Der Bankenausschuss des Senats hat Sam Bankman-Fried eine Frist gesetzt, um auf die Anfrage zu antworten. Diese hat er verstreichen lassen.
FTX Japan bekommt dreimonatige Fristverlängerung für Betriebsstopp
Die japanischen Behörden haben der FTX Japan in letzter Minute eine Fristverlängerung eingeräumt, damit die Börse die Rückzahlung von Kundengeldern organisieren kann.
Coinbase tell customers to dump Tether, stablecoin war heats up
Key Takeaways
- Coinbase has encouraged customers to dump Tether for USD Coin by waiving fees
- Binance had delisted USDC pairs last September to push its own stablecoin, BUSD
- The war between the centralised stablecoins deepens
- DAI holds the torch for decentralisation but faces uphill battle for relevancy as model seems unscalable
The stablecoin war is heating up.
Coinbase, who co-founded the USDC stablecoin, are the latest to go on the offensive. It posted a blog post encouraging its users to swap their USDT over to USDC.
“The events of the past few weeks have put some stablecoins to the test, and we’ve seen a flight to safety. We believe that USD Coin (USDC) is a trusted and reputable stablecoin, so we’re making it more frictionless to switch: starting today, we’re waiving fees for global retail customers to convert USDT to USDC.”
I have wondered for a while why Coinbase has not gone on the offensive more and used its exchange to push holders into USDC. Of course, the cynic will say that this decision by Coinbase is to jack up the USDC holdings to reap extra revenue, as these have become a massive earner for the company given the interest rate on T-bills is now 4%.
That makes sense, and that is exactly what it is. But even still, such is the constant anxiety around Tether, it may also be a good thing for the ecosystem at large. The best scenario – as far-fetched as it may seem – is for Tether’s market cap to benevolently trickle down to zero.
Whether Tether is good for it or not, the constant conversation on the topic is negative for the entire industry.
Binance kicked the stablecoin war up a notch
Of the five big stablecoins, there has been some serious movement this year.
Obviously, TerraUSD is the big one, its shocking crash rocking the market. Since then, the decentralised torch has been passed to DAI. But that is beset by its own problems, coming under criticism for being centralised in nature, given its large holdings of USDC.
This led to it voting to move into T-bills, while the latest plan is for it to “free float”, as there is no other alternative if they want to pursue decentralisation. I’ve been vocal in the past of my thoughts on DAI, and they haven’t changed: I believe it has no future, as the model simply is not scalable.
Oh, and a stablecoin that free floats is also not a stablecoin, by the way.
Regarding the centralised stables, it was Binance that kicked up this stablecoin war a notch when it announced in September that it was delisting USDC pairs and auto-converting customer holdings into BUSD.
If we plot the market share of the stables since August, we can see that USDT and USDC have pared back significantly, while BUSD has come up.
What happens next?
The above chart shows quite how dominant the top three providers are, with DAI now having a market cap of $5.2 billion, a mere drop in the ocean.
While this presents as a concerning amount of centralisation, the reality is that nobody has cracked the code on how to create a decentralised stablecoin. So like it or loathe it, it’s centralisation going forward.
The question now is who wins out between the titans up top. This move by Coinbase is a notable one, as Binance had been making serious gains in the wake of their auto-convert announcement. But Binance still list USDT, as the most controversial stablecoin remains the most entrenched, absolutely vital to the entire ecosystem and the biggest liquidity pair by far.
I don’t believe that is a good thing, so in the eyes of the market, it’s nice seeing USDC make a move here.
The market share will be interesting to track again in a few months time. Hey, maybe we will all be using CBDCs before long, anyway.
The post Coinbase tell customers to dump Tether, stablecoin war heats up appeared first on CoinJournal.
SBF soll gegen Bundeswahlgesetze verstoßen haben: Spenden unter der Hand kritisiert
Sam Bankman-Fried hat in einem Interview mit der Krypto-Vloggerin Tiffany Fong behauptet, all seine Spenden an die Republikaner seien unter der Hand passiert.
Crypto price predictions: FTX Token, Fetch.ai, Cortex (CTXC)
-
Cryptocurrencies were still in a somber mood this week.
-
FTX Token rose by more than 30% despite SBF legal woes.
-
Fetch.ai token surged after a staking announcement by Binance US.
Cryptocurrency prices remained in a tight range this week as investors focused on macro issues in the United States. Data published last week revealed that the American economy added 284k jobs in November while the unemployment rate remained at 3.7%. Therefore, investors believe that the Fed will leave rates at an elevated level for longer than expected. Here are the top crypto predictions for this weekend.
FTX Token (FTT)
FTX Token token price soared by more than 31% in the past 24 hours, according to data compiled by Binance. It still remains near its all-time low as Sam Bankman remains in legal limbo. As we wrote here, American authorities are investigating him on a myriad of crimes.
In recent interviews, Bankman has hinted that FTX and Alameda Research did indeed comingle customer funds, which is a crime. Therefore, there is a likelihood that he, and other FTX and Alameda officials will be locked up for a while.
The hourly chart shows that the FTT price went parabolic on Friday. As it rose, it managed to rise above the important resistance at $1.538. It also moved above the 25-day moving average. Still, I believe that this rally is a dead cat bounce, which will see it retreat in the coming days.
How to buy FTX Token
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Bitfinex
Bitfinex is a bitcoin exchange platform that provides advanced services for digital currency traders and liquidity providers.
Fetch.ai (FET)
Fetch.ai price was among the best-performing tokens this week. It rose to a high of $0.1290 after Binance US enabled staking. Historically, cryptocurrencies tend to rally after being offered by a major exchange like Binance or Coinbase.
On the hourly chart, we see that the FET price went parabolic this week. Recently, however, it has scaled back and dropped by double-digits from its highest point. It has moved above the moving averages.
Therefore, Fetch.ai price will likely resume the bearish trend as the staking mometum wanes. If this happens, it will likely drop below the important support at $0.100.
How to buy Fetch.ai
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Cortex (CTCX)
Cortex describes itself as the first decentralized world computer capable of running AI and AI-powered apps on the blockchain. It is a layer-2 network with zero-knowledge features. The CTXC price soared by more than 100% on Friday as the Cortex Army pumped the coin.
On the hourly chart, we see that the CTXC price has been in a bullish trend. It has moved above all moving averages, VWAP, and the ascending trendline shown in black. There is a likelihood that the highly illiquid coin will pull back on profit-taking during the weekend. If this happens, it will drop and retest the support at $0.15.
How to buy Cortex
The post Crypto price predictions: FTX Token, Fetch.ai, Cortex (CTXC) appeared first on CoinJournal.