before the destructive effects of rising corporate deficits will affect the economy.
Nevertheless, that does not mean that it is not prone to adversities. According to the report, low-interest rates and stablecoins pose a severe risk to stability in the future. The report concluded,
“The possibility for a stablecoin payment network to quickly achieve global scale introduces important challenges and risks related to financial stability, monetary policy, safeguards against money laundering and terrorist financing, and consumer and investor protection,”
Privately Issued Stablecoins and International Competition Leaves Little Choice
A blockchain-based currency provides for seamless, transparent, and efficient global payments. However, their application can be exploited for money laundering and other international crimes. Hence, the western governments of the world have been wary of them.
Stablecoins has become mainstream in 2019 after Facebook’s Libra announcement and China’s push towards Digital Renminbi. There are various other independent private efforts from the likes of Facebook, JP Morgan, and Walmart to issue USD backed stablecoins. Hence, the most natural path for the central banks will be issue to one of their own.
Leading crypto analyst and entrepreneur, Samson Mow talked about the current state of the stablecoins market with USDT leading the space. He said,
They’re a temporary thing. The main threat they face is from the national cryptocurrencies. How open will those national cryptocurrencies be? …But stablecoins will then have no reason to exist with a national cryptocurrency.
He also added that this would eventually lead to ‘hyperbitcoinization.’ The growth of stablecoins and national cryptocurrencies is leading the world towards an of bitcoin.
Do you agree with the analysts’ views? Please share your views with us.  
The post How Blockchain Revolution is Driving Central Banks to Issue Crypto backed by FIAT appeared first on Coingape.
Source: CoinGape

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’s ‘Death Cross’: Here’s what you need to know about Bitcoin’s pump

Bitcoin’s slump after the Bakkt announcement and another slump almost a month later was a dream come true for the shorts, but little did they know that their happy dream would turn into a nightmare soon. Yes, Bitcoin pumped a whopping 29.85% in less than 48 hours, a pump which led to the liquidation of […]
The post Bitcoin’s ‘Death Cross’: Here’s what you need to know about Bitcoin’s pump appeared first on AMBCrypto.
Source: AMB Crypto

Celsius Network Partners With Tether to Enable Users to Earn 12% Interest on USDT Deposits

In a recent update, Celsius Network has announced its collaboration with Tether (USDT). The latter boasts of a market cap worth $4 billion. 
Users Can Earn Upto 12% interest
The collaboration will allow users to easily deposit USDT in their Celsius wallet and also earn up to 12% annual interest. Moreover, the interest will be calculated daily and paid out weekly. Furthermore, users can choose to earn their interests in Bitcoin(BTC), Tether(USDT) or CEL tokens. Presently, the Celsius wallet supports 19 top currencies.
These include Bitcoin(BTC), Ethereum(ETH), Litecoin, etc.  Also, USDT has been added as a supported currency for the Celsius retail loan product. This, in turn, allows users to use the collateral of other digital assets they hold and borrow USDT with interests as low as 3.46% Annual Percentage Rate (APR). Furthermore, Celsius has recently decreased loan minimum of $1,500, thus making the loans more accessible to the public. 
From the COO’s Desk 
“We are excited to increase the utility and attractiveness of USDt for our users and our community. “We are always looking for ways to improve our product offerings for the benefit of our community, and this partnership with Celsius is a great use case.”
said Tether CTO, Paolo Ardoino,
At Celsius, we’re working toward mass adoption of cryptocurrencies by instilling confidence in crypto holders and providing financial services at rates unmatched by any bank or crypto alternative. Stablecoins, such as USDt, allow crypto holders to keep their funds in crypto, allowing for frictionless trades, while sidestepping the market’s lows and highs.”
said Alex Mashinsky, CEO of Celsius Network.
A look At Celsius Network’s Developments 
Celsius network has helped foster over $2.2 billion of coin loans since July 2018. Also, it has over $350 million in Assets Under Management (AUM) passed in customer deposits and collateral from loans under management. Furthermore, the network has distributed funds worth $4 million in interest payments. The firm has successfully managed to have great earnings in Bitcoin(BTC) and Ethereum (ETH) and has returned up to 80% of its revenue to depositors. 
Celsius Network Receives Backlash From Crypto Twitter
In a recent tweet, Alex Mashinsky, the founder of Celsius Network claimed that the Celsius Network was bigger than” ALL DeFi put together”. The comment wasn’t received too well by crypto Twitter who criticized Mashinsky for his “shallow move” and told him that his claim was wrong.  Citing the example of Maker, a decentralized lending facility built on the Ethereum blockchain, he said that the Celsius Network was giving back 80% of what it received to the community, while DeFi projects including Maker were keeping 50% of their earnings for themselves. With a rhetorical question, he suggested that DeFi was not acting in the best interests of the users.
The post Celsius Network Partners With Tether to Enable Users to Earn 12% Interest on USDT Deposits appeared first on Coingape.
Source: CoinGape

Binance to Introduce First Fiat-Crypto Trading Pair with Russian Ruble

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Binance to Introduce First Fiat-Crypto Trading Pair with Russian Ruble
Binance CEO Changpeng “CZ” Zhao announced that they are preparing for launching fiat options, including the Russian ruble.
Binance to Introduce First Fiat-Crypto Trading Pair with Russian Ruble

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Source: CoinSpeaker

Tether’s migration from Omni to ERC-20 protocol reaches near completion

USDT, the leading stablecoin in the cryptospace, has a market dominance of over 90%. And, since it is one of the primary sources of liquidity on a majority of the exchanges, it has shot its daily trading volume above Bitcoin in recent times. The stablecoin this year decided to move from the Bitcoin-focused Omni-protocol to […]
The post Tether’s migration from Omni to ERC-20 protocol reaches near completion appeared first on AMBCrypto.
Source: AMB Crypto

Tether more transparent than most banks: VanEck’s Gabor Gurbacs

Recently, Gabor Gurbacs, Director at the investment management firm VanEck, posted a tweet in support of the popular, but controversial stablecoin pegged to the U.S. Dollar, Tether. This tweet comes just one day after Tether became the subject of a class action lawsuit, one alleging that the stablecoin caused $1.4 trillion in damages to the […]
The post Tether more transparent than most banks: VanEck’s Gabor Gurbacs appeared first on AMBCrypto.
Source: AMB Crypto

Lawsuit Claims Bitfinex and Tether Manipulated the ‘Largest Bubble in Human History’

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Lawsuit Claims Bitfinex and Tether Manipulated the ‘Largest Bubble in Human History’
While the plaintiffs claim that it would be “premature” to calculate damage inflicted by Tether and Bitfinex, they have estimated that the defendant’s liability likely surpasses a whopping $1.4 trillion.
Lawsuit Claims Bitfinex and Tether Manipulated the ‘Largest Bubble in Human History’

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Source: CoinSpeaker

Bitfinex and Tether are Expecting Another Lawsuit for Market Manipulation

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Bitfinex and Tether are Expecting Another Lawsuit for Market Manipulation
Citing the possibility of engaging in yet another legal lawsuit, Tether and Bitfinex launch a pre-emptive strike on an unknown study claiming complete innocence in the matter.
Bitfinex and Tether are Expecting Another Lawsuit for Market Manipulation

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Source: CoinSpeaker

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

Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?
Research and analysis reveal that Tether could be the world’s most used cryptocurrency for months now because its daily and monthly trading volumes surpass those of Bitcoin by far.
Could Tether Be the World’s Most Used Cryptocurrency Ahead of Bitcoin?

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Source: CoinSpeaker

Binance Staking Platform Launched for 8 Cryptocurrencies

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Binance Staking Platform Launched for 8 Cryptocurrencies
Binance has launched its staking platform that enables users to earn dividends or interest on their digital assets just for depositing them on the platform.
Binance Staking Platform Launched for 8 Cryptocurrencies

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Source: CoinSpeaker

Crypto Exchange Giant Binance Finally Launched US Trading

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Crypto Exchange Giant Binance Finally Launched US Trading
Today, on September 24, crypto exchange giant Binance has announced the launch of its arm in the U.S. market. Binance.US is finally opened.
Crypto Exchange Giant Binance Finally Launched US Trading

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Source: CoinSpeaker

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.
The post Token Swap: Tether Announces Token Burn Of Over 400 Million USDT appeared first on Coingape.
Source: CoinGape