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Altcoin News

Crypto Market Gains Stability – Volume Still Low But More Bullish



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.

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Altcoin News

Cobo: The Long-Awaited Chinese Wallet Raises $13 Million In Series A Funding

Meet Cobo, the new wallet service from China and a startup that is in the focus of the news on our DC Forecasts crypto news site this Saturday. According to recent reports, the startup has managed to raise $13 million in a Series A round and now expects global expansion. What's interesting is that Cobo already launched earlier this year - and since then managed to gain more than half a million users interested in Bitcoin and altcoin storage. Based in Beijing, China, Cobo is a wallet startup that wants to expand to the United States as well as Southeast Asia - particularly in Indonesia and Vietnam. The Series A round was successful for Cobo, as the startup was led by the Chinese family office Wu Capital and DHVC throughout the round. With the new $13 million in their bank, Cobo is now worth $20 million since its foundation in 2017, according to one press release. There are two flagship products that this Chinese crypto startup holds right now - a cryptocurrency hardware wallet known as the Cobo Vault - as well as a multi-asset cryptocurrency software named Cobo Wallet. What's special about the Cobo Wallet, according to many, is the Proof of Stake mining rewards system that allows users to grow their digital assets, supporting PoS cryptocurrencies such as VeChain, Tron, Zcoin, Dash, LiteBitcoin, Decred and Ontology. As the Managing Director of DHVC (who led the funding round), Judy Yan said:
“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.
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Altcoin News

Stablecoins: Could They End The Decentralization?

It all began with Tether (USDT) as the most commonly known stablecoin, issued months ago as the first dollar-pegged stablecoin. Today, there are a few more stablecoins circulating on the market and constantly making the headlines in our crypto news section. The concept of a stablecoin is relatively simple. As a dollar-pegged stablecoin, this altcoin buys one American Dollar from the market before issuing one token on its network, for example. This means that when an American Dollar leaves the active circulation, one Tether enters it. This is why the price of stablecoins is relatively stable over years, and why a swing of fewer than 10 cents is something that should worry everyone out there. If you weren't reading the latest crypto news, this is what Tether's recent price fluctuations looked like. The only problem with stablecoins is exactly their peg. For instance, Tether just took a 4% tumble and fell to $0.92 despite having USD in the bank to back up the token. While everyone predicted that stablecoins would have established a fixed-exchange-rate system that enables simple transitions from fiat currencies to cryptocurrencies, they also introduced the market to some technical issues. In the end, it is safe to say that stablecoins need to be better organized. They are not decentralized, they can cause inflation and they decrease the tax base - which is why people need to be abreast when buying them (or perhaps better buy asset-backed tokens as an alternative). In the end, many experts believe that stablecoins could cause centralization. Instead of being bridges to decentralization, they are only putting things in a never-ending circle.  
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Altcoin News

Binance Is Looking For Ways To Add Stablecoins To Its Platform

The leading cryptocurrency exchange in the world, Binance, is apparently looking forward to the addition of more stablecoins to its exchange in addition to the three that it already supports. The exchange is in the daily cryptocurrency news after its CFO, Wei Zhou, told one news source that they are "hoping to be able to list a few more stablecoins" on their platform. Still, this does not mean that the exchange, which is based in Hong Kong, is souring on USDT, which fell to an 18-month low and is losing popularity after the total of $610 million that was wiped out from circulation. Zhou also said:
"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.
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Altcoin News

Tether (USDT) Moved $610 Million Out Of Circulation This Month

The controversial altcoin Tether (USDT) is in the crypto news again. After yanking out $250 million out of circulation over the past few weeks, the total money that was moved away now reaches $610 million, which is also nearly a quarter of Tether's market cap. Bitfinex sent another 50 million USDT to the Tether Treasury on Wednesday this week, making this the sixth time that USDT was pulled out of circulation and deposited into the treasury addressed. What's also suspicious is the fact that Tether hasn't issued any new tokens in October and that the last time it did something like this was on September 21st, when the treasury sent 50 million USDT to Bitfinex. According to the report shared by Omni Explorer, Tether's circulating market cap went down from $2.8 billion to $2.2 billion, plunging by 610 million units and reducing by a full 22%. Even though the market cap is now even lower ($2.16 billion), that is mostly due to the lower price of the stablecoin - which needs to be at $1 but is right now trading at $0.98. Right now, there are a variety of potential explanations for the rapid increase in outflows. The most logical one is that the large-scale USDT holders are starting to swap their tokens for the newly launched and "regulated" stablecoins from Paxos, Gemini, and Circle - or redeeming them while depositing funds with the alternative token issuers.  
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