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Tether Holders Heading To Kraken For Offloading USDT

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Tether
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Tether (USDT) is one of the best-known stablecoins in the entire crypto market. As such, it promises to serve as a cryptocurrency with unquestionable stability, as each of its coins is supposedly backed by $1.

However, throughout its history, many have questioned if Tether coins are entirely backed, which has caused a lot of controversies, as well as a fear that investors are holding unbacked coins. These suspicions have increased recently after Tether’s price dropped far below $1.

At the same time, BitFinex, one of the largest exchanges that trade Tether, announced issues with deposits and withdrawals of fiat currencies. This, and similar reports, such as Noble bank losing Tether as their customers, seem to have sparked a desire among investors to offload their coins.

Tether holders unable to return USDT to Tether Ltd

According to Tether’s 2016 white paper, USDT holders should be capable of exchanging their Tether coins for USD by simply returning them to Tether Ltd. However, in the last several months, numerous users reported that they were unable to do so. As a consequence, investors turned to cryptocurrency exchanges in the hope that they will be able to sell their USDT there.

Since BitFinex already announced deposit and withdrawal issues, many have gone to Kraken exchange, as one of the few places where Tether can be converted to USD. Since then, Kraken’s wallet balance increased its Tether supply to almost 47.8 million coins. This has made it the eight-most valuable wallet that holds USDT.

Considering that only two weeks ago, the same wallet held the 22nd place on the list of wallets with the highest amount of USDT, it seems that the rumors are true. Kraken now serves as quite a notable outlier, and investors are indeed using it for exchanging their Tether coins for US dollars.

This indicates that doubts regarding USDT did not only blow over, and Tether holders are in a hurry to exchange their coins. Kraken, which offers only one trading pair for Tether — USDT/USD — claims that investors are merely exchanging Tether for dollars to buy other coins. In other words, the growth of their USDT supply is not a result of investors trying to get rid of Tether, but instead, they are only trying to get to other digital currencies.

This claim is backed by the fact that Kraken has no other trading pairs for USDT, as mentioned. However, back on October 15, when Tether’s price dropped to only $0.85, USDT trading volume spiked like never before. Despite Kraken’s claims, this is a clear sign that investors started seeking ways to offload USDT once its price started dropping.

It would seem that concerns regarding the USDT finally got through to even the most optimistic investors. While these suspicions have been around for a while, most Tether holders likely discarded them as just pessimistic speculation. However, many see the current situation as abandoning this so-called stablecoin in fear of an even larger crash.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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