Gemini Dollar supply seems to be dropping immensely over the last 7 months while some of the other pegged-value assets continue to skyrocket as we previously saw in the latest cryptocurrency news.
The market cap of the Gemini dollar has been going down since December 20, 2018, and it managed to slip from the all-time high of $103.106 to a stunning $7.981 million at the time of writing. This marks a massive 92% drop in just seven months and in the same period, bitcoin increased from $3,126 to $10,336 which is an increase of more than 230 percent. Other stablecoins are doing much better than the Gemini Dollar. For example, Paxos Standard Token has a market cap of about $168 million while Circle’s USDC is reaching a high supply of more than 405.34 million. The controversial Tether has a total quantity of more than $4.25 billion as at the time of writing.
In comparison to its other peers in the United States, the Gemini exchange noticed a lot less trade traffic on the platform according to the data gathered by CoinGecko which shows that the company of the Winklevoss twins is on the 21st rank in the last 24 hours with just $60,274 million in daily volume. Coinbase Pro, which is also based in the United States, has about $602 million worth of trades on its exchange. Kraken is also processing about $340 million worth of trades on its platform.
The reason for this could be the lack of adequate competitive platforms which lead to the demand for the Gemini dollar to be dropping. Since it is pegged to the US dollar, the token allows the traders to switch between crypto-assets without having to convert their cryptocurrencies but as it seems, not so many traders demand the Gemini Dollar which could be a consequence because of the strictly regulated financial market.
There also many other competitive players as well. Tether’s USDT is now more visible on other exchanges that are not based in the US. Binance as well has a very contentious status while the USDC has a much bigger clientele. Paxos is also among the favorites since it is able to create and redeem stablecoins instantly. The traders are not very keen on the Gemini Dollar as well since the community believes that the program which was launched by Gemini is not really good for them as noted in the altcoin news previously.
Bank Of England Governor Says Crypto Could Displace The US Dollar
“While the world economy is being reordered, the U.S. dollar remains as important as when Bretton Woods collapsed,’’Carney suggested there could be multiple replacements to the dollar including the Chinese renminbi and the digital currency supported by the international coalition of the central banks:
“It is an open question whether such a new Synthetic Hegemonic Currency (SHC) would be best provided by the public sector, perhaps through a network of central bank digital currencies. An SHC could dampen the domineering influence of the U.S. dollar on global trade.’’As explained previously in the best cryptocurrency news sites, the technology can disrupt the current network effects that could protect the dollar noting that an increasing number of transactions could occur online by using electronic payments rather than cash. While he did not state cryptocurrencies explicitly, he did note that the relatively high costs of the domestic and cross border electronic payments are encouraging innovation with some new entrants applying new technologies to offer lower costs. One example is Facebook’s libra crypto project as he noted but in order for the project to succeed, Carney stated:
“The Bank of England and other regulators have been clear that unlike in social media, for which standards and regulations are only now being developed after the technologies have been adopted by billions of users, the terms of engagement for any new systemic private payments system must be in force well in advance of any launch.”
Another Exchange Says Goodbye To The Cryptocurrency Operations
"The Company has been considering for various possibility of the customers who has not accepted the contract succession, however, we announce here that the Company has came up to the conclusion to discontinue our cryptocurrency exchange business once we complete the refunds for all customers who possess remaining balance which refunds can be made," Tech Bureau said, without providing more information about the date when it will be closing.The latest cryptocurrency news show that the FSA recently confirmed that Zaif is another exchange which is forced to close because of hacks. Nikkei says that Tech Bureau will now focus on "blockchain development." Meanwhile, another exchange in South Korea - and a member of the "big four" there - named Coinone is shutting down its Malta-based Coinone Global Exchange (CGEX) on September 18. This comes in less than a year after it opened, and the operator said that it had "decided" that it “could no longer maintain service."
Binance Thinks Funds Are ‘SAFU’ Following Amazon Web Services Withdrawal Error
“It's causing some 500 error messages on APIs and affecting some withdrawal processing.”Binance thinks funds are safe - but it just recovered from a publicity scarce which involved a self-proclaimed hacker alleging that he had access to the users Know Your Customer (KYC) data. The alleged data leak made Binance very insecure and many best cryptocurrency news sites also talked about the previous hack which was funds worth $41 million leaving the platform due to a security issue. All of this sparked a weeklong maintenance shutdown and payouts to the affected users. However, Binance thinks that it is in a good place now - right after it announced that it is working on a new cryptocurrency project named Venus. As the altcoin news showed, Venus is going to rival Facebook and its controversial Libra coin. Meanwhile, the market has stabilized from the yesterday drop and is at a combined total value of $265 billion at press time. Bitcoin is trading at $10,160 and most of the altcoins are recording gains of 1% to 2%. Bitcoin's dominance is still strong, standing at 68.4%.
Wikipedia Co-Founder Claims EOS Is De Facto Centralized
‘’We cannot continue to build dapps on EOS if the network is de facto centralized in the hands of the Chinese. I’ve been making noise internally at EP about this since I learned about it earlier this summer. Sorry, but it can’t go on much longer, as far as I’m concerned.’’The statements appeared more than a year ago after the Wikipedia co-founder announced they would develop a truly censorship-proof system on built on the EOS blockchain. As Everipedia’s chief information officer, Sanger noted that EOS will make the process of approving articles, making edits and storing information more distributed but his latest comments outlined that the project did not assist his platform into becoming more authentic, decentralized version of Wikipedia. Despite becoming one of the most popular and widely used blockchains, EOS has a huge problem concerning its integrity. There are a few other people who own a huge part of the project’s tokens. This gives them a massive influence on the right to select block procedures which is a total of 20 entities that validate and add transaction records on the native blockchain. The structure resembles a corrupted democratic process according to Sanger where one individual can vote up to 100 times because he has up to 100 identity cards. This increases the probability of potential cooperation where the malicious actors can join together to seize the EOS funds or alter transaction records saved on the blockchain. As explained in some of the best cryptocurrency news sites, the huge problem lies in the inability of Block.one which is the parent company of the cryptocurrency to solve the problem. This became even worse when Dan Larimar the CTO of the company confirmed that the decentralization is not their biggest priority.
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