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Stellar Finds A New 15-Month Low: Why Has XLM Dropped So Much?

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Stellar

Stellar Lumens was in the cryptocurrency news almost every week last year – being considered as one of the golden altcoins to look out for. However, if we fast forward to its current performance, the coin seems desperate despite the impressive technology behind it.

Designed as a Ripple rivaling financial transfer blockchain that promised great things, Stellar’s slogan is “money moving like email” which is a service that the world definitely needs right now. However, its token has failed to gain much traction in terms of price as XLM continued to slide down the chart while its market cap seems to have eroded.

A couple of months ago, XLM has started a decline which is still going hard, being dumped to the ninth place and being surpassed by coins such as Tether (USDT), Litecoin (LTC) and Tron (TRX). Currently, Stellar is the worst performing altcoin in the top thirty and has lost another 3% yesterday. In today’s market action, Stellar is still in the red while many other top altcoins have gone up recording gains of up to 1%.

XLM has fallen by 90% since it’s all-time high. Its current price of $0.083 is the lowest this altcoin has been for 15 months. Even though there are even bigger losers such as Cardano, the slide of Stellar should definitely be a concern for many investors.

Unlike many crypto firms which have fired most of their staff, the Stellar Development Foundation (SDF) has continued to hire during the bear market, taking on software developers and partnership directors. The XLM adoption was also in the positive side, and Grayscale Investments was one of the firms that added Stellar Lumens (XLM) support to its platform.

So when we sum things up, there is no obvious reason why Stellar has dropped so far down so quickly. However, many believe that this drop will come to an end soon and XLM will regain its position as one of the best altcoins out there.

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Crypto Exchange Poloniex Starts Tether (USDT) Support

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The major crypto exchange Poloniex started offering support for Tether's stablecoin USDT on the Tron (TRX) blockchain, according to an official announcement. The latest cryptocurrency news published on April 19th showed that the US-based digital currency exchange Poloniex has added support for deposits and withdrawals of USDT within the Tron network. The official announcement said:
"To support both versions, our crypto exchange Poloniex will be converting a percentage of Tether currently on the Omni network to Tether on the TRON network. The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex. The airdrop is scheduled to begin on April 30th and more details will be provided next week."
According to the announcement which went viral in the Bitcoin and altcoin news, the development will support Tether on both chains - the USDT issued on the Omni protocol and the Tron network. The crypto exchange Poloniex also said that their decision to support the new chain is reasoned by expanded flexibility it provides to the USDT platform. In order to support the two issued versions, Poloniex will be converting a percentage of Tether which is currently on the Omni blockchain to Tether within the Tron blockchain. As Poloniex noted in the announcement:
“The amount of USDT we receive in the airdrop will be based on the amount we convert. Once the airdrop begins, Poloniex customers will be credited based on the amount of Tether they hold on Poloniex.”
Meanwhile, Tether started issuing USDT on the Tron (TRX) blockchain on April 17th - and this development has been an upgrade from the Omni protocol-based USDT.  As the best cryptocurrency news sites reported, this would enable users to hold and transfer the cryptocurrency through smart contracts on Tron. In December 2018, the crypto exchange Poloniex launched a dedicated offering for institutional traders and joined an increasing array of operators looking to service the institutional market. Before that, Poloniex explained then that the move had been taken in order to ensure that the exchange complies with the regulatory requirements in every jurisdiction. However, this announcement did not refer directly to any specific regulations.
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Russia’s Central Bank Looks Into The Pros And Cons Of CBDC

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Russia’s central bank is reviewing the potential pros and cons of the central bank digital currencies according to a policy brief published two days ago. In our latest cryptocurrency news, we discover more. In the policy brief a document named ‘’Is there a future for central bank digital currencies’’ was brought up and Russia’s Central bank outlined multiple benefits of the CBDCs. The central bank digital currencies have a huge capability to reduce down the transaction costs but also to provide a less risky asset and to improve liquidity. However, Russia’s central bank pointed out that central bank digital currencies have the potential to reduce the transaction costs can only be possible if there is a technical solution for them. For example, CBDCs will offer improved tools in terms of ease when conducting payments and savings in comparison to debit cards and fiat money. While there are a lot of positive sides of CBDCs, Russia’s central bank explained the possible drawbacks of the central bank digital currencies such as lack of anonymity. To be more exact, the CBDC’s are unable to provide a higher level of anonymity in comparison o cash. The document pointed out:
 “CBDC de facto cannot provide the same level of anonymity that is provided by cash. This is  certainly an advantage for regulators, but can be considered a disadvantage by users, not only those who are involved in suspicious activities, but those who are concerned about privacy.”
Russia’s central bank also pointed out that central bank digital currencies can compete with commercial bank deposits when there is low inflation and not so high-interest rates. CBDCs can also become almost equal to cash but only in cases of providing liquidity and ease of use. As previously explained in almost all of the best cryptocurrency news sites, central bank digital currencies are digital currencies issued by a central bank. They have the status of a legal tender but also have elements of centralized money. Despite Russia’s central bank, the World Economic Forum also released a report claiming that there are about 40 global central banks that plan to use CBDCs. Some of the central banks interested include the Bank for International Settlements and the State Bank of Pakistan.
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SBI Holdings Removes BSV But Not As A Part Of The Delisting Campaign

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SBI holdings
SBI Holdings the Japanese Financial giant, removed Bitcoin Cash from its exchange last week but claims it was not a part of the delisting campaign against BSV. In today’s coming altcoin news, we read more on this misunderstanding. According to the Cointelegraph Japan reports from April 19, the SBI holdings giant never actually offered Bitcoin Satoshi Vision trading. The company only allowed Bitcoin Cash trading and this has always been seen as a controversial move. Removing Bitcoin cash from the platform happened during the most controversial times since many crypto exchanges delisted the BSV cryptocurrency as an overall industry boycott. As DC Forecasts previously reported in the altcoin news, exchanges such as Kraken and Binance stopped providing support for Bitcoin Satoshi Vision after Craig Wright made multiple legal threats towards Twitter user Hodlonaut but also against podcaster Peter McCormack for accusing him of being a fraud. SBI Holdings has nothing to do with the accusations and the delisting campaign that started on Twitter. Bitcoin Satoshi Vision (BSV) is a hard fork of Bitcoin Cash after Craig Wright and Ayre claimed that the altcoin is the original bitcoin. Wright also made claims that he is the real creator of the number one cryptocurrency. During his statements, the value of both altcoins fell dramatically. The move by SBI holdings removing BCH comes at a time when other companies choose to delist BSV in a time of criticism. However, the SBI Holdings giant was also criticized for the decision since the company has made a lot of partnerships with Wright’s businesses and especially with nChain which is also under Wright’s ownership. In a statement, the executives denied conflict of interest:
 “It is true that we do have a business relationship with Mr. Craig Wright through our partnership with nChain. However, our decision to delist Bitcoin Cash (ABC) is unrelated to the delisting of Bitcoin SV by several non-Japanese exchanges.”
SBI Holdings made clear that the BCH delisting was premeditated and a decision was brought after a long consultation with the Japanese Virtual Currencies Exchange Association. The decision comes at a time when BSV is reaching almost all headlines in every best cryptocurrency news sites but the company states it is a coincidence. As of press time, Bitcoin Cash is trading at 3.2 percent lower at $299 while Bitcoin Satoshi Vision is trading around $59 despite the massive delistings.
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Renminbi Chinese Currency To Officially Become A Cryptocurrency

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renminbi chinese currency
Renminbi, Chinese currency, the official currency of China (RMB), should become a cryptocurrency in the future according to Donald Tapscott.  He is the executive chairman of the Blockchain Research Insitute and was interviewed a few days ago so we read more about in the altcoin news below. In the interview with Bloomberg, Tapscott revealed that he met with the vice-chairman of the Communist Party in China and discussed the future of the country. They also discussed the Renminbi Chinese currency since the crypto and blockchain technology is the future of the country. Speaking about the government’s stance on cryptocurrency and the ban, Tapscott pointed out that China is looking into banning crypto mining as well but this could have a huge impact on the Renminbi Chinese currency. He added on the usage of the Renminbi Chinese currency:
 “It’s not really necessary to do that [to ban exchanges and mining] because in 20 years we are not going to be using bitcoin in China. Chinese people will use the RMB, only the RMB will become a cryptocurrency. The central bank of China will turn it into a digital currency.”
Tapscott also gave a long explanation on decentralized exchanges as all of the best cryptocurrency news sites reported. He explained the Initial Coin Offering ban in the country and said that the government has a harsh stance towards using digital currencies. He suggested that decentralized exchanges should outperform the centralized ones since they have the ability to be more transparent and can identify ‘’bad behavior.’’ All assets, including the Renminbi Chinese currency, should join the decentralized exchanges according to Tapscott. The Chinese authorities are discussing the possible ban on crypto mining. The National Development and Reform Commission (NDRC) added crypto mining on the revised list of industrial activities. The agency believes that the crypto activities don’t provide safe production conditions. However, the country is a huge player in the bitcoin market since the Renminbi Chinese currency is often traded against the number one cryptocurrency. China is also one of the largest bitcoin mining pools owner. Bitmain for example, in 2018 operated about 11 mining farms in China so he was affected by the national agency’s reported plans. As for the blockchain technology, China is also among the places in the world with the largest number of blockchain projects. There are currently more than 264 projects. This is also one of the reasons why the Renminbi Chinese currency should become an official cryptocurrency.
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