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Cryptocurrency

Tether whales move over 300,000,000 USDT in a single day

Tether is now ranked the 4th most valuable cryptocurrency by market cap of $9.996 billion.

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Tether expected to surpass Ethereum, based on strength of the U.S dollar, ther mints 80,000,000 USDT to unknown wallets within 24 hours

Tether, the world’s most valuable stable coin by market capitalization and fourth-largest crypto asset by market value, has been experiencing high volatility in its market lately.

The latest development is Tether whales moving over 300 million USDT  between July 30 and July 31 in over 25 transactions, as seen on Whale Alert, an advanced blockchain tracker, and analytics system. The last Tether whale transaction occurred at about 11 pm GMT on Friday.

READ MORE: Ethereum-based assets produce highest returns in 2020

Data from Conimarketcap shows that Tether is now ranked the 4th most valuable cryptocurrency by market cap of $9.996 billion, with a daily volume of about $32.59 billion as at the time this report was drafted.

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What it means; report by Coin Metrics a year ago, revealed 318 addresses own 80% of the current total supply of the Tether stablecoin.  CoinMetrics the crypto analytic firm reported that these addresses own at least $1 million in USDT, showing that just a few players determine its market liquidity and price movements in this fast-growing crypto-asset space.

READ MORE: 83% of BTCs addresses are smiling to the Bank 

Tether Whales owning a large portion of total supply isn’t just the news. What makes it notably serious is the extent of the ownership centralization in Tether, raising fears like market manipulation by the hands of these powerful whales.

Recall about two months ago, Nairametrics, outlined a report talking about the organic growth of Tether’s market capitalization as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency without an intermediary.

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. A member of the Chartered Financial Analyst Society. Financial Market; Yale University, Behavioral Finance; Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

Bitcoin is on rampage as it breaks through $12,000 price level

BTC recorded a plus of 2.18% and was trading at a price of $11,974.

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BTC wallets, Bitcoin users rise in Nigeria despite Senate, CBN campaign against it, Answering the big Bitcoin question - buy, sell or hold?, Bitcoin hits a 12-month low, Bitcoin price under pressure, stays under $7000, How to protect your bitcoin from hackers, Bitcoin Whales Gathering More Bitcoins, Waiting For the Bullish Run, Bitcoin is scarce, entities, individuals hold for long term

The world’s flagship cryptocurrency has broken through the strong resistance level of $12,000. This happened just some hours ago, according to information obtained by Nairametrics.

Why BTC is up presently?

Bitcoin bulls have been on a bullish run, triggered by high liquidity in the global money markets. Investors remain bullish in the long term despite the blurred global economic outlook and resurgence of the COVID-19 virus.

Renowned crypto investor and co-founder of Gemini Exchange, Tyler Winklevoss, earlier today tweeted about BTC’s surge saying; “And Bitcoin has breached 12k. Great way to start the week!”

Over the weekend, Bitcoin’s price mostly fluctuated between the $11,400 and $11867 price levels. But just some hours ago, the popular crypto asset finally broke through the $12,000 mark.

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Within the last 24 hours, BTC recorded a plus of 2.18% and was trading at a price of $11,974 at the time of writing. The market capitalization has risen from $216 billion to almost $220 billion and the Bitcoin dominance slightly to 60.7%. In addition, the control of Bitcoin’s supply has been steadily shifting towards smaller entities

The percentage of supply owned by entities holding ≤ 10 $BTC grew from 5.1% to 13.8% in 5 years, while the percent held by entities with 100-100k BTC declined from 62.9% to 49.8%. These show that more retail investors are grabbing a stake on the most popular crypto asset and diminishing the strength of BTC whales.

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Cryptocurrency

PAX Gold: Crypto backed by gold but outperforms gold

PAX Gold (PAXG) is a crypto asset backed by Gold.

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PAX Gold: Crypto backed by gold but outperforms gold

It’s crypto. It’s physical gold. And recently, it was approved by the New York State Department of Financial Services for custody and listing. It’s a product from the crypto-verse that combines gold and crypto into a single unit.

Data from Coinmarketcap showed PAX Gold traded at about $1,521 as of March 21, 2020. As of the time of writing this report, the crypto asset was trading at about $2,039.40, showing gains in percentage terms of about 134%. Meanwhile, Gold price so far has gained just 35% in 2020.

READ MORE: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

Why PAX Gold: The sudden surge in this gold-backed stablecoin, since the era of the COVID-19 pandemic, appears to be driven by increased awareness of its unique features, which include access to gold without bullion fees or other storage costs.

Quick fact: PAX Gold (PAXG) is a crypto asset backed by Gold. A PaxoGold digital coin is backed by one fine troy ounce (t oz) of a 400 oz London Good Delivery gold bar, stored in Brink’s gold vaults. Any entity or individual who owns PAX Gold owns the underlying physical gold held in custody by Paxos Trust Company.

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READ MORE: QKC: fastest rising crypto asset in 30 days, gains 100%

Paxos has recently responded to all its digital coins being listed on the New York State Department of Financial Services (NYDFS), stating that it validated the company’s time, energy, and expense which it put into compliance.

Commenting on the green list, Dan Burstein, Chief Compliance Officer at Paxos said: “As the Chief Compliance Officer at Paxos, I’m proud that the culture of Paxos is truly centered around compliance. We build products that the world has never seen before, and we build them for the innovators in the space, not the bad actors.

“Our engineers and product managers prioritize compliance as we create new products, our business development team considers compliance as we structure new partnerships, our operations team helps onboard and service customers according to our high compliance standards, our information security team ensures we hold our customers’ digital assets and personal information in the most secure way possible— the list goes on.”

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Cryptocurrency

CHAINLINK now sixth most valuable crypto, keeps setting new highs

Chainlink presently stands as the sixth most valuable crypto asset valued at $4.65 billion dollars.

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100% of Chainlink (LINK) wallets are now in profit

Chainlink (LINK) price continues to set new records as the DeFi-related token reaches a new all-time high close to the $13.5

Over the last 24-hours, LINK has surged as high as $13.46 on a leading crypto analytic tracker, Coingecko.

Chainlink presently stands as the sixth most valuable crypto asset valued at $4.65 billion dollars.

Recall that Nairametrics had previously given  an in-depth insight on how Chainlink (LINK), against all odds, joined the top 10 most valuable cryptocurrencies by market capitalization. This followed heightened interest by crypto traders and investors for the digital coin over the last several weeks.

READ MORE: LINK, most profitable crypto-asset in 6 months, gains 451%

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Time to sell?

A renowned crypto trader, Benjamin Blunts, posted on Twitter saying he would rather prefer to wait for LINK’s price to go up a bit higher before considering selling. He said:

“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”

READ ALSO: Bitcoin whale transfers 92,857 BTC worth $1.1 billion

READ MORE: Ripple has released 1 billion XRP; here’s what this means

Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

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It should also be noted that about a year ago, Chainlink announced that Google was integrating Chainlink into their approach to smart contract adoption on how users could use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.

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