The controversial stablecoin named Tether (USDT) has recently issued a new batch of tokens with a combined worth of $50 million. The news was first reported by the block explorer OmniExplorer.
After releasing 300 million USDT tokens in March 2018 with a price of $1 each, Tether has been up and down – and lost around $300 million over the past month. From the $2.7 billion market cap that it had in July this year, Tether is now stable at $2.4 billion.
This also puts Tether in second place after Bitcoin when it comes to the daily trading volumes. The stablecoin now sees a $4.2 billion in trades per day – making up 28.16% of all crypto trades, while Bitcoin’s trading volume is $5.7 billion per day – accounting to 38.62%.
Meanwhile, the price of Bitcoin just surged by more than $300 in just a couple of hours, after the drop which saw it go below $6,000 over the past week. Right now, Bitcoin is trading at $6,471, up by a couple of percents in just one day.
The crypto exchange Bitfinex is also sharing the leadership with Tether. Both of the companies were seen as ‘controversial’ due to their lack of transparency. However, Tether’s USDT tokens claim to be backed one-to-one with the US dollar, but the company still needs to submit a public audit.
In June this year, a source reported that a law firm working with Tether unofficially confirmed the legitimate dollar-backing.
Activist Groups Are Urging 27 Libra Partners To Ditch The Project
“Facebook is eager to present itself as just one voice of many in the Libra Association. No one is fooled by this subterfuge. There’s a reason that Congressional committees are seeking answers from Facebook officials.”The anti-Facebook activist groups suggest that the CEO of Facebook is lying when he says that he only wants to launch Libra to help the 1.7 billion people without access to traditional banking services. The groups say that the social media giant only wants to promote its dominance:
“Achieving a laudable goal should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear. We understand that Facebook is a powerful company and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation and not intimidation by the powerful.”The libra project, as noted in the latest cryptocurrency news, is constantly under attack mainly because people believe it could be used to facilitate money laundering and drug trafficking.
Libra Is Trending On Both Google And Weibo In China
Libra is trending in China currently despite the fact that most of the western altcoin news outlets and Facebook itself is banned in the country. The Chinese citizens found themselves closely monitoring the drama about the Libra crypto project which is extremely strange so let’s find out more about this.The Chinese commentator on cryptocurrency Cn Ledger stated a few days ago that the data from Google Trends suggests that Facebook’s Libra is a popular term in China. He writes that the United States uses on the internet are about 10% interested in the previously mentioned term, unlike the Chinese internet users. What is extremely weird is that Google is technically banned in the country which makes the statistics even more potent. Libra is trending not only in China and Google searches but also on Weibo too. The crypto venture capitalist and Bitcoin philanthropist Dovey Wan pointed out that Libra is now the second-largest trending topic on the Twitter-like platform. She added that according to the data from Weibo, the topic saw about 220 million views and also thousands of comments. According to Wan, this trend is easily explained. She writes that this attention bomb in China was mainly due to David Marcus’ mention of Alipay and WeChat Pay which are the most straightforward digital payment ecosystems in the country. During Wednesday’s hearing, the head of the blockchain at Facebook explained that Libra should reach the market and if that happens, it will compete with the two Chinese payment services. However, many Weibo users were quick to react to that trending topic and the comment section mainly outlined that the people don’t expect Libra to succeed let alone steal some of WeChat’s market share. The people’s Bank of China is also less pessimistic about Libra’s chances and they even revealed plans to launch a central bank digital currency in order to respond to Libra. This could show that the financial authority sees the cryptocurrency as a threat. According to the previous reports, the head of research at the People’s Bank of China Wang Xin stated that Libra could affect international financial stability and also affect the Yuan. What he is fearing the most is that the cryptocurrency will be mostly backed by the US dollar which will give the United States more influence over politics and finance as noted in the latest cryptocurrency news reports.
Gemini Dollar Supply Drops By 97% While Other Assets Soar
Samsung Coin Is Being Trademarked By An Anonymous Company
If you are following our altcoin news section, you obviously know that there is no cryptocurrency such as Samsung Coin. However, it seems like after the popularity of Facebook’s long-expected cryptocurrency Libra, someone in South Korea appears to be trying to take advantage of Samsung and their blockchain networks - nabbing the “Samsung Coin” trademark.
As recent filings with the Korean Intellectual Property Office (KIPO) which is an application to register the trademark in both English and Korean show, an individual called Kim Nam-jin submitted them and wants to make the name ‘Samsung Coin’ official.
However, the filing was made under categories which were related to computer programs including “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
When contacted by many best cryptocurrency news sites, a Samsung representative told the press that the tech giant is not behind any application of this kind. “We don’t work this way,” they said.
Now that the anonymous and fake Samsung Coin trademark application is in the news, it is important to mention that it does not specifically state whether it is related to blockchain or cryptocurrency. The filing follows our previous report that Samsung is developing its own blockchain using Ethereum tech and may eventually issue its own cryptocurrency which is called “Samsung Coin.”
Now, it is a possible clue to their motivation for the filing. The same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database also shows that Kim Nam-Jin also filed an application on July 10 in an attempt to trademark the “ThinkQ Wallet.” He is obviously interested in scamming the companies into creating fake coins.
Based on the LG application details, the wallet would provide a variety of mobile services including a “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.” The Samsung Coin filing was initially covered by a lot of news sources that incorrectly indicated that Samsung is applying for the trademark.
Even though there is no official information about any link between Samsung and a cryptocurrency, the technology giant has always been viral in the news for its links to blockchain and interest in expanding the company in that behalf.
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- Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
- Activist Groups Are Urging 27 Libra Partners To Ditch The Project
- Libra Is Trending On Both Google And Weibo In China
- Japan Will Create International Crypto Infrastructure Better Than SWIFT
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