Chainalysis contends that the new issuance of Tether (USDT) may dampen Bitcoin’s (BTC) bull run. In a weekly Market Intel newsletter, company’s chief economist Philip Gradwell said: Newly issued Tether arriving at exchanges can be used to buy Bitcoin just as much as existing Tether can be. But making this distinction shows that in the current market, fiat would be driving Bitcoin buying to an even greater extent if there had not been new Tether issuance arriving at exchanges, shown by the difference between the yellow and pink lines. Source: Chainalysis…
Day: August 20, 2020
What’s Next for the Ethereum Token?
Following Bitcoin, Ethereum, and other top cryptos lower, Compound (COMP) has shed 9% in the past 24 hours., the asset now trades at $180, lows not seen in over a week. COMP’s -9% performance in the past 24 hours makes it one of the worst-performing digital assets of that time frame. For context, Bitcoin and Ethereum both fell by approximately 2% over that same time frame. While Compound’s retracement is scaring investors, certain analysts remain optimistic due to technicals. There are also fundamental factors that may drive (at least temporary)…