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 […]
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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, […]
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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

Bitfinex Has Relinquished a $100 Million of its Loan from Tether

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Bitfinex Has Relinquished a $100 Million of its Loan from Tether
Following the 2016 cyber attack on top cryptocurrency exchange – Bitfinex, that brought about its loss of $700 million Customer funds. The number one Asian crypto trading platform claims to have relinquished part of its loan from Tether.
Bitfinex Has Relinquished a $100 Million of its Loan from Tether

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Source: CoinSpeaker

Bitfinex repays $100 million loan to Tether before due date

Bitfinex, one of the world’s top cryptocurrency exchanges, has announced that it has repaid the $100 million loan it had received from Tether, a company, closely associated with Bitfinex. In a recent blog, Bitfinex said, “Bitfinex is pleased to announce that on July 1, 2019, it repaid $100,000,000 of the outstanding loan facility to Tether. […]
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Source: AMB Crypto

Binance Joins Forces with Paxos for a New Deposit Gateway

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Binance Joins Forces with Paxos for a New Deposit Gateway
Binance and Paxos have entered a collaboration to integrate a new deposit gateway on Binance.com. It will significantly facilitate fiat-to-PAX exchanging procedures.
Binance Joins Forces with Paxos for a New Deposit Gateway

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Source: CoinSpeaker

Tether continues to dominate money flow into Bitcoin as the U.S Dollar follows suit

Bitcoin’s spectacular surge has been the talk of the town, with many analysts and researchers expecting the cryptocurrency to climb to even greater all-time highs. According to a recent analysis, the real reason for Bitcoin’s climb can be attributed to cryptocurrency traders and maturing market fundamentals, and not the introduction of Facebook’s cryptocurrency, Libra. Mati […]
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Source: AMB Crypto

Bitfinex acts as a ‘gateway’ between USDT-ETH and USDT-Omni, clarifies Bitfinex’s Paolo Ardoino

Bitfinex and Tether have always been at the center of speculation and rumor. Whether it was during Bitcoin’s rise back in 2017, or present-day, the two have been closely scrutinized by users. Recently, Tether’s CTO, Paolo Ardoino, tweeted a thread about Tether being sent back-and-forth between Bitfinex and Tether on Omni and Ethereum blockchain. Ardoino’s […]
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Source: AMB Crypto

Bitcoin briefly scratches the $13,000 ceiling on Binance, less than 3 hours after shattering $12,000

Bitcoin has been on a roll since it broke the $6,000 barrier. After breaching the massive psychological resistance at $10,000, it hasn’t stopped since. Earlier today, Bitcoin did something similar as it broke the $12,000 mark, 4 days after breaching the $10,000 level. However, the ascent from $12,000 to $13,000, although not permanent, happened faster […]
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Source: AMB Crypto

Tether tops the list on institutional usage despite ongoing backing irregularities

No matter which way you look at it, Tether will always occupy center stage while Bitcoin is in the limelight following its price surge. With the collective community noticing a trend in the market capitalization of USDT and the price rise of BTC, coupled with the slew of controversies surrounding the stablecoin, one key part […]
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Source: AMB Crypto