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Tether Prints $250 Million New Tokens – Hint on Market Recovery
A new sign of the possible market recovery, according to Litecoin’s Charlie Lee, has finally arrived. Tether’s decision to print around $250 million more tokens might be an indication that the change in the market is about to come.
Charlie Lee’s market prediction
Ever since the beginning of the year, the value of all cryptos has gone down, a lot. Not only were the cryptos hit by the bearish market, but their investors as well. Nearly every digital currency skyrocketed at the end of 2017, and the investors bought as many tokens as they could afford, only to have their funds taken away when the market prices went down in early 2018.
Evers since then, everyone has been on the lookout for possible indications that the things are about to change. Well, it has been half a year since the price drop, and Litecoin’s Charlie Lee believes that brighter times for the world of cryptos are just around the corner.
Lee used his Twitter account to point out to his community that something might be coming, indicated by Tether’s unusual recent move. The USDT currency, which is backed by the US dollar, has just decided to add another $250 million worth of tokens. As far as anyone knows, the need for USDT has not gone up, nor is a large number of coins gone missing. Printing up an amount like this means that $250 million is entering the market, which is something that might indicate another shift in the market, one that others might not yet be aware of.
Can Tether’s actions predict the market’s behavior
It has long been speculated that Tether is somehow capable of manipulating the price of cryptos, and the University of Texas even released a paper on this very subject. Tether never officially addressed these claims, but if they are true, then any unusual move by this digital coin might mean that others will experience a change as well.
Generally, this has been a precursor of price going up. Tether gets printed when people deposit USD and get USDT back. This USDT will then be used to buy crypto. This is similar to someone depositing $250MM to exchanges. Of course, that doesn't mean they will buy right away. DYOR https://t.co/zg2PEjGohv
— Charlie Lee [LTC⚡] (@SatoshiLite) June 25, 2018
Even Charlie Lee agrees that Tether expansions were usually hinting that the price will go up, at least up until this point. Of course, there is no guarantee that this will actually happen, and Lee says so himself. He made sure that the community would understand that there is only a strong possibility of a change, but not a certainty. One example of this happened earlier this year, in March. On that occasion, Tether printed $300 million worth of USDT, and according to the theory, the prices should have gone up. Instead, they kept falling gradually, which has continued to this very day.
That's why I said generally. It's not always the case. But if it dumps it's not because of this newly printed USDT.
— Charlie Lee [LTC⚡] (@SatoshiLite) June 25, 2018
Despite small ‘pockets’ of market recovery, when the prices did make a hint of a comeback, any really significant shift has yet to come. It is understandable why the investors wish to believe Lee’s prediction, but as always when it comes to cryptos, caution is highly advised.
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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.
Image courtesy of Photo Giddy via Flickr
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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