In an attempt to establish itself even further as a pioneer in fintech and cryptocurrency hub Lithuania will issue the first-ever collectible crypto coin in the world. The 1918 act of independence is the commemorative theme of the collectible crypto coin and will feature its 20 signatories. In our cryptocurrency news today, we read more about this amazing news.It is expected this first-ever collectible crypto coin in the world digital collectible coins to be issued by the Bank of Lithuania in the spring of 2020. According to the official announcement, the commemoration is devoted to the nation’s February 1918 declaration of independence and its 20 signatories.In total there will be 24,000 crypto coins scheduled for emitting on the blockchain and they are categorized into six categories. Marius Jurgilas, Siting Member of the Board of the Bank of Lithuania, declared;

“This innovative coin will feature the signatories due to their significant role in the country’s history and contribution to the restoration of our independence.”

He also said that the project will be a source of invaluable experience and know-how in the processes of creation cryptocurrencies for the Bank of Lithuania. This may be the first step for Lithuania if it wants to insert itself in the race for cryptocurrency emitting by the central bank, in which the undisputed leader in China where a pilot scheme has already been planned.The announcement added that it is expected to have encouraging effects on younger people in coin collecting as a consequence of the token, and also it can be an innovative way of introducing them with cryptocurrency and blockchain technology. The collectible crypto coins will be sold exclusively on the digital store of the Bank of Lithuania and it will not represent a legal tender.The collectors will get six random coins and will have the opportunity to exchange them for a physical silver coin after one from all of the six categories will be collected. The value of the physical coin will be symbolic of 19.18 euros representing the iconic date in the national history of Lithuania. A YouTube video portraying the launch displays the collectible coins as square tokens, probably with the symbolism of their place on the blockchain. The silver token will be the size of a credit card, and also will depict the Act of Independence and its signatories.The announcement stated continually that this commemorative action is an instrument in assisting the implementation of the Bank of Lithuania’s strategic direction in the sector of innovation and fintech. It has the aim to assist local and global businesses enriching their knowledge of blockchain and the comfort that cryptocurrencies afford.

Verge backtracks and it even erased more than 15 percent of its price back falling to $0.004, getting further away from its recent spike. In our latest altcoin news, we take a closer look at the price analysis.The Verge market price dropped dramatically on Tuesday despite the expected hard fork of the asset. The asset dropped a week of increasing higher and moving up by as much as 30 percent on a weekly basis. The strong decline, however, correlates with the entire downturn in the market as Bitcoin still looks shaky. Verge backtracks and trades around 57 satoshis as most of the valuation is stuck to the price of the benchmark cryptocurrency.The price of XVG is looked from the short-term speculation opportunity as it hovers close to the rock-bottom prices and the latest announced hard fork had only a slight, temporary effect of the price. The sell-off could also be a sign that the investors are losing faith in the bullish recovery and exiting now before the drop of the prices gets worse. The team of the coin reminds the users to update to the latest version before the hard fork.Some of the other bullish news for Verge by the end of the year includes the launch of the XVG on the Abra app and now the asset is available for limited wallets. Abra, however, announced new plans to include the asset around the world by the end of this month. Verge is one of the rare coins that have an almost exclusively BTC-based market with about 95 percent of volumes in the crypto to crypt pair. XVG is tied to Bitcoin’s price fluctuations with the possibility of Satoshi-based speculation thus making it capable of relatively large rallies.Verge is also highly active on Binance as well with 54 percent of the volume and is widely traded on HitBTC. The coin is yet to regain its influence after the major pump-and-dump about two years ago. XVG increased to as high as $0.21 in December 2017 after the John McAfee promotion. The unraveling however angered most of the traders are Verge lost a lot of its gains. The other major impact against Verge was the potential for double-spending as well as the ridiculous Pornhub announcement.

MATIC collapses by 70 percent in less than an hour and the rest of the crypto market also underperformed due to lack of liquidity. If you add margin trading to this, the potential of massive cascades in price increases as holders of the altcoin has just been found out as we are reading in the latest altcoin news.Matic collapses a whopping 70 percent and the collapse sent the token from $0.042 to $0.012 SATS in an instant and left the holders of the token confused. The crypto twitter community speculated on the reasons why this happened to the altcoin that was up by 200 percent this month. Binance seems to be where the carnage happened and has the entire volume as well and one plausible explanation was proposed by the crypto analyst ‘’Stillman’’:

 “They did a shitcoin airdrop today, then the usual sell the news happened but for the first time we had margin trading on an illiquid Binance book in place to cause a cascade.”

The MATIC network was one of the binance initial exchange offerings and it seems that the exchange can inadvertently take life as well as inject it into the altcoin itself. According to announcements, it was pitched to be the next greatest thing in blockchain by offering the layer 2 scaling solution that achieves scale by utilizing sidechains for the off-chain computation. Right now, the token price is scaling rapidly in the wrong direction.Another theory for the collapse is that a few MATIC addresses hold about 99 percent of the supply which could lead to massive manipulation if there is a coordinated liquidation. In terms of market cap, the amount dumped equates to more than $60 million some of the other theories include that there is a massive pump and dump, at least according to crypto trader ‘’Welson’’

 “This is why it’s never a good idea to FOMO into a shitcoin, especially when the owners have 90% of the supply. Once they’ve manipulated prices to a high level, they will sell everything and have the buyers be left holding the coins for life.”

The crypto guru Willi Woo stated that 99 percent of the current altcoins on the markets have virtually zero liquidity. For an asset to be tradable it has to have daily volume. MATIC is not the only token that crashed at the moment and the big dump seems to have hit some of the other illiquid cryptocurrencies including Ravencoin and Energi.

BigTech companies and their crypt projects and digital money transmission markets pose a serious threat to global financial stability according to the Financial Stability Board as we are reading further in the crypto news today.In the latest reports published on Sunday, the FSB urged the governments to impose greater monitoring of BigTech companies and their involvement in financial services. While acknowledging the potential for greater financial inclusion, the FSB warns that there could be greater participation of companies such as facebook in crypto payments and e-transfers at large that could pose major risks to the stability of the mainstream financial infrastructure. For the FSB, the major companies with their massive user base could disintermediate banks if they become participants in the payments market. As per the report:

‘’Where stored value payment products (e.g. mobile wallets) become prominent, a relatively large and potentially mobile pool of funds may be controlled outside the banking system (though often these funds are ultimately deposited with banks)… Furthermore, the greater mobility of this pool of funds compared with the customer deposits may also reduce the stability of bank funding.’’

The FSB is not alone in this stance, warning that the BigTech companies and their involvement in crypto assets could destabilize the banks worldwide. Several governments and regulators stated that the Libra crypto project could even affect negatively their ability to control sovereign monetary policies. Such is the level of opposition towards their involvement in digital payments that some of the regulatory stakeholders say their proposed solutions could be domiciled with the mainstream financial institutions. Some of the central banks are also working hard towards the creation of their own national cryptocurrency.The FSB reports also show that BigTech’s payment entry could expand the problems already identified with fintech lending and the new forms of credit could emerge from this trend are untested which have never gone through a complete financial cycle. The server credit crunch coincides with the proliferation of BigTech payment projects which could end up with negative economic consequences. The FSB is also keen on closely monitoring on Libra's crypto project as well.