Tag: Cryptocurrencies Market

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Crypto News

Tether (USDT) Raises Concerns Of Market Manipulation As It Transfers $50 Million To Bitfinex

One of the top 10 cryptocurrencies, also referred to as a stable coin in the crypto-verse, Tether (USDT) recently issued $50 million in USDT, that, as reported by the OmniExplorer, Tether transferred to Bitfinex, one of the leading cryptocurrency exchange platforms in the world, on August 11th, 2018, at 11 AM UTC.

That prompted the cryptocurrency enthusiasts to claim that Tether is once more engaged in cryptocurrencies market manipulation. The people have also said that Tether often issues more USDT coins when the crypto market is going bearish.

The allegation of manipulation came up because of John Griffin and Amin Shams, two investigators at the University of Texas. The investigators released an article titled “Is Bitcoin really Un-Tethered?” The paper discusses how Bitfinex is using Tether to purchase Bitcoin on other crypto exchanges and especially when the Bitcoin (BTC) price is falling sharply in the market.

That is not the first time when Tether (USDT) raises concerns and gets accused of market manipulation

A comprehensive 3-page release was launched in June as a result of Freeh, Sporkin & Sullivan LLP investigation on Tether (USDT). This company has been granted complete access to Tether’s bank information together with information regarding the number of employees who actually own a part of the company’s shares.

This transparency was required when they uncovered a whopping $7 million, higher than what was recorded in a spot check of the Tether’s bank accounts.

Changpeng Zhao, the CEO of Binance, the world’ s leading cryptocurrency trading platform, recently expressed his worries regarding the Tether (USDT) cryptocurrency. In his opinion, Tether only profits from its trading portals. He also thinks the company is afraid of being shut down, and for this reason, they do not divulge their bank details.

Also, Charlie Lee, the founder of Litecoin (LTC), frequently stated that as its tokens are dollar-backed, Tether purchases cryptocurrency using these USDT tokens.

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Crypto News

Joao Amoedo, Presidential Candidate Of Brazil, Thinks Cryptocurrency Can Be A Viable Payment Method

Joao Amoedo, presidential candidate of Brazil, for the New Party, has expressed that a cryptocurrency like Bitcoin (BTC) can be a viable payment method in the country, as long as there is a regulation that supervises its use. The information was presented in an interview the candidate gave to a local media in recent days.

According to Amoedo, Bitcoin (BTC) should receive the same regulatory treatment as a fiat currency like the US Dollar, which could be a very controversial issue for the Bitcoin (BTC) community.

It must be made clear that the country [Brazil] has only one national currency, the currency which is legal tender, that is to say, the currency which the persons are obliged to accept as the real currency (…) Also, there are restrictions on the use of the US Dollar for payments and as an account currency, which should be the same for any other foreign currency, including cryptocurrency.

Joao Amoedo

At this moment, there is no regulatory framework regarding cryptocurrency use in Brazil

Currently, no legal framework regulates the use of cryptos in Brazil, despite the debates in Parliament on blockchain technology. The presidential elections to which Amoedo would be running are scheduled to be held in October, and his proposals could only materialize if he is elected.

Amoedo was very open to distributed ledger technology, believing that it could significantly reduce bureaucracy in public institutions by integrating it into real estate registration, document authentication, and electronic signature recognition.

Joao Amoedo also praised the advances in digital identity made thanks to blockchain technology, as well as its application in the supply chain, data transparency, and voting systems.

Since 2015, there has been a conflict between banks and cryptocurrency exchange operators in Brazil, which has led to the closure of some bank accounts belonging to a few exchange platforms and the subsequent reactivation of some of these blocked accounts.

Regarding this conflict, the Brazilian presidential candidate claimed not to have a specific position. In fact, Amoedo believes that the more competition there is in the cryptocurrencies market, the better it is.

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Crypto News

Cryptocurrencies Market Still Allows New Investors To Come In

While some investors hop into the cryptocurrencies car every day, many others are disheartened by the present market environment. The cryptocurrencies market has expanded tremendously in the last few years. There is the perception that the investors who adopted Bitcoin (BTC) and other cryptos while they were low in value some years ago are the cryptocurrencies billionaires we see today and in some ways, it is too late for the new entrants to be as successful as the other had been.

Many would like to benefit from what old-school cryptocurrency investors are experiencing right now, but the thought of purchasing Bitcoin (BTC) coins while traded at the $7,400 level turns into a challenge, leaving a lot of “potential” investors out in the cold while the stock continues to scream “go ahead.”

The Bitcoin (BTC) affair is a significant asset to potential traders who are afraid to take the plunge, as the cryptocurrencies, as many experts believe, will not reach a new all-time high. While this may be correct, some others cryptocurrencies market’s analysts have also forecast that the BTC will increase more than last year.

Cryptocurrencies market still has the potential for growth, so it’s not too late to invest in cryptos

Regardless of what any crypto specialist might be thinking, the cryptocurrencies market is a long way off, and it still has plenty to give to potential new investors. It’s not unreasonable to invest in cryptocurrencies, and there are a few reasons to do it.

Even though the Bitcoin (BTC) price has dropped to an all-time low since the start of the year, it continues to increase by over 800% from the price level it was trading at in late January 2017.

While Bitcoin (BTC) and other significant cryptocurrencies are traded at a higher level than 2017, there are also a number of high-impact currencies that are potentially impactful at a lower price and could be ideal for your wallet.

Diversity within the cryptocurrencies market is nothing new, and it certainly boosted many cryptocurrency investors to gain additional revenue when the large cryptocurrencies are not running smoothly.

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Crypto News

CoinMarketCap Reconditions Trading Volume Lists In Response To Biased Volume Disputes

The cryptocurrencies prices tracker and trade classifier site, CoinMarketCap.com, is making significant changes to its method for listing trades, in light of concerns about biased trading volume information, according to an official announcement.

As of July 16th, the site has eliminated the minimum volume requirements it had been using to limit the number of exchanges listed. According to CoinMarketCap, this represents the first step, among others, to be introduced gradually to address widespread concerns about the integrity of trade volume figures in trade.

While the CoinMarketCap site’s officials say the portal transparently aggregates volume data based on access to exchange APIs, they recognized that several factors are emerging that may compromise the data accuracy.

These include a new “mining transaction fee” model, recently adopted by some exchanges, which reimburses transaction fees in the form of native exchange tokens. As CoinMarketCap points out, this can increase volumes, making it profitable for users to switch back and forth to accumulate more tokens, a phenomenon that is complicated if bots are used to automate the process.

CoinMarketCap reconditions trading volume lists in response to biased volume disputes

The website also mentions the deficient fee models that are used to encourage commerce, noting that they often fluctuate and can be staggered by account type and transaction volume, a variable that remains opaque both to CoinMarketCap and to users who consult their data.

Finally, the site notes that artificial volumes and so-called “laundry trade” are still ubiquitous in certain exchanges, which often rely on “market creation services or bots” to exchange native tokens for the sole purpose of maintaining a minimum volume level.

Recognizing the “complexity” of the problem, the CoinMarketCap’s officials have begun to introduce more ways for users to filter volume data and take into account variations in tariff models or other parameters. The site will soon add new metrics, such as 7-day and 30-day listings, to allow for better assessment of volume consistency.

In January, the site made a controversial choice to remove South Korean exchanges from its lists at a time when the Korean “cryptocurrency frenzy” was causing a significant increase in the price of specific crypto coins, skewing the average figures for the site.

The recently redesigned CoinMarketCap website has experienced astronomical growth, reporting more than 60 million unique visits this year, up until May.

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Crypto News

Bitcoin (BTC) And Cryptocurrencies Market Could Significantly Surge In 2019

It looks like the series of negative news about Bitcoin (BTC) as well as other cryptocurrencies is gradually fading away, exposing a positive environment surrounding the cryptocurrencies market.

During the last week, the Bitcoin (BTC) prices, along with those of the other cryptocurrencies, have soared slightly, particularly when measured against previous values against the US Dollar. Notwithstanding the obvious cryptocurrencies market boom of December 2017 and the sharp decline as we moved into 2018, which continued in February, the cryptos showed a slight recovery during recent months.

Some cryptocurrencies market analysts who examine the ongoing market boom think there are a number of reasons for the recent upturn. First, the alternative cryptocurrencies, the so-called altcoins, are gaining a higher degree of freedom from Bitcoin (BTC) and the fluctuations in its price.

Bitcoin (BTC), along with the other cryptocurrencies on the market, will significantly surge in 2019

We have recently noticed that a lot of altcoins are slightly diverging from the behavior of Bitcoin (BTC) within cryptocurrencies market. Commonly, when Bitcoin (BTC) is surging within the cryptocurrencies market, the rest of altcoins, such as XRP (XRP), formerly known as Ripple (XRP), and a few others, surge similarly.

Meanwhile, the analysts are forecasting that the cryptocurrencies market could be heading for a lockdown in the upcoming weeks. If you plan to invest, some experts have advised you to make a long-term investment, instead of putting money on the short-term.

Bitcoin falling to around $6,600 on July 5th was probably the lowest point of the year, but its price will continue to rise and will probably reach a peak of around $15,000 by the end of this year. Cardano (ADA) is the most impressive one so far.

Michael Collins, founder and CEO of GN Compass

Other cryptocurrencies market analysts say that the investors are time-limited to board the “cryptocurrency train.” That is a decision that investors have to take sooner. Otherwise, they could be arriving too late.

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