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October 2017

Tether to Launch Gold-Backed Stablecoin

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Tether

Tether

Over the course of the past few years, stablecoins have become one of the most important constituents of the crypto ecosystem, and Tether is certainly the most well-known. The stablecoin is backed by several fiat currencies, and over the years, it has worked as an excellent substitute for fiat currencies for crypto traders.

Key Points to Watch

In a new development, it has now emerged that Tether is all set to launch a new cryptocurrency that is going to be backed by gold. The cryptocurrency in question is “Tether Gold,” and according to reports, it could be launched by the time Christmas comes around this year.

In this regard, it should be noted that the timing of the launch is quite interesting. It is now a well-established pattern that cryptocurrencies often enjoy a rally of sorts during the festive season, and hence, the launch around Christmas could be a strategic move. That being said, any rally in the gold-backed stablecoin can only come about if the project is interesting.

The Chief Technology Officer of Tether, Paulo Ardoino, spoke about the new project: “Current macro-finance uncertainty brings the need for traditional instruments to hedge the risk of our customers, especially in the crypto industry.” He went on to state that gold has been used as a hedge against market risks for a long time.

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That being said, it should also be pointed out that Tether’s new cryptocurrency might not be an entirely novel product. There have been reports that there are other crypto-based platforms that are also working on similar products. For instance, it has been reported that Coin Shares, a company that is involved with stablecoins, has been exploring the possibility of launching a gold-backed cryptocurrency. While it is true that Bitcoin is often referred to as ‘digital gold,’ it could be ‘Tether Gold’ that could prove to be a literal pioneer in that particular field.

What do you think?

Featured image: DepositPhotos © scanrail

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ETH is in Focus Ahead of Ethereum 2.0

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Ethereum

Ethereum

The crypto space has not been in the best of health over the past few weeks as the coronavirus pandemic and the associated turmoil in the markets took its toll. However, that does not mean that important developments have not been taking place in the crypto sphere amidst the turmoil.

Key Things to Watch

One of the most anticipated events in the crypto space at this point is Ethereum 2.0, and traders are eager to figure out how it is going to affect the price of the ETH token. The launch of Ethereum 2.0 is still a few months away, but it has created a lot of buzz in the crypto sphere already.

At this point in time, Ethereum is the second-biggest cryptocurrency in the world by market cap, and it is only natural that the launch has resulted in fevered speculation. It seems that experts believe the launch of Ethereum 2.0 is going to be a boon for the cryptocurrency. MetaCartel Ventures DAO Adam Cochran wrote a blog recently in which he stated that the launch could constitute the “largest economic shift in history.” It goes without saying that this is a bold claim, and it remains to be seen if it comes to fruition.

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He stated that the staking rules with regards to Ethereum 2.0 could be the major boost behind the rise in the price of the cryptocurrency. Cochran revealed that the staking rewards of 3% to 5% could be a major incentive for big-ticket investors to join in. If that happens, then it is almost certainly going to have a positive effect on the price of ETH. That being said, investors should keep in mind that these are unprecedented times, and things could change very quickly. On that note, it is necessary to point out that the economic turmoil might actually prompt some big investors to stay away.

Featured image: DepositPhotos © Primakov

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Ethereum (ETH) to Fall 20%? Altcoin Capitulation Expected in Two Weeks

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Ethereum

Ethereum

In the past few days, the altcoin market has taken a beating with major cryptocurrency assets such as Ethereum (ETH) and Ripple (XRP) dropping to fresh lows. This has caused widespread panic in the industry, and many crypto investors are beginning to believe that a bottom for altcoins will be set.

Ethereum to Fall 20% Further: Analyst Thoughts

However, one cryptocurrency analyst sees Ethereum dropping even more by over 20% and that the real altcoin capitulation will begin in two weeks. Ethereum has lost significantly since the ICO boom that brought the price per ETH to around $1,400. The fall from the all-time high represents an 85% dip, with skeptics holding that the digital asset will never hit the all-time highs again even if Bitcoin was to hit $100,000.

The accelerated selling pressure and recent fear across the altcoin market have led many to believe that the altcoin market bottom is here or it is closing in. After dropping through long-term support and sinking to new lows against BTC trading pairs, major altcoins such as Ethereum and Ripple have since rebounded strongly—but how long will it last?

There are those maintaining that the cryptocurrency market is currently on the edge of an alt season where Bitcoin makes up for lost ground in altcoins. One crypto analyst, however, sees Ethereum dropping close to 22% compared to Bitcoin through the ETH/BTC trading pair.

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Altcoin Holders Capitulating and Dumping Assets

The feeling currently engulfing major altcoins has a strong ripple effect on the larger cryptocurrency market. There is a possibility of the altcoins dragging Bitcoin down with them, especially in bearish scenarios where the impact is felt across the entire industry. The altcoin sentiment is extremely low, and most of the altcoin holders are believed to have capitulated and have been disposing their assets at a huge loss as they seek to regain some of the remaining value of their assets before further drops.

With the signs of a bottom coming, most holders expect a double bottom for altcoins or some kind of event that will wipe out the whole altcoin space completely.

What do you think?

Featured image: DepositPhotos © Syda_Productions

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Bitcoin Fell in Q4 | Here are Key Factors to Watch in Q1

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Bitcoin

Bitcoin

2019 was a rollercoaster year for Bitcoin, as the world’s biggest cryptocurrency went on an incredible rally in the first half of the year, but then gave up some of the gains. The second half of 2019 proved to be particularly disappointing for the market as BTC failed to reach the heights that had been expected.

Bitcoin ended the fourth quarter with a sequential loss of as much as 21.5%, and the fall in the second half of 2019 was pegged at over 33%. It is quite clear that things have gone downhill over the past six months. However, experts believe that two important factors could spark a recovery in Q2 2020.

Key Factors to Watch

One of the biggest factors that could result in a bull run in Bitcoin is the continued uncertainties in the capital markets in the first quarter of the year. The uncertainty about the trade deal between the United States and China is going to cause many investors to avoid the capital markets. Instead, they might try and invest in safe havens like gold and BTC. Hence, it could lead to a short-term spike in the price of BTC if investors start piling onto it in order to park their cash.

While the geopolitical and macroeconomic issues could well boost the price of BTC, there is another factor that could further help with a rally as well. There is going to be a halving of BTC in May this year, and analysts believe that once this happens, the cryptocurrency will become scarcer. Since the rewards are going to be halved, there is going to be less mining and, by extension, greater scarcity.

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Some analysts believe that the halving could result in bullish tendencies and eventually push up the price of Bitcoin past $8,000. It goes without saying that a crucial period is coming up for BTC, and market watchers could do well to track the token closely.

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