Aside from the viral Bitcoin news which showed a recent spike in the price of the most dominant cryptocurrency, in the other crypto news we have the Bitcoin payment processor BitPay and its decision to launch a stablecoin settlement.
According to the payment processor, merchants may now accept a settlement in USD-pegged cryptocurrency “stablecoins” Gemini Dollar (GUSD) and USD Coin (USDC) which will provide them with the ability to denominate their operations in cryptocurrency all while remaining immune from market volatility.
The Atlanta-based payment processor made the announcement this Monday, explaining that it will allow merchants in 190 countries to accept the international payments without relying on costly and time-consuming wire transfers.
As Stephen Pair, who is the company’s co-founder and CEO stated:
“BitPay was founded to make payments faster, more secure, and less expensive using Bitcoin for organizations around the world. The introduction of the USDC and GUSD stable coin offers BitPay customers a new alternative to holding Bitcoin and Bitcoin Cash by offering a stable coin option.”
Before this, merchants could receive settlement in Bitcoin, Bitcoin Cash as well as USD and EUR currencies (depending on jurisdictional restrictions). All of the transactions settled in cryptocurrency will now be completed the following day.
What’s weird for many is the fact that Tether (USDT) is absent from the list of supported stablecoins. Even though USDT is the dominant token in this market niche and is the eighth largest cryptocurrency by market cap, it recently lost its dollar peg and fell 4%, raising questions about whether the token is fully backed by USD.
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“The launch of Facebook’s cryptocurrency will go down in history as the catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important — and transformative — as the launch of the Netscape browser. Buckle up.”Another crypto trader and real estate developer known as Satoshi Flipper noted that Libra will not replace Bitcoin nor compete against it in the same market.
"Once Libra goes live, nobody outside of the Facebook platform will care much for it. It’s another stable coin and it’s not replacing BTC. It will work in a centralized ecosystem. But it will bring awareness to BTC and altcoins. And I’m excited about the network effect it will have," he said.One of the Winklevoss twins, Tyler Winklevoss, has also predicted a Bitcoin YTD gains, stating the possibility for Bitcoin to break through even more in the near future. https://twitter.com/tylerwinklevoss/status/1141387824379441152 His statement went viral on many best cryptocurrency news sites.
QuadrigaCX Co-Founder Used User Deposits For His Own Trading
“Significant volumes of Cryptocurrency were transferred off Platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten. It appears that User Cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten.”In addition to this, the coming altcoin news show that QuadrigaCX co-founder Cotton apparently created fake "identified" accounts on the exchange under multiple aliases “into which unsupported Deposits were deposited and used to trade within the platform.” This, as EY noted, led to “inflated revenue figures, artificial trades with Users and ultimately the withdrawal of Cryptocurrency deposited by Users.” In his trading on the competitor exchanges, EY noted that the QuadrigaCX co-founder incurred trading losses and incremental fees that affected Quadriga's cryptocurrency reserves. The report also cites EY saying that it has been unable to confirm the identity of wallet holders to which substantial sums of crypto were transferred. As of the filing date, around 76,000 users are owed a combination of fiat and crypto by Quadriga, at an aggregate value of around $214.6 Canadian dollars (equivalent to $162.2 million in USD).
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“The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
“In May, BTC had a nearly perfect negative correlation with the S&P 500.”
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