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August 2010

Huobi Tokens | Huobi Group Buys Back 14 Million HT Tokens

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Huobi Tokens

Huobi Tokens

Huobi has withdrawn 14 million Huobi Tokens (HT) from the open market. The move is part of the cryptocurrency exchange’s plan that seeks to stabilize the altcoin price as well as create new incentives for users by curbing inflation. An Ethereum address is to store the withdrawn tokens expected to form a reverse fund.

By slashing down 14 million tokens, the exchange has essentially reduced the supply of tokens from their initial supply of 310 million coins. The reduction comes at a time when the altcoin has picked up some pace, its value having skyrocketed in recent months on the broader cryptocurrency sector turning bullish.

The Singapore-based exchange has not been able to burn the tokens at a consistent rate as revenues have continued to fluctuate quarter over quarter. Strong revenue in the recent quarter has allowed the firm to buy more tokens at a rate that is 116% greater.

This is not the first time that Huobi has moved to reduce the supply of Huobi Tokens from the market. Since early last year, the firm has slashed its HT supply in the market by 20% by using its revenues to buy back the tokens.

>> Ripple Performs Better than Broader Crypto Markets on Technical Support

Future Burn Cycle

Following the recent burn cycle, Huobi says it will no longer withdraw tokens from the market using the traditional buyback method. Instead, the crypto exchange intends to use tokens from the HT Tiered deduction program to reduce the Huobi Tokens supply in the market.

The next burn cycle will also target tokens from team holding as well as those held in the open market. Depending on how the token performs in the market, the firm intends to initiate monthly burns.

The Huobi network continues to grow at an impressive rate as evidenced by increased membership to the Huobi Prime and Fast Track programs. “The rest of 2019 will see even more improvements and innovations coming from Huobi,” said Huobi Group CEO Leon Li.

Featured image: DepositPhotos © SergeyNivens

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Bitcoin Falls Below $10K Again

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Bitcoin

Bitcoin

Bitcoin (BTC) has had a tough time for almost the entirety of the month of July after having gone through a highly impressive bull run during the first half of the year. As everyone knows, the $10,000 mark has become an important psychological point for the market now, and if the price of the token drops below that level, then there is usually a bit of panic in the market.

In a new development, the price of Bitcoin dropped below that level today, leading to fresh fears about the level at which the bottom lies in these uncertain times.

Analyst’s View

However, a well known Bitcoin analyst and author on the popular price action analysis website TradingView, Jacob Canfield, stated that despite the drop, there is not a lot to worry about. He has stated that the cryptocurrency is still in the middle of a bull run, and despite the drop, bullish bias still exists. The analyst stated that the recent price action in Bitcoin that has ensued from Saturday, when the token was trading at $11,000, is the classic of a bull trap. When that happens, traders in an asset react on an erroneous buy signal and then end up making losses on their positions.

>> Bitcoin Futures Platform Bakkt Begins Testing Today

At the time of writing, Bitcoin is trading lower by 3% at $9,928.

According to Canfield, despite the drop to levels below $10,000, there was considerable demand for Bitcoin even at those lower levels, and hence, he believes that that the cryptocurrency is going to make a turnaround pretty soon. However, Canfield has also gone on to state that there could be some pain before the turnaround really begins. He believes that the current bearish trends could see the token go below $9,800 and then to levels lower than $8,200 before the reversal begins. However, he is adamant that the demand for the token is still strong, and it is perhaps only a matter of time before Bitcoin breaks out again after going through a bit of a downturn.

Featured image: DepositPhotos © peshkova

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Bitcoin Price | Short Sellers Surprised as Bitcoin Surges Another 4.5%

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Bitcoin Price

Bitcoin Price

Those who betted that Bitcoin’s bull run was over were hit with a surprise today. According to Reddit, over $44 million USD was lost on BitMEX due to short sellers betting on a Bitcoin price decline.

The largest digital asset by market cap surprised investors with another climb up the charts. At 10 am UTC, Bitcoin surged 4.4% and almost breached the $12k mark on CoinMarketCap.

Bitcoin Price Surges 4%

Bitcoin is currently selling for $11,862 USD on CoinMarketCap; however, Cointelegraph reports:

“On major exchanges, USD spreads meant bitcoin was yet to reach $12,000 universally, with Bitfinex the first to record the higher price point, topping out at $12,040. Bitstamp, traditionally one of the more conservative price trackers, recorded $11,940.”

On Thursday, June 27, Bitcoin’s winning streak came to an abrupt stop when the coin suddenly crashed below $11k per coin from its year-to-date high of $13.8k approximately. Several days later, it had fallen further to below $10k per coin.

Skeptics believed that Bitcoin price would subsequently continue to fall; however, it has paired some losses since. While there is no exact reason for the coin’s recent resurgence, investors are relieved, despite short sellers losing huge amounts of money from betting on its decline.

Such volatility in recent weeks has cast doubts on Bitcoin’s future performance. Analysts remain unsure, but there’s a general consensus that a bear trend is on the way.

Altcoin’s Performance

Everyone’s attention remains on Bitcoin price, especially considering elsewhere in the cryptocurrency market, altcoins have performed rather poorly. However, there have been some exceptions.

For example, Ethereum is the most exciting altcoin today, climbing over 6% on the news that its own futures could soon launch. ETH is currently trading at $308.19 USD per coin.

>> Chainlink (LINK) Continues to Get Attention, What Next?

Last week, Litecoin continued to outperform the broader market with an average 5% return for investors. This is likely due to an upcoming “halving” in its blockchain. On August 6, Litecoin will “half,” with miners receiving half the amount of coins they get now with each new block mined. Litecoin is currently selling for $120 per coin, up 1.29% on the day.

Dogecoin was another sudden climber last week after Binance announced it would list the coin on its exchange. The news caused the coin to surge 37%, and now the coin trades at $0.0035 USD per coin.

What way do you think Bitcoin price will go? Will it continue to surge, or is there a bear trend on the way?

Featured Image: DepositPhotos © Afotoeu

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Mastercard Teams Up with Blockchain Firm R3 for Cross Border Platform

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Mastercard

Mastercard

Payment leader Mastercard (NYSE:MA) intends to expand a blockchain platform for cross-border settlements in collaboration with Ripple-backed fintech research company R3.

Over the course of the past few years, the cryptocurrency space has grown at a remarkably fast rate and after the hibernation of sorts in 2018, most cryptos have been back with a vengeance this year. One thing that needs to be mentioned in this regard is the way in which some of the world’s biggest companies have now identified the true power of blockchain technology. In a new development, payments processing giant Mastercard announced that it has inked a partnership with blockchain Fintech research company R3 to build a cross border payments platform.

Key Details

In this regard, it is important to note that R3 is backed by Ripple, the company that holds the highest number of XRP tokens and has also created its own payment software. XRP is currently the world’s third-biggest cryptocurrency by market capitalization. In this day and age, when people look for a faster and more secure way of sending payments, it is only natural that a company like Mastercard is going to get involved in such a project.

In its press release, the New Payments Platform Vice President of Mastercard said, “Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships.”

>> Blockstack Raises $23 Million USD in First Regulated Token Offering

The entire project is going to be run by blockchain technology and demonstrates further that the inherent technology could eventually transform the payments space one day. The most important product that R3 has built so far is Corda, which is specifically meant for enterprises and the company stated that this is the product that is going to be used by Mastercard.

While it is true that such a development is going to lead to excitement among holders of XRP, it is not yet clear in any way whether the cryptocurrency is going to involved in this particular project.

Featured image: DepositPhotos © jbk-photography

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