Tether’s Market Cap Has Dropped by More than $1 Billion in October

Twitter Facebook Tether (USDT), the embattled cryptocurrency token whose value is purportedly backed by US dollars, continues to see massive outflows as it struggles to maintain USD parity amid rising competition from other stablecoins launched by some of the crypto industry’s biggest names. Blockchain data from Omni Explorer shows that yesterday, on Oct. 30, Tether Limited redeemed another 100 million units of USDT, reducing the outstanding supply to about 1.8 billion. Source: Omni Explorer Since the beginning of October, Tether has redeemed a staggering 990 million tokens, more than double…

Crypto Markets Placid on 10th Anniversary of Bitcoin Whitepaper

Wednesday, Oct. 31: after a couple of days of mild losses, crypto markets have today stabilized, with most of the top twenty cryptocurrencies by market cap seeing slight fluctuations capped within a 2 percent range. Market visualization by Coin360 On the 10th anniversary of the publication of its white paper on Oct. 31, 2008, Bitcoin (BTC) is today up under one percent, trading just above $6,300 at press time. Before sustaining mild losses Oct. 29-31, Bitcoin had been trading within a tightly range bound between $6,400-$6,500, prompting multiple crypto sphere…

Hear, Hear! Cryptoverse Celebrates Bitcoin Whitepaper’s First Decade

Hear, Hear! Cryptoverse Celebrates Bitcoin Whitepaper’s First Decade October 31, 2018 by William Peaster From literally worthless to a global alternative currency, bitcoin is upon its first decade in existence, and what a long, heady trip it’s been. With the Bitcoin whitepaper now 10 years old, builders and users across the cryptocurrency community took to social media in droves to celebrate its author Satoshi Nakamoto and the nine pages that started it all.  Also see Shenzen Arbitration Commission: It’s Legal to Hold, Transfer Bitcoin Subscribe to the Bitsonline YouTube channel for great videos…

A Brief History of Bitcoin: 10 Years of Highs and Lows

October 31 marks the ten year anniversary of the release of the Bitcoin whitepaper, which was authored by Satoshi Nakamoto, and whose identity still remains a mystery. In this relatively short period of time, Bitcoin has challenged the way modern society looks at global finance and banking, and has been the catalyst for the birth of over a thousand different cryptocurrencies as well as many more blockchain projects. Its history has been full of highs and lows, as the volatile cryptocurrency has battled through years fraught with controversy and success.…

Tim Draper: Bitcoin Price to Hit $250K by 2022, Will Change the Way Governments Do Business

Photo: JD Lasica / Flickr Back in April this year (when Bitcoin was more than $8.000), the crypto enthusiast had, during his reality show “Draper Block(chain) party”, predicted that Bitcoin will continue it’s bullish growth. Already then, this sounded pretty optimistic as investors were crying over the 50 percent drop in the price at the beginning of the year. Still, even though the price continued to fall, crypto industry was still expanding. At the Crypto Invest Summit in Los Angeles, Draper said that he believes that individuals had the potential…

Bitcoin Bull Tom Lee ‘Pleasantly Surprised’ by Drop in Crypto Volatility

Twitter Facebook Over the past several weeks, the bitcoin price has been uncharacteristically stable, even as equities have lost their footing and the global stock market has flirted with corrective territory. Tom Lee, the founder of Fundstrat Global Advisors and one of Wall Street’s most well-known bitcoin bulls, said that he was pleasantly surprised by the drop in crypto volatility, particularly when juxtaposed with the stock market’s recent swings. He told CNBC: “It’s surprising given how small bitcoin is in terms of market cap. The total crypto market cap is…

Coinbase’s Head of Trading Resigns After Six Months on Job

The head of trading at Coinbase, Hunter Merghart, has resigned from the U.S. crypto exchange and wallet provider after just six months on the job, CoinDesk has learned. Merghart made the decision to leave the company last week and is now exploring other opportunities, according to people familiar with the situation. Coinbase declined to comment on the move when reached. His departure follows that of the executive who hired him, Adam White, who left Coinbase earlier this month to become the chief operating officer of Bakkt, the new institutional crypto trading…

Indian Official Suggests Ban on ‘Private Crypto’ Prior to Supreme Court Decision

India’s secretary of Economic Affairs has recommended that the country’s Ministry of Finance to impose a ban on “private cryptocurrencies,” according to a report published by the Indian government press center Oct. 31. The Financial Stability and Development Council (FSDC), headed by India’s finance minister Arun Jaitley, held a meeting on the current economic and financial situation in India, attended by senior government and financial regulation officials. Shri Subhash Chandra Garg, secretary of the Department of Economic Affairs, reportedly proposed that the Council “devise an appropriate legal framework to ban…

Bitcoin Could Hold $6,300 For Another Month Due to Low Volume

Twitter Facebook Over the last 24 hours, Bitcoin has slightly recovered from $6,230 to $6,260, unable to breakout of the $6,300 mark. Throughout the upcoming days, if Bitcoin fails to stabilize in the $6,300 to $6,400 range, the price of BTC is at risk of dropping to the lower region of $6,000 and possibly below the $6,000 mark. Major cryptocurrencies like Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have prevented extended losses below their low price range. But, ETH still remains below $200 and BCH is still at $416,…

Researchers Take a Beating on Social Media after Suggesting Bitcoin Could Destroy the Climate

Bitcoin mining could spell the doom for the environment by emitting enough CO2 to raise the average global temperature more than two degree Celsius in as little as 15 years, predicts a group of researchers. Expectedly, their take on the cryptocurrency’s environmental footprint has stirred a hot debate in the crypto space with some alleging the study to be half-baked and misleading. Can Bitcoin Destroy the Climate in the Next 25 Years? According to Camilo Mora, associate professor at the University of Hawaii, Bitcoin could potentially accelerate the rapid deterioration…