December 5, 2020

Cryptheory

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Shortly from the Cryptoworld 29/02|Great news for Litecoin!

3 min read
Shortly from the Cryptoworld 29/02|Great news for Litecoin!

Bitcoin now consolidates between $ 8,500 – $ 8,800 at relatively high volatility. But analysts agree on one. If Bitcoin falls below $ 8,200, it will be a big mess and we will be saddened through halving anyway.

In my opinion, this is the main reason why we look below $ 8,200. The whales will then capitalize and buy cheap coins. So beware!

 

Bitfinex and OKEX under DDoS attack

 

Someone is obviously trying to manipulate the cryptocurrency market. The Bitfinex and OKEX exchanges, which are responsible for a big percentage of the total market and are involved in pricing, have seen DDoS attacks today. The CEO of OKEX has already managed to announce a reward for catching this hacker.

 

The attacks have paralyzed these exchanges for a while. If you have money there, you better move it to another stock exchange, or at least set a stoploss to avoid stress.

 

Bitfinex paid Tether another $ 100 million

 

We haven’t written about the Tether case for months, but don’t think nothing’s going on. Bitfinex now has the task of paying hundreds of millions of dollars to Tether to clean up the accounts and restore investor and government confidence. Indeed, Tether partially covers its USDT tokens with this loan.

 

Moreover, Tether is also subject of another controversial topic in the crypto community, largely based on the existing skepticism over Tether’s reserve policy. Launched in 2014, Tether is the first-ever stablecoin to be backed by the United States dollar at 1:1 ratio. For the past two years, industry critics speculated that Tether did not have the appropriate amount of cash reserves in its bank accounts to back the amount of USDT in circulation.

 

13,000 ATMs in South Korea now support withdrawals at LTC!

 

The Litecoin Foundation today announced a partnership with the Korean company MeconCash, which owns 13,000 ATMs in the country. These now support new withdrawals and transfers in Litecoin. Great news for this cryptocurrency! What do you say?

 

Charlie Lee, the managing director of the Litecoin Foundation, described the partnership as “a big step toward expanding Litecoin’s footprint in the South Korean market.” 

 

The US House of Representatives will talk about blockchain

 

Blockchain technology and cryptocurrency are increasingly affecting the way large corporations work, but also small businesses. Governments are also beginning to realize this undeniable fact.

 

Next week, the US House of Representatives will hold a meeting on “blockchain and its impact on small businesses”. The meeting in Washington DC will take place on March 4. According to the government’s website, it will take place under the leadership of Nydie Velázquez.

 

Revoult is heading to the American market. His main competition will be Square

 

Revolut Internet Bank is close to offering cryptocurrency buying and selling through its simple application application in 50 US states. After its penetration into the US market, its largest competitor should be the Square Cash app, supported by Twitter founder Jack Dorsey.

 

Unlike Square, which so far only supports Bitcoin, Revoult allows investment in Bitcoin Cash, Litecoin or XRP. Service users can do so through 29 different fiat currencies.

 

Regulators talked about stablecoins on the CFTC

 

US financial regulators met at the CFTC to talk about stablecoins, cryptocurrency insurance, ways of custody cryptocurrency storage, and cyber security. Representatives of three stablecoins – JPM Coin from JP Morgan Case, MarkerDao and PAxo also attended the meeting with regulators.

 

While JMP Morgan Case representatives talked about how are their stablecoins covered by funds deposited at their bank, MakerDao representative Steven Becker explained how decentralized stablecoin DAI can support the progress of decentralized finance (DeFi).

 

A representative of the US Commodity Futures Commission (CFTC) Brian Quintenz said after the meeting that stablecoins have the potential to serve as a viable exchange medium, mentioning their potential in the context of smart contracts.

 

 

 

 

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