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1 USDT to 1 US Dollar May Actually Be Accurate

According to Bloomberg, cryptocurrency stablecoin Tether (USDT) has enough fiat dollars to back its tokens in circulation. No doubt, many readers will scorn that this is just another rumor as Tether is synonymous with controversy.

What’s going on?

Tether has Fiat Dollars

The original stablecoin has faced a myriad of controversy since the middle of this year when investors began questioning the validity of its purported 1 for 1 token value.

A stablecoin works by having enough fiat reserves to equal the number of tokens issued. This means that 1 Tether would be equal to 1 dollar. The idea is that it offers a safer form of crypto trading for investors who could cash in their Tether tokens at any given time and be assured that they would receive the exact same amount back in dollars. Stablecoins also act as a safety for trading with other crypto coins.

But Tether faced controversy when investors didn’t believe it had the same dollar amount as it had in its USDT coin.

However, today’s reported suggests otherwise.

Bank Statements

Bloomberg cited “bank statements” it had “reviewed,” and concluded that Tether did, in fact, have a combined fiat bank balance equal to the USDT in circulation. The period in question is between September 2017 to July 2018.

>> Coinbase Improves and Adds Crypto-to-Crypto Trading

The report also claims that the company made $6.6 million in interest in the first half of 2018.

Despite its design of being pegged 1:1 with USD, USDT has in fact been fluctuating heavily in recent months. At the time of writing, each Tether is worth $1.01 USD. So its value is over par currently. This reflects the increasing popularity of stablecoins in recent weeks, specifically as Bitcoin and other altcoins have fallen dramatically in value.

The controversy over Tether has been such that the company, along with cryptocurrency exchange Bitfinex, received subpoenas from US authorities at the end of 2017. Last month they added a price manipulation probe.

What do you think about Tether?

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Bitcoin Price | Spencer Bogart Says Lower or Higher, Either Way it’s Good

As we wrap up 2018, crypto players are starting to publicly come out with their Bitcoin price forecasts for the new year. Some are bearish, using the fact that BTC was nearing $20 thousand this time last year. Others, however, continue to be bullish. Spencer Bogart of Bitcoin Capital is one of the latter.

Spencer Bogart Remains Bullish of Bitcoin Price

In a recent interview with CNBC, when asked whether he believes BTC will hit $50,000, Spencer Bogart said yes, but maybe not as soon as bulls are forecasting.

“Absolutely it can go that high,” said Bogart, “how long will it take, I’m not sure.” That’s a different but realistic approach to the future of Bitcoin price, compared to someone like Tom Lee, who reiterated his $15 thousand year-end prediction last month.

What Caused the Downward Slide?

The crypto market is aware of the downward tumble in the Bitcoin price. However, players remain divided as to what the cause of it was. Was it because Bitcoin was never meant to succeed? Just another Ponzi scheme? Bears may agree. Or, was it because of the individual players buying the digital currency, not being mature enough to learn the ropes before climbing up them?

For Spencer Bogart, co-founder of Bitcoin Capital, he is of no opinion. He is simply ignoring the BTC price.

Bogart said that if you ignore it, it becomes evident that 2018 has been a “fantastic year” for the digital currency. “This is the first year we have started to move to scale Bitcoin with a lightening network where you can transact extremely quickly and extremely cheaply,” explained Bogart.

>> Has Tether Told the Truth All Along? Bank Statements Say 1 For 1

A Signal to Buy In?

In the CNBC interview, Bogart said: “I think it’s a great buy in opportunity right now.” Does he deny that Bitcoin will probably drop lower? No; “Could we go lower?” Bogart asked, “absolutely.” But that’s what makes it such a great opportunity. “I think anywhere between here and $2,000 and $1,000 is a great buy in opportunity.”

He added that in 24 months, people may look back and say “why didn’t I buy now?” The interviewer didn’t seem to support the idea as much, jokingly responding back saying “I hope so. I hope it’s not more of a question of why did I buy then?”

The Takeaway

Some people are worried about the Bitcoin price lingering around $3,000, but Spencer Bogart is not one of them. Everyone is different, though.

What direction do you think BTC is headed in for the new year? Let us know in the comments below.

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Coinbase Improves and Adds Crypto-to-Crypto Trading

Coinbase is now new and improved—watch out Binance! The US’s most popular cryptocurrency exchange announced yesterday it has added crypto-to-crypto trading.

Coinbase Crypto-to-Crypto Trading

Starting today on the exchange, investors are now able to convert between six different digital currencies. This is all part of the company’s new marketing initiative, called the ’12 Days of Coinbase.’ Each day at noon PST, the company plans on announcing new features, support for new digital currencies and more.

All crypto-to-crypto conversions are completed instantly, and it will cost less than performing two separate transactions. Coinbase is charging a 1% spread for the conversion. This fee is not fixed and could go up and down due to the volatility of the market. Currently, this feature is only available to US investors. The cryptocurrency exchange hopes it can roll out this feature soon to the other 34 countries it operates out of.

The other major update to the platform has been instant PayPal withdrawals and today’s announcement has yet to come.

>> Bitcoin Price Approached $20K in Dec. 2017 and Now It’s At $3K

Binance vs. Coinbase?

Once the announcement spread of the crypto-to-crypto trading that is now available on the US exchange, a major debate sparked in the crypto community.

However, the CEO of Binance quickly shot down the debate. Maybe his company is feeling some pressure?

According to CoinMarketCap, Binance still remains the top used digital currency exchange. Its 24-hour trade volume is sitting just under $1 billion. Coinbase Pro is currently the 23rd largest cryptocurrency exchange on the index by 24-hour trade volume. Doesn’t seem like much of a competition if you ask me. Binance has far more coins to choose from, although Coinbase is working on adding new altcoins to its platform as we speak.

Earlier this month, Coinbase announced it’s exploring adding an additional 30+ coins to its platform.

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Bitcoin Price Approached $20K in Dec. 2017 and Now It’s At $3K

In 2017, the Bitcoin price shot up. The crypto boom was in its prime and BTC, in particular, saw a rise, especially in the second half of December. When this happened, there was a rush to buy the cryptocurrency; then there was a crash. One year later, the BTC price is nowhere near where it was in December 2017.

However, even though we have more Bitcoin bears emerging from the forest, there is some indication that BTC is the same asset and will continue to provide investors with the same shots.

Bitcoin Price: Then vs. Now

In December of 2017, Bitcoin price was flying and almost reached a whopping $20,000. Fast forward a year, things are looking a little different.

At the time of writing, the BTC price is sitting at $3,587.05.

Bitcoin price
Source: CoinMarketCap

Despite the visible price changes in Bitcoin, the crypto market remains divided. There are bears, like Erik Finman, and there are bulls, like Tom Lee, who has maintained his end-of-year outlook, despite the falling market.

Bitcoin Bears and Bulls: Thoughts on 2019

This week, MarketWatch published an interview with Erik Finman, a teenage Bitcoin millionaire. Going from a 12-year-old who purchased Bitcoin with $1,000 from his grandmother, Finman is now bearish on the digital currency.

>> EOS, Litecoin (LTC), and Cardano (ADA) Get a Boost!

“Bitcoin is dead,” explained Finman in the interview. “It may have a bull market or two left in it, but long-term, it’s dead.”

Not everyone feels this way, though.

Tom Lee, a long-standing crypto bull, announced back in November that he still believes the Bitcoin price will reach $15,000 by the end of 2018. Meanwhile, Matti Greenspan, an eToro senior analyst, thinks Bitcoin may make a comeback. Greenspan also believes the digital currency’s price fluctuations over the last year have no reflection on BTC’s long-term interest.

Perhaps one of the most intriguing comments comes from Clement Thibault, an Investing.com senior analyst. Describing the Bitcoin bubble experienced in 2017, Thibault says it was the result of “human greed and short-term thinking.” Thibault adds that BTC hasn’t changed “and it remains the same asset, whether it’s $20,000 or $3,000.”

Point to Both Sides

Both the Bitcoin bulls and bears make valid points. Just like with other markets, however, only time will tell the direction that Bitcoin price takes in 2019.

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EOS, Litecoin (LTC), and Cardano (ADA) Get a Boost!

This morning, the cryptocurrency market has received a boost and most major digital currencies are trading green! This time last year, Bitcoin (BTC) hit its all-time high, nearing $20,000. 2018 was quite different than 2017 in the cryptocurrency space. Today, we’ll take a closer look at EOS, Litecoin (LTC), and Cardano (ADA).

EOS

The fourth-largest digital currency by total market cap, EOS, is leading the top digital currencies today in most percentage growth. According to CoinMarketCap, EOS is trading at $2.37 a coin, up 21.73%. This time last year, EOS was trading above the $12 mark.

Earlier today, Block.one announced the grand prize winners of their EOS Global Hackathon.

GeneOS was crowned the winner!

“It was like a dream to me,” reflected Jens shortly after GeneOS’ triumph had been announced at the EOS Global Hackathon Grand Finale in Cape Town, South Africa. “We had all kind of worked together before but were not really in close contact. I always wanted to do more with blockchain, so this was a great chance for us.”

It remains unknown at this time why EOS is booming today.

Litecoin (LTC)

Litecoin, the seventh-largest digital currency by total market cap, is also trending today. At the time of writing, LTC is trading at $30.06 a share, up 14.89% in 24 hours. Last year around this time, LTC was trading just above $390 a coin.

>> Bitrue: Crypto Exchange Holds 2% of XRP Market in Only Four Months

There doesn’t seem to be any big news regarding Litecoin either, and it may just be investor confidence that’s driving up the prices of these digital currencies. The latest announcement comes from Charlie Lee’s Twitter page.

Cardano (ADA)

Cardano, the world’s 11th-largest digital currency by total market cap, is also trading high today! At the time of writing, ADA is currently trading at $0.033 a coin, up 13.84% in 24 hours. Last year, ADA was trading at $0.50 a coin.

Charles Hoskinson, Cardano’s co-founder, recently just put up an end-of-year update for Cardno.


Hoskinson often gives video updates on the project every few weeks, and this year the wrap-up was quite a lengthy one. This update may be the reason why ADA is doing so well on the crypto market today. It remains unknown at this time why Litecoin and EOS are booming.

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