Crypto News Round-Up October 24
HTC, a Taiwan-based smartphone creator has announced that its new smartphone, Exodus 1, is available for purchase. It will have a price of 0.15 BTC, or 4.78 ETH ($1,000). And the big twist? It can only be purchased using Bitcoin or Ethereum.
After the recent downward trend in the market, some humbled crypto bulls are now calling for widespread government regulation on cryptocurrencies. This crowd says it’s time for crypto to dump it’s “lawless” image and become a regulated asset like stocks and bonds in order to attract professional investors.
TETHER TROUBLE #1
Bitfinex (an exchange owned by the peeps behind USDT) has sent a total 630 Million USDT, a 1-to-1 USD-backed stablecoin to a “Tether Treasury” in six large transactions over the past week or so, significantly reducing the circulation of USDT to $2.0 billion. This move followed the USD peg recent fall to $0.85. Many experts and analysts speculate that Tether may be attempting to exit the stablecoin market and buy back its profits.
TETHER TROUBLE #2
The Bitfinex trading pair on CMC with the second highest volume over the past day or so is USDT/USD. The only trouble is that Bitfinex doesn’t actually offer that market on their exchange. The nonexistent market consistently pegs USDT at $1, even when it’s trading at 94 cents elsewhere. Tether is controversial because many believe there may not be enough physical dollars backing the number of Tether in existence.
Yes, stablecoins are taking over the exchanges, with Coinbase adding USDC, the Circle backed stablecoin. It’s only the second ERC-20 token offered by Coinbase, which is massively popular despite offering just a handful of coins.
LIKE TETHER BUT DIFFERENT
Novatti, an Australian payments distributor will launch the Novatti AUD Utility Token, which will be backed 1-for-1 with AUD, on November 19 on the Stellar Blockchain. Novatti is hoping that the stablecoin will be used for common purchases or remittances, rather than just as aliquidity tool for crypto traders.
Sony Computer Science Laboratories announced a contactless IC card type of cryptocurrency wallet. This new wallet is more portable and smaller compared to the current hardware, and no longer require the wallet holder to insert a USB to the PC.