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Altcoin News

Co-founder Of Reddit Bullish On Crypto’s Future And BTC’s Price



The co-founder of the mega-popular news site and forum board, Reddit, has recently expressed his stance on Bitcoin and the entire cryptocurrency market. Despite the current downward trend, Alexis Ohanian believes that the future of Bitcoin could come as he moves away from Reddit and towards more venture capital initiatives.

Ohanian also said that he plans to invest in cryptocurrencies and cryptocurrency companies. After selling Reddit to Advance Publications, the co-founder has been slowly relieving himself from the day-to-day duties at the online platform.

He apparently had more time to think about crypto and Bitcoin – as well as the entire cryptocurrency market and the situation right now. After explaining that his new job is being the head of the venture capital firm, Initialized Capital, he is also confident that he can discuss more business opportunities even with his wife, the famous tennis star Serena Williams.

While speaking about his venture capital firm in an interview with Yahoo Finance, Ohanian stated:

“I’ve wanted for a long time to get back to early stage founders to being the ‘first check’ in Initialized. It’s a lot of fun, frankly. I get to come home and have really good dinner table conversations about the things I did at work, and it’s always [about] meeting new founders, learning about the future and then sometimes rolling up my sleeves.”

Despite the slump in the crypto market, Ohanian is incredibly optimistic about the future of the cryptocurrency markets, stating:

“As a store of value, there is some real traction [with bitcoin], and actually as we’re seeing in countries like Turkey that are having significant economic crisis — where people are losing faith in the Turkish lira — we’re going to see money move over to bitcoin because as unstable as it is, it is actually a lot more stable for a lot of people than their own nations’ fiat currency. But right now, we’re still in the earliest, earliest stages.”

Ohanian concluded by doubling down his bullish statement on the future of cryptocurrencies, explaining that the price action does not really matter right now:

“No matter what the currency prices are doing, seeing more and more people creating accounts … shows more and more adoption, and their end game is to be this interface between people, their fiat money and crypto — it would be the most user friendly trusted safe secure way to do it. I just encourage people not to get too, too invested in the speculation around the day-to-day trading of the currencies.”

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Altcoin News

Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously

At the start of the week, today, Monday 18th, most of the top 20 cryptocurrencies are experiencing some slight losses and in today’s altcoin news we take a look at the crypto market price analysis. The number one cryptocurrency dropped down by one-tenth of a percent today and is now trading at $4,024 according to the data from CoinMarketCap. If you take a look at the weekly chart, the current price is higher about three percent than $3,906 which was the price at the start of the week. Ethereum (ETH) is still the largest cryptocurrency by a market cap which reached up to $14.6 billion. ETH is down by one percent over the past 24 hours. Currently, ETH is trading around $139 after starting the day at $140. On the weekly chart, Ethereum saw some increase action by more than four percent. The second-largest altcoin Ripple lost about three-quarters of a percent over the past 24 hours and is currently trading at $0.315. By looking at the altcoin’s weekly chart, we can see that the current price higher by a one and a half percent than $0.310 which was the starting price of the week. Among the top 20 cryptocurrencies, Bitcoin Cash (BCH) is the one altcoin that experienced growth by more than 5 percent. Dash and Maker both increased by one and a half percent. The total market cap of all cryptocurrencies is now $139.3 billion which is higher by four percent from its position a week ago. Among the other altcoins which see green are Digitex Futures and Lisk, both surging by 17% on the day. The other token of, MCO, is also up 17% right now. It is also important to make a comparison between the crypto and the stock market. The stock market also achieved some slight gains today after the S&P 500 increased by 0.15 percent and Nasdaq by 0.17 percent. The CBOE volatility index also gained a little less than 3 percent to press time. On the EU market, we can also notice that shares at Deutsche Bank and Commerzbank jumped by 3 percent after the banks announced a possible merger. The oil futures show mixed movements today after the WTI Crude increased up by 0.05 percent and Brent Crude increased 0.22. Opec Basket is also up by 1.04 percent.
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Altcoin News

MakerDAO Will Focus On Security Tokens For Their New Feature Rather Than BTC

The CEO and founder of MakerDAO Rune Christensen attended MIT Bitcoin Expo where he explained more about the status of Maker DAO’s release. So for that reason, in today’s cryptocurrency news we read more about it. Rune talked about the Dai release having two key features but most importantly the addition of other collateral types. He says:
 “The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”
The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
 “Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”
The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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Altcoin News

Tether’s Reserves ‘’May Include Assets Other Than Fiat Currency’’: Website Update

Despite the hundreds of scandals over the past years regarding the controversial USDT token, the brand new one sees the website of the company silently updating the terms by stating that the reserves of the company ‘’may include assets other than fiat currency.’’ Let’s find out more about this dubious update in today’s blockchain news. According to the web archive from February 19, 2019, Tether explained on the website that each tether token is backed 1-to-1 by a traditional currency that is held in the company’s reserves. However, on their homepage today we could read something else: “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.’’ It is still unknown what are those ‘’other assets’’ but it seems like a part of the USD reserves are held in cryptocurrency. This is not the first time Tether’s USDT reserves are locked up in a controversy because it is widely known about the suspicious nature of the company. Back in 2018 in June, the law firm Freeh Sporkin and Sullivan, LLP published a report where you could read that all of the USDT in circulation was backed by the US dollar completely. The CFO and the General Counsel of Tether even swore to that statement to be truthful. However, there were multiple warnings in the report since there was not a real security audit for the reserves of the company. Also, the new statement issued by Tether on their website is a total contradiction to the FSS report’s findings. Another firm, Friedman LLP was also hired in September 2017 in order to conduct a security audit on the USDT reserves and according to the report, all USDT in circulation were fully backed by fiat. In November 2018, Tether opened a bank account at the Bahamas claiming that the Deltec Bank & Trust Limited conducted a full review on their activities and that $1.8 billion were verified to be held at the company’s bank account.
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Altcoin News

Analysis: Bitcoin Finally Pushes Over $4,000 As Other Cryptos Experience Growth

As of today, Saturday, March 16, most of the top 20 cryptocurrencies are reporting noteworthy gains. In our latest altcoin news, the crypto market analysis shows that Bitcoin and other cryptocurrencies are in for a good weekend. Bitcoin (BTC) has gone past the $4,000 price point according to the data from CoinMarketCap. Currently, Bitcoin is up by two percent during the day and is trading at $4,022 at press time. By looking in the weekly chart, the current price is two percent higher than where the price was at the start of the week which is at $3,958. The data gathered from CoinMarketCap also shows that Bitcoin’s trading volume from yesterday, surpassed $11 billion which means that it has reached its highest value since April 25, 2018, when the price of the number one cryptocurrency was at $8,845. Ethereum, on the other hand, is still the largest altcoin by market cap which reached about $14.9 billion. Ripple, on the contrary, has a market cap of about $13 billion at the time of writing. Ethereum (ETH) is up by four percent over the past day and is currently trading around $141 after starting the day at a lower position at $135. On the weekly chart, the value of ETH seems to have increased by more than two percent from 138 which was the price at the start of the week. Ripple (XRP), as the second-largest altcoin gained more than 1.2 percent over the past 24 hours and is currently trading at $0.318. By looking at the altcoin’s weekly chart analysis, you can see that the current price is up by more than a percent which is higher than $0.314, the price at the beginning of the week. Among the top 20 cryptocurrency performers, Bitcoin Cash (BCH) is experiencing some notable growth by increasing in value over 10 percent on the day of writing. The total market cap of all cryptocurrencies combined is now reaching $140 billion which means there has also been some increase of approximately 3.7 percent higher than the value the market was at the start of the week which was $134.8 billion.
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