Cryptocurrencies are edging higher as stablecoin Gemini Dollar’s value spikes to USD$1.19/token
Oct 16, 2018
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- After he appeared to testify before the United States Senate Committee on Banking, Housing, and Urban Affairs regarding cryptocurrencies, Nouriel Roubini has been feuding with Vitalik Buterin, the founder of Ethereum, on Twitter. After going back and forth, Laura Shin, creator of the popular, “Unchained” cryptocurrency podcast stepped in, suggesting she moderate and host a debate on her show between the two. Roubini has since dismissed Shin, calling her a pseudo-journalist and suggesting that the moderator should have less bias. Buterin has since responded, suggest Kevin Pham as a moderator, an individual known as not being a fan of Buterin.
- After temporarily suspending fiat currency deposits last week, major cryptocurrency exchange, Bitfinex, has introduced an “improved” fiat deposit system. Initially, fiat deposits were suspended for the US Dollar, Euro, Pound Sterling, and Japanese Yen, although fiat and crypto withdrawals were never halted. The new system will requires users to submit a deposit request that takes up to 48 hours to review, after which the deposit itself would be processed over the next 6-10 business days. The minimum fiat deposit amount for Bitfinex is USD$10,000 with a 0.1% processing fee.
- LINE Corporation, a Japanese messaging application company, detailed in a press release today that it has launched its LINK (LN) token and that it is available for trading on its native cryptocurrency exchange, BITBOX. BITBOX will offer Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) as trading pairs against LN. Users will have the opportunity to spend LN tokens on LINE’s in-development decentralized application system, set to be released at some point in the future.
- Telegram, an encrypted messaging service platform, announced today that it is releasing a test version of its blockchain-based TON platform later this Fall. Once launched, users will be able to send/receive GRAM, a type of in-house cryptocurrency for TON that offers a “new way of exchanging data.” Telegram raised nearly USD$1.8 billion earlier this year via two private initial coin offering (ICO) sales.
- The Australian state of New South Wales is on pace to complete a proof-of-concept for a land registry system based on blockchain technology by the summer of 2019. As per a report by ZDNet, the proof-of-concept is being completed in partnership between the New South Wales Land Registry Services and Stockholm-based blockchain startup, ChromaWay. The blockchain land registry system will define legal ownership of both public and private land across New South Wales while requiring all property transactions to be conducted on the platform.
- The United States government is allegedly interested supporting Ripple’s XRP token in order to combat China’s cryptocurrency dominance. According to Cory Johnson, Ripple’s Chief Marketing Strategist, the White House is currently researching the consequences of China’s Bitcoin mining dominance. Aware that breaking China’s dominance on Bitcoin mining would be difficult, the US administration is reportedly considering how adopting or assisting a competitor to Bitcoin, like Ripple’s XRP, would affect the competitiveness of the cryptocurrency industry.
- The value of Gemini Dollar (GUSD), the Gemini-backed stablecoin, surged to an all-time high of USD$1.19/token today after Tether (USDT), cryptocurrency’s largest stablecoin, broke its US Dollar-peg and fell below USD$0.90/token earlier this week. Since losing its peg, USDT has climbed back to roughly USD0.98/token -- however, 250 million USDTs were taken out of circulation in the process, meaning the world’s largest sablecoin’s market value currently sits at USD$2.2 billion, representing nearly a 25% decline since its USD$2.9 billion market value 2 months ago.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio