Showing posts with label breaking crypto news. Show all posts
Showing posts with label breaking crypto news. Show all posts

Tether LOSES #1 Stablecoin Ranking For The First Time EVER - As New Leader USDC Continues Massive Growth...

USDT and USDC Stablecoin Crypto News

If you've been watching the numbers, you knew this day was coming for awhile now. 

About a month ago my colleague from our New York News Desk published an end-of-the-year report on the overall increased usage of stablecoins, which is when I learned things had begun rapidly accelerating towards the end of 2021.

Things were looking worse for USDT than expected...

"...upon closer inspection you'll notice that the current top stablecoin, USDT (Tether) is actually declining in popularity - beginning the year holding about 75% of the entire stablecoin market, and ending it closer to 50%."

While USDC's growth was actually a bit shocking...

"USDC didn't just hold on to it's rank as 2nd most popular - while the total ecosystem grew by about 4X compare to last year, USDC saw growth of nearly 10X - from a $4 billion marketcap to $41 billion!"

So with USDT ending 2021 with 'closer to 50%' of the stablecoin market, still a majority - it only took a couple weeks of continuing decline until we arrive here.

On the Ethereum a Blockchain Tether's $39.8 Billion Market Cap Not Enough To Hold #1 Spot, USDC's $40.1 Billion Takes Over...

Making USDC the most used stablecoin on the most used protocol (ether).  While USDT still has a larger cap when looking at totals across all chains, the stats show the same reversal is coming to every protocol.

Which actually makes this a truly historic day in crypto. 

USDT is the original stablecoin, going all the way back to 2014 where it first launched as 'Realcoin'. 

After a couple years where people generally assumed things were as they seem, we began to see what would grow in to a 'movement' starting on Twitter, made up of people that found it suspicious Tether wouldn't say what banks held the reserve funds needed to back up their 1:1 value with the US Dollar.

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Then Things Got Crazy... 

Tether and their supporters initially claimed they did have the funds, sitting in bank accounts around the world in order to spread the risk.

That alone isn't suspicious - remember this is 2017-2018, crypto is exploding but it's still the wild west on steroids.  This is the days when if you heard the word 'Bitcoin' come out of your TV is was likely a news report on how people buy illegal drugs and guns online. 

The general public having a major misconception of crypto made it a realistic concern that any government could suddenly freeze an account that's holding millions of dollars if learned the money was somehow connected to crypto. 

Even Binance CEO CZ came out to say he believes Tether's reasoning for the secrecy, saying;

"I think the reason they cannot release their bank account details is because if they release whichever bank they’re using, then the bank account gets shut down” 

Ironically, even though Tether had a legitimate reason to not publicly share where the funds are located (in my opinion), it would turn out they were also lying about how much they had.

The next couple years were basically chaos - in 2018 I reported on Tether being accused of faking a hack in order to explain $31 million in missing funds.

In 2019 the New York Attorney General began investigating Tether, also suspicious if they held enough reserve cash in banks to back the all of the crypto-coins in circulation. After recieving documents from Tether, but not what they asked for, the Attorney General said the results were inconclusive. 

That's when the CFTC took over, Tether eventually admitted they do not hold $1 USD for every 1 USDT - however they then claim some of the reserves is in other types of assets and investments, and the total value covers the coins minted.

If you don't find that comforting, neither did the US Government - Tether was ordered to pay a $41 million fine to the Commodity Futures Trading Commission in 2021. 

With All That In Mind - It's No Surprise The Crypto World Accepted USDC's Offer Of a Fresh Start for Stablecoins, Minted From An  An Always Open Platform...

USDC Coins are minted via a consortium called Centre, where USD needs to be transferred from a bank before any additional USDC is created.  Behind Centre are well known, generally trusted companies like Coinbase, Circle and Bitmain. 

USDC also undergoes a monthly review from accounting firm Grant Thornton, whos reports are publicly posted.

In Closing...

Why Tether chose to operate the way they did will always be a mystery - nothing is stranger than stories where a company would make more money by being honest.

All stablecoins do the same thing, so it's hard a one coin that's always worth $1 to convince people to use theirs instead of another that does the exact same thing.

So with a monopoly on the market, Tether decided to give people a reason to choose an alternative - which they clearly have done. 

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com

Silicon Valley Newsroom

Retro Style NFTs That Will Take You Back In Time - Nostalgic Fun That Could Even Improve Your Mental Health!


Retrokudz NFT cryptocurrency news

PHOENIX, ARIZONA - January 17th 2022: RetroKydz brings you an interesting opportunity to re-live your childhood. It offers to recreate the peaceful experience of your infant years that were marked by freedom from all sorts of worries, grudges, and competition. It is rolling out 2000 exclusive, mintable, retro style 3D pixelated NFTs in the market that will enable the holders to become part of a mental health community on the blockchain technology.

These beautifully designed NFTs seem to be very promising because the fast-paced, competitive, and busy lifestyle of the modern era has deprived many of mental peace and genuine friendships. In fact, results from the 2014 Adult Psychiatric Morbidity Survey highlighted that 1 in 6 adults experience a common mental health problem such as anxiety or depression every week, and 1 in 5 adults have considered taking their own life at some point. The irony is that many such cases go undiagnosed and amongst those identified, many hesitate to seek professional help due to the stigma attached.

Under such circumstances, the RetroKydz NFTs will serve as badges that can be worn with pride because they do not signify that the holders have a problem, rather serve as a representation of the fact that the NFT owners stand for equality, peace, love, harmony, mental health, and above all, humanity. These NFTs will help develop virtual friendships and provide the members with a platform where they can vent out their emotions. In simple terms it can be said that they will serve as tokens of membership to a community of 2000 where people will have a chance to talk about their specific mental health issues and also their daily life struggles that leave them depressed or disturbed. By sharing their problems, the members will be able to seek help and advice from each other. Although connectivity appears to be a major challenge, RetroKydz has this sorted out as well. It plans to keep the members connected via regular Zoom calls so that healthy relations and bonds can be developed without any geographical barriers or mobility issues.

The utilities of these NFTs are numerous as the holders will be able to get early access to the upcoming projects and special offers. The best part is that the members will also have access to mental health professionals’ expert advice. These professionals will be making group calls on Discord from time to time to talk about important matters and provide counselling with regards to any significant event - if needed. Besides all this, the community members will have access to a dedicated channel where motivational quotes and encouraging words will be shared to boost up morale.

Given their usefulness, it is very likely that these NFTs will sell out soon so hurry up and make a purchase before it is too late. Each NFT costs 50 ADA and can be purchased on the Cardano blockchain. The process to go about it is pretty simple: Minting has already begun; you just need to send ADA equivalent to the number of NFTs you want to purchase on the address provided at Retrokydz’ website. In order to give everyone a fair chance, RetroKydz has kept a maximum purchase limit of 20 NFTs per transaction.

One thing to remember when making the transaction is that the ADA should be sent through a wallet that supports Cardano NFTs or else you will not receive your NFT token. In case the NFTs are sold out by the time your payment is received, or you accidentally end up paying more or less than the exact amount, your ADA will be returned so you can make the transaction without worrying about any loss or mishap.

For further details:
Websites: https://www.retrokydz.io/mint
Twitter: https://twitter.com/Retrokydz
Discord: https://discord.com/invite/9ZbbNZVAKX
Email: Myles Sheldon mylessheldon@gmail.com

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Information Provided via Press Release
Distributed by Global Crypto Press Association
Breaking Crypto News


Bitcoin And Ethereum's Value Tops $1 TRILLION - 75% Of The Entire Market! Leaving Hundreds Of Altcoins To Share Remaining 25%...

The cryptocurrency market is growing at an incredible pace. Currently, with Bitcoin at around $48,000 and Ethereum above $1,700, their total market capitalization is over $  trillion dollars. 

That's $1,000,000,000,000 USD between the two currencies.

Bitcoin is among the 10 most valuable assets in the world, already beating the total value of companies like Tesla, Facebook, Visa, Paypal and MasterCard. 

Ethereum is also starting to sneak up on the world's financial powers. Currently the 53rd most valueble asset in the world, its combined value exceeds AT&T, Pfizer and Pepsi. 

Is It Ever REALLY Alt Season?

Understanding just how big the two giants of crypto are really puts things into perspective. They're 'bigger'...by a LOT.

Currently, Bitcoin and Ethereum together account for 75% of the total value of the entire cryptocurrency market. 

Leaving only 25% of the market's net worth to be divided among countless of other coins. 

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Author: Oliver Redding
Seattle Newsdesk 


Director of Amazon-Owned Top Streaming Platform 'Twitch' Puts 25% Of His Wealth In Bitcoin - Site Gives 10% Discounts To Users Who Pay In Crypto...

Shaan Puri is the director of Amazon-owned streaming platform Twitch, and he just tweeted "I have moved 25% into bitcoin."

He shared some details behind his decision, saying "Bitcoin is the only asset where you can go irresponsibly long – and then everyone tells you it’s not enough. And they’re probably right." 

"I think people think this time it hits $20k is ‘just like last time’ but it’s not for many reasons." referring to the influx of established investment firms jumping onto the Bitcoin bandwagon, and thinks this is a wave that will continue for 2 more years.

Puri did not share how much Bitcoin his 25% bought him.

Earlier this year Twitch began offering 10% discounts to users who registered and paid with crypto.

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Author: Oliver Redding
Seattle Newsdesk

French Government Surprises Companies and Citizens With Proposal Of STRICT New Requirements For Crypto Traders...

French crypto regulations

Seemingly out of the blue, France, through the Ministry of Finance, has surprised it's citizens by proposing new regulations for any operation carried out with cryptocurrency. They are preparing guidelines that will apply to all firms in the crypto ecosystem and to transactions using crypto assets.

The provisions include new KYC (Know Your Customer) measures for companies that support sending or trading cryptocurrency and would establish greater oversight of transactions between cryptoassets, according to statements by Simon Polrot, president of the Association for the Development of Digital Assets (ADAM).

The regulation will include a requirement that users show two official identity documents issued by the government.

It's not official yet, but they have already set off the alarms of companies that fear that users will abandon them and simply look for alternatives outside the country.

Since the new guidelines are considered a 'State decree' they will not require parliamentary discussion . That is, their application would take effect whenever the government decides to make it official. Both fiat, crypto, and custodial services will need to apply for new licenses before Dec 18th.

It is unclear whether foreign exchanges must also comply with the new regulations to continue offering services to French citizens.

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Author: Mark Pippen
London News Desk
Global Crypto Press // Breaking Crypto News

Forbes Editor Repeats Outdated 'Bitcoin Can Never Beat Gold' Talking Points...


Editor-in-Chief of Forbes business magazine and former Presidental candidate Steve Forbes focuses on Bitcoin in this episode of his bi-weekly 'What’s Ahead' piece.

Since this is a perfect example of outdated thought - his main talking points (which were true once upon a time) have now expired.

First - why bother talking about national currencies backed by gold being stable, when the US dollar hasn't been since 1973, and never will be again? There are no proposals to return to the gold standard. So this is simply some 'back in my day' nonsense.

Secondly, gold being 'rare' won't last much longer. Billionaires are literally already in the process of figuring out how to mine asteroids.  Sounds far fetched? There's over 17,000 within reach, and Elon Musk is among those who say it can be done.  Think of how fast both rocket and robotic tech is moving, space drones that mine gold and diamonds from asteroids doesn't feel that far into the future. See our article 'When Private Space Industry Begins Mining Asteroids, Gold Prices Will CRASH! But Bitcoin's Limited Supply Remains The Same'.

Global Crypto Press // Breaking Crypto News

Analyst Predicts $200,000 Bitcoin In The Next Year - To My Surprise, It's ACTUALLY Possible....

If you're like me you still cringe a little when you read a headline like this, I think I'm still traumatized by Tom Lee, Mike Novagratz, and John McAfee's 2017 appearances on CNBC where they seemingly pulled (ridiculously high) numbers out of a hat and read them on-air as their 'expert prediction' - they repeated this weekly for almost an entire year... then the entire market crashed.

So still take this with a grain of salt - but so far, analyst Willy Woo has correctly predicted the bull run we're in right now, and if his predictions remain true for the next year all Bitcoin owners are going to be very happy.

In the first week of October he stated "In my last update the latest impulse was still forming with an expectation that it would be a bullish buying impulse based on early signs of hidden accumulation being seen on exchanges. This has correctly played out.

We are now coasting upwards with no new changes in the short term on-chain structure. I remain bullish and am awaiting any new changes.

Keen observers will notice there is a bullish supporting trend-line in coin movements forming, which I’ll highlight below."
Woo also stated "The next 3 months: Coin supply has dried up while demand dominates."

This was in October - so that 3rd month is right now, and his description of today's market is accurate.

Looking Ahead: Bitcoin at $200,000 by The Beginning Of 2022...

Today's market is strong and could act as the solid launching pad we need to take us to the moon.

The current average price a Bitcoin holder paid is $7,456, which is the average of the different lots of BTC, valued at the price they had the last time they were moved "you're all geniuses" he says, pointing out that the average investor has already doubled their investment.




One Big Reason: A 19% Decline In Bitcoin Being Held On Exchanges...

Investors are taking their Bitcoin off of the exchanges, which means they don't plan on selling anytime soon.

So this really is just the simple law of supply and demand, the supply is getting lower as demand rises, and that always makes prices rise.

This is why he says he's never had bullish sentiment towards bitcoin like today. "It has never been so bullish for 2021. This re-accumulation phase coincides with the decline in BTC's spot inventory, about twice as long and deep as in the last cycle."

The Icing On The Cake:

Woo's BTC price model (if the final numbers and timing are correct) has Bitcoin breaking $80,000 in the next 3 months! 

He also calls the prediction we'll be seeing $200,000 trades for 1 BTC on block explorers soon 'conservative' saying "$300,000 is not out of the question".   

Read Woo's full thread on Twitter here.

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Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News