USDC stablecoin was launched on Coinbase Pro on October 25. The news comes after the big announcement of USDC being listed on Coinbase, which took place two days earlier. USDC is said to be a representation of US dollars, which runs on the Ethereum blockchain.
Tweet by Coinbase Pro:
“USDC is launching on Coinbase Pro. Customers can deposit USD and click to convert to USDC with no fee. Customers can also transfer USDC into and out of their Coinbase Pro accounts but cannot yet place or fill orders.”
They further added:
“After a minimum of 12 hours, once sufficient liquidity is established, trading will begin on the BTC/USDC and ETH/USDC order books.”
Users can now deposit USD and convert it to Bitcoin [BTC] or Ethereum [ETH] with zero fees.
Instead of the USD/USDC order book, the team has developed a tool which converts USD to USDC immediately, without any exchange rate risk.
A crypto enthusiast commented:
“Awesome, trading my worthless fiat for a even more worthless stablecoin pegged to fiat, such innovation!”
According to an official blog by Coinbase Pro, the team has had four stages to the launch. They are: USDC conversion and transfer the only mode, Post only, Limit only and Full trading.
In the first stage, users will only be able to convert USD to USDC and transfer USDC. BTC/USDC and ETH/USDC orders will not be filed at this stage.
In the Post Only mode, customers are only allowed to post limit orders with no matches.
In the third stage, limit orders will be matched, however, customers won’t be able to submit market orders.
In the final stage, full trading services will be available for all the customers.
The blog further stated:
“We believe these are major steps towards making the USDC stablecoin useful, and help us build a more open financial system.”
A Twitterati named Levon Chakmakjian says:
“who cares, no one cares about usdc, only XRP”
Another Twitterati named SK-Fx says:
“u list few coins n yet u about to shoot an IPO.. man [email protected] kinda vudu u using to make all this work lol.”
According to a recent tweet by Coinbase, the initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally, than traditional bank account-based dollars.
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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