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Tether Treasury Mints 30M USDT After Bitcoin Crashes Below $8,000

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Tether Treasury Mints 30M USDT After Bitcoin Crashes Below $8,000

Yet again, we have observed the Tether Treasury minting a significant amount of USDT shortly after the Bitcoin price dropped hard to below $8,000.

This time, the Whale Alert (@whale_alert) Twitter account has noted a minting of $30 million in USDT on the TRON blockchain by the Treasury, who then moved it to the Bitfinex exchange.

Around a month ago, the Treasury acted similarly, minting around $15 million in USDT and moving it to the Huobi exchange after the last time Bitcoin’s price crashed to around $8,000. Since then, the Tether Treasury has also minted close to 2.5 million USDT on TRON shortly after minting around 20 million USDT a week beforehand. As you may know, these mintings mainly occur on the TRON blockchain as of late.

Of course, these moves are almost certainly being done to pump Bitcoin’s price, as many have come to figure out a correlation between the two. Whenever there is a drop in Tether trading volume, we tend to see Bitcoin’s price correct significantly. That said, this isn’t inherently legal, and the company has been involved in a lawsuit for some time regarding the pumping. After all, this minting is technically a form of market manipulation, and it’s any wonder how Tether and Bitfinex have been able to get away with it for so long.

tether usdt

In other Tether news the fact that only 104 Tether addresses are in control of close to 70% of the stablecoin’s circulating supply. This amounts to around $2.8 billion’s worth of USDT. There’s also the fact that many don’t hold the asset for very long, with the average HODL time being around 17.8 days before leaving a wallet.

What do you think about this latest minting? Let us know your thoughts in the comments below.

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Weiss Crypto Ratings Says Cardano Is ‘Vastly Superior’ to EOS

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Weiss Crypto Ratings Says Cardano Is 'Vastly Superior' to EOS

Weiss Crypto Ratings has put its weight behind Cardano, saying that the project is superior to other network-based competitors.

According to a tweet published Nov. 13 on its official Twitter account, Weiss Crypto Ratings claimed that Cardano is “clearly superior” to EOS. EOS holds a market capitalization of $3.2 billion compared to Cardano’s $1.1 billion.

The rating agency explained that while EOS may have been first to market, it’s becoming “increasingly clear” that Cardano has pulled ahead in the competition for best crypto-based technology.

Weiss Ratings also provided the update that Cardano has completed the first snapshot and balance check for its Shelly testnet. The agency calls this the first step towards staking, which will allow investors to begin earning dividends on their ADA.

Weiss Ratings took to Twitter last week to argue that Cardano and Algorand had already solved most of the issues addressed by the CBC Casper Protocol, while saying that Ethereum was wasting time on the project.

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VeChain Brings Out Food Tracing Platform At China Expo

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VeChain Brings Out Food Tracing Platform At China Expo
VeChain Brings Out Food Tracing Platform At China Expo

Singapore-based blockchain application platform VeChain has unveiled a new blockchain tracking system for the food and beverage industry. In a blog post on Nov. 7, the company confirmed it was working with food certification group DNV GL and supply chain specialist ASI Group on the project, known as Foodgates.

The original announcement came at this year’s China International Import Expo (CIIE), being held from 5-10 Nov. in Shanghai. “The immutability of public blockchain coupled with verifiable information makes this solution really unique,” VeChain COO Kevin Feng commented. VeChain revealed Foodgates had already been put to work, importing French beef to China for an event attended by French President Emmanuel Macron and China’s Xi Jinping, who also spoke at CIIE.Image result for ve chain

China recently unleashed huge official support of blockchain technology, with Xi himself urging its use in a speech in late October. The surprising development accompanied the news that China could become the first country in the world to release its own central bank digital currency (CBDC). Following Xi’s words, local media began warning citizens about the legal implications of criticizing blockchain or calling the technology a scam. “VeChain, being a global blockchain technology platform provider with significant resources in China and Europe will be a direct beneficiary of this bullish shift by the second-largest economy in the world,” the blog post added.

Blockchain has made significant inroads into the food industry in recent years. Businesses have devoted energy to tracking everything from coffee to lettuce, arguing immutable ledgers save time, money and add security to supply chains. Nonetheless, criticism has come from experts who have identified shortcomings in potential new systems. “The weakest link in the chain is not blockchain or any technology, the weakest link is the piece of sticky tape that puts the label on the package,” PwC analyst explained in an interview on Thursday.

Additionally, VeChain’s announcement saw instant benefits for investors in its native VET token, which rose around 40% this week after an initial dip.

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Zcash Creator Provides Company Trademark To The Zcash Foundation

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Zcash Creator Provides Company Trademark To The Zcash Foundation
Zcash Creator Provides Company Trademark To The Zcash Foundation

Electric Coin Company (ECC) has donated the Zcash trademark to the Zcash Foundation. ECC created and launched the privacy-focused cryptocurrency Zcash (ZEC) in 2016, and will now own the trademark bilaterally with the corresponding foundation.

Upon an agreement signed on Nov. 6, the Zcash Foundation will be financially responsible for costs associated with assigning and protecting the trademark. Announcing the news, the Zcash Foundation mentioned the existing disagreement with ECC over the trademark’s future. The foundation noted that it returned to negotiations with ECC after failing to reach an agreement in late August 2019, during the Zcash Community Forum.Image result for zcash foundation

ECC explained that the trademark agreement is important because it protects the reputation and separates one product from another. The firm said Zcash’s trademark protects the community from scams and brings legal power to Zcash’s blockchain governance. According to ECC, the donation lets them solve two basic problems — to honor and support the Zcash community’s feedback and to further decentralize the organization. 

The Zcash Foundation noted that the agreement maintains interoperability with standard legal and business frameworks. In October this year, it came out that a potentially malicious counterfeit version of Zcash Foundation’s native ZecWallet. The agreement by ECC and the Zcash Foundation demonstrate their commitment to preventing such cases.

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