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Tether (USDT) Dominates with Transaction Volume of Over $600 Billion

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Tether (USDT) staged an unprecedented run in the last 30 days to a 20% increase in volume to reach the cumulative transaction volume of the stated amount.

Tether (USDT) has emerged as one of the most engaging digital currencies recording a cumulative transaction volume of over $600 billion, putting it in a better position to rub shoulders with Bitcoin. Tether (USDT) staged an unprecedented run in the last 30 days to record a 20% increase in volume to reach the cumulative transaction volume of the stated amount.

The positive run of Tether (USDT) does not end in its cumulative transaction volume, but also, its circulation. The digital asset has tripled its circulation from 4 billion at the beginning of the year to a current figure of near 16 billion.

According to CoinMarketCap and Coingecko, Tether has an average daily transaction volume of around $35 billion ahead of the $20 and $25 billion average transaction volume of Bitcoin. A critical examination of the metrics reveals that the world’s most popular stablecoins have commanded massive control over the market. According to the reports, more than 70% of the trade volumes on the various exchanges were all about USDT pairs. This is a massive improvement compared to the 2017 statistics where Tether (USDT) only contributed a smaller percentage to the total trade volume with Bitcoin recording over 50% of the share.

The CTO of Tether (USDT) Paolo Ardoino commented on the recent performance, stating that Tether (USDT) has proven to be one of the best-trusted assets in the cryptocurrency industry. The Bloomberg’s Crypto Outlook Report for the 4th Quarter of 2020 captured an interesting prediction on Tether (USDT) overtaking Ethereum to become the second most ranked coin by market capitalization. Having cited the steady rise of the Tether (USDT) market cap from 2017 with just one massive dip in 2018, the report revealed that Tether will displace Ethereum from its current position by 2021.

According to Skew, an analytics provider, the futures contracts based on Tether (USDT) are currently rubbing shoulders with BTC margined contracts daily. The likes of USDC, TUSD, PAX, and others have experienced their fair share of the rise.

Some Possible Reasons for Tether (USDT) Growth

Because the growth accelerated so much in 2020, it is safe to link its reason to the global pandemic. The introduction of relief packages such as FED inducing close to $6 trillion to prevent economic regression and to help citizens recover from the impact of the virus has had a positive effect on stablecoins.

Also, the fear that various risky cryptos may crash due to the global pandemic caused investors to convert those assets to a USD pegged stablecoin or fiat. Other analysts also associate the growth of stablecoins to the ongoing court case with the New York Attorney General on the decision to back digital dollars. The adoption rate of stablecoins has been spectacular in recent times with the rate expected to increase as governments are exploring the possibilities of adopting Central Bank Digital Currencies.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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Tesla’s Elon Musk and Twitter’s Jack Dorsey Engage in Banter on Social Media Regarding The B Word Event

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The humorous banter resulted in Dorsey inviting Musk to an open B word event stating that he can have all his “curiosities” sorted there.

Twitter and Square CEO Jack Dorsey was seen endorsing Bitcoin in a recent tweet that attracted the attention of Tesla‘s Elon Musk which resulted in a humorous Twitter banter about the B Word event to destigmatize bitcoin trading.

Jack Dorsey tweeted in response to an event hosted by B Word Initiative, an organization that works to streamline the importance of cryptocurrency in the domain of digital financing and aims to “destigmatize allegations and doubts against crypto and BTC trade.”

The tweet propagated Dorsey’s inclination towards crypto and stated how many international companies and organizations have been experimenting with crypto transactions. He further invited the audience on Twitter to a B Word event where an open talk regarding crypto was scheduled to take place. The tweet was able to capture the attention of Elon Musk who responded by stating “bicurious” in the comments with a sense of cheekiness. This incited a funny comeback from Dorsey’s side which included an open invitation for Musk to attend the B Word event.

Elon Musk and Jack Dorsey to Have Engaging Conversation on The B Word Event

The humorous banter resulted in Dorsey inviting Musk over an open B word event stating that he can have all his “curiosities” sorted there. Musk further responded to Dorsey with a chuckling response that instigated the witty exchange between the two CEOs.

Previously Elon Musk had announced in May that Tesla will not accept any Bitcoin for car purchases citing the reason for increased carbon emissions occurring due to bitcoin mining. Musk’s announcement in may had resulted in falling of BTC prices however he resumed BTC services shortly after the open declarations and advised miners to use renewable energy sources to mine Bitcoin. The recent exchange between Musk and Dorsey expresses that Bitcoin still is a topic of interest for both of them.

Dorsey’s tweet following Musk’s response went viral in due course where Musk was later seen commenting on “pure gold” on Dorsey’s “Let’s talk” comment which enabled the Twitterati’s to suspect an ambiguous mention of Peter Schiff in the post thread, who actively propagates investment in gold as a profitable alternative to Bitcoin.

Dorsey, being an active proponent of BTC, was recently seen inviting Elon Musk over a “chat” on a B Word Show on Twitter. This B Word initiative is a premium platform that assists in making people realize the growing value of BTC and other crypto variants. The initiative intends to “destigmatize” the doubts surrounding cryptocurrency and make it more mainstream for people to have access to and create more awareness regarding BTC mining and trading activities.

Musk and Dorsey’s impromptu Twitter jest resulted in Dorsey actively approaching Musk, and having an immersive conversation on how institutions and organizations can embrace Crypto trade and adapt the growing BTC mining as a prospective future currency.

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Juhi Mirza is an archaeological major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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Priority Queue for CoinList Token Sales Revealed

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According to CoinList, the Priority Queue is a scheme that seeks to reward validators, stakers, miners and other registrants, and other people who could have helped with the growth and success of the token.

The Priority Queue for CoinList imminent token sales has been revealed by the company. The Priority Queue is an invite-only queue that consists of invitees with a higher chance of securing an allocation over the normal or regular invitees, even though allocation is not automatically guaranteed. The Priority Queue will also be significantly shorter than that of the main token sale queue (which reportedly will be hundreds of thousands) and will run in parallel to the main queue

According to CoinList, the Priority Queue is a scheme that seeks to reward validators, stakers, miners and other registrants, and other people who could have helped with the growth and success of the token. Most of these people are normally turned away in a token sale by missing out on an allocation. “This is a lost opportunity for token networks seeking to grow strong communities,” CoinList stated in an official statement on their website.

“To address this, we’re rolling out a Priority Queue feature that allows token networks to give priority to their core group of contributors as well as to CoinList community members, who have demonstrated a long-term commitment to token networks,” the statement reads.

According to CoinList, the Priority Queue invites for CoinList community members are based on a points system that recognizes value-add activities. The greater your contributions are to token networks on CoinList, the more points you earn. However, not all users will receive an invite to the Queue. “At this time, we’re limiting invites to those with the most points so that the Priority Queue is less than 1% of the total number of sale registrations,” the statement said.

According to CoinList, their Value-add activities fall into three categories or tiers, with Tier 1 weighing the most points, while tier 3 yields the least. To be in the Tier 1 class, an invitee would have to have participated in a validator/miner/grant program or a hackathon on CoinList.

Tier 2 users would have to have participated in early CoinList token sales (before 2021), worklocks, lending programs, and staking whiles Tier 3 consists of users that have traded on CoinList through CoinList.co, CoinList Pro, CoinList Mobile app, OTC, and WBTC conversion.

CoinList added that they will continue to improve on the Priority Queue and plans to add more features to the points system as time goes on as the firm will get to learn about what works best for the token network teams and their sale participants.

Read more news from the crypto industry here.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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Chainalysis Raises $100 Million at $4.2 Billion Valuation

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As outlined by Chainalysis, the latest cash injection will be used to deepen its data advantage by covering more cryptocurrencies, and focusing on emerging niches including decentralized finance (DeFi). 

Blockchain analysis company Chainalysis has announced the completion of its Series E funding round in which it secured an additional $100 million from investors. According to the official announcement Chainalysis, the Series E funding round was led by Coatue and brings the company’s total valuation to $4.2 billion.

As revealed, previous backers including Benchmark, Accel, Addition, Dragoneer, Durable Capital Partners, and 9Yards Capital added to their stake in the company. Accordingly, the funding round also saw participation from other investors including Altimeter, Blackstone Group Inc (NYSE: BX), GIC, Pictet, Sequoia Heritage, and SVB Capital.

The use of blockchain technology and its attendant innovations particularly cryptocurrencies is growing. While there has always been a sustained retail adoption of the emerging monetary innovation, institutions are beginning to show interest in the growing asset class. However, the rate of adoption is marred by the lack of transparency in using Bitcoin (BTC), and other altcoins, as well as the potential risks of being used for illicit transactions. These fears are compounded by regulators, who often warn against the integration of this tech.

Chainalysis is building the technology to allay the fears of usage of crypto on the part of investors, and to aid regulators to track illicit transactions accordingly. The company is building compliance software that enable government agencies and private sector businesses across the world to detect and prevent cryptocurrency crime and money laundering. The invaluable nature of Chainalysis’s product has drawn in over 300 clients, spanning both government, businesses, and general crypto users.

“Chainalysis’s data platform is core infrastructure which helps to create a safe and thriving cryptocurrency market,” said Kris Fredrickson, Managing Partner at Coatue. “As cryptocurrency adoption grows, we believe that financial institutions, government agencies, and cryptocurrency businesses will increasingly deploy Chainalysis’s platform to make important decisions – from figuring out the best way to dismantle the operations of a threat actor to deciding which new cryptocurrency products are likely to drive the most demand.”

Chainalysis to Build Out and Focus on Its Expansion Following the Funding Round

As outlined by the company, the latest cash injection will be used to deepen its data advantage by covering more cryptocurrencies, and focusing on emerging niches including decentralized finance (DeFi).

Additionally, it noted the readiness to develop collaboration tools in its suite of software solutions so that public and private sector teams can work together from the same data set with a consistent, shared understanding. The firm is also seeking to provide direct access to Chainalysis data through APIs so that government agencies, financial institutions, and cryptocurrency exchanges can combine Chainalysis data with information from within their enterprises to make better decisions.

Beyond the product development, the company says it will hire hundreds of positions to promote its global expansionary drive. In all, Chainalysis is set to foster the speedy embrace of crypto and blockchain through the provision of data that can help eliminate threats in all forms.

“The future of finance and national security will be based on blockchain data-driven decisions,” said Michael Gronager, Co-founder and CEO, Chainalysis. “We’ve harnessed the transparency of blockchains to provide actionable insights into markets, threats, and business opportunities.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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