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Altcoins Recovering | Ethereum (ETH) & Ripple (XRP) Lead Crypto Higher

Cryptocurrencies are trying to bounce back after a steep pullback from one-year highs. Bitcoin (BTC) is trying to bounce back after coming under immense pressure after rallying to highs of $13,000. Altcoins Ethereum (ETH) and Ripple (XRP) are also showing signs of bottoming out.

Cryptocurrency Analysis

Despite rallying by 2.6%, Bitcoin finds itself below the $10,000 psychological level. Below the mark, the flagship crypto remains susceptible to further drops given the short-term bearish momentum. While there were expectations that Bitcoin would skyrocket during the American Independence day, that never happened.

Ether, on the other hand, is trying to register steady gains after falling by more than $200 in one hour on July 14, 2019. An 8.3% rally has seen the altcoin find support above the $200 mark. After seven days of declines, Ripple might as well have hit bottom and is due for a correction higher. A 9% rally represents one of the biggest gains among the major cryptocurrencies at a time of growing concerns in the sector.

Cryptocurrency Uncertainty

Cryptocurrencies have come under pressure in recent trading sessions amidst regulatory concerns. Analysts have raised the red flag that governments and regulators may as well be planning to kill cryptocurrencies.

The decentralization aspect, which makes it impossible to track crypto transactions, is reportedly not going well with authorities. Banks are always in control of the circulation of money in the financial sector. However, with the increased use of cryptocurrencies, regulators will no longer be in control of how money moves in an economy.

>> Bitcoin Price Experiences Second Largest 24-Hour Drop of 2019

The fact that cryptocurrencies are poised to shape people’s livelihood and disrupt the status quo is something that is not boarding well with authorities. India and China have already cracked the whip on closing down all the channels for cryptocurrency and altcoin liquidity.

The US government has taken a keen interest in Libra, the newly launched Facebook (NASDAQ:FB) cryptocurrency. The move follows the creation of a task force to look into digital currency fraud, which the government insists is a threat to national security.

At the time of writing, Ethereum is trading higher by 7% at $211, and Ripple is up 6% at $0.319.

Featured image: DepositPhotos © sinenkiy

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Huobi Tokens

Huobi Tokens | Huobi Group Buys Back 14 Million HT Tokens

Huobi has withdrawn 14 million Huobi Tokens (HT) from the open market. The move is part of the cryptocurrency exchange’s plan that seeks to stabilize the altcoin price as well as create new incentives for users by curbing inflation. An Ethereum address is to store the withdrawn tokens expected to form a reverse fund.

By slashing down 14 million tokens, the exchange has essentially reduced the supply of tokens from their initial supply of 310 million coins. The reduction comes at a time when the altcoin has picked up some pace, its value having skyrocketed in recent months on the broader cryptocurrency sector turning bullish.

The Singapore-based exchange has not been able to burn the tokens at a consistent rate as revenues have continued to fluctuate quarter over quarter. Strong revenue in the recent quarter has allowed the firm to buy more tokens at a rate that is 116% greater.

This is not the first time that Huobi has moved to reduce the supply of Huobi Tokens from the market. Since early last year, the firm has slashed its HT supply in the market by 20% by using its revenues to buy back the tokens.

>> Ripple Performs Better than Broader Crypto Markets on Technical Support

Future Burn Cycle

Following the recent burn cycle, Huobi says it will no longer withdraw tokens from the market using the traditional buyback method. Instead, the crypto exchange intends to use tokens from the HT Tiered deduction program to reduce the Huobi Tokens supply in the market.

The next burn cycle will also target tokens from team holding as well as those held in the open market. Depending on how the token performs in the market, the firm intends to initiate monthly burns.

The Huobi network continues to grow at an impressive rate as evidenced by increased membership to the Huobi Prime and Fast Track programs. “The rest of 2019 will see even more improvements and innovations coming from Huobi,” said Huobi Group CEO Leon Li.

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Tether

Tether (USDT) Accidentally Creates $5 Billion in Crypto

Stable coins, which are backed by fiat currency, have become an integral part of the crypto ecosystem over the past couple of years, and in that regard, Tether (USDT) is possibly the most well known. However, the very fact that it is backed by fiat makes it possible for it to be prone to certain errors, and that is exactly what happened yesterday when the team behind USDT made a mistake that had an effect on the wider crypto market for some time.

Administrative Error

In an astonishing development, the members at Tether transferred $5 billion worth of USDT tokens to the TRON Blockchain from Omni Layer, instead of the $50 million that they had originally meant. All of a sudden, the market was flooded with billions of dollars in Tether that had been created out of the thin air due to an administrative error on the part of Tether team members.

However, the team got to work quickly, and just four minutes after the transfer had been made, $500 million worth of Tether tokens were destroyed. Later on, $4.5 billion worth of token were burned in order to neutralize the error that had occurred in the first place. The problem emanated from Polinex, a highly popular and well-regarded crypto exchange. Tether had actually requested the exchange to take care of the swap, and that is when the error took place. Polinex clarified the issue in a statement.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

On the other hand, the Chief Technology Officer of Tether, Paulo Ardaino, and crypto exchange Bitfinex stated that they proceeded to burn the tokens quickly enough. He took to Twitter and shared a tweet in which the burn transactions of Tether had been recorded. However, he conceded that such an error could have had a debilitating effect on the entire crypto market. It is the sort of error that can always happen when it comes to currency generation in which there is a human element, but such things usually do not happen with traditional cryptocurrencies.

At the time of writing, Tether is trading higher by 1% at $1.

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VanEck Bitcoin ETF

John McAfee Reiterates His $1 Million by 2020 BTC Price Prediction

In a rather haughty Tweet posted earlier today, American crypto enthusiast John McAfee wrote that he was “laughing his f—— ass off” at the concern over Bitcoin’s falling price this week.

The entrepreneur went even further and reiterated his prediction that Bitcoin would reach $1 million by 2020.

What has him so bullish?

John McAfee Predicts Bitcoin $1 Million by 2020

Bitcoin price has fluctuated wildly in recent weeks. Unable to breach the $14,000 mark, Bitcoin topped out at approximately $13,650 and fell back below $10,000 at the end of June. Then last week, a similar bull run happened again, only this time, Bitcoin reached approximately $13,050 before declining.

Now, as the coin trades for $10,557 USD, the market is showing concern for the coin’s future—the sentiment is notably bearish.

However, McAfee is laughing it off. His Twitter post from this morning reads as follows:

“Bitcoin is at the mid 10’s and people worry. LMFAO!! Why do you pay attention to weekly fluctuations? Look at the past few months FFS! It’s rising drastically. I’m still positive about my $1 mil BTC price by the end of 2020. Alt coins like MTC and Apollo will rise ten times more.”

The notorious entrepreneur has a point. Yes, Bitcoin has lost around 9% on the week; however, on the month, it is trading up 23%, and in the last three months, it has made a gain of over 100%.

And the bullish sentiment doesn’t stop there. John McAfee recently predicted that in only ten year’s time, “there’ll be no fiat anywhere in the world […] everything will be cryptocurrency.”

>> Tether (USDT) Accidentally Creates $5 Billion in Crypto

John McAfee for President?

McAfee is currently in exile in Cuba for allegedly evading US income tax charges. He is at the same time coordinating his second campaign for the American presidency.

Recently, he stirred the market when he said he would reveal who Satoshi Nakamoto is. However, he reneged on this when noting that the ensuing controversy could damage his efforts to fight extradition to the US.

Are you as bullish on Bitcoin as McAfee? Let us know your thoughts!

Featured image: DepositPhotos © nevarpp

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Stellar

Stellar (XLM) Outperforms After the Fall Earlier This Week

Stellar (XLM) is outperforming the broader crypto market on the technical rebound.

The world of cryptocurrencies can often prove to be a bit of wild ride sometimes, and it is especially so after the sort of week that has been unleashed on the crypto sphere. Many of the top cryptocurrencies declined yesterday after the comments from the head of the Federal Reserve Jerome Powell about Facebook’s Libra.

Stellar Outperforms

During the bloodbath yesterday, Stellar (XLM) dropped just like many other tokens, and at one point went down by as much as 14%. However, Stellar managed to make a turnaround today and managed to record substantial gains and remains one of the biggest gainers today among altcoins. The price of Stellar rose to $0.09861, up by 9.70%, according to the data that was available from the leading crypto exchanges.

Currently, Stellar is the 11th biggest cryptocurrency in the world in terms of market capitalization, and the total number of XLM tokens that are currently in supply stands at 19.43 billion. During today’s considerable spike in price, the total traded volume of XLM reached $505.56 million over the past 24 hours, and for all those who currently hold XLM, it is definitely an important development.

>> Bitcoin (BTC) Takes a Hit: Trump Targets the Crypto Market

The theme for many cryptocurrencies this year has been about the use case and whether it is going to get any attention from institutional investors. In this regard, it needs to be pointed out that Stellar has already made a highly important partnership with tech behemoth IBM, and due to the potential of blockchain technology in the near future, it’s speculated that this particular partnership could bring rich dividends for the cryptocurrency.

However, as the number of partnerships starts rising, it is almost certain to have a big impact on the cryptocurrency’s price. However, among many experts, there is one concern with regards to Stellar, and that is the suspected centralized nature of the token. However, if it manages to keep forging partnerships, then it could manage to bring hefty returns for its holders.

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