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Stellar (XLM) Witnesses Buying Interest Despite the Crypto Slump

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Stellar

Stellar

When a cryptocurrency is made available in important exchanges, then its price usually gets a positive push, and that is what happened with Stellar (XLM) yesterday. Earlier on this week, Coinbase, which is among the biggest crypto exchanges in the world, revealed that it was looking to add many more tokens to its platform.

Yesterday, the company made Stellar Lumens (XLM) available on its platform for Coinbase users in New York. It is a significant development for the token in question, and it goes without saying that the news was welcomed with great optimism by investors.

Coinbase News Supports XLM

It also resulted in a major spike in the price of Stellar. The wider crypto market has been performing very poorly over the past 24-hours, and many of the biggest tokens in the market have lost a lot of value. However, the announcement from Coinbase led to a highly impressive rally in XLM over the course of the same period, and Stellar rallied by as much as 13%. This happened during a period when some of the world’s major cryptocurrencies lost in excess of 10% in some cases. Usually, such an impressive move on the part of any coin leads to further gains as new investors come in and it remains to be seen how it all pans out during the course of the weekend.

>> Bitcoin Drops 30% in Two Weeks: Should You Panic?

One of the most important aspects of a Coinbase listing is the fact that it exposes a particular cryptocurrency to a far bigger pool of investors and that eventually leads to a spike in price in most cases.

Although the current listing is only restricted to New York at this point in time, it could be made available to all users eventually, and that could be the next big event for XLM. The latest announcement has resulted in impressive gains for Stellar, but it remains to be seen whether it can hold on to them.

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JPM Coin Fails to Impress Ripple’s Brad Garlinghouse… Again

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JPM coin

JPM coin

Ripple CEO Brad Garlinghouse has spoken out about JPM coin once again. This time, he gave the major US bank some praise for its new venture. Garlinghouse participated in a fireside chat yesterday at the 4th annual DC Blockchain Summit in Washington D.C. where he further discussed his views of the new bank coin.

Brad Garlinghouse and JPM Coin

In the chat yesterday, Ripple’s CEO said that JPMorgan Chase’s entrance into the cryptocurrency community is a good thing. However, that was the only positive thing he said about the new JPM coin. Garlinghouse is sticking firm to his original stance on these new bank stablecoins, claiming they will ultimately cause more chaos.

JPMorgan Chase announced the news of its new stablecoin back on February 14th and Garlinghouse was one of the first major executives in the cryptocurrency space to chime in.

In the tweet above, Garlinghouse linked a post he wrote back in August of 2016 regarding his view of the potential future of bank coins. It seems his prediction is coming true. The CEO’s argument is that if banks start making their own stablecoins, like JPM coin, it will make the financial system far more dysfunctional than the current one.

Garlinghouse believes that the current financial system lacks interoperability and each bank adding its own stablecoin will not solve this problem. In the fireside chat yesterday at the DC blockchain summit, Garlinghouse described a system shifting to exactly what he predicted in his article.

>> Crypto News: Huobi Adds XRP and IBM Releases X-Force Red

He explained:

“This guy from Morgan Stanley was interviewing me last week, and I asked him, so is Morgan Stanley going to use the JPM Coin? Probably not. Will Citi use it? […] Will PNC? And the answer is no. So we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability.”

It’s clear that Garlinghouse firmly believes in his company and what they offer financial institutions. To an extent, he has a very valid point, but it seems these major US banks want nothing to do with XRP.

Why do you think banks aren’t adopting Ripple and XRP? Is it that XRP isn’t a ‘stablecoin’ like JPM coin is? Do you think they want their own control and power over the system? Leave your comments below!

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Tezos (XTZ) Outperforms in 2020: Here are the Key Drivers

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Tezos

Tezos

The New Year has seen a degree of a turnaround in the crypto space, as many tokens have recorded significant gains. One notable gainer is Tezos (XTZ). Since the start of the year, the XTZ token has more than doubled in price, and it goes without saying that it could be on the radars of most crypto traders by this point.

More importantly, the coin has managed to break into the top 10 crypto projects by market cap thanks to this rally. Currently, XTZ enjoys a market cap of $1.9 billion. However, this begs the question …

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

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Tezos

Tezos

Tezos (XTZ) is having a strong end to 2019, with the token seeing its price surge over 85% since early November. This boosts expectations for appreciation going forward as adoption continues to grow following initial skepticism.

XTZ Storms into the Top Ten

This week, the digital coin continues its impressive performance and gained 25%, making it the best-performing token among the top ten digital coins. Currently, the coin is trading at $1.72. On December 8, the token stormed into the top ten coins by market cap for the first time. The coin’s market cap rose to $1.4 billion to exceed its closest rival, Cardano, by around $300 million.

The rally may be cut short following the recent market slide, but so far, Tezos is among the biggest crypto gainers. In the meantime, the gap between Tezos and Bitcoin SV (BSV) has continued to narrow, which means that it could get into ninth place if it surges by another double-digit.

Staking is the New Trend in the Industry

The rally was a result of Kraken adding direct staking from Ledger hardware wallets through the Ledger Live app. The exchange offers passive income to those who choose the platform for greater security of their coins. It offers a 6% reward in comparison to Coinbase, which added staking early last month but trimmed rewards to 5%.

>> Binance Adds Fiat Payment Options with Paxful Partnership

Staking changes how tokens work in an ecosystem by minimizing their significance as speculative assets but also increasing their demand as a way of generating income. As a result, this means that there is enhanced price stability as well as coin demand.

The crypto market has been bearish, but XTZ has managed to defy that on several occasions in the last few months. Staking has become the new trend in the industry among various exchanges that have moved to provide custodial services with some returns. The Tezos staking rewards vary depending on the number of coins locked in.

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Veritaseum (VERI) Slumps 60% After Emergency Lawsuit by the SEC

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Veritaseum

Veritaseum

Veritaseum (VERI) slumped 60% in the past 24-hour after The United States Securities and Exchange Commission (SEC) has filed an emergency lawsuit.

Big Blow for VERI

The explosion of the crypto space has led to a lot of tech innovation as companies have resorted to distributed tokens in the form of an Initial Coin Offering in order to raise capital. It has proven to be a highly effective method of raising capital, and many companies have managed to get off the ground using an ICO. However, it goes without saying that the presence of such a tool can also be misused.

Over the years, plenty of entities have conducted ICOs for bogus purposes and managed to dupe people for millions of dollars. However, the Securities and Exchange Commission has now taken a much more active role in this sphere and in a new development, it is now attempting to go after the mildly popular Veritaseum ICO.

It has emerged that the SEC has now moved a Brooklyn court in order for an emergency lawsuit to ensure that the people behind Veritaseum are not able to access the proceeds from the ICO. The SEC claims that the company, as well as its founder Reginald Middleton, had sold the cryptocurrency Veritaseum by telling investors that it was actually software or a gift card. However, that claim is apparently fraudulent, according to SEC, and goes against the regulations with regards to an ICO.

>> New Zealand Tax Authorities Give the Go Ahead for Crypto Payroll

The company managed to raise $14.8 million, but now the SEC is trying to ensure that the Veritaseum and its founder do not have access to those funds. The ICO took place back in 2017 and over the course of the next two years, raised a significant amount of money. At this point in time, only $8 million is left. It goes without saying that as soon as the news about the SEC action hit the news wires, investors started dumping the token en masse and its price crashed significantly.

Veritaseum (VERI) has fallen all the way from $9.40 to $4.50 in the past 24-hours.

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Dogecoin (DOGE) Gets Support from Tesla CEO Elon Musk

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Dogecoin

Dogecoin

Tesla (NASDAQ:TSLA) CEO Elon Musk has voiced his support for Dogecoin (DOGE) just a month after offering skeptical remarks regarding the largest cryptocurrency, Bitcoin (BTC).

Musk Publicly Endorses Dogecoin

Musk, who is a huge fan of DOGE, declared his endorsement for the altcoin on March 3 through a tweet. However, his initial tweet was not actually related to crypto but was instead a meme that he captioned “Dogs roc,” which was followed by another tweet stating “they have the best coin,” which was in reference to Dogecoin.

Interestingly, this is not the first time Musk is expressing positive sentiment toward Dogecoin. In April last year, the SpaceX and Tesla CEO tweeted that DOGE was his favorite crypto, indicating at the time that it was pretty cool.

Through collaborative efforts with Jackson Palmer, Dogecoin’s creator, Musk has been fighting against crypto scammers on Twitter. The renowned tech entrepreneur was voted on Twitter to be the CEO of Dogecoin, coming ahead of the likes of Litecoin creator Charlie Lee and Ethereum (ETH) co-founder Vitalik Buterin.

Dogecoin Mainly Used in Tipping Content Creators on Twitter

Dogecoin is an altcoin that forked from Litecoin on December 6, 2013, and it shows a resemblance to the Shiba Inu dog from the internet meme “Doge,” which is its logo. Although the crypto token began as a joke, it expanded fast and gained traction in the crypto community, and by January of 2014, it had a market capitalization of $60 million. Currently, the coin ranks 33rd out of the top 100 cryptocurrencies, with a market capitalization of $307 million.

>> MoneyGram Receives $11 Million Cash Injection from Ripple

The coin is primarily used on Twitter and Reddit to tip content creators and publishers for their creativity. The creators of Dogecoin intended it to have a greater appeal in the crypto industry compared to the Bitcoin audience.

Following the endorsement of the coin by Musk, DOGE has seen a surge in attention.

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LINE to Introduce LINK Token Trading in April in Japan

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LINK

LINK

Over the past few years, many companies have launched their own tokens, and one of the latest to hit the crypto markets is the LINK token. It is the proprietary crypto token that belongs to the Japanese messaging behemoth LINE’s crypto services subsidiary LVC Corporation. LINK’s appearance is a testament to the sort of resurgence that has happened in altcoins in recent times.

Major Boost

LVC Corporation announced that trading in the token is going to begin in Japan this April. This could well prove to be another major opportunity for crypto traders in Japan who are always on the lookout for the next big thing.

In this regard, it is important to point out that the LINK token is already available to traders who use the BitBox crypto exchange, which is the international crypto offering from LINE. LINK has been available on BitBox since as far back as October 2018.

The technology behind the project is quite interesting. The cryptocurrency allows a holder to use a large number of services and decentralized applications, and those are some of the factors that make it unique in the crypto sphere.

The emergence of LINK is another example of the rise in the number of cryptocurrencies that are linked to messaging services. In addition to LINK, some of the other cryptocurrencies linked to messaging apps are those created by Telegram and the upcoming stable coin from social media behemoth Facebook.

>> Ethereum Dev Virgil Griffith Pleads Not Guilty in North Korea Case

It has now become quite clear that messaging services have managed to build their very own sub-economy of sorts in the crypto sphere. It is likely that many other tokens might be launched in the near term. At the end of the day, many of these companies are backed by giant corporations, and the LINK token is the latest in a relatively long line.

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Tether Grows as Algorand Finally Adds USDT Tokens

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Tether

Tether

The crypto sphere has developed at a remarkable rate over the course of the past half a decade, and one of the biggest developments has been the emergence of stablecoins like Tether (USDT). Despite skepticism from many in the crypto space, the stablecoin has continued to grow, and in a new development, it has been added by Algorand.

Major Details

This is a significant development for USDT, but it remains to be seen whether there is any rally in the stablecoin in the coming days. Algorand is one of the most innovative projects and operates a proof of stake blockchain that is totally permissionless.

This is a major development for the simple reason that it will result in greater use of USDT and also grow Tether’s supply considerably in the crypto space. In addition to that, Tether will also be available over a wider range of networks, and that is something that almost all tokens aspire to.

The supply of USDT has grown exponentially in recent years, and at this point in time, it has a total supply of 4.7 billion. It is trying to make use of a range of networks in order to further boost its supply.

The Chief Technology Officer of Tether spoke about the collaboration with Algorand and said how it is going to be mutually beneficial, explaining, “Our latest collaboration with Algorand leverages the speed and security of Algorand’s protocol to give traders fast settlement and reduced counterparty risk in their fiat to digital asset transactions.”

>> Bitcoin (BTC) Soars to 4-Month High, Crosses $10K Mark

Over the past few years, USDT has become an integral part of many exchanges and is often used by traders as a trading pair. However, it is now looking at ways to further boost the supply and use cases of USDT. In that regard, the latest collaboration agreed by Tether is a significant development.

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Facebook Set to Launch Its Own Cryptocurrency Coin

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FBCoin

FBCoin

In 2018, and early this year, Bitcoin experienced a bearish market that riled the interest of several parties and social media companies such as Facebook. As a result, Facebook has since entered the blockchain space with its own cryptocurrency known as FBCoin.

FBCoin and WhatsApp Users

“FBCoin” is an unofficial name for the crypto asset that the social media giant has designed for its users. Facebook intends to unveil the technology to billions of its users, along with the real name.

Besides Facebook, several technology companies have acknowledged the potential and power of crypto technology to revolutionize economic and financial systems. Cryptocurrencies are decentralized in nature, and as a result, Bitcoin has become vital to fintech in recent years. Facebook’s token is looking to compete with the best, including Bitcoin.

According to reports, FBCoin has been slated to appeal first to WhatsApp users in India for purposes of satisfying the domestic need for digital payments that has grown to prominence in places like China. The FBCoin will be developed on the stablecoin-esque model, backed to the cryptocurrency industry through external assets. It is not yet known whether the FBCoin will operate on a blockchain but on a number of occasions Facebook CEO Mark Zuckerberg has alluded to distributed ledger technologies.

>> Bitcoin SV Delisted from Binance Amid Craig Wright Controversy

Facebook Could Reach $19 Billion Windfall

Most cryptocurrency analysts believe that the FBCoin could garner massive traction in the coming years. In a note, Barclays’ Ross Sandler indicated that the coin could reach $19 billion in revenue windfall by 2021. The decentralized nature of Facebook and the coin’s status has left many crypto enthusiasts with questions regarding its potential.

Interoperability of FBCoin with other crypto assets is vital for its success, but the coin is seen as an intranet of money while other assets use the internet of money system. FBCoin will soon be launched as the company has been in discussions with other cryptocurrency exchanges.

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VeChain (VET) Gains Momentum, But Will It Sustain?

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VeChain

VeChain

The crypto sphere is going through a fair share of trouble at this point in time and many tokens have seen their prices crash in the last few days, but VeChain (VET) has emerged as an exception of sorts. This week, the VET token enjoyed an excellent rally and rose by as much as 18% to hit $0.00786 per token on most exchanges.

What’s Next?

That being said, experts believe that the rally might not be entirely stable, and hence, investors or traders should tread a bit carefully. However, there is no doubt that VET is now in the middle of a rally, and crypto investors should definitely take note.

One of the most important things to keep in mind about VeChain is that as a project, it has a lot of promise. The project is one of the most popular sources of news in China, and unlike many other cryptocurrencies, VET has a definite use case. That being said, the current rally could be tied to other reasons.

The token is not listed on Coinbase, one of the largest crypto exchanges in the world, which gives people in the US access to a wide range of coins. There has been chatter that VeChain could soon be listed on Coinbase if it manages to display satisfactory volume and price action.

>> Binance Announces Tezos Support and Acquisition of Dapp Platform

However, that is not all. The rally in VET has also been attributed to the possibility of ‘whale action’ or trades by market participants who deal in massive trades. In other words, traders who have the ability to move the market, and over the years, many altcoins have benefitted from such trades.

Last but not least, by any stretch of the imagination, are the actions of the VeChain Foundation, which bought as much as $25 million worth of VET tokens recently. That is definitely one of the other triggers behind the recent rally in the token.

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