Bitcoin is considered as the King Coin by many and the moniker holds true for most aspects, however, there is one cryptocurrency that trumps the 24-hour trading volume of Bitcoin, it is Tether [USDT].
Even with the massive on-going rally and massive volatility in the market, the most popular cryptocurrency, Bitcoin’s 24-hour trading volume falls short when compared to Tether, which has a 24-hour trading volume of $29 billion, while that of Bitcoin is at $27 billion.
Tether is in the midst of a massive battle against the U.S. regulators and might have breathed a sigh of relief due to the recent motion filed by the New York Supreme Court judge. Despite Bitcoin’s popularity and having first-mover advantage, it lags behind Bitcoin in terms of trading volume and it can be attributed to Tether’s market cap, which is more than that of Bitcoin and is being used by most exchanges.
Since it is used by top exchanges around the world, it acts as a base pair for most cryptocurrencies; moreover, stablecoins are an on-ramp to buy and sell cryptocurrencies, although alternative methods have been developed over the years.
Moreover, Tether’s transaction count reached an all-time high on May 16, 2019, i.e., 65.89K
A Twitter user @CasPiancey, commented:
“For days, more Tethers have been traded than Bitcoin. Wrap your head around that: despite an injunction, despite being owned by Bitfinex, despite not being backed 1-1, more people are buying and selling Tethers than Bitcoins. lol”
@c4s88715619, another Twitter user commented:
“If tether disappear tomorrow from the markecap, there is a good chance to see the price of BTC having a 3 digits value and a lot of bag-holders wondering : ” how come? ” 0-0″
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Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
Crypto News – 26 June – Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
— AMBCrypto (@CryptoAmb) June 26, 2019
Crypto News – 26 June
Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again
Read more at https://bit.ly/2ZMkS10
Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention
Read more at https://bit.ly/2RD2BjL
Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability
Read more at https://bit.ly/2X8aA9W
Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people
Read more at https://bit.ly/31MkqSa
Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions
Read more at https://bit.ly/2X75DTr
Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]
Read more at https://bit.ly/2X5qPJw
BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million
Read more at https://bit.ly/31UvjBz
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