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Amid the current market crash, $1 billion worth of USDT was transferred from Tether’s treasury to Binance.

The past couple of days were particularly devastating in both the cryptocurrency and the legacy markets.During Saturday’s trading session, Bitcoin’s price crashed to a low of around $34,000 on Binance, and it’s currently trading at around $35K, struggling to hold above that level.Now, Whale Alert detected that $1 billion worth of USDT was transferred from the Tether Treasury to Binance.Tether was quick to explain what happened.

In few minutes, Tether will coordinate with a 3rd party to perform a chain swap, converting from Tron TRC20 to Ethereum ERC20, for 2B USDT. The tether total supply will not change during this process.

This means that Tether has not printed any fresh USDT and is just deploying coins from Tron to Ethereum, sending them to Binance.SPECIAL OFFER (Sponsored)Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms). PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees. You Might Also Like: Tags: Tether (USDT)

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The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion during the last 24 hours while the trading volume surged from $66.35 to $126 billion.

The decentralised finance (DeFi) cryptocurrency market cap surged 123.14 percent to $120.97 billion. Value of stablecoins stood at $115 billion, representing nearly seven percent of the market. Stablecoins are tied to an asset - such as the dollar or any other fiat currency or gold - to stabilise their price.

Bitcoin's market dominance remained nearly flat at 40.51 percent and the asset was trading at $36,579 levels today morning.

In rupee terms, Bitcoin fell over seven percent to trade at Rs 29,63,463, while Ethereum fell nine percent to Rs 2,11,277.4.

Meanwhile, Robinhood Markets Inc is rolling out crypto wallets to a 1,000 users, allowing them to send and receive cryptocurrencies through their brokerage accounts, the company said in a blog post. The Menlo Park-based online brokerage had laid out plans to begin testing the wallets last year, with the aim of a broader rollout in 2022.

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Also, Brazilian financial services provider Dock said that it will start using cryptos to process international remittances as it expands to Latin America and Europe.

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The price of the world’s flagship cryptocurrency, Bitcoin, crashed by over 50% from its all-time high on Saturday as traders dumped assets for cash.

Bitcoin fell to as low as $34, 243 (according to Binance) before clawing back above $35,000 in the early hours of Sunday, Nigerian time. Bitcoin hit an all-time high of $67,566 on the 8th of November 2021 at a time when bullish investors predicted we could be hitting $100,000.

The crash in bitcoin prices follows a decision by the US Fed to raise interest rates at least three times precipitating the liquidation of most leveraged assets in the market.

January 22, 2022 January 21, 2022Altcoins suffer mega loss

Bitcoin is not the only cryptocurrency that has suffered massive losses. Ethereum the second most capitalized cryptocurrency has also fallen from its all-time high of $4,812 to about $2,400 as traders intensified the sell-offs across board.

-->-->-->-->-->Also affected in the sell-offs are BNB, Cardona, Solana, XRP all of which make up the top 10 most capitalized cryptocurrencies in the world.So far, the market capitalization of cryptocurrencies has fallen by over 43% from $2.9 trillion in November 2021 to around $1.65 trillion today.Over a trillion dollars in crypto values have been wiped out this year already.Despite the crash with cryptocurrencies, stable coins remain “stable” as investors liquidate their positions in bitcoins and altcoins in exchange for stable coins which are pegged to the dollar. Tether the world’s largest stable coin is at an all-time high of $78 billion in market capitalization.Why Crypto is crashingThe declines in crypto follow Wall Street losses on Thursday. The Nasdaq was down almost 5% this week, and the S&P 500 is into its third straight week of losses.As the 10-year U.S. Treasury yield spiked earlier this week, rising rates have caused investors to shed their positions in riskier assets. Yields move opposite to prices.The Federal Reserve has also indicated it plans to begin reducing its balance sheet, as well as tapering of bonds and raising interest rates.As a result of intense price fluctuations and increased regulatory scrutiny, many industry experts predict that the crypto market will continue to experience a downturn.Regulators are also targeting cryptocurrencies. Besides the Chinese government banning all crypto-related activities, U.S. authorities are cracking down on several aspects of the market as well.Reports also indicate Russia’s Central Bank also plans to ban cryptocurrency and has put forward a proposal to Kremlin that all use and mining of cryptocurrencies in Russian territories be banned.

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Data reveals that there has been a spike in stablecoin activity in the last 48 hours as the cryptocurrency market capitalization fell from its $2 trillion status to as low as $1.55 trillion, as investors try to mitigate the losses caused by the market sell-off. 

On Friday, flagship cryptocurrency asset Bitcoin fell below its $40,000 support zone to trade as low as $34,349.25, losing approximately $5,250 in one day, representing a 12.83% decline. For the year, Bitcoin is down approximately 25%, signalling the start of a cryptocurrency bear market. 

Altcoins have had it worse as they have lost over 30% in value, from $1.35 trillion at the beginning of the year, to currently stand at $919 billion, losing approximately $431 billion in market capitalization. This has effectively caused the altcoin market to lose its trillion-dollar status as they all post double figure losses, so far, for the year. 

January 22, 2022 January 22, 2022What you should know Data from Nomics reveals a spike in Tether’s USDT, the most capitalized stablecoin pegged to the United States’ dollar, daily trading volume. Between Thursday and the day of the crash, Friday, there was a 68.74% uptick in USDT’s trading volume, from $68.45 billion to $115.50 billion. On Saturday, the USDT trading volume has not shown any signs of decline as it posted a daily volume of $109.21 billion. We experience the same spike in Circle’s USDC and Binance’s BUSD, the second and third most capitalized stablecoins. USDC saw a 126.13% spike between Thursday and Friday, from $3.98 billion to $9 billion while BUSD saw an 86.18% spike in daily trading volume from $3.40 billion to $6.33 billion. The trio posted a combine transaction volume of $130.83 billion on Friday, higher than the trading volume of Bitcoin, which posted $59.48 billion in daily transaction volume and Ether, which posted $43.69 billion in transaction volume on the same day. Even when Bitcoin and Ether’s trading volume is combined, they still do not measure up to the trio’s daily transaction volume which suggests that traders are taking safety in stablecoins during this bear market. Data from Glassnode reveals that BUSD’s exchange outflow volume reached a 1-month high of $7.2 million. USDC’s exchange outflow also reached a 7-month high of $9.72 million. USDT’s supply in Smart Contracts hit a 4 year high of 22.961%. These all indicate a flight by investors to stablecoin assets, as an attempt to stem the losses seen in the market. 

The last time we saw stablecoin activity this high was between the 5th and 7th of January 2022, when Bitcoin lost approximately $7,000 from $47,000 to trade as low as $40,600 during the period. Investors are reminded that cryptocurrencies are speculative assets and are advise to trade with caution.

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The global cryptocurrency market capitalisation dropped to $1.6 trillion from $1.7 trillion during the last 24 hours while the trading volume rose from $126 billion to $130 billion.

The decentralised finance (DeFi) cryptocurrency market cap increased 7.26 percent to $113.19 billion while that of stablecoins rose 0.14 percent to $165 billion. Stablecoins are tied to an asset - such as the dollar or any other fiat currency or gold - to stabilise their price.

Bitcoin's market dominance rose to 41.26 percent and the asset was trading at $35,203.60 levels today morning. In rupee terms, Bitcoin fell over 1 percent to trade at Rs 28,95,454 while Ethereum fell 5 percent to Rs 2,00,017.6.

Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 peak in November. It was last at $35,049, after falling as low as $34,000 and following a steep fall on January 21.

The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the US Federal Reserve.

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According to experts, "Bitcoin remains in the danger zone and if $37,000 breaks, there is not much support until the $30,000 level."

CryptocurrencyPrice (in Rs)24-hour change (in in8,750.00-6.11XRP48.94-5.97Axie4,131.40-14.4  Moneycontrol News Tags: ##Stablecoins #bitcoin #blockchain #cryptocurrency #DeFi first published: Jan 23, 2022 08:43 am --> Watch Must Listen

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New data reveals that the world’s biggest Ethereum (ETH) whales on record are gobbling up stablecoins and other altcoins as Bitcoin (BTC) struggles below $40,000.

According to whale-monitoring bot WhaleStats, the top 1,000 non-exchange Ethereum wallets snapped hundreds of thousands of dollars worth of stablecoins USD Coin (USDC), Tether (USDT) and Binance USD (BUSD) as well as and ETH itself in the last seven days.

The deep-pocketed investors also accumulated $62,569 worth of Polygon (MATIC) on average, followed by flexUSD, another stablecoin.

Coming in at number seven is Hex as Ethereum whales bought an average of $28,133 worth of the crypto asset designed to replace the certificate of deposit.

Decentralized oracle network Chainlink (LINK) takes the eighth with an average purchase amount of $27,934.

Basic Attention Token (BAT), the utility token of anti-ad web browser Brave and Wrapped Bitcoin (WBTC), which represents Bitcoin on Ethereum on a 1:1 basis, round out the list.

WhaleStats also shows that some of the richest Ethereum whales in existence are making huge individual purchases amid the crypto market pullback.

The fourth-ranked Ethereum whale on the planet bought nearly 200,000 LINK worth a staggering $3.90 million and 1,000 Maker (MKR) worth about $1.96 million. MKR is the Ethereum-based governance token of MakerDAO, a decentralized autonomous organization (DAO) that’s used to maintain and regulate the stablecoin DAI.

The 141st-ranked ETH whale also bought LINK – 86,475 tokens worth $1.69 million. The large wallet also added 1,099,996 MATIC worth $2.24 million.

Lastly, the 475th-ranked Ethereum whale purchased 326,994 SUSHI worth $1.84 million. SUSHI is the governance token of decentralized crypto exchange platform SushiSwap.

 Check Latest News Headlines  Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ParabolStudio/Natalia Siiatovskaia

Bitcoin plunged below the $39,000 mark on Friday

Bitcoin was trading at $38,828.93 at the time of writing this article, down by 7.78 per cent over the last 24 hours, while Ether went below the $3,000 mark.Swastika Das Sharma

Cryptocurrency Update: The global cryptocurrency market cap was headed for a bloodbath on Friday, December 21 as all major crypto coins including Bitcoin and Ethereum shed drastically, after already being on the downward trod for days. The global crypto market cap was standing at 1.82 billion at 1710 IST, according to data from CoinMarketCap. This was down by 8.16 per cent in the last 24 hours. This was fuelled further as traders sold their assets as the crypto coin prices started to fall, making the volume of traded coins go up by 111.11 per cent over the past day. The crypto market volume over the last 24 hours stood at $105.35 billion, according to data.

Bitcoin was trading at $38,828.93 at the time of writing this article, down by 7.78 per cent over the last 24 hours, while Ether went below the $3,000 mark. Ethereum value was standing at $2,843.48 at 1710 IST, down by 9.61 per cent. Major crypto coins including Tether, Cardano, Solana, Dogecoin, BNB, USD Coin and Shiba Inu also suffered severe losses during the day.

“There can be multiple factors that could lead to impacting the crypto market and its prices. The uncertainty surrounding the Crypto Bill across the globe could be one of the factors that led to a fluctuation in cryptocurrency prices," said Vikas Ahuja, member of Blockchain and Crypto Assets Council (BACC) and CEO of CrossTower India.

“China shutting down Bitcoin mining in Sichuan province, has also led to crypto market prices going down in market value. In addition, the new variant of the Coronavirus, Omnicron is roiling global markets, with its impact being felt across various markets, including those trading cryptocurrencies," he added.

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“For quite some time, cryptocurrency markets have been resting on a crucial support level. Risk assets are being sold off as a result of the macroeconomic downturn. Also, the downtrend is affected by the minutes released by Fed," said BACC member and BuyUcoin CEO Shivamm Thakral.

Edul Patel, CEO of Mudrex, had earlier warned about the consequences of support levels breaking. “The support price for BTC’s support price is above US$40,000 as momentum improves on intraday charts. The resistance zone of BTC ranges between US$43,000 to US$45,000. If the support levels break, it will indirectly pressure the crypto market," he had said.

Covid Slice  became the top loser in the crypto pack on Friday. Over the last 24 hours, the value of one coin Covid Slice by 99.51 per cent. One token was priced at $0.0002095, as per data. ENHANCE and Revolution were the other two losers who occupied the next top spots on the day. However, crypto coin Project X Nodes gave the highest return of 674.19%

Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)

Project X Nodes: $23.14 - up by 674.19 per cent

PAPPAY : $0.000002405 - up by 251.72 per cent

Influencer Finance: $0.00000000004774 - up by 240.83 per cent

Metacraft: $0.4624 - up by 210.78 per cent

tudaBirds: $0.01387 - up by 190.76 per cent

POLARNODES: $2.81 - up by 162.53 per cent

Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)

Covid Slice: $0.0002095 - down by 99.51 per cent

ENHANCE: $0.00000000002015 - down by 99.01 per cent

Revolution: $7.24 - down by 97.49 per cent

SAFECAME CASH: $0.00000000001519 - down by 91.53 per cent

Wall Street Capital: $0.0001111 - down by 84.00 per cent

SOCIETY OF GALACTIC EXPLORATION: $0.000000002825 - down by 81.76 per cent

Read all the Latest News, Breaking News and Coronavirus News here.

Swastika Das Sharma

Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J...Read More

Tagsbitcoincryptocurrencyfirst published:January 21, 2022, 17:51 ISTMore NewsPhotogallery

Bitcoin price has crashed further today and is trading under $39,000 level after Russia proposed banning the use and mining of cryptocurrencies on its territory. Bitcoin price tanked over 7% to $38,802. Bitcoin price has slipped in excess of 14% since the start of this year and that means in the last 21 days, counting today.

Bitcoin is the largest and the most popular cryptocurrency in the world even though other cryptos an tokens are chipping away at its market share. Ether, the coin linked to Ethereum blockchain also slipped below the $3,000 mark. It suddenly dipped by more than 7% at $2,914, as per CoinDesk. The token rose about 400% in 2021, compared with a gain of 60% for Bitcoin, however, it is down over 18% in 2022.

Similarly, Dogecoin price also fell over 7% to $0.15 while Shiba Inu dipped about 6% to $0.000026. Other cryptocurrencies like Binance Coin fell by 9% at $423, while Cardano is down over 11%. XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were also trading low in the range of 3-10% over the last 24 hours.

However, it is the drop by Bitcoin and Ether that is likely to put investors in a chaotic situation. Both these coins are trading at their lowest in the past ten days while other top altcoins are also running in red.

The crypto industry has faced several regulatory pushbacks lately, as skepticism toward the growth of digital assets spreads across the globe. After Russia, Cryptocurrency exchanges can also expect stricter scrutiny from the US Securities and Exchange Commission (SEC) on digital assets in 2022.

Moreover, the cryptocurrencies have also been exploited by hackers recently. They have reportedly stolen about $34 million in cryptocurrency. Crypto.com, the industry's fourth-largest cryptocurrency exchange has confirmed the security breach and admitted that it lost user funds. However, they claimed that the issue has been fixed. The loss was in terms of bot cryptocurrencies, Bitcoin and Ethereum.

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First Published Date: 21 Jan, 12:18 PM IST Tags: BitcoinCryptocurrency

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Cryptocurrencies are on a freefall and there seems to be no letup in the sell-off on Saturday. The sudden market-wide drop-off portend a long and tough winter for digital currencies after a fairly decent performance in 2021.

Bitcoin, Major Altcoins In Bear Market Territory: Bitcoin (CRYPTO: BTC) has lost over 20% in the year-to-date period, after ending 2021 with a fairly decent gain of nearly 60%. The sell-off started off in earnest in early November.

Bitcoin scaled to a new peak of $68,789.63 on Nov. 10, 2021 before moving southward, and the recent downtrend has taken the crypto to $35,313.21 today. The peak-trough change is over 48%.

Other major altcoins such as Ethereum (CRYPTO: ETH), Binance Coin (CRYPTO: BNB), Cardano (CRYPTO: ADA) and Solana (CRYPTO: SOL) are also deep in the red. All the altcoins in the top ten cryptocurrencies in terms of market capitalization, barring stable coins such as Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC), have plunged hard.

Here's how the top altcoins have performed in the year-to-date period.

Much of the weakness is attributed to the Federal Reserve's announcement that it is considering a Central Bank Digital Currency, Russia's proposed Bitcoin ban, and China's animosity toward all things crypto.

Related Link: Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That's Weighing

Tough Winter Ahead? Following the crypto market crash, doomsday predictions have begun floating around. Analysts see a plunge similar to the crypto crash of 2018, when most coins fell by about 90%.

Far bleaker predictions point toward a situation similar to the 1929 stock market crash, which led to a collapse in stock prices and was among the chief reasons for the Great Depression that followed. The largest sell-off in the U.S. stock market history occurred on Oct. 24, 1929 – a day known as "Black Thursday."

Bitcoin could plunge below the $30,000 level in 2022, as the crypto bubble bursts, the Markets Insider reported, citing Paul Jackson, Invesco's global head of asset allocation. The analyst assigned a 30% probability of the apex currency breaching the level.

UBS analysts have also warned of a crypto winter – a protracted period of crypto weakness that could last for over a year, the Markets Insider report said. Fed tightening could make the cryptos lose their appeal, and Bitcoin has managed to alienate some investors due to the extreme volatility that has become the order of the day, along with its limited supply, the publication added.

At last check, Bitcoin was seen moving down 9.03% to $35,217.76.

Related Link: How to Buy Bitcoin

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The whole cryptocurrency market declined by a whopping 9% in the latest record. The most popular digital coin in the world suffered from an 8.8% crash as many cryptos nosedived.

Bitcoin Price Crash(Photo : Thought Catalog from Unsplash) Major cryptocurrencies like Bitcoin, Ether, and Solana have experienced terrible market crashes recently, according to the latest report.

The world's largest cryptocurrency suffered from an unexpected plunge following its quick free-fall below the $40,000 mark, according to The Independent. Some crypto experts said that this drop could signify a huge change for investors.

While it is alarming to see this scenario for Bitcoin, we might feel that the "crypto winter" is drawing closer. This 2022, this cryptocurrency has suffered from its worst record, to begin with. This might tell that it could suffer from even worse all-time lows in the future.

Its most recent performance is entirely far from what it did over the past two months. In November 2021, Bitcoin ditched the price crash after hitting its all-time high record of nearly $70,000. However, its value is now 44% below that number.

According to bitcoin purists, their favorite crypto would bounce back as a barricade for the ongoing high inflation. Cryptos continue to become unstable as they plunge to another level each day despite this event.

Related Article: How Risky is Bitcoin Trading?

Crypto Crisis Hits Ether and Other Coins

In another report by Livemint, the overall crypto prices have dropped below the $2 trillion mark. CoinGecko wrote at that time that the market only recorded $1.98 trillion, which accounts for a more than 5% decrease.

The second biggest crypto, ether saw a significant drop at $2,861 (over 8%), according to Coindesk. While it skyrocketed to nearly 400% in 2021, its January record alone exposed its quick fall off at over 18%.

Meanwhile, popular meme coin Dogecoin fell to $0.15 or more than 8%, while its counterpart Shiba Inu plunged to $0.000026 in valuation.

Solana, along with Stellar, XRP, Tether, Litecoin, and other coins, experienced a huge loss at around 3 to 10% after the 24-hour mark. Binance coin was down at 9% at that moment.

Crypto Crackdown

In the same report, Livemint wrote that tighter regulations around cryptos are currently in the process. Amid skepticism, Russia proposed its decision to ban digital coins this year, including Bitcoin mining and other related activities.

This is in contrast with Jack Dorsey's plans to build a crypto mining system for everyone. The team behind Block is now preparing it this year, per Tech Times.

Recently, Google Pay cards will soon store cryptocurrencies after its official collaboration with Bitpay and Coinbase.

Following this decision, the search engine titan is looking forward to incorporating the virtual coin wallet in the community and extending its service aside from being a usual payment service.

Google Pay president of commerce Bill Ready clarified that the company has no intention to become a bank. They wanted to happen to connect more towards the consumer finance industry.

Read Also: UK to Implement New Policies on Crypto Ads | Rules Aimed to Increase Consumer Protection Against Misleading Claims

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Written by Joseph Henry 

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Terra Ecosystem is pushing for major expansion and growth with LFG

Highlights Founder and CEO of Terraform Labs Do Kwon will lead LFG LFG's mission is to sustain the growth of open-source technology Terra's LUNA token is meant to help absorb market volatility

Terraform Labs, the company behind the Terra blockchain has launched a non-profit organisation that the company likes to call Luna Foundation Guard (LFG) to support the Terra ecosystem and safeguard the stability and adoption of its most popular stablecoin — UST. The new non-profit will emphasise a number of major pillars that they see as core in advancing the ecosystem and its creation is also the reason why Terra's LUNA token has been able to minimise losses in the current bearish crypto market.

The newly formed foundation will serve as a mechanism to continue driving engagement and adoption of Terraform Lab's growing stablecoin, UST. Adoption of UST has continued to grow as the token, seen broadly as one of the most decentralised yet mainstream stablecoin options currently available, approaches a market capitalisation of $11 billion (roughly Rs. 81,800 crore).

1/ The first step towards {REDACTED} is now complete. Introducing the formation of the Luna Foundation Guard (LFG).https://t.co/oqke82OUB2 pic.twitter.com/QKGwrhmtMH

— Terra (UST) ???? Powered by LUNA ???? (@terra_money) January 20, 2022

Founder and CEO of Terraform Labs, Do Kwon, will lead the charge for the Luna Foundation Guard, alongside founding member Nicholas Platias and several governing council members. The team will deploy foundation grants, starting at the end of the month, to blockchain projects in the ecosystem that address open-source development, research and education, and community growth within the Terra network.

How does the Terra blockchain absorb volatility?

The Terra blockchain features an array of stablecoins, cryptocurrencies designed to track the price of fiat currencies. For instance, TerraUSD tokens are tied to the price of the US dollar, and TerraEUR tokens are tied to the price of the Euro. All these stablecoins, and more, are able to maintain their value because of LUNA, a token on the Terra blockchain that is specifically designed to absorb volatility.

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Like any asset, the price of each stablecoin fluctuates based on supply and demand. That means a spike in demand for TerraUSD could push its price above $1 (roughly Rs. 75). To solve that problem, the protocol incentivises LUNA token holders to convert LUNA to TerraUSD, thereby increasing the supply (and lowering the price) of TerraUSD. That works because $1 (roughly Rs. 75) worth of LUNA can always be used to purchase one TerraUSD token, even if that token is currently worth $1.01 (roughly Rs. 75).

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Terraform Labs, Cryptocurrency, LUNA, Terra, Stablecoin Shomik Sen Bhattacharjee Email Shomik Sen Bhattacharjee Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More Digital Services Act: How Sweeping EU Rules Would Curb Tech Companies Xbox Chief Plans to Keep Call of Duty on PlayStation After Microsoft’s Acquisition of Activision Blizzard Terra Ecosystem Announces Luna Foundation Guard to Safeguard Its Stablecoins From Volatility Comment Share on Facebook Tweet Snapchat Share Reddit Email Comment

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TL;DR Breakdown

The global crypto market continues to recede, losing 11.31% in 24 hours. Bitcoin continues its loss journey, dipping 8.46% in 24 hours. Binance Coin also finds no respite and suffers a loss of 13.57%. Cardano and Shiba Inu also continued retrogressive, losing 12.78% and 24.70% in 24 hours.

The market is continuing a difficult journey as new investments are reducing while the investors are losing. The market began to change in December when the fluctuating situation led to the unreliability of prices. The negative situation has continued since then, and the only minor change was that of small moments of respite for currencies. The leading name in sufferings was bitcoin, and the pattern hasn’t changed.

There is no denial that other coins are also going through dips, but the market dominance and bulk of bitcoin make it suffer more. The changes in the market have also impacted crypto exchanges, and the leading names include Binance and FTX. These two exchanges suffered a combined loss of more than $2 billion. The reader can guess the amount of losses for other exchanges.  

Many currencies have receded to new levels, and some are witnessing their all-time lows. Cardano is one of them which is going through its hardest days. There are hopes for the normal days, but the current bearishness seems to last more. So, it is yet unknown how long investors will have to wait for the bullish times.

HIDE 1. BTC has a firm foot on reverse gear 2. BNB finds no option except recession 3. ADA hits all-time low 4. SHIB needs a relief 5. Final Thoughts RelatedPosts Bitcoin Price Analysis: BTC finds support at $34,000, quickly reacts higher Bitcoin, Ethereum, Solana, Dogecoin Daily Price Analyses – 21 January Roundup Polkadot price analysis: DOT to step into the $21 range as it continues lower at $22 Twitter announces NFT profile pictures: Elon Musk is furious

Here is a brief overview of the major currencies like bitcoin, Binance Coin, etc.

BTC has a firm foot on reverse gear

Experts have raised eyebrows at the purchase of 410 bitcoin by the El Salvador government. Many refer to this deal as the purchase of loss, but the government representatives say that it is an investment in the future, as the prices will rise. It is yet to be seen what will be the investment results.

For the last twenty-four hours, the data tells a sorry tale as bitcoin has been through a hard time. The loss for the last 24 hours is about 8.46%, while the loss for the last seven days is about 17.69%. The data shows that it has affected the bulk of bitcoin in recent days.

If we look at the graph for the recent days, it shows a continuous loss for the last few weeks. The current bitcoin price is $35,417.97, while the loss has affected it, bringing it down from $43K recently. The current market cap for bitcoin is estimated to be $670,704,910,210.

The trading volume of bitcoin for the last 24 hours is about $50,050,036,021. If the market improves, there are chances that bitcoin will also improve.

BNB finds no option except recession

Binance Coin is also going through a hard time, as it has received blows at the hands of investors. The loss of almost 13.57% in 24 hours has taken it back to the fourth position, which it had clinched from Tether. The price for Binance has also suffered due to ongoing changes, and it is estimated to be $365.17.

While the losses for the last seven days are about 25.79% which means it has lost a quarter of its value recently. The changes might continue for a long, slashing it of its value. The current market cap for the said coin is about $59,514,871,340.  

The trading volume for this coin for the last 24 hours is $4,467,667,614.

ADA hits all-time low

Cardano has been no different from bitcoin in losses as it has touched new lows. The data for the last 24 hours tells of a loss of 12.78%, while the weekly loss amounts to 17.78%. The current price for the said coin is about $1.04, while the ranking is 6th.

If we take a peek at the current market cap for Cardano, it is about $34,462,779,684. At the same time, its trading volume for the last 24 hours is about $3,607,063,928.

SHIB needs a relief

Shiba Inu has suffered a loss of 38.71% while it desperately needs relief. But there is no such good news as it has suffered a loss of 24.70% in 24 hours. The mentioned blows have brought its price down to $0.00001902.

The current market cap for Shiba Inu is estimated to be $10,443,749,034. While if we compare it to the trading volume, it is estimated to be $1,874,396,038. The mentioned trading volume can be converted to the native currency equal to 98,543,351,739,047 SHIB.

Final Thoughts

The market is going through continuous recessions, and the suffering has taken the market value to $1.61T. The new blows are severe compared to December 2021 and might slash the value further. The investors are pulling out their money to ensure that it is safe from the ongoing changes. The result is evident from the market size reduction and might continue further.

The only solution to this problem is stability which can be achieved if bitcoin and other leading coins keep their prices stable. There is nothing impossible, and it might happen soon. 

Muhammad Ali

Muhammad Ali is an expert on crypto investments. Loving to write about fintech, he joins the team to provide detailed analyses of the hottest crypto news.

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In the world of cryptocurrencies, most users trade with Altcoins due to their high volatility that allows them to generate profits, but many do not take advantage of all the advantages of crypto.

There is a very special type of currency on the market called Stablecoin that integrates the advantages of fiat money with the technological advances of cryptocurrencies. Tether USDT allows you to store and trade value without the slow processing times of fiat money.

Stablecoins are the best gateway to the crypto world. In most exchange platforms, users must first switch to an intermediate currency before obtaining any other cryptocurrency; the most commonly used intermediate currency for this process is Tether.

Currently Tether is the most used cryptocurrency in the crypto world, more than 60% of Bitcoin transactions go through Tether first and its daily trading volume is double that presented by Bitcoin. Tether is the number one stablecoin for its market capitalization.

It is also important to say that the market capitalization of Tether increased 357% in the last year, which shows the reliability of the cryptocurrency by the market.

What is Tether-USDT?

Tether, or USDT, is a stablecoin, a stable cryptocurrency that maintains a value anchored to the value of the United States dollar (USD), with an equivalence of 1: 1. That is, 1 USDT is equal to 1 US dollar. This allows a more suitable base value in transactions and makes it perfect to operate in different ways.

USDT trades in many Blockchains being that of Tron (TRX) the most used by the cost of the network and its low commission. USDT based on TRC20

Advantages of Tether

With Tether you have a wide range of possibilities since this cryptocurrency allows you to:

When you exchange with Tether you keep your investment in dollars in your trusted wallet, without the need for intermediaries such as banks to store them, in this way you can operate quietly.

Escaping volatility is a great opportunity when trends do not look promising, in this way many traders save the progress of their profits, and when the market improves, they convert. This is the reason why Tether is the most used cryptocurrency on the market.

Tether allows you to buy other cryptocurrencies without intermediaries, easily and quickly. This feature makes Tether the best option for all the people who want to start in the crypto markets.

Make payments, send remittances quickly without worrying about the constant changes in market prices.

5.- Low commission costs

Transactions with Tether USDT on the TRX network have a very low cost compared to transactions in other cryptocurrencies or with fiat money.

BitMoney trades Tether on the Tron network – USDT TRX

Buying Tether-USDT at BitMoney.io is very easy. You just have to register on the BitMoney platform via Telegram; the Bot will accompany you during the registration process. Once your profile has been verified with the KYC system, you will have access to the different options of the platform.

On the platform you will find the following options:

Prices With this option, BitMoney tells you the buy and sell prices of Tether-USDT in real time.

Buy and sell Select one of the Buy or Sell options and start the operation.

Remember:

For the purchase you must have a Wallet where you can store your Tether. For the sale, register a bank account where you can receive your payment.

Profile In this option it is possible to consult your registered data, including personal information, identification data and your associated bank account.

FAQs The frequently asked questions will solve your basic concerns about the platform.

Adviser In BitMoney you have an online advisor willing to answer the questions generated during the exchanges.

BitMoney is the best option to buy and sell Tether-USDT in Colombia

Fig # 2

BitMoney.io is the first platform to operate with Tether in Colombia. Agile and secure exchanges via Telegram, don’t wait for anyone to tell you,

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Disclaimer: The content and links provided in this article are for informational purposes only. CriptoNoticias does not offer legal, financial or investment recommendations or advice, nor does it replace the due diligence of each interested party. CriptoNoticias does not endorse any investment or similar offer promoted here. click here for more information.

The stablecoin market took a shake as USD Coin (USDC) surpassed USD Tether (USDT) on the Ethereum blockchain.

USD Coin’s offering on Ethereum is now more than Tether

According to the latest weekly report from Arcane Research, USDC has now become the largest stablecoin on the ETH chain, surpassing USDT. A “stablecoin” is a type of crypto-ken that has its value tied to a fiat currency. Thanks to this fact, these coins do not suffer from a lot of volatility, hence their name. While it must be said that their value is not actually fixed, any depreciation or appreciation in fiat affects them by nature.

These coins can be minted on many blockchains, but the Ethereum chain has been the most popular option for years now. Tether and USD Coin are two of the largest stablecoins on the market right now. And while the supply of USDC has surpassed USDT on the ETH network, USDT is still the largest fiat token overall.Here is a chart showing how the supply of the two largest stablecoins on Ethereum has changed over the past year.

USDC appears to have enjoyed strong growth in the second half of the year | Source: The Arcane Research Weekly Update – Week 2 As can be seen in the chart above, USD Coin just surpassed Tether’s offering on the Ethereum blockchain. Over the course of 2021, USDC’s supply grew three times faster than USDT’s. Decentralized finance (DeFi) has been the main driver behind this growth of the currency.

In the case of USDT, centralized exchanges and institutions have been the driver behind its growth. This is why Tether’s supply chart shows it is moving at a fast pace; these organizations usually mint these coins in large bursts. On the other hand, the USD Coin supply curve has more natural growth due to cryptocurrency traders using it for DeFi. The report predicts USDC will overtake USDT to become the largest overall stablecoin in 2022, as its growth has been much faster recently.

ETH price

At the time of writing, Ethereum’s price is floating around $ 3.1k, down 3% over the past seven days. Over the past month, the cryptocurrency has lost 20% of its value. The chart below shows the price trend of ETH over the past five days.

ETH Price Seems To Have Plunged Over The Last Days | Source: ETHUSD on TradingView Ethereum has been in consolidation for a while, like most of the cryptocurrency market. At present, it is unclear when the coin might be able to exit this lateral movement.

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Rapid advancement in Financial Technology has led to the creation of digital currencies, the most popular being Bitcoins.

How to buy Tether (USDT) in Ghana

From its inception, the world of cryptocurrencies is known for its extreme volatility and its attractiveness to speculators. However, Stablecoins are a newer breed of crypto coins that are gaining popularity as they aim to tackle the problem of cryptocurrency volatility.

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What are Stablecoins?

Stablecoins are a type of cryptocurrency linked to an asset like the U.S. dollar that doesn’t change much in value. It was introduced in 2014 with Tether and presently, the list of Stablecoins is wide and varied, amongst which we have the DAI, USD Coin, True USD, Digix Gold, Havven's Nomin, Paxos Standard, and Binance USD.

The majority of stablecoins that currently exist use the dollar as their benchmark asset, but many are also pegged to other fiat currencies issued by governments like the Euro and Yen.

As a result, the price of stablecoins fluctuates very little, unlike high-profile cryptocurrencies like Bitcoin and Ethereum that are prone to sudden ups and downs. Originally, stablecoins were primarily used to buy other cryptocurrencies, like bitcoin, because many cryptocurrency exchanges didn’t allow fiat funding.

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What is Tether (USDT)?

Tether is a blockchain-based cryptocurrency whose crypto coins in circulation are backed by an equivalent amount of traditional fiat currencies, like the Dollar, the Euro, or the Japanese Yen, which are held in a designated bank account.

Tether trade under the USDT symbol. It was specifically designed to build the necessary bridge between fiat currencies and cryptocurrencies and offer stability, transparency, and minimal transaction charges to users. It is pegged against the U.S. dollar and maintains a 1:1 ratio with the U.S. dollar in terms of value

Key Notes about Tether

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Why is USDT useful?

Tether is useful for crypto investors because it offers a way to avoid the extreme volatility of other cryptocurrencies.

Transaction cost: Having USDT (as opposed to the U.S. dollar, Euro or Yen) removes transaction costs and delays that impair trade execution within the crypto market.

Safe Haven Asset: Stablecoins have a value that is designed to be stable over any period. This feature makes stablecoins an ideal safe haven asset because, unlike cryptocurrencies like Bitcoin that can fluctuate dramatically in price every day, an individual using stablecoins to store value see no risk of loss, especially because they have full custody of their asset.

Remittance: Cross-border payments and remittances are very real problems that overseas workers face when trying to send money home. Sending money internationally comes with high fees. For example, most migrant workers in Asia send home approximately $200 monthly, but they must pay $12 in international transfer fees–half a day’s wages gone for many.

Thankfully, Yellow Card offers Ghanaians a safe platform to trade USDT with GHS at the best rates. Even better, USDT on Yellow Card is available on the Tron network (TRC-20) which offers cheaper network fees to transfer your usdt between wallets.

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How Do I Buy USDT in Ghana on Yellow Card?

To buy USDT on Yellow Card, follow these steps:

Sign up for a Yellow Card accountFund your wallet with GHS. You can add money to your wallet using mobile money:Buy USDT on the TRON network. Just follow the steps below:

How Do I sell USDT in Ghana on Yellow Card?

You can also sell USDT on Yellow Card. Log in to your account and follow these steps:

Tap on USDTTap on TradeTap on sellEnter your desired amountTap continueTap confirm

Once you have sold your USDT, you can easily withdraw to your Momo.

Conclusion

It is safe to say that Ghanaians and foreigners residing in Ghana can stay in the cryptocurrency space by using USDT. It is now possible to escape the volatility of other cryptocurrencies and protect your finances against inflation resulting from the ravages of the health crisis.

Start trading USDT

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While the Turkish lira's recent volatility against the U.S. dollar is almost unbearable, it appears that Turks have abandoned the fiat currency for digital assets, the Wall Street Journal reports. Note that the lira has shed 40% of its value against the U.S. dollar since September due to the ongoing implementation of unorthodox monetary policy in the backdrop of surging inflation. But bitcoin (BTC-USD) currently drifts lower by more than 10% against the USD. Still, "the Turkish lira’s volatility and rising inflation seen in recent months has led our investors to see cryptocurrency as a profitable investment in the long term and as a hedge against inflation in the short term,” Turkish crypto exchange Bitlo Chief Marketing Officer Esra Alpay told the WSJ. In fact, cryptocurrency trading volumes using the lira have climbed to an average of $1.8B a day across three exchanges during Q4 2021, the WSJ reports, citing blockchain analytics firm Chainalysis. Turks also seem interested in tether (USDT-USD), a stablecoin that is pegged to the U.S. dollar, as the lira recently became the most traded government-issued currency against tether, outpacing the USD and the euro, the WSJ cites data provider CryptoCompare. Keep in mind that the iShares MSCI Turkey exchange-traded fund (NASDAQ:TUR) is off nearly 30% on a Y/Y basis, though elevated by 1% M/M. Speaking of digital tokens, bitcoin (BTC-USD +2.2%) and ethereum (ETH-USD +4.3%), the two largest cryptos by market cap, catch a bid after consumer prices in the U.S. surge 7% in the last month of 2021. The rotation into risky digital assets comes even after Turkey banned crypto payments in mid-April of last year.

The stablecoin market has undergone a shakeup as USD Coin (USDC) has overtaken USD Tether (USDT) on the Ethereum blockchain.

USD Coin Supply On Ethereum Is Now More Than Tether

As per the latest weekly report from Arcane Research, USDC has now become the largest stablecoin on the ETH chain, surpassing USDT.

A “stablecoin” is a type of crypto token that has its value tied to a fiat currency. Due to this fact, these coins don’t suffer from much volatility, hence their name. Though it must be mentioned that their value isn’t actually fixed, any depreciation or appreciation in fiat carry over to them by nature.

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These coins can be minted on many blockchains, but the Ethereum chain has been the most popular option for it since years now.

Tether and USD Coin are two of the biggest stablecoins in the market right now. And while USDC supply has overtaken USDT on the ETH network, USDT is still the largest fiat token overall,

Here is a chart that shows how the supply of the two biggest stablecoins on Ethereum has changed over the past year:

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Looks like USDC has enjoyed sharp growth in the second half of the year | Source: The Arcane Research Weekly Update - Week 2

As you can see in the above graph, USD Coin has just surpassed the supply of Tether on the Ethereum blockchain.

Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block

Over the course of 2021, USDC’s supply grew three times faster than USDT’s. Decentralized Finance (DeFi) has been the main push behind this growth of the coin.

In USDT’s case, the driver behind its growth has been centralized exchanges and institutions. This is why the graph for Tether’s supply shows it moving up in big steps; these organizations usually mint these coins in large bursts.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

On the other hand, USD Coin’s supply curve has a more natural growth to it because of crypto traders using it for DeFi.

The report predicts that USDC will surpass USDT to become the biggest stablecoin overall in 2022 as its growth has been much faster recently.

ETH Price

At the time of writing, Ethereum’s price floats around $3.1k, down 3% in the last seven days. Over the past month, the crypto has lost 20% in value.

The below chart shows the trend in the price of ETH over the last five days.

ETH's price seems to have plunged in the last few days | Source: ETHUSD on TradingView

Ethereum has been in consolidation for a while now, as has been most of the crypto market. At the moment, it’s unclear when the coin may be able to escape from this sideways movement.

Featured image from Unsplash.com, charts from TradingView.com, Arcane ResearchTags: ETHethereumethusdStablecoinstetherUSD CoinUSDCUSDTTweet123Share196ShareSendBitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?Win up to $1,000,000 in One Spin at CryptoSlots Hououin Kyouma

Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.

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This week the stablecoin giant tether reached a market capitalization of roughly $78.2 billion according to data. Over the last 30 days, tether’s market valuation grew by 5.6% and the stablecoin now represents 46% of the $168.3 billion stablecoin economy.Tether

Market Cap is Less Than $2 Billion Away From Reaching $80 Billion

On December 30, 2021, there’s roughly 78.2 billion tether (USDT) in circulation, according to coingecko.com’s top stablecoin by market capitalization statistics. According to Tether Limited’s transparency report published to the tether.to web portal, there’s $78.5 billion assets under management. Metrics indicate that tether represents 3.35% of the $2.33 trillion crypto economy today and 46% of the $168.3 billion stablecoin economy.

Tether has seen massive growth during its lifetime. For instance, on September 13, 2015, tether’s market capitalization was $451,600 and the jump to $78.2 billion is a whopping 17,327,227% increase in just over six years. The only stablecoin with a comparable market valuation is usd coin (USDC) with $42.1 billion, up 9.7% since last month. USDC represents 1.8% of the $2.33 trillion market cap and is around 52.68% or just over half the size of tether’s market valuation.

The two stablecoins combined represent 71.82% of the entire stablecoin economy and roughly 5.15% of the $2.33 trillion crypto economy. Four stablecoin protocols in the top ten positions of stablecoin market valuations, have increased between 12.9% to 42.9%. BUSD issued by Binance jumped 12.9%, Terra’s UST spiked 34.2%, MIM increased by 30.9% and FRAX swelled by 42.9%.

Tether’s overall valuation is 39% larger than BUSD, UST, MIM, and FRAX combined. Besides being the largest stablecoin in existence today issued across several blockchains, Tether commands the most trade volume as well. Tether’s 24 hour volume is more than BTC’s daily volume today with $52.8 billion in USDT trades. Bitcoin has less than half that volume with $25.5 billion on Thursday.

Tags in this story$78.2 billion, BUSD, crypto economy, DAI, FRAX, MIM, Stablecoin, Stablecoin Economy, Terra, Tether, Tether growth, Tether in circulation, Tether Limited, usd coin, USDC, USDT, UST

What do you think about tether’s market cap nearing $80 billion in value? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Tether froze $160 million worth of assets across 3 Ethereum-based addresses this week, according to its representatives. The stablecoin stated that they had acted upon a “request from law enforcement”, due to suspicious activity across the addresses. However, investors won’t perceive this as a shock – Tether has a reputation for freezing accounts, having frozen 563 addresses since November 2017. On the basis of Tether’s disrepute in this area, we’re surprised they hadn’t marked their first blacklisting of 2022 sooner.

Although they might appear favorably in the eyes of the law, Tether’s tendency to freeze accounts is becoming problematic. For this reason, the stablecoin is being attacked in the crypto world, amid growing concerns that it’s becoming less decentralized. Despite Tether previously recovering stolen funds this way, the central idea behind using crypto is to gain more autonomy over one’s finances and taking away control typically associated with traditional organizations such as banks. Tether therefore contradicts the beauty of digital currency by freezing accounts upon governmental demand.

Another point to note is that Tether’s headquarters are in Hong Kong, meaning they most likely acted on behalf of Hong Kong law enforcement, as per their statement. Only several months ago, protests gathered in Hong Kong following the government’s introduction of an amendment bill on extradition. The protestors were met with violence and brutality from the police force in response to exercising their democratic rights. This begs the question – should Tether really be complying with law enforcement with such a history?

Coupled with that, stablecoins have recently faced intense scrutiny by US regulators. As crypto enters the mainstream, governments across the globe are seeking greater power over the crypto sector. CBDCs are being piloted in various countries while the US discuss regulating stablecoins “to mitigate risks” to users. Again, defeating the reason why people started using crypto in the first place.

Tether is one of the most famous stablecoins, fast approaching a market cap of $80 billion. However, news of Tether freezing 3 addresses today may be why its value slightly declined, despite being backed by the US dollar. It’s since recovered, for now…

Luckily, the crypto market is evolving, and bigger and better altcoins are being launched every day. One newcomer, HUH Token, implements a decentralized autonomous organization (DAO) to ensure true freedom and autonomy to users. So, will Tether investors start flocking to HUH in search of a digital currency with Satoshi Nakamoto-like values?

First and foremost, Ethereum describes DAOs as communities led by its members rather than by a centralized authority. Likewise, DAOs are said to be a secure way to collaborate with strangers over the Internet and a secure location to fund a specific cause. Ethereum highlights the necessity of DAOs in the crypto world as transactions and investments require trust that you simply can’t get over the Internet, as it’s the easiest place to deceive someone. Thus, DAOs don’t entail trusting the group, but its code – which is fully transparent and verifiable.

HUH is governed by DAOs named ConSenseUs (CSU), according to its White Paper. HUH utilize a ‘new consensus strategy’. At the cost of increasing complexity, the quality of votes goes uncompromised. When the HUH community deems appropriate, HUH DAOs may use traditional Plutocracy, Meritocracy, and Democracy consensus procedures as a fallback option to obtain speedier solutions. A constitution and an entity presentation document are the bare minimum for a HUH DAO to be born. HUH entities (HUH DAOs, users, or federations) will be able to create HUH DAO artefacts with the help of the HUH DAO development kit.

Furthermore, most DAO voting processes will be subjected to a vote quality evaluation for HUH entities seeking to participate in HUH governance. The quality of a vote will be initially characterized as a bi-dimensional feature based on the voter’s consciousness level on the subject under voting, as well as the relevant knowledge domains, and the voter’s frozen stake.

If this takes your fancy, join HUH trong>

HUH Official  

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