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November 2006

Stellar (XLM) Soars 18% as 55 Billion Tokens are Burned

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Stellar

Stellar

Over the course of the past few years, many cryptocurrencies have emerged that have demonstrated a definite use case, and one of those is Stellar (XLM). SDF or the Stellar Development Foundation, which looks after the entire ecosystem of the cryptocurrency, made a major announcement today, and it could have far-reaching implications.

Major Boost

The SDF announced a new protocol altogether with regards to its network on Monday and added that it has burned as many as 55 billion XLM (Stellar Lumens). The burning of those many tokens by the company is going to reduce the number of XLM in circulation, and it remains to be seen what sort of effect this will have on the price.

The whole project is apparently trying to become far more efficient in the near future, and the SDF believes that the move to burn 55 billion Stellar tokens will help in streamlining operations considerably. Considering the fact that XLM is now trading for $0.085 each at this point, the cost of the tokens that were burned is pegged at around $4.7 billion. However, the market has reacted positively to the move, and the price of XLM has rallied by as much as 18% at $0.0816 after the news broke.

>> Bitcoin’s 2017 Boom Largely Fueled by a Single Trader

The SDF published a post on Medium in which it explained the rationale behind the move. In the post, it stated that the move is going to make the ecosystem more efficient. It stated, “SDF can be leaner and do the work it was created to do using fewer lumens. Over the years we’ve also seen that giveaways and airdrops have diminishing effects, especially in the outsized amounts our original plan was designed to support.” It went on to state that out of the remaining tokens, the SDF is going to give away as many as 12 billion tokens to make Stellar more popular in the crypto sphere.

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International Central Banks to Question Libra Over Security Concerns

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Libra

Libra

Libra, the planned cryptocurrency led by Facebook, is to be questioned by officials from 26 central banks in Switzerland today.

Representatives from the heavily scrutinized project will face a grilling by officials from central banks, including the US Federal Reserve and the Bank of England, over the cryptocurrency’s “scope and design.” Since being announced in June, Libra has come in for significant perusal from government officials and regulators around the world due to concerns regarding the security of the Facebook-led coin.

Libra to Be Blocked in Europe?

Today’s meeting of the Committee on Payments and Market Infrastructure, a forum for central banks under the Bank for International Settlements, will be chaired by French ECB board member Benoit Coeure just days after the French Minister of the Economy and Finance pushed to block the development of Libra in Europe. The findings of the committee will be submitted to a meeting of the G7 nations in October.

“Stablecoins are largely untested, especially on the scale required to run a global payment system. They give rise to a number of serious risks related to public policy priorities. The bar for regulatory approval will be high,” said Mr. Coeure following a meeting of EU finance ministers in Helsinki on Friday. However, he did offer some hope for the stablecoin, adding that Libra “has prompted fresh thinking on how to improve our payment systems.”

>> Coinbase Announces Dash Listing: What We Know

Co-Creator of Libra Responds

David Marcus, co-creator of Libra and current head of facebook’s Calibra, responded to the objections raised by Bruno Le Maire, the French Economic Minister, in a Twitter thread today. He countered Le Maire’s claims that Libra posed a threat to countries’ economic sovereignty by pointing out the fact that it is backed 1:1 by a basket of strong currencies—which means that for the coin to exist, there must be an equivalent value in reserve.

Given the intense scrutiny Libra has come in for since its announcement, it will be interesting to see where the project goes in the next few months.

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The HEX Controversy | Bitcoin.com Listing Despite Community Hesitations

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HEX

HEX

The wild growth of the crypto sector has been nothing short of a miracle despite the many pitfalls, but that has also resulted in the emergence of tokens that might not be completely above board, and one of those is HEX.

The token is widely believed to be part of an elaborate scam, and in a new development, it has emerged that the crypto platform Bitcoin.com listed the token in spite of these hesitations from the general crypto community.

Went Live Last Week

Officials have revealed that trading on the token went live on the platform on December 13, and the revelations have led to fresh controversy about this token in the crypto space.

There are very few crypto exchanges in the world that list the HEX token anymore, and Bitcoin.com is now one of the few reliable crypto exchanges that list it at this point. It is particularly startling since the association between the exchange and the crypto project seems to be a new one.

This has come at a time when Richard Heart, the founder of the actual HEX crypto project, has had to fight against allegations of fraud. The coin was launched early in December, but in the little time since its launch, it has already become a controversial subject in the crypto space.

>> Tezos (XTZ) Hits New High for 2019, Market Cap Tops $1.4 Billion

Not a lot of data has yet become available with regards to HEX trading so far. At this point in time, Bitcoin.com is offering two trading pairs to its users. One is HEX/BCH, and the other is HEX/ETH. The former is now down by as much as 65%, while the latter has declined by 59%.

Critics of the HEX project have stated that the founder, Richard Heart, will have control of as much as 45% of the entire supply of the token after one year from the launch. An expert stated that the founder could potentially enrich himself from the built-in HEX protocol.

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Litecoin (LTC) is Down 50% in 2 Months

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Litecoin

Litecoin

Litecoin (LTC) has been in the news over the past few weeks ever since it had announced the highly polarizing halving event. Miners used to get 25 LTC for each completed block, but from now on they will be rewarded with 12.5 LTC for the same job. It was a controversial move, and experts had either panned the move or stated that it will have a positive effect on the price of Litecoin.

Key Analysis

The price of the coin remained unaffected after the halving event, but the price action remained tepid. However, a recent dusting attack on as many as 300,000 addresses led to a large decline in price and sent the token on another downward spiral.

In a nutshell, there is not a lot of optimism around Litecoin at this point in time, and the reasons are quite clear. However, there are certain Litecoin analysts who believe that the token is nearing a point, or ‘bedrock support,’ from which it could break the downward price trend and move upwards. Since the halving event took place, the price of Litecoin has plunged by as much as 25%, and it is not surprising that there is widespread pessimism in the community. Moreover, the founder of the coin has promised another halving a few years down the line.

>> Bakkt Set for September Launch: Here’s What You Need to Know

However, it is important to note that Litecoin went ahead with this event even when the entire cryptocurrency market has been under a bit of pressure, and the prices of many tokens have faltered. The crypto analyst named Loma, who primarily expresses his views on Twitter, stated that since it is nearing bedrock supports, it is the “maximum point of opportunity” for investors who want to get in now. In other words, the price of the token could be surging in a few days, if the analyst’s prediction is to be believed.

What do you think?

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