Tether’s burning of the 400 million USDT tokens could lead to a massive downtrend for the bitcoin price according to the twitter user Whale Alert as we are reading today in our altcoin news. Many of the investors are now fearing that the token burn could crash the price of the number one cryptocurrency since just yesterday, the crypto community found out that the controversial cryptocurrency Tether will burn $400 million worth of USDT. The amount of burnt coins is relatively considerable since the total supply of USDT Is 4.1 billion currently. The tweet sparked fears that the move by tether could affect the Bitcoin price since there is a correlation between the USDT supply change and the bitcoin price movements. More of the USDT coins show there could be an increase in liquidity which usually fuels the bitcoin trading volume and acts as a bullish signal. It is important for the markets not to panic. Tether is simply moving out parts of its coin from Omni to Ethereum. Tether’s burning of the 400 million USDT tokens have the ability to slash the Bitcoin price but the move is part of a swap to Ethereum. Interestingly, the Twitter user mentioned already that this move is a part of a swap and the corresponding burn on Omni still hasn’t happened. However, when the burn took place yesterday, Whale Alert didn’t make the connection and explain why this happened. Tether confirmed that the 400 million USDT burnings were a part of the swap. The problem is that Tether plays with the minting and burning hundreds of tokens just like that and this could seriously affect the bitcoin price. As reported previously in some of the best cryptocurrency news sites, Tether Limited expands and is now cashing in on the sentiment because of the dangers thanks to the gloomy economy which is led by the ongoing US-China trade war which sends the investors choosing safe-haven assets such as Bitcoin. CNHT aims to remove the necessity of exchanging yuan each time when there is a need to purchase or sell bitcoins. It could also provide liquidity between the two currencies because the investors trust Tether for maintaining the 1:1 peg to yuan.

Wells Fargo will launch a new stablecoin cryptocurrency in 2020 as per the announcement the bank made for the latest cryptocurrency news. In a press release published by the fourth-largest institutional bank in the United States, Wells Fargo stated that the new remittance platform will form an international payment network based on the distributed ledger technology. The payments will work based on the dedicated platform and asset called Wells Fargo Digital Cash. The new concept stablecoin will be pegged to the US dollar and first, it will undergo a pilot program for internal transfers in 2020 and in the future multiple applications will use the platform as their basis:

 “We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Wells Fargo will launch its stablecoin after the largest bank in the United States JPMorgan Chase announced the launch of their own digital currency as a solution to changes in the global financial space. JPMorgan’s coin saw some mixed reactions on the announcement which was made earlier this year. The stance that both banks have is based on the decentralized cryptocurrencies. At many points, the executives have issued warnings about the dangers of using innovations and the control of the fiat-based financial system. Wells Fargo made it to the headlines after it confirmed it was refusing to allow some of the domestic banking customers to use cryptocurrencies and conduct crypto-related transactions. One of the officials of the bank pointed out:

 “Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. As a result of the increasing digitization of banking services globally, we see a growing demand to further reduce friction regarding traditional borders, and today’s technology puts us in a strong position to do that.’’

As per the announcement in the coming altcoin news, the governments and central banks are still drawing lines as to what the iterations of cryptocurrency are acceptable. Facebook’s Libra crypto project is also set to release in 2020 so a lot of interesting crypto projects are preparing for next year.

If you are following our altcoin news, you probably know that new cryptocurrencies are not raising money like they once did - even if we take marathon sales into account. The updates show that in the first half of 2018, the average initial coin offering (ICO) raised $25.5 million (PwC data) while the top performer was the first EOS ICO which raised a whopping $4.1 billion. Well, six months in, the second EOS ICO is on the way and has so far raised $2.8 billion worth of DAPP. Yes - we are talking about the second ICO which aims to make EOS more usable and opts for a yearlong approach. Even though this ICO has not drawn as much investor interest as the first month, the solution named LiquidApps sold an impressive worth of DAPP. This is why LiquidApps is building a second EOS ICO and a solution for the cryptocurrency and network running on the company's DAPP token, which has been sold in daily auctions since February this year. At the end of the 233rd auction cycle on August 2019, the DAPP sale had raised $2.8 million worth of cryptocurrency.

“They’ve done an interesting job and [have been] innovative in learning from the Block.One sale and mechanics in crafting how a fundraise for a project should be done. Where they’ve struggled is, not just different market conditions, but finding the right investors and participants for their sale that fully understand the value proposition for the project,” a source with knowledge of the LiquidApps fundraise told many best cryptocurrency news sites.

LiquidApps has declined to provide any comments on the results of its token sale so far, even though there is ongoing pressure for comment. For those of you who don't know, the LiquidApps is a solution that is meant to take the pressure off the EOS blockchain and its RAM system, which has gotten bogged down as the computing resources have proven to be the scarce asset on the fourth largest blockchain by market cap. Still, this effort seems to be garnering comparably little fanfare. Six months into the EOS sale, the startup behind the second EOS ICO named Block.One had raised $700 million, as a 2017 report by the Wall Street Journal shows.

Berkeley City Council Member Ben Bartlett has become the first elected official to ever purchase cannabis with cryptocurrency as we are about to read in the coming altcoin news below. According to the news reports from the Daily Californian, the Berkeley City Council Member purchased cannabis using cryptocurrency during the event that was organized by the Blockchain Advocacy Coalition last Tuesday. This event was held in order to increase awareness to a bill proposing the cryptocurrency payments for California’s cannabis industry. Bartlett purchases the cannabis via the crypto-financial platform CRED in a transaction that only took seconds to complete. Ohana Cannabis Co- which is the cannabis merchant in the transaction simply accepted the payment via the LBA token which is cred’s native cryptocurrency. Bartlett declared:

‘’By providing a cash-free method of cannabis tax collections, AB 953 can reduce costs and safety risks for cities and businesses. The Green Rush is a 21st-century industry; it deserves 21st-century legislation. Tax collections leveraging stablecoin technology will help bring this new industry into the light.’’

According to the US Federal Statutes, cannabis is still illegal despite the many attempts to make it legal for recreational use in states like California. The business is still cash-based and there is almost zero banking support. The federal banks in the United States have been known to close down the accounts of many marijuana investors. The nature of the industry that is cash-based causes serious problems when considering the sales and city tax payments. The state tax officials tend to spend some more money and their time to accept payments in large fiat deposits. For the co-founder of cred, Dan Schatt, cryptocurrencies can provide solutions for these problems:

‘’Not only does crypto result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.’’

Cannabis is still a very taboo subject and so are the cryptocurrency payments and systems but it still seems like crypto is the perfect transactional tool for the industry. Berkeley’s Blockchain department’s Liam DiGregoria commented on the efforts that Bartlett made in leading the way for marijuana to become normalized among the elected officials and as he noted for the latest cryptocurrency news reports:

‘’There’s a negative public perception that people in higher levels of office shouldn’t use (cannabis), let alone buy it.’’