Circle’s USD Coin (USDC) Market Cap Tumbles Below $50 Bln, Here’s Why
Circle’s USD Coin (USDC) market cap continues to tumble below $50 billion as whales lose confidence in the stablecoin and exchanges delist USDC amid censorship risks. After the Terra-LUNA crisis and liquidity crisis, some believed the USDC stablecoin will dethrone Tether (USDT). However, the market cap has declined from a high of $55.90 billion in The post Circle’s USD Coin (USDC) Market Cap Tumbles Below $50 Bln, Here’s Why appeared first on CoinGape.
Tether: Bitcoin inflation probe takes new turn; can USDT withstand the pressure
Tether [USDT] seems to have returned to hitting the rocks. In a new development, a New York court ordered Tether to provide its financial records to prove its innocence in a case that saw it cost crypto traders over $1 trillion. In 2019, several crypto traders joined hands and prosecuted Tether and Bitfinex, its partner […]
Is Tether caught in a FUD fiasco? WSJ report could give you a clue
Tether [USDT], one of the largest stablecoins by market cap, has been dominating the stablecoin space for quite some time. Even though Tether is crowned king of the stablecoin space, it has seen a lot of turbulence over the last few years. And, recently it had to fight off allegations made against it in the […]
Tether Makes $1 Bln Swap To Support The USDT Peg, Here’s How
Tether announced on Thursday it will coordinate with a third party to perform a chain swap for raising more than 1 billion USDT while keeping the total supply the same. Tether plans to use Tron TRC20 for the swap. The decision came as the USDT plunged to 0.95, destabilizing its Dollar peg. Just after Tether, The post Tether Makes $1 Bln Swap To Support The USDT Peg, Here’s How appeared first on CoinGape.
Tether (USDT) Daily Unique Addresses Hit 2022 Highs, What It Means For Crypto Markets
A key measure of trade for top stablecoin Tether (USDT) hit its highest level this year, indicating an elevated level of demand. The data could imply two potential scenarios for the crypto industry, based on USDT’s role as a trade facilitator and as a safe haven. According to data from crypto research firm Santiment, daily The post Tether (USDT) Daily Unique Addresses Hit 2022 Highs, What It Means For Crypto Markets appeared first on CoinGape.
Tether And The City Of Lugano Presented Its “Plan B.” What Did We Learn?
The City of Lugano in Switzerland, the most important Italian-speaking city outside of Italy, is not playing around. The goal of their “Plan B” is to “make Lugano the blockchain hub for the entire Europe,” according to Tether’s Paolo Ardoino. And it will probably succeed. The city wants to attract investment and talent, attract wealth and smart minds, and they’re putting their money where their mouth is. Why do they have to brand their plan using bitcoin’s name, though? In NewsBTC’s previous a
The city of Lugano will accept Bitcoin, Tether and LVGA token as 'de facto' legal tender
Residents of the Switzerland city will be able to pay taxes, parking tickets, public services, and tuition fees using crypto. Switzerland’s southern city of Lugano plans for many local businesses to accept some cryptocurrencies as ‘de facto’ legal tender as part of a partnership with Tether.Speaking at the city’s Plan B event on Thursday, Tether chief technical officer Paolo Ardoino said the firm had set up a 3 million-Swiss franc fund in collaboration with Lugano officials t
Swiss city of Lugano to pay taxes in crypto via Tether partnership
The ultimate goal is to accept crypto for payment of all goods and services in the city of Lugano, the city administration said. The city of Lugano, the economic capital of Italian-speaking southern Switzerland, is adopting cryptocurrencies for tax payments as part of a new collaboration with the provider of Tether (USDT) stablecoin.Tether Operations Limited, the blockchain-based platform that powers USDT, the world’s largest stablecoin by market capitalization, has signed a
Ukraine Turns To Crypto: Factors Behind The Trend
Ukrainian citizens are fleeing to crypto as a result of the ongoing Russo-Ukrainian war, or what The Washington Post called “the world’s first crypto war”. There is nothing more expensive than war. In terms of money, it can lead economies to crumble; and in terms of humanity, it can open deep cracks in history. As […]
Here’s a clever options strategy for cautiously optimistic Bitcoin traders
Pro traders often use the risk reversal options strategy to hedge their bets and profit in the case of an unexpected rally. Bitcoin (BTC) entered an upward channel in early January and despite the sideways trading near $40,000, order book analysts cited "significant buying pressure" and noted that the overall negative sentiment might be heading towards exhaustion.Bitcoin/USD price at FTX. Source: TradingViewIndependent analyst Johal Miles noted that BTC's price formed a bulli
Data Shows Ruble-Denominated Crypto Trading Has Spiked, RUB Represents Over 2% of USDT Trades
According to reports and data stemming from ruble-denominated crypto trading pairs, Russian citizens are flocking toward cryptocurrencies amid the conflict in Ukraine. Analytical data indicates that the ruble is the sixth most traded pair with tether and tether’s fourth most traded fiat-denominated pair globally excluding two crypto assets. Report Highlights Russian Rubles Pouring Into Tether, […]
Ukraine Now Takes Polkadot, Says It Will Accept Other Coins Soon
Having already raised millions of dollars in major cryptocurrencies like bitcoin, Ukraine is now receiving donations in polkadot as well. The country intends to expand the list of accepted coins as it increasingly relies on help from the crypto community to fund its defense against Russia. Ukraine Posts DOT Address, Receives First Polkadot Donations In […]
2 key derivatives metrics signal that Bitcoin traders expect BTC to hold $40K
The entire crypto market is green today, and derivatives metrics suggest that BTC's bullish reversal will flip $40,000 back to support. Whenever Bitcoin (BTC) fails to break through important resistance levels, traders gain confidence and add to their altcoin positions. The logic is that, unless BTC drops significatively, these movements historically provide decent rewards for those shifting their portfolios toward higher risk.Bitcoin/USD at FTX. Source: TradingViewIn the pa
USDT records new all-time high against Russian ruble as inflation hits
As an immediate countermeasure against the rising inflation of its fiat currency, the Russian central bank doubled key interest rates on Feb. 28, from 9.5% to 20% U.S. dollar-pegged stablecoin Tether (USDT) witnessed a spike of over 30% in five days against the Russian ruble — highlighting the negative and immediate impact of the ongoing war on the traditional financial system.Data from Cointelegraph Markets Pro and crypto exchange Binance show that the ruble (RUB) is undergo
Central Bank of Ukraine Suspends Electronic Cash Transactions, Will It Boost Crypto Prices?
One of the most recent steps adopted in line with a statewide proclamation of martial law is a crackdown on digital money transactions by Ukraine’s central bank. And, as Ukraine tightens restrictions on cash-transfer routes and Moscow unleashes airstrikes and ground forces, some Ukrainians resort to cryptocurrency. The National Bank of Ukraine has ordered that The post Central Bank of Ukraine Suspends Electronic Cash Transactions, Will It Boost Crypto Prices? appeared first on CoinGape.
Just-In: Crypto Demand Skyrockets In Ukraine After Cash Transfer Suspension
Ukrainian citizens were seen piling into crypto after the central bank suspended electronic cash transfers this week, as fighting with Russian forces spread into the capital Kyiv. With foreign exchange trade also blocked in the country, this has seen citizens seek dollar alternatives in crypto. 10% Premiums On Crypto Exchanges Data from popular Ukrainian crypto The post Just-In: Crypto Demand Skyrockets In Ukraine After Cash Transfer Suspension appeared first on CoinGape.
Crypto Biz: Stablecoins are serious business, Feb. 17–24
The stablecoin market continues to grow and diversify: Circle's USDC, Tether's USDT and Terra's UST all made headlines this week. Stablecoins used to be a sort of taboo subject in the crypto community after it became common practice to criticize Tether’s reserve backing. Are you really a seasoned crypto investor if you haven’t gone down the Tether (USDT) rabbit hole? Some of those concerns were finally quelled in May 2021 when Tether passed an assurance test by disclosing it
Altcoin Roundup: Stablecoin pools could be the next frontier for DeFi
The days of 4,000% APY on DeFi liquidity pools could soon be replaced by safer, lower-yielding stablecoin-denominated pools. In times like these, when the entire cryptocurrency market is down and there is nary a sector-wide runup to be found, traders have to dig into data to see how the market dynamics may have changed to pinpoint signs of new growth. Stablecoins are the newest trend to emerge in the decentralized finance (DeFi) arena due to the resiliency they bring to the s
CNBC host boldly reveals he sold his BTC amid depths of bear market
CNBC’s Jim Cramer has sold off almost all of his BTC holdings, predicting bearish fundamentals will suppress Bitcoin’s price for the foreseeable future. Jim Cramer, the host of CNBC’s Mad Money, announced he has liquidated nearly all of his Bitcoin (BTC) holdings. Speaking on June 21 during an interview with CNBC’s Squawk Box on the Street, Cramer asserted that BTC is ”not going up because of structural reasons,” highlighting China’s renewed regulatory clampdown.Cramer stated
Stablecoin inflows to exchanges dip as traders watch Bitcoin from the sidelines
Stablecoin inflows to exchanges tapered off as investors turned bearish on Bitcoin, but a surge in USDC minting could be a signal of upcoming regulation. The growth of stablecoin's market cap and circulating supply has been one of the best indicators for attaining a general pulse on how participants in the market are feeling during bullish and bearish times.Monitoring the Tether (USDT) treasury for large issuances was a common tactic used by analysts and traders to position t