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Bitcoin News

BitPay Launches A Stablecoin Settlement – Tether (USDT) Is Apparently Not Invited

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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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Bitcoin News

BitMEX CEO Arthur Hayes: Bitcoin Will Test $10,000 In 2019

The CEO of Bitmex is making the Bitcoin news today with a statement in which he predicts that Bitcoin (BTC) will get back to the $10,000 price point this current year. According to Arthur Hayes who is the leading face at BitMEX, BTC could be bullish once again. Hayes shared his predictions in a newsletter that was published on March 22, stating that the market could recover in the early Q4 of 2019. As he revealed:
“The 2019 chop will be intense, but the markets will claw back to $10,000. That is a very significant psychological barrier. [...] $20,000 is the ultimate recovery. However, it took 11 months from $1,000 to $10,000, but less than one month from $10,000 to $20,000 back to $10,000.”
He also talked about the atomic swaps and distributed exchanges, the tracking of ICO tokens, the anatomy of the next global financial crisis and many other topics. In the report named "The Road To $10k" Hayes said:
"All is not lost; nothing goes up or down in a straight line. 2019 will be boring, but green shoots will appear towards year end. The mighty central bank printing presses paused for a while, but economic sophists could not resist the siren call of free money. They are busy inventing the academic crutches (here’s looking at your MMT), to justify the next global money printing orgy."
While pointing to the last quarter of this year as the crucial for BTC, Hayes concluded:
"Green shoots will begin to appear in early Q4. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together."
Earlier in March, BitMEX revealed that its own Ethereum Parity full note contained a "potential bug" and reported that the same node  “sometimes reports that it is in sync, despite being several hundred thousand blocks behind the chain tip.” The authors claimed that this bug could be exploited by an attacker in some cases, but that is "highly unlikely to happen." In another analysis, BitMEX revealed that the 2018 crypto bear market accounted for 54% of the losses as well as $1.5 billion worth of transfers to external addresses and other factors that have brought projects' holdings down even further.
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Analysis

Bitwise To SEC: 95% Of Volume On Unregulated Exchanges Is Suspect

A new analysis by Bitwise tells that 95% of the volume on unregulated exchanges selling Bitcoin (BTC) seems to be fake or without any economic value in nature, as the latest digital currency news show. The cryptocurrency index fund provider Bitwise Asset Management came with the data, arguing in a report that is dated March 20th. Bitwise reported the data to the US Securities and Exchange Commission (SEC) as part of the proposed rule change for its application to launch a Bitcoin (BTC) Exchange Traded Fund (ETF). As the analysis opens, there is around $6 billion in daily traded volume for Bitcoin across the spot markets. It further claims:
“Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading.”
Bitwise sources its data from the widely known statistics tracker CoinMarketCap (CMC) which claims to include a large amount of this suspect data, “thereby giving a fundamentally mistaken impression”  on the true size of the Bitcoin marketplace. The claims also cite that 95% of the reported volume is fake and that the real market for BTC is “significantly smaller, more orderly, and more regulated than commonly understood” - which roughly amounts to $273 million. After analyzing the regulated exchanges - using Coinbase Pro as a case study - Bitwise reveals the nature of the trading patterns that is trustworthy. The key characteristics include an “unequal and streaky” mix of red and green (sell and buy orders) whose distribution fluctuates considerably at any given time. The report also cites that the trading patterns on Coinbase Pro reveal “a greater-than-random number of round trade sizes,” which it characterizes as “more natural,” typically human behavior. Bitwise noted:
“It’s [the spread is] $0.01. At the time this screenshot was taken, bitcoin was trading at $3,419. That means bitcoin was trading at a 0.0003% spread, making it amongst the tightest quoted spread of any financial instrument in the world.”
In the conclusion of Bitwise's report you can see that the overall findings “demonstrate that this ETF application [for its Bitwise Bitcoin ETF Trust] meets both” of the conditions requested by the SEC on how a Bitcoin ETF could satisfy the requirements of the Exchange Act.
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Bitcoin News

Warning: Fake Wasabi Wallet Appears On The Market

Warnings are issued on almost every major crypto news website after a fake version of the Wasabi wallet appeared on the market that is probably designed to steal bitcoins. Nopara73 who is a Wasabi developer which is the only one, who has confirmed his identity, claims that the website for the fake wallet is only aiming to assault Windows users because only that version of the wallet is the illegitimate one. The rest of the links available for download go to the official Wasabi Github repository. According to the developer, he managed to download the off-brand version of the wallet and claims that the software he uses for virus detection has no problem with the wallet which makes the problem even bigger. A compromised Bitcoin wallet can damage someone’s investment and cost someone everything he has. However, this is not the first wallet to have a copycat. Electrum also had a fake copy of itself but the community was quick just as it is now to warn people. Open source software has this major issue that allows everyone to create a clone and this is the wanted effect hackers want to get out of using it. For this reason, if open source developers are able to find the person behind this problem they have the ability to use their licensing agreement and sue whoever is behind the clone because of the GNU public license. Unfortunately, these kinds of lawsuits are rare. The good thing is that the popularity of the real wallet has spiked and it is the first wallet that offers ‘’coin joining’’ which is one of the first wallets to support this method using Bitcoins. The actual distribution of how much the wallet is used is pretty difficult to find out despite the transparency of the network. Many wallets use backend or are able to connect to a node remotely as most of the mobile wallets do. Wasabi is one of the wallets that is most popular in Iran and according to the users, using cryptocurrency is still kind of illegal in the country despite Iran launchings its own cryptocurrency. Creating a fake version of a popular Bitcoin wallet poses a major financial risk mainly if someone wants to change its wallet option and imports the funds using the private key. Luckily, the news for this fake wallet seems to be spreading fast and it is unlikely for the scam to succeed.
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Analysis

Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?

The latest Bitcoin news show that Bitcoin (BTC) is now under the $4,000 threshold, disappointing many after its bullish run which triggered many other altcoins to surge. The price of BTC traded to a new weekly high above $4,060 before falling sharply against the US Dollar and going below $4,000. Currently, the trend is affecting every altcoin too. Ever since the price broke the key $3,960 support level and tested the $4,000 support levels, Bitcoin looked good - but things changed and a short-term bearish trend line formed with a resistance near $4,015 on the hourly chard of the BTC/USD pair. According to analysts, it was the next key support for Bitcoin at $3,875 that prevented further declines. After a swing low was formed at $3,872 - the price bounced back sharply. The 23.6% Fibonacci retracement level fell from $4,065 to $3,872 and BTC rebounded above the $3,950 resistance level. At the moment, Bitcoin has managed to go over $4,000 again - but is very unstable. The current price that BTC is holding onto is $4,034. The main resistance is now near $4,000 and the 61.8% Fibonacci retracement level proves this instability. Looking at the chart, Buyers might now find it difficult to gain strength above the $4,000 and $4,020 levels . If there are hurdles in the future, there could definitely be another bearish reaction that could move Bitcoin back to the $3,900 waters. The current technical indicators are as following:
  • Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
  • Major Support Levels – $3,950 followed by $3,920.
  • Major Resistance Levels – $4,000, $4,020 and $4,060
According to a prominent analyst, Bitcoin has a massive potential to surge significantly higher, even to $400k in the future. Naeem Aslam, who is a popular crypto trader, has yesterday explained that the lack of buying pressure above $4,000 is likely to lead BTC to a price of $3,500 which may be reached soon if the bulls are unable to keep BTC stable above $4,000. It seems like Rager is right. However, his more controversial statement was aimed at Bitcoin's future and the $400k price level which according to him, is definitely manageable in the future - and is not a "fool's paradise" as he stated.
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