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January 2016

Bitcoin Cash (BCH) Climbs Higher After Halving Event

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Bitcoin cash

Bitcoin cash

One of the most crucial events in the lifetime of most cryptocurrencies is its halving event. Bitcoin Cash (BCH) had its much-anticipated halving on Wednesday. BCH had its first block reward halving yesterday, and the event resulted in a rally in the cryptocurrency. After the halving, BCH soared by 15% over the past 24 hours, and it will likely be in focus over the course of the coming days.

Is Halving a Bullish Sign?

A halving measure generally involves providing miners with half the rewards they used to get for mining one block. In theory, it should lessen the number of tokens in circulation in the long-term. That often leads to the rise in the price of tokens that were halved.

During the same period, Bitcoin SV managed to record gains of 19.4%, so it could be worthwhile for traders and digital asset investors to keep an eye on. BCH experienced a rapid surge, climbing from $249.23 per token to $277.22 per token in the last 24 hours.

However, the halving may not be particularly great news for Bitcoin Cash miners. It should be noted that BCH is the fifth biggest cryptocurrency in the world by market cap, and the rewards are considerable for the miners. However, the reduction of the block rewards by half could hit miners particularly hard.

>> Ethereum (ETH) Gains Momentum Ahead of ETH 2.0 Upgrade

The halving of the rewards will eventually result in gross margins dropping to almost zero once other costs are factored in. This is a situation that is certainly going to be in the minds of traders and investors as they go about figuring out the Bitcoin Cash halving. It remains to be seen how the miners react to the news.

What do you think about the Bitcoin Cash halving? Do you agree with the process?

Featured image: DepositPhotos © amanalang

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Tether (USDT) Surpasses Bitcoin for Exchange Activity

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Tether

Tether

Tether (USDT) popularity has hit an all-time high in the cryptocurrency sector. The stablecoin is now the most traded virtual currency, accounting for 32% of trading activities in crypto exchanges. Bitcoin (BTC) held the mantle due to the multiple base pairs in use but not anymore. BTC currently accounts for about 30% of exchange activity.

Growing Tether Popularity

Increased exchange activity follows many altcoins acquiring a USDT market, a development that has continued to boost the flow of the stablecoin in exchanges. As it stands, Tether is the fastest growing cryptocurrency in terms of usage.

Tether’s market share has already clocked highs of 24% from 15% as of last year. The fact that its trading has surpassed that of Bitcoin all but underscores its acceptance in the burgeoning sector. Tether’s popularity has continued to increase given its ability to make it easy for traders to move money in and out of other cryptocurrencies.

The pegging of Tether on the USD means traders do not have to exchange their crypto holdings to dollars with each trade. Crypto exchanges are also increasingly using the token to transfer funds in between them.

Increased Supply

Tether popularity and increased usage also stem from an increase in total supply. The number of USDT coins has already surpassed the 4 billion mark seen as one of the catalysts behind increased usage. In addition, diversification in the way new coins come into being has also had a hand in fuelling the coin’s market activity. Minting of the coin can now be done through Ethereum, EOS, and TRON, in addition to using Bitcoin Omni layer.

>> Bitcoin Extends Sell-Off as Facebook’s Libra Uncertainty Lingers

The company behind the stablecoin is in the process of launching a fifth blockchain. With the addition of the blockchain, users will be able to use the stablecoin on Algorand and EOS, as well as TRON and Omni.

“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration. We are very excited about the potential this enables for other projects in the decentralized ecosystem, and we eagerly await working closely with many of them in the future,” said Tether CTO Paolo Ardoino.

Featured image: DepositPhotos © iqoncept

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Monero (XMR) Jumps 6% On New Exchange Listing Hopes

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Monero

Monero

Back in 2017 when the crypto sphere was in the middle of one of the biggest bull runs ever seen, Monero (XMR) had emerged as one of the more interesting coins, and the price surged significantly at the time.

However, over time, the coin lost its shine somewhat as more and more exchanges got suspicious about the fact that the coin was anonymous in nature. Eventually, the coin was delisted from many exchanges, most of which were in Japan, one of the most advanced cryptocurrency ecosystems in the world, and the price of Monero started dropping.

Rumors of New Listing

Although it is true that anonymity is one of the aspects of cryptocurrencies, the problem with Monero was that its anonymity was so stringent that there was the possibility that a user might not be able to see it in their wallet if they bought it, and that prompted many exchanges to delist the coin.

However, things are now looking up for Monero as rumors started circulating that the coin was going to be listed again on many exchanges, and the price of the cryptocurrency has started climbing again as a result. As a matter of fact, the price reached the crucial three digit mark after the news of new listings started circulating, and it goes without saying that Monero is a coin to be tracked over the next few weeks. XMR has a market capitalization of $1.73 billion.

>> Bitcoin Price: Short Sellers Surprised as Bitcoin Surges Another 4.5%

The price action on the coin has been impressive, with Monero surging to $108 on Sunday, and on Monday, the price settled at $103.88, which reflected a 24-hour price surge of over 6%. This past week, there was a massive sell-off in Monero, and that beat the price down to around $100.

The price hovered around that mark for quite some time as uncertainty stopped traders and investors from touching Monero. However, the news about potential listings on more exchanges has naturally started a new upsurge.

Are you excited to be hearing that XMR may be receiving more listings soon?

Featured image: Pixabay

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Craig Wright Accused of Abusing Attorney-Client Privilege in Trial

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Craig Wright

Craig Wright

Craig Wright, the self-professed creator of Bitcoin (BTC), has been accused of abusing attorney-client privilege in order to block documents from being used as evidence in the ongoing trial against him.

Australian computer scientist and businessman Craig Wright is being sued by the family of his deceased business partner Dave Kleiman for US$10 billion in Bitcoin, said to be encrypted in a “Tulip Trust.” In a court document filed on Sunday in Southern District Court of Florida, the legal team representing Ira Kleiman, brother of the deceased, challenged Wright’s “illusory” assertion that over 11,000 company documents are inadmissible in court due to coming under attorney-client privilege.

“Craig [Wright] has improperly withheld documents as privileged,” stated the prosecution, arguing that he has attempted to obfuscate the trial by using the fact that the documents come from 18 companies, most of them defunct, to “hide” the documents from the court. “[A]lmost all of the companies Defendant is using as a tool to assert ‘privileges,’ no longer exist … any privilege these companies may have once had, does not survive their dissolution,” added Kleiman’s legal team.

The filing continues to say that of the three remaining firms, Wright’s privilege claim is inadmissible due to the fact that he is not in the “control group” and therefore, cannot claim attorney-client privilege. He is also accused of purposefully orchestrating not being on leadership teams at the firms so as to be able to claim privilege “when it suits him.”

>> ICON (ICX) Rockets Over 325% in 2020: Here Are the Key Drivers

The case against Craig Wright has been littered with controversy throughout the entirety of proceedings. Last August, Judge Bruce E. Reinhart ruled in favor of the Kleiman estate, admonishing Wright at the time for engaging in a “willful and bad faith pattern of obstructive behavior,” which included filing a false declaration, knowingly producing a fraudulent trust document, and giving perjurious testimony.

Wright initially agreed to a settlement to hand over half of the Tulip Trust Bitcoin, he withdrew from that agreement in November.

Featured Image: DepositPhotos © spaxiax

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