The cryptocurrency market recently started to gain some momentum. The situation has been positive over the past 48 hours, with three consecutive increases recorded by Bitcoin. The tokens such as OmiseGo and DigixDAO were also rising in terms of volume and price – but it is still uncertain whether the market can be classified as bullish.
That is mainly because of the volume of all digital coins which is still low. Most often, the stability in the cryptocurrency sector must signify a potential build-up for a bull rally – and an increased volume in the short-term – especially if several daily buy candles are recorded consecutively.
Tether (USDT), the cryptocurrency whose value is linked to the US dollar, remains as the second most traded cryptocurrency in the market behind Bitcoin, signifying that traders are utilizing the US dollar-backed currency in order to hedge the value of cryptocurrencies.
At this point, we are far from a bullish run. The truth is, the short-term trend of BTC has become more positive but the market is still bearish. In a period like this, large-scale investors must look towards mid-term triggers and factors that could lead to market recovery.
One of the best things that happened for Bitcoin was the introduction of a Bitcoin ETF that will enable institutional investors to enter the crypto market with full protection against any security issues.
Cobo: The Long-Awaited Chinese Wallet Raises $13 Million In Series A Funding
“Cobo’s unique approach redefines the concept of crypto asset management and creates new opportunities for investors. The team leverages their extensive blockchain experience to help safeguard users’ assets while also generating returns for their benefit. We believe Cobo will lead an entirely new user experience for PoS coin holders.”The Cobo Wallet also supports a couple of Proof-of-Work and Delegated-Proof-of-State coins and about 500 tokens. As such, it is proof that despite last year's ban on cryptocurrency trading in China, it did not fail to introduce the domestic (and foreign) markets with a completely new wallet service.
Stablecoins: Could They End The Decentralization?
Binance Is Looking For Ways To Add Stablecoins To Its Platform
"As a whole, we believe things will even out. We will continue to support USDT,"Binance's interest in expanding its stablecoin options predates Tether and its recent break out of the buck. The exchange right now has support for Paxos Standard (PAX) and TrueUSD (TUSD) aside from Tether's USDT support. Right now, Wei said that the Binance research team is evaluating almost all the other stablecoins on the market - with a particular interest for adding the Gemini Dollar (GUSD) backed by the Winklevoss twins.
"Rather than hold bitcoin, [institutions] actually prefer to hold more stablecoins, because the dollar is still the default currency in some of these countries. That's just one use case that we've seen that's different in this part of the world, versus other parts of the world," Zhou concluded while speaking to Binance's recent expansion in Uganda.
Tether (USDT) Moved $610 Million Out Of Circulation This Month
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