Monday, Oct. 22: markets have taken a slight downtrend after trading sideways last week, with 15 of the top 20 digital currencies by market capitalization in the red, and Bitcoin (BTC) trading around $6,400, according to data from CoinMarketCap. Market visualization by Coin360 The BTC price has been trading in a narrow corridor from $6,372 to $6,730 at its highest point during the day. The leading cryptocurrency has lost 0.45 percent over the last 24 hours, and is trading at $6,483 as of press time. In terms of its weekly performance, BTC has seen a price drop by 0.43 percent, …

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. On Oct. 15, some market participants dumped stablecoin Tether as its CEO, who is also the CEO of Bitfinex, faced rumors of insolvency of both companies. Tether briefly lost its peg to the U.S. dollar as the traders sold it and lapped up other cryptocurrencies, providing a temporary boost in the total crypto …

Saturday, Oct. 20: Crypto markets are seeing little momentum, with virtually all of the major cryptocurrencies seeing slight growth and losses between a 1-2 percent range, as Coin360 data shows. Market visualization by Coin360 Tether (USDT) has mostly settled back in to its characteristic trading pattern. Having briefly lost its U.S. dollar peg last week, the asset has since reclaimed its historical trading range close to a 1:1 ratio to the greenback. Today the stalwart stablecoin has seen an almost 1 percent drop to trade at $0.979. Bitcoin (BTC) is trading at $6,473 at press time, seeing negligible price change …

On October 8, Hong-Kong-based exchange Bitfinex has announced that it is not under the immediate threat of insolvency and the related rumors are unsubstantiated, as well as false. According to the company’s press release, all cryptocurrency and fiat withdrawals are and have been processing as usual without the slightest interference. After some mild clarifications, tension is rising in the crypto community – the spread between Bitcoin prices on Bitfinex and other exchanges, on October 15, reached $1,000 against the massive sale of Tether (USDT). In the meantime, Bitfinex is testing its improved solutions, it remains to be seen about the …

Stablecoin Tether (USDT) should create more “transparency” about its operations, cryptocurrency investor and entrepreneur Michael Novogratz told Bloomberg Oct. 18. Speaking in an interview, Novogratz, whose Galaxy Digital investment company is active in the cryptocurrency space, said he favored alternative stablecoins pegged to the U.S. dollar with known U.S. banking connections. “I think Tether didn’t do a great job in terms of creating transparency," he told the publication discussing Tether’s offshore activities. “The concept of stablecoins makes sense,” Novogratz nonetheless countered, singling out the Winklevoss twins’ Gemini Dollar, which launched in September. Tether has found itself at the source of …

Stablecoins have been making the headlines in recent months, attracting big investors, tempted by the allure of a on ‘non-volatile’ cryptocurrency. At first, we usually pay attention to the backing connection, in other words, to the coin’s stabilizing mechanism. Broadly speaking, this is broken down into 3 categories: asset-backed (including fiat), crypto-backed, and non-backed stablecoins (including algorithms and the Seigniorage shares’ approach). This is a great way of introducing the concept of stablecoins and a good basis for providing an overview, but it doesn’t paint a full picture in terms of how the composition of stablecoins can ultimately affect its …

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision. Tether, a cryptocurrency that has long been a point of contention in the community, has seemingly been uppegged from the US Dollar. The stablecoin, by virtue of that very description, was linked to the US Dollar at a 1:1 ratio. Simply put, every Tether token that was minted had to be backed by a US Dollar. Concerns around the validity of Tether’s reserves of fiat currency corresponding to the circulating amount of tokens seem …

Another major crypto exchange Huobi has announced the listing of four stablecoins at once, according to an official statement Tuesday, October 16. Starting Friday, Oct. 19, the fifth largest crypto exchange by trading volume will start accepting deposits of four USD-backed stablecoins – Paxos Standard (PAX), TrueUSD (TUSD), USDCoin (USDC), and Gemini Dollar (GUSD). The Huobi Global team noted that the stablecoins are already available on Huobi Wallet, while the launch time and other details are set to be announced at a later time. Huobi also stated that they will release detailed plans for over-the-counter (OTC) trading of the stablecoins …

Blockchain Trust company Paxos has issued around $50 million worth of its recently launched U.S. dollar-backed stablecoin, according to a Tweet from a senior employee October 15. As previously reported, the Ethereum (ETH) blockchain-based stablecoin, dubbed Paxos Standard Token (PAX), sealed regulatory approval from the New York State Department of Financial Services (NYDFS) in early September. Data from Etherscan as of press time appears to substantiate that 50,838,503.47 PAX worth $52,275,897.44 are in circulation. Yesterday’s tweet from Paxos’ vice president of marketing and communications, Dorothy Jean Chang, notes that Paxos had only “just” officially announced the release of $36 million …

Japanese internet conglomerate GMO Internet Co. Ltd confirmed plans to release a cryptographic stablecoin, Cointelegraph Japan reports Tuesday, Oct. 9, pegged to the Japanese yen. GMO, which entered the Japanese cryptocurrency exchange market in May last year, intends to begin issuing tokens, dubbed GMO Japanese Yen (GJY), during the 2019 financial year. The news marks a further potential player in the yen-pegged stablecoin market, with several other corporations signalling their intentions to launch assets of their own in recent months. GMO confirmed the main impetus behind its decision was to target international remittances. “We have banks and trust licenses in …

Major crypto exchange Bitfinex has responded to a recent swathe of online rumors, denying that the firm is “insolvent” or facing banking issues, in an official blog post published October 7. Bitfinex’s rebuttal comes in the wake of last week’s reports that the exchange’s banking partner, Puerto Rico’s Noble Bank International, is seeking a buyer and had lost both Bitfinex and affiliated firm Tether — who share a CEO, Jan Ludovicus van der Velde — as clients. In addition to Noble’s apparent woes, online bloggers were claiming that Bitfinex itself was insolvent, citing unverified reports of difficulties processing fiat withdrawals …

Puerto Rico’s Noble Bank International, which is known for reportedly opening accounts for USD-backed token Tether and crypto exchange Bitfinex, is allegedly searching for a buyer, Bloomberg reports Thursday, October 2. Citing an unnamed person familiar with the case, Bloomberg reports that Noble Bank has lost Tether and Bitfinex as clients, among others, and is currently on the search for a buyer. The bank, which sources tell Bloomberg is no longer profitable, might sell for a price from $5 to $10 million, which is mostly formed by the value of its Puerto Rican license for international financial operations. Noble Bank …