The controversial cryptocurrency company and the business behind the dollar-pegged ‘stablecoin’ Tether (USDT) have printed $415 million worth of new tokens this August alone, making this a new record for printing press material.
USDT, which is currently ranking at the eight position by its market cap, had already issued more than $200 million worth of its cryptocurrency in August. However, the firm kept the virtual printing presses running – and even issued 20 million USDT on Saturday which brought the total to $415 million at the time of writing.
With a current market cap of $2.7 billion, Tether is now the eight most valuable cryptocurrency. However, what makes it unique is the $1 price point which it maintains – all in order to link to the value of the US Dollar, allowing investors to easily swap if for crypto or trade using it.
Over the past 24 hours, more than $2.6 billion worth of USDT changed hands which is another proof that the stablecoin scenario works on the crypto market – and that the $251 million worth of tethers fluctuating on the market have not yet been released.
Aside from the multiple allegations that USDT has been used to ‘manipulate the BTC price’, Tether has faced a lot of criticism over the past few months. To reply to this criticism, the company created a “Transparency Report” and even hired a former Bank of Montreal expert in order to head its regulatory compliance efforts.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
“Voluntary retirement is part of our support program for former employees and is intended to provide assistance and training for job placement. Apart from that, [Bithumb’s] trading volume has decreased compared to the previous year, [so] we are trying to provide internal measures. We will continue to add necessary personnel for various new businesses.”Bithumb still hasn't responded to the requests for comment. However, many speculate that this move is right because of the crypto winter which led to a lot of minuses all over the market. Still, what's interesting is that Bithumb has been preceded by many other firms in the sector - such as the mining giant Bitmain, the blockchain software company ConsenSys, the decentralized social network named Steemit as well as the similar crypto exchanges Coinsquare and Huobi - all of the companies which have decided to make significant cuts in the recent months. According to data from CoinMarketCap (CMC), Bithumb has seen more than $1.3 billion in trades over the past 24 hours. The exchange, however, was removed from the CMC global exchange rankings in January 2018 mostly because of the concerns that the site had over the reportedly "extreme divergence in prices from the rest of the world" and its fellow exchanges in South Korea. Currently, everyone is waiting for an official confirmation about the layoff from Bithumb. The respected exchange hasn't confirmed anything yet but will probably do that over the next couple of days.
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