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Monero Price Pulls Back from YTD High but Still Appears Bullish

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Monero, with a current trading price around $126, was seen gradually pulling back from the fresh YTD high hit in the past two weeks at $135. XMR coin has been strengthening for over seven months now, and in this regard, the coin is one of the lucrative cryptos amongst the top 15 of the global market as it continues to trade above $120 & $125.

XMR/USD has been majorly strengthening after hitting the YTD high and was also seen as breaching the upper BB around the $135 price area. Moreover, Moreno was seen gaining steep momentum in the price since the previous month with a straight uptrend, which otherwise was seen drawing a volatile movement.

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Monero Price Analysis

Monero News
XMR/USD Chart By TradingView

XMR was seen trading at $126 with a slight pullback from the YTD high marked at $135 after a quick rise in price since the previous month. It was in the 2nd week of the ongoing month when Monero price had hit a high at $135 and beached the upper band. Alongside, the Bollinger Bands are seen moderately widening, which shows moderate volatility in the near-term. However, with a gaining streak snapped on the daily chart, XMR holds support from MA50 & MA200 at $103 & $79, respectively.

Monero News Price

Over the 7 weeks, Monero has been drawing a clear uptrend on the 5-hourly chart against the greenback. Moreover, the price trend is seen inclined towards the upper band, and in this regard, the intraday appears bullish exhibited by a slight crossover of the MACD line above the signal line. Alongside, the XMR price is continuing to retain MA50 & MA200 support on the 5-hourly chart too at $124 & $107, respectively. The sentiment remains finely bullish irrespective of the slight pullback from YTD high at $135.

Source: https://www.cryptonewsz.com/monero-price-pulls-back-from-ytd-high-but-still-appears-bullish/

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Tether (USDT) is nearing $20 billion market valuation

TL:DR Breakdown: US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion. The stablecoin market cap has been on growth for the past two months. The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided […]

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TL:DR Breakdown:

  • US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion.
  • The stablecoin market cap has been on growth for the past two months.

The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided by Skew, a crypto on-chain analytics platform, the stablecoin market valuation is nearing the $20 billion mark. On this note, the US dollar-backed crypto is still leading the stablecoin market with a huge dominance rate. 

The second-largest stablecoin USD Coin (USDC), has about $2.97 valuation on Coinmarketcap.

Tether Posts More Market Cap Growth

On Coinmarketcap, the leading stablecoin has a market valuation of around $19.413 billion and a 24 hours trading volume of $89.885 billion. CoinGecko posted a market $19.398 billion and $65.629 billion 24hrs volume, while Messari posted a $19.97 billion capitalization and trading volume of $9.449 billion. Notably, USDT’s market valuation has been growing steadily since September, as Skew shared on Twitter today.

To better understand the growth, the stablecoin had a valuation of around $10.2 billion on Messari, and $9.1 billion on Coinmarketcap, back in July. Meanwhile, it’s worth noting that the company behind the digital currency, Tether inc., has been minting a significant amount of USDT in recent days. 

There has been a lot of controversy around the stablecoin. The company says each USDT issued is backed by a US dollar; however, this has been largely questioned by many people in the digital currency space. 

USDT kept dominating

Despite the controversies around USDT’s backing, the stablecoin remains the most-traded and leading currency-back cryptocurrency. The second-leading stablecoin by market capitalization, USDC, sees a valuation of $2.98 billion on Messari, $2.969 billion on CoinGecko, and $2.97 on Coinmarketcap. 

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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U.S. DoJ Extradites Key Member of Crypto Ponzi Scheme From Panama

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The U.S. Department of Justice (DoJ) has extradited a principal member of a fraudulent cryptocurrency mining and trading platform from Panama to the United States.

AirBit Club Co-founder to Face Criminal Charges in the U.S.

According to an announcement by the acting U.S. attorney for the Southern District of New York, Audrey Strauss, U.S. authorities were able to extradite Gutemberg Dos Santos, co-founder of crypto Ponzi scheme AirBit Club.

Dos Santos, who holds dual citizenship from Brazil and the United States, was extradited to the U.S. from Panama on Nov. 23, 2020. According to Strauss, Dos Santos’ repatriation was possible with the help of the Homeland Security Investigations (HSI).

As reported by CryptoPotato back in August, the U.S. authorities arrested five individuals who were involved in the AirBit Club scheme that fleeced unsuspecting victims of $20 million. Operators of the crypto Ponzi scheme ran false advertisements that promised users hyperbolic rewards from Bitcoin trading and mining.

However, the DoJ at the time alleged that the group only sought to live flamboyant lifestyles of victims’ funds. While spending money on luxury homes and cars, they reportedly made more moves to recruit more victims across the U.S and different other countries.

A statement from the DoJ document reads:

“The extradition of Dos Santos reflects the determination of agents from HSI New York’s El Dorado Financial Crimes Task Force to dismantle global criminal organizations, wherever the investigation takes us. Utilizing our broad authorities and network of law enforcement partners, HSI will continue to hunt those who allegedly prey upon innocent citizens for financial gain.”

Also, if Dos Santos is found guilty of the charges levied against him, the AirtBit Club co-founder could face between 20-30 years in prison.

Law Enforcement Fighting Crypto Crimes

Regulatory authorities globally continue to warn investors about fake crypto-related schemes that promise high returns. According to a recent report by CryptoPotato, Chinese authorities confiscated $4 billion worth of crypto tokens from PlusToken scammers.

PlusToken, which is one of the biggest cryptocurrency Ponzi schemes, promised users high returns, similar to other crypto fraudulent projects. The Chinese law enforcement began investigating the project after it shut down in 2019. In July, the police arrested 27 key members of the scam project, along with 82 other members.

Another major fraudulent crypto scheme, OneCoin, reportedly stole $4 billion from investors with its founder Ruja Ignatova also known as “Crypto Queen,” still at large. Meanwhile, Ruja’s brother Konstantin Ignatov has been arrested by the U.S. authorities since 2019 and could face a 90-year prison sentence.

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Source: https://cryptopotato.com/u-s-doj-extradites-key-member-of-crypto-ponzi-scheme-from-panama/

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