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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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Voyager Digital Set to Enter European Market with LGO Merger

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As part of the deal, the LGO and VGX token holders can swap their holdings to the new token that will come with decentralized finance (DeFi) features along with the function of staking rewards.

On Thursday, October 22, licensed and publicly traded digital asset brokerage company Voyager Digital announced its merger with the French crypto exchange LGO through its new buyout offer. The company sees this acquisition as expanding its institutional services while stepping into the European market.

However, the transaction still has regulatory approval pending and is likely to arrive by the month-end. The final value of the deal will depend on the price of Voyager (CNSX: VYGR) shares and the company’s token price. As per rough estimates., this can be in the low seven figures.

Currently, Voyager’s brokerage platform offers services to U.S. customers by supporting over 50 assets. Besides, it a few of these assets Voyager earns interest on over 17 assets. Speaking about the deal, Steve Ehrlich, co-founder and CEO of Voyager said:

“Voyager’s partnership with LGO provides an exciting platform for Voyager to expand into Europe, leveraging Voyager’s model to engage in fully compliant businesses in well-regulated jurisdictions. Voyager has been planning its European expansion for some time and when the opportunity to work with Hugo Renaudin and his team presented itself, we determined it was the right path to increase Voyager’s global footprint. Working with a fully regulated entity has always been our preferred path. Regulation helps to give customers the comfort they need as it ensures the safety and security of their assets.”

Swapping Up Voyager (VGX) and LGO Tokens

The exciting part of the deal is that the VGX and LGO token holders can also swap these tokens. The swapping of these utility tokens will happen to newly minted tokens with DeFi functions like community governance and staking. The staking feature will allow investors to earn passive income with a 7% interest rate.

The token swapping is likely to happen before the end of 2020. Apart from the DeFi feature, the new token will also bring cashback rewards for trading on the Voyager platform. Additional benefits include interest boosters, debit card benefits, reduction in withdrawal fees, and much more.

“We are excited to create an improved token to bring greater utility to our loyal community. Historic holders of VGX have benefited from our rewards programs and interest boosters available. Now with the new coin, holders will enjoy additional features over time,” stated Mr. Ehrlich.

Speaking to CoinDesk, CEO of LGO Hugo Renaudin told about the company’s decision to shift its focus from serving institutional clients rather increasing value for token holders. “The key decision-maker is also what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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PayPal Entering Crypto Market Pushes Bitcoin (BTC) Price Above $13,000

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PayPal’s big announcement of offering cryptocurrency trading services has taken the financial world by storm. It’s about time that every major global bank will possibly provide support for the world’s largest cryptocurrency.

On Wednesday, October 21, online payments giant PayPal Holdings Inc (NASDAQ: PYPL) announced its entry into the crypto market by launching its crypto trading services. After receiving the license from NYDFS, PayPal said that it will first launch its crypto trading services in the U.S. market in the coming weeks. Later, it will expand the services to the global market by early 2021. Bitcoin enthusiasts and the overall cryptocurrency market rejoiced on the news. In the last 24 hours, BTC has attained another milestone jumping 8% and moving above $13,000 levels being pushed by the news about crypto services from PayPal. This swift move comes just within 24 hours of BTC crossing the $12,000 mark.

At press time, Bitcoin is trading 6.65% up at $12,797 with a market cap of $236 billion. On the weekly charts, Bitcoin’s price has gained close to 15%. With this move, the world’s largest cryptocurrency also extends its market dominance now above 61.1%. PayPal’s entry to the crypto space has recently got the industry heavyweights talking about it. Some analysts say that this will force every major bank in the market to offer support for Bitcoin.

The good about the PayPal announcement is that the online payments giant will also extend support for cryptocurrency shopping. Meaning crypto users on PayPal can buy products by making payments in the purchase. However, the merchants will continue to receive payments in the fiat equivalent. With over 346 million active accounts worldwide, the scope is just massive.

Crypto in PayPal Account Can’t Move to Other Accounts

Along with cryptocurrency trading services, PayPal will also allow the account holders to store crypto in their digital wallets. However, PayPal’s terms of service state that with the PayPal digital wallet users can only hold cryptocurrencies that they purchase through the PayPal account. Moreover, they can’t transfer crypto from PayPal to other accounts or vice versa.

This restriction hasn’t gone much well with the crypto community who think that it will limit the very freedom that cryptocurrencies have to offer. It looks like things will be more clear over the coming weeks. Cryptocurrency analyst Will Woo also presents another interesting fact with the help of actual numbers.

Citing data from Glassnode, Will Woo noted that Bitcoin’s user base is more than half the total users of Bitcoin. Moreover, he adds that over 2.4% of the world population is HODLing BTC at this point. He adds that we are soon breaching the “early adopter” stage and entering the “early majority” stage.

Needless to say that PayPal’s entry has really got the big players in the financial markets thinking curiously about NOT missing this opportunity. We can expect more players to follow suit. Also, with the rising institutional participation, the Bitcoin mania has just started to unleash.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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Bybit Adds New Trading Pairs as Exchange Volume Grows

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To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation.

Bybit has added support for several new trading pairs to its derivatives exchange, bringing the number of cryptocurrencies it supports to seven. Perpetual contracts for USDT with ETH, LTC, XTZ, and LINK have been added to the derivatives platform, which continues to go from strength to strength.

The introduction of new markets, at a time when other derivatives exchanges are mired in trouble, bodes well for Bybit and for the traders who have flocked to the platform this year off the back of the inaugural World Series of Trading competition. The event put Bybit on the map, not only within the crypto community, but attracting interest from the broader trading world, including poker pros and forex vets. Bybit’s addition of new trading pairs adds more weapons to its armory – and more avenues for traders to profitably pursue.

Tether Pairs Proliferate

Bybit’s perpetual swap contracts are paired against USDT, which serves as the reference currency. The new markets, ETH/USDT, LINK/USDT, LTC/USDT, and XTZ/USDT, were added on October 21, giving traders the ability to long or short with leverage. BTC remains the dominant market on Bybit, commanding around 73% of total volume, followed by ETH at 18%.

The introduction of LINK will be particularly welcome to Bybit traders; Chainlink’s native token is a favorite with futures pros, and sees robust volume on other derivatives exchanges including Binance Futures. It was also recently added to BitMEX, but the news was lost amidst greater events that saw the Seychelles-incorporated exchange hit the headlines. The indictment of its founders and executive team, and the arrest of CTO Samuel Reed, sent shockwaves through the industry – and saw the BitMEX cold wallet depleted of funds as users withdrew at the earliest available opportunity.

BitMEX isn’t the only centralized exchange to have endured a torrid time lately; days before the indictments were handed down by U.S. prosecutors, KuCoin was hacked of $150 million. Then, this week the industry awoke to the news that OKEx was unable to process withdrawals because one of its founders was in the custody of Chinese authorities investigating money laundering allegations. Derivatives exchanges Binance Futures and Bybit are likely to be the prime beneficiaries of their rivals’ misfortune – together with decentralized exchanges. In the hours following the news that OKEx was having withdrawal problems, Uniswap’s native UNI token rose 10%.

Bybit Launches Lottery to Celebrate New Listings

To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation. It’s also rolled out a $10 BTC bonus until the end of the month, awarded to users who refer friends to sign up, over and above the 10-20% trading fee discount that’s already in place.

With more than $600 million now being traded every day on Bybit, and support for 20 new fiat currencies having been added in August, the exchange is flourishing.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.



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